In the context of oil price fluctuations inducing boom and bust cycles, this empirical study is a survival analysis of the Canadian oil and gas exploration and production (E&P) industry. The population includes 540 public Canadian E&P firms that have their headquarters and production activity in Canada, and the data covers the periods of Q1-2002 to Q1-2016 representing over 15,850 firm-quarter observations. The method is an extended Cox model with repeating events, allowing for the use of time-varying predictor variables and the analysis is executed in R, a free statistical software. The study introduces a new definition of financial distress as two consecutive quarters of negative...