Denbury Resources has joined the pile-up of U.S. oil and gas producers filing for bankruptcy protection following a price crash that has decimated the sector.

The heavily indebted Texas-based oil producer said it had agreed a restructuring plan with lenders that would see it eliminate $2.1 billion in debt after recent ructions in the oil market proved the final straw.

“Recently our entire industry has been highly impacted by the global oil demand destruction caused by the COVID-19 pandemic, driving record low oil prices and rapid changes in energy market conditions,” said Chris Kendall, Denbury president and CEO.

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