After a wave of bankruptcies in the third quarter, oil producers and oilfield services companies in the U.S. shale patch continued to file for protection from creditors at the start of the fourth quarter, law firm Haynes and Boone said in its latest tally, warning that the ongoing borrowing base redetermination season could result in more filings. Filings from exploration and production (E&P) numbered 17 in the third quarter, while another three firms filed for bankruptcy in October, according to Haynes and Boone data as of October 31. “While the pace of bankruptcy filings for producers has slowed from the wave last summer, the current borrowing base season for oil and gas borrowers may put further pressure on some of the already financially stressed producers. Combined with the general lack of access to capital, additional filings are likely before 2020 comes to a close,” the law firm said. In […]