Quicksilver, which had around 340 employees in February 2014, has asked the federal bankruptcy court for approval to continue its business as normal and to keep paying employee wages and salaries and providing benefits.
A new standard was enacted in Canada after a fiery derailment in July, 2013 in the center of Lac-Megantic, Quebec, killed 47 people, but oil trains meeting the new standard continue to derail and catch fire throughout North America.
The largest independent producer of oil and gas had been signalling plans to spend an average of $16 billion per year, but earlier this year, the company whittled its 2015 capital expenditure budget by $2 billion to $11.5 billion.
OPEC pegs the potential decline in U.S. liquids output at 80,000 barrels a day in the second half of the year, down from a peak of 13.71 million barrels a day in the second quarter to 13.63 million barrels a day by the fourth quarter.
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