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Bankruptcies continue in US shale oil industry

U.S. shale drillers, such as those tapping the Bakken formation stretching across the states of North Dakota and Montana, are cutting output.

NEW YORK -- U.S. shale drillers continue to go bankrupt amid weaker oil prices, sending the nation's crude oil output to the lowest level since October 2014 and contributing to an upturn in the oil market.

     More than 60 North American oil and gas companies have gone belly-up since the start of last year, with liabilities totaling $22.5 billion. Midsize shale-drilling company Goodrich Petroleum filed for Chapter 11 bankruptcy procedures in mid-April under the pressure of debt worth $500 million, saying it will move into a new stage to overcome the tough market environment. Struggling with interest payments on debt, Energy XXI also applied for Chapter 11 protection.

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