HOUSTON (Reuters) – Chapter filings by U.S. vitality producers up to now this yr have already practically matched the full for the entire of 2018, regulation agency Haynes & Boone reported on Wednesday, as risky oil and fuel costs drive corporations to hunt safety from collectors.
A complete of 26 corporations with money owed totaling $10.96 billion have filed for court docket restructuring by means of mid-August, based on the regulation agency’s report.
Final yr, 28 corporations filed for chapter, itemizing $13.2 billion in debt, whereas 24 corporations sought safety in 2017 with $8.5 billion in debt.
“Thus far this yr there was an uptick within the variety of filings,” Haynes & Boone mentioned, noting 20 of the filings have been since Might.
By means of most of 2019, U.S. mild, candy crude oil has been caught within the $50-range on the New York Mercantile Alternate, ending on Wednesday at $55.23. West Texas Intermediate averaged $65.06 a barrel final yr. Pure fuel costs even have fallen so low in some locations that some…