According to law firm Haynes and Boone, LLP, which tracks the energy sector’s bankruptcy filings, 23 oil and gas companies went bankrupt in North America in the first half of this year alone.
CRC has a dramatic decline before bankruptcy
“CRC will emerge from Chapter 11 as a strong, healthy company committed to providing Californians with safe, affordable, reliable and locally produced energy, good-paying jobs and millions of dollars in annual government revenues for vital public services for many years to come,” said Todd Stevens, CRC’s president and CEO. “We take this role very seriously, and our commitment to ensuring a safe, diverse, and resilient supply of energy from California resources will not change.”
CRC has more than 2 million acres of reserves across four major basins and 22 affiliated companies. Company executives have said it will continue to operate its production facilities during the bankruptcy process although its operations are already sharply reduced due to the coronavirus.
