Oil patch’s next order of business is M&A with ‘troubled children’ failures behind it: report
CALGARY — Mergers and acquisitions experts are predicting fewer Canadian oil and gas companies will go bust over the next year as most of the “troubled children” of the industry have already failed or been sold.
Tom Pavic, vice-president of Calgary-based Sayer Energy Advisors, said 26 Canadian energy companies have entered into a court-monitored receivership or restructuring process so far this year.
That’s up from 20 in 2015, when the total matched the number of failures recorded in 2009 during the last oil price-related economic downturn. He said there are typically eight oil and gas company failures each year.