“Oil Bust 2.0” Kicks off with Parker Drilling Bankruptcy

Parker Drilling announced Wednesday morning that it had filed for a “pre-arranged” chapter 11 bankruptcy. The storied drilling contractor has been in business since 1934. It has been involved in oil fields from Alaska’s Prudhoe Bay and the Siberian Artic to the Caspian Sea and China, in addition to its work in the US. The company had somehow survived the first Oil Bust this decade (now called “Oil Bust 1,” 2015-2016), but was so weakened that it became one of the first casualties of Oil Bust 2.