When Gushers Go Dry: The Essentials of Oil and Gas Bankruptcy

Perhaps more than any other industry, the U.S. oil and gas industry is vulnerable to the effects of myriad internal and external factors, ranging from global credit markets to domestic and foreign geopolitical events, and from technological developments and limitations to population growth and even the weather. These factors contributed to a dramatic increase in restructurings and bankruptcy filings during the first decade of the 21st century.

Bankruptcy cases involving exploration and pr…