The pandemic fired away relentlessly at the oil and gas industry, shredding demand for transportation fuel and forcing retreats in staffing, rig counts and investor interest. The upstream sector was particularly shell-shocked, with Haynes and Boone LLP reporting that 54 E&Ps filed for Chapter 11 bankruptcy protection from the start of 2020 through first-quarter 2021, accounting for debt of more than $53 billion.
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