🛢️ Energy, Oil & Gas · updated 2026-10-08
US Energy, Oil & Gas Companies in Financial Distress (October 2026)
As of 08 October 2026, 31 of 228 US Energy, Oil & Gas companies analysed (14%) show financial-distress indicators: 9 very weak, 12 weak and 10 on watch. The most common red flags in this sector are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and market-implied default probability >20%.
228
Analysed
31
Distress signals
9
Very weak
14%
Flag rate
What drives financial distress in Energy, Oil & Gas
Oil, gas, coal and solar — commodity-price exposure and high-yield debt; cash flow swings with prices.
Most common red flags today: Losses in each of the last 3 years · Operations consume cash · Cash runway under 12 months · Market-implied default probability >20%
Energy, Oil & Gas companies with distress signals
| # | Ticker | Company / industry | Distress score | Band | Ohlson PD | Merton PD | From 52w high | Key indicators | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SKYQ | Sky Quarry Inc. Oil & Gas Integrated |
Very weak | 100% | 64.1% | -80% | Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 2 | SMXT | SolarMax Technology, Inc. Solar |
Very weak | 95% | 69.1% | -64% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 3 | SPRU | Spruce Power Holding Corporation Solar |
Very weak | 91% | 76.7% | -76% | Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 4 | VIVK | Vivakor, Inc. Oil & Gas Integrated |
Very weak | 100% | 88.7% | -100% | Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20% |
Details → | |
| 5 | SUNE | SUNation Energy Inc. Solar |
Very weak | 88% | 44.5% | -61% | Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years |
Details → | |
| 6 | CSIQ | Canadian Solar Inc. Solar |
Very weak | 61% | 60.2% | -67% | Operating profit does not cover interestMarket-implied default probability >20%Very high leverage |
Details → | |
| 7 | SPWR | SunPower Inc. Solar |
Very weak | — | — | -87% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 8 | ZEO | Zeo Energy Corp. Solar |
Very weak | 93% | 18.2% | -86% | Cash runway under 12 monthsOperations consume cashShare price down >80% from 52-week high |
Details → | |
| 9 | NFE | New Fortress Energy Inc. Oil & Gas Midstream |
Very weak | — | — | -76% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsRevenue collapse |
Details → | |
| 10 | FTCI | FTC Solar, Inc. Solar |
Weak | — | — | -85% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 11 | AEC | Anfield Energy Inc. Uranium |
Weak | 84% | 3.6% | -70% | Operating profit does not cover interestCash runway under 12 monthsOperations consume cash |
Details → | |
| 12 | BATL | Battalion Oil Corporation Oil & Gas E&P |
Weak | 50% | 64.6% | -96% | Market-implied default probability >20%Material debt with no EBITDAShare price down >80% from 52-week high |
Details → | |
| 13 | RCON | Recon Technology, Ltd. Oil & Gas Equipment & Services |
Weak | 19% | 95.9% | -100% | Market-implied default probability >20%Operations consume cashShare price down >80% from 52-week high |
Details → | |
| 14 | BEEM | Beam Global Solar |
Weak | — | — | -72% | Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse |
Details → | |
| 15 | GEOS | Geospace Technologies Corporation Oil & Gas Equipment & Services |
Weak | — | — | -84% | Cash runway under 12 monthsOperations consume cashShare price down >80% from 52-week high |
Details → | |
| 16 | CSAN | Cosan S.A. Oil & Gas Refining & Marketing |
Weak | 34% | 92.4% | -45% | Market-implied default probability >20%Thin interest coverageVery high leverage |
Details → | |
| 17 | SJT | San Juan Basin Royalty Trust Oil & Gas E&P |
Weak | 100% | 0.0% | -41% | Severe working-capital shortfallRevenue collapseMaterial debt with no EBITDA |
Details → | |
| 18 | URG | Ur-Energy Inc. Uranium |
Weak | 92% | 0.2% | -52% | Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure |
Details → | |
| 19 | PED | PEDEVCO Corp. Oil & Gas E&P |
Weak | 67% | 2.2% | -29% | Operating profit does not cover interestSevere working-capital shortfallVery high leverage |
Details → | |
| 20 | TPET | Trio Petroleum Corp. Oil & Gas E&P |
Weak | 94% | — | -91% | Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high |
Details → | |
| 21 | EP | Empire Petroleum Corporation Oil & Gas E&P |
Weak | — | — | -39% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 22 | BRN | Barnwell Industries, Inc. Oil & Gas E&P |
Watch | — | — | -32% | Losses in each of the last 3 yearsCash runway under 24 monthsSteep revenue decline |
Details → | |
| 23 | BSIN | Big Sky Industrial Inc. Oil & Gas E&P |
Watch | 74% | 0.0% | -12% | Losses in each of the last 3 yearsRevenue collapseOhlson O-score signals likely failure |
Details → | |
| 24 | EU | enCore Energy Corp. Uranium |
Watch | — | — | -75% | Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months |
Details → | |
| 25 | TBN | Tamboran Resources Corporation Oil & Gas E&P |
Watch | 24% | 0.0% | -31% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 26 | BANL | BANL Oil & Gas Midstream |
Watch | 89% | 6.1% | -70% | Operations consume cashOhlson O-score signals likely failureElevated market-implied default probability |
Details → | |
| 27 | VG | Venture Global, Inc. Oil & Gas Midstream |
Watch | 37% | 35.9% | -24% | Market-implied default probability >20%Very high leverageCurrent liabilities exceed current assets |
Details → | |
| 28 | NEXT | NextDecade Corporation Oil & Gas Equipment & Services |
Watch | — | — | -26% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 29 | UUUU | Energy Fuels Inc. Uranium |
Watch | — | — | -64% | Operations consume cashLosses in 2 of the last 3 yearsSteep revenue decline |
Details → | |
| 30 | GFR | Greenfire Resources Ltd. Oil & Gas E&P |
Watch | 4% | 0.0% | -12% | Severe working-capital shortfallMassive shareholder dilutionSteep revenue decline |
Details → | |
| 31 | CMBT | Cmb.Tech NV Oil & Gas Midstream |
Watch | 47% | 0.0% | +0% | Thin interest coverageCurrent liabilities exceed current assetsNear-term debt exceeds cash |
Details → |
Frequently asked questions
Which Energy, Oil & Gas companies are in financial distress?
As of 2026-10-08, 31 US Energy, Oil & Gas companies show financial-distress indicators (9 very weak, 12 weak and 10 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.
How many Energy, Oil & Gas companies are in financial trouble?
31 of 228 analysed (14%); 9 are in the 'Very weak' band.
What are the biggest financial risks for Energy, Oil & Gas companies?
Oil, gas, coal and solar — commodity-price exposure and high-yield debt; cash flow swings with prices. Right now the most frequent red flags are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and market-implied default probability >20%.
What happens to shareholders if a company becomes insolvent?
In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.
Financial distress in other sectors
🏦 Bank & Finance 57🛡️ Insurance 6💊 Pharma & Biotech 354🩺 Healthcare & MedTech 98💻 IT & Software 113🔬 Semiconductor 15🤖 AI 74🖥️ Hardware & Electronics 40📡 Telecom & Media 55🛍️ Consumer Discretionary 91🛒 Consumer Staples 41🏭 Industrials & Capital Goods 116⛏️ Metals, Mining & Chemicals 61⚡ Utilities & Power 14🏢 Real Estate Cos & REITs 25📦 SPACs & Shell Companies 0❔ Unclassified 235
Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.