At least 12 Canadian oil and gas producers filed for bankruptcy protection in 2024, up from about five in 2023 and three in 2022, according to a Financial Post analysis. Insolvent companies were saddled with debt totalling $1.2 billion, a more than 700 per cent increase compared with 2023. (Financial Post)
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At least 12 Canadian oil and gas producers filed for bankruptcy protection in 2024, up from about five in 2023 and three in 2022, according to a Financial Post analysis. Insolvent companies were saddled with debt totalling $1.2 billion, a more than 700 per cent increase compared with 2023. (Financial Post)
Talking point: While oil and gas markets have remained relatively flat in recent years, prices for both commodities slumped in 2024, straining balance sheets. At the same time, regulatory changes forcing companies to reclaim inactive wells drove up environmental compliance costs. Among the companies in trouble was Calgary oil and gas producer Long Run Exploration, which went into creditor protection as it struggled to pay more than $308 million in compliance expenses.
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