The Louisiana Oil and Gas Association (LOGA) has some terrible news about the health of the oil industry in Louisiana.

Their recent point-in-time survey says that 51.35% of 450 exploration and production and service companies across Louisiana are likely heading toward bankruptcy. It goes on to say the 97% of the 450 companies are extremely concerned about the future of their business.

Another alarming fact in the survey found that these companies have had to reduce their combined workforce by 23%. Also, 77.5% of the companies have already started taking steps to shut down production.

We've seen negative prices on the market value of a barrel of oil. This spells disaster for a long standing Louisiana industry.

Gifford Briggs, president of the Louisiana Oil and Gas Association, said in a press release:

Louisiana’s independent producers require an average of $37.00 a barrel to break even.

According to the LOGA, Louisiana's oil and gas industry employs about 33,900 workers operating around 33,650 oil and gas wells across the state.

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