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Oasis Petroleum files for bankruptcy as the oil industry continues to struggle

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oil(KFYR-TV)
Published: Oct. 1, 2020 at 12:31 PM CDT
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Oasis Petroleum Incorporated, and the company’s eight entities, are filing for Chapter 11 bankruptcy.

The filing is coming to fruition amidst a struggling oil and gas industry which led the company to lay off many employees throughout the coronavirus pandemic.

The company had entered into a 30-day grace period to defer interest payments that were due on September 15, but have now decided to voluntarily enter bankruptcy.

In a press release, the company said the Chapter 11 process will help the company “financially restructure” and “reduce its total indebtedness by $1.8 billion.”

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