The 2020 market downturn has precipitated the third,and in some respects the worst,bankruptcy event to rock the oil and gas sector in the past five years.A total of 41 energy companies with $56.3 billion in combined debt entered Chapter 11 in 2020,according to data from law firm Haynes and Boone LLP and East Daley Capital's research.East Daley's accounting of the year's bankruptcies is comprised entirely of E&P companies.COVID-19-related market disruptions in the March-to-june period caused unprecedented volatility,including negative oil prices in April,and sparked the latest industry bankruptcy wave.
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