Like many major industries, the global pandemic has hit the oil and gas sector hard. While consumers benefit from low gas prices, many oil companies are expected to file for bankruptcy in 2020 in order to restructure their finances.

In the past month, Ultra Petroleum, Fieldwood Energy, Whiting Petroleum, Sanchez Energy, Diamond Offshore and others have announced restructurings. More companies are reportedly prepping Chapter 11 filings, including Oasis Petroleum, Denbury Resources, FTS International and that onetime champion of the Great American Fracking Boom: Chesapeake Energy.

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Why Many Oil Companies Are Preparing For Bankruptcy Filings | Forbes