From Brian Weepie, Analyst, Stansberry Resource Report:
Oil prices are up in recent weeks. And prices of oil producers are up with them.
But there’s still more pain in store for the oil patch.
Consider the overall state of the industry… Despite their rise, oil prices are still near $40 a barrel. A few years ago, if you predicted that, people would have laughed you out of the room. Prices are still so low, producers are starting to go bankrupt.
Since the start of 2015, 64 oil and gas companies have filed for bankruptcy. They include well-known firms like Energy XXI (EXXI) and Goodrich Petroleum (GDPM).
And the pace of filings is increasing. Texas law firm Haynes & Boone, which services many oil companies, says 42 energy companies filed for bankruptcy last year. Less than five months into this year, we’ve already seen 23. At the current pace, bankruptcies will…