U.S. E&P company number of bankruptcy filings by state 2015-2020
The coronavirus pandemic has had a catastrophic impact on the world's oil and gas industry, with the United States oil industry being hit very hard as well. Declining consumer demand and high levels of production output resulted in dwindling storage capacities, ultimately causing the price of crude oil to fall to negative prices for the first time in history. This relatively recent development has resulted in an increase in E&P company bankruptcy filings.