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