The wave of U.S. oil and gas bankruptcies surged past 60 last week, an ominous sign that the recovery of crude prices to near $50 a barrel is too little, too late for small companies that are running out of money, Reuters reported on Friday. Exco Resources Inc., a Dallas-based company with a star-studded board, said on Friday that it will evaluate alternatives, including a restructuring in or out of court. Its shares fell 35 percent to 62 cents each. Exco's notice capped off one of the heaviest weeks of bankruptcy filings since crude prices nosedived from more than $100 a barrel in mid-2014. Prices have bounced back to $46 a barrel from February lows in the mid-$20s, but the futures market shows investors do not expect U.S. benchmark crude to rise above $50 for more than a year. Bankruptcy filers last week included Linn Energy LLC and Penn Virginia Corporation. Struggling SandRidge Energy LLC, a former high flyer once led by legendary wildcatter Tom Ward, said it would not be able to file quarterly results on time. Read more.
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