Aug. 15–More than half of the oilfield services companies that sought bankruptcy protection in the United States over the past three years filed their petitions in Texas.
Oilfield services companies filed a total of 167 bankruptcy petitions between the first quarter of 2015 and the first quarter of 2018 and 86 of them were filed in in Texas, according to the law firm Haynes and Boone which tracks energy-related bankruptcies.
Louisiana came in second place with 17 bankruptcy filings, according to the bankruptcy tracker.
The total amount of debt represents about $58.5 billion which includes debt secured by assets along with unsecured debt, according to the report. The average debt for each bankruptcy filing exceeds $350 million.
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