The combination of the oil price collapse and the coronavirus pandemic has decimated the industry in the first half of 2020 to a level where Exploration & Production (E&P) and Oilfield Service (OFS) companies may never fully recover. Eighteen E&P companies filed for bankruptcy protection in 2Q2020 bringing the 2020 total to 23 companies with over $30 billion in debt, according to Haynes and Boone LLC. On the OFS side, 15 companies filed for Chapter 11 in 2Q2020 bringing the total to 19 companies with another company, Hi-Crush, planning to file this month. So what happens to the production volumes when E&P companies file for bankruptcy and come out the other side? In many cases an agreement is met with the creditors and the debt […]