Oil and gas price weakness has resulted in 45 E&Ps filing for Chapter 11 in the US since early 2015. For many of these companies the writing was on the wall assets and /or business models were structurally flawed or the timing and magnitude of spend catastrophic. More E&Ps will go bankrupt in 2016 including some larger players. But we do not expect the phenomenon to be widespread. Nor do we anticipate a material impact on US production. In this report we investigate the impact of bankruptcies so far; assess the financial health of the US E&P sector and provide a primer on the Chapter 11 process.