The specter of additional bankruptcy filings loomed large over the exploration-and-production industry this month as four US oil and gas producers filed for protection under Chapter 11 of the US Bankruptcy Code, while a fifth E&P announced its emergence from bankruptcy court after a brief five-month stint. The four companies that filed for bankruptcy protection each said they hoped the move would allow them to move forward to restructure their balance sheet, while the company emerging from bankruptcy touted its successful efforts to do just that.
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