Oasis Petroleum Inc. filed for chapter 11 protection today, the latest U.S. shale producer to seek court-aided restructuring as the energy industry reels from an unprecedented crash in oil prices caused by the COVID-19 pandemic, Reuters reported. The company listed assets and liabilities in the range of $1 billion to $10 billion, according to a court filing. Oasis said it secured $450 million in debtor-in-possession financing and expects to cut debt by $1.8 billion through the restructuring. It had long-term debt of $2.76 billion with just $77.4 million in cash and cash equivalents as of June 30. Oasis said upstream operations and production would continue normally as restructuring happens, adding that its independent pipeline company Oasis Midstream Partners LP and other subsidiaries in which it owns an equity interest are not included in chapter 11 proceedings.
