The Houston Chronicle reported, citing restructuring firm Talara Capital Management, at least one in five domestic oil companies are at risk to go through significant corporate reshuffling, downsizing or bankruptcy proceedings in 2016, the biggest shakeout the industry has seen in since the 1980s.

The Chronicle noted that forty oil producers have filed for bankruptcy protection in the U.S. and Canada since the downturn began and added the pace of oil company bankruptcies rose to levels last seen during the financial crisis seven years ago.

The Chronicle said Swift Energy and Magnum Hunter Resources capped the tumultuous year with separate bankruptcy filings in December.