Oil Crash Risks $19 Billion Wave of Junk Debt Defaults

At least eight oil and gas producers nearing default
Deadlines within days for SandRidge, Energy XXI, Goodrich

Will the Price of Oil Only Go Higher?

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By Asjylyn Loder, Steven Church and Jodi Xu Klein

March 11, 2016 at 5:01 AM UTC

Updated on

March 11, 2016 at 4:22 PM UTC

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Investors are facing $19 billion in energy defaults as the worst oil crash in a generation leaves drillers struggling to stay afloat.

The wave could begin within days if Energy XXI Ltd., SandRidge Energy Inc. and Goodrich Petroleum Corp. fail to reach agreements with creditors and shareholders. Those are three of at least eight oil and gas producers that have announced missed debt payments, triggering a countdown to default.