Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Oasis Petroleum Files Chapter 11 Bankruptcy
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In an expected move, Oasis Petroleum filed chapter 11 bankruptcy. The company is seeking to restructure $1.8 billion in debt. The pre-packaged plan will see the company emerge with $340 million in borrowings under its credit facility.
Oasis Midstream Partners which provides crude gathering and gas processing services to Oasis Petroleum was not included in the filing.
Chairman and Chief Executive Officer, Thomas B. Nusz commented, "Oasis Petroleum is a great company with high-quality assets and employees and a well-earned reputation for excellence in environmental stewardship, safety and governance. However, due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry. We are confident that we are taking the right steps to position the business for long-term success. We thank our lenders and noteholders for their support, which reflects their confidence in our business and our team, and which will allow us to move quickly through the court-supervised process."
Mr. Nusz continued, "We remain committed to the highest standards as it relates to environmental stewardship, safety and operational excellence. We expect to continue our operations as normal and intend to meet our obligations to vendors, and to continue making payments to royalty owners, working interest owners and surface owners on a go-forward basis. We appreciate the support of our financial stakeholders and look forward to quickly emerging from this process as an even stronger company."
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