Oil bankruptcies reach highest quarterly level since the crash

At least 9 US oil company bankruptcies in fourth quarter with more to come

25th December, 2015
Industry is in trouble Pic: Getty

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

Research assistant Navi Dhaliwal and research economist Martin Stuermer wrote: "Lower...

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