The oil and gas crisis claimed two more U.S. victims this week with Midstates Petroleum Company Inc MPOYQ 19.61% and Ultra Petroleum Corp. UPLMQ 39.5% both filing for creditor protection. The two new bankruptcies bring the total number of U.S. oil and gas victims to 59.

Unfortunately, with no end to the market slump in sight, more companies will likely continue to fall throughout the remainder of 2016.

More Debt Ahead

According to data from Haynes & Boone, the wave of energy bankruptcies is rapidly approaching the 68 bankruptcies of the telecom bust in 2002–2003.

A total of 15 oil and gas companies filed for bankruptcy in Q1, and Akin Gump’s Charles Gibbs expects even more bankruptcies in Q2. In fact, he projects the total number of energy bankruptcies will eventually climb into the triple digits.

Struggling oil and gas companies have eliminated…

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