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Oasis Petroleum Files for Chapter 11 Bankruptcy

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Oasis Petroleum Files for Chapter 11 BankruptcyPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

Oasis Petroleum (NYSE: OAS) announced today that it has filed for Chapter 11 bankruptcy. The oil company has entered into a restructuring support agreement with the majority of its creditors on a comprehensive "pre-packaged" restructuring plan. This agreement will enable the company to significantly reduce its debt and strengthen its balance sheet.

Oasis Petroleum's bankruptcy filing doesn't include its MLP Oasis Midstream Partners (NYSE: OMP). The company noted that the midstream entity remains well capitalized and would continue to operate normally. Furthermore, it should continue benefiting from its fee-based contracts with Oasis and other producers.

Image source: Getty Images.

Source Fool.com

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