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Oil Bankruptcies Reach Highest Quarterly Level Since Recession

  • At least 9 U.S. oil company bankruptcies in 4th quarter
  • More U.S. oil company bankruptcies may follow next year

Bankruptcies among oil and gas companies have reached quarterly levels last seen in the Great Recession, according to the Federal Reserve Bank of Dallas.

At least nine U.S. oil and gas companies that accounted for more than $2 billion in debt have filed for bankruptcy in the fourth quarter, the bank said Wednesday in its energy economic update for the final three months of the year.