Q2 2016 had the highest number of bankruptcy filings with 30, followed by Q3 2015 and Q1 2016, with 26 and 21, respectively. Approximately 113 companies related to the oil and gas sector have filed for bankruptcy across the world during Q4 2014 to Q2 2016.
- May 2016 had the highest number of company bankruptcy filings (15) during the Q4 2014 to Q2 2016 period.
- August 2015 and April 2016 had the next-highest bankruptcy filings with 14 and 11, respectively.
- The highest number of bankruptcies (93) was filed by companies with headquarters in the US. Canada and Norway witnessed 12 and five bankruptcy filings, respectively.
- The upstream sector accounted for the majority of the company bankruptcy filings during Q4 2014 to Q2 2016. Upstream had 73 bankruptcy filings, followed by the equipment and services sector with 19.
- Companies with a total market capitalization of US$1.1 billion have filed for bankruptcy during Q4 2014 to Q2 2016. Q2 2016 had the highest market capitalization of US$506 million, followed by US$489.9 million in Q4 2015.
- The top three companies in terms of market capitalization to file for bankruptcy during Q4 2014 to Q2 2016 are OW Bunker A/S (US$477.2 million), Ultra Petroleum Corp. (US$265.4 million) and Pacific Exploration & Production Corporation (US$153.7 million).
“Global Bankruptcy Filings by Oil and Gas Companies – Bankruptcy Filings Garner Momentum in 2016”