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.
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Oasis Petroleum Files for Chapter 11 Bankruptcy