Reuters reports US energy companies are scrambling for cash and face likely restructuring.
Shale producers, refiners and pipeline companies are struggling under heavy debt loads amid the worst crisis to ever hit the oil industry.
Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport.
That's created an oil glut that has hammered global prices and left energy companies with no choice but to pump hundreds of millions of barrels into storage.
At that same moment, Saudi Arabia and Russia started an oil price war.
Riyadh flooded the market with even more crude.