On September 30, 2020, Oasis Petroleum Inc. (“Oasis Petroleum” or the “Company”) announced that it has entered into a restructuring support agreement (the “RSA”) with substantially all of its lenders in Oasis Petroleum’s revolving credit facility and holders of 52% of the aggregate principal amount of the Company’s bonds on a comprehensive “pre-packaged” restructuring plan (the “Plan”) to strengthen the Company’s balance sheet and significantly reduce its debt.
Oasis Midstream Partners, an independent legal entity operated as a Master Limited Partnership, and all subsidiaries in which it owns an equity interest are NOT included in Oasis Petroleum’s Chapter 11 proceedings.
Oasis Petroleum is taking this action in light of a volatile market environment that drove a severe downturn in oil and gas prices, as well as the unprecedented impact of the COVID-19 pandemic. Oasis Petroleum has engaged with its lenders and an ad hoc committee of noteholders regarding restructuring alternatives to reduce debt, increase financial flexibility and position the business for long-term success. After a thorough review, Oasis Petroleum determined that implementing a restructuring plan through a controlled, court-supervised restructuring is the right path forward.
Throughout the financial restructuring process, Oasis Petroleum’s upstream operations and production are expected to continue as normal, and the Company will continue to prioritize the safety of its employees and communities.
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’s 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.”
“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.”
Oasis Petroleum Inc. and Entities Included in the Chapter 11 Process
Only Oasis Petroleum Inc. and certain of its entities have filed for Chapter 11. The following entities are included in the Oasis Petroleum Chapter 11 filing:
- Oasis Petroleum Inc.
- Oasis Petroleum LLC
- Oasis Petroleum North America LLC
- Oasis Well Services LLC
- Oasis Petroleum Marketing LLC
- Oasis Petroleum Permian LLC
- OMS Holdings LLC
- Oasis Midstream Services LLC
- OMP GP LLC
The following entities are NOT included in the Oasis Petroleum Chapter 11 filing:
- Oasis Midstream Partners LP and subsidiaries, OMP Operating LLC, Bobcat DevCo LLC, Beartooth DevCo LLC, Bighorn DevCo LLC and Panther DevCo LLC
RSA / Chapter 11 Announcement Press Release
Entities Filing Graphic
Working Interest Owners
Analysts / Investors
Oasis Midstream Partners
Oasis Petroleum / Oasis Midstream Partners Customers