Published: November 24, 2020 |

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Oasis Petroleum has successfully completed its financial restructuring and emerged from Chapter 11. Oasis Petroleum has successfully restructured its balance sheet and reduced its prepetition debt by $1.8 billion and resolved the Mirada litigation, pursuant to its restructuring support agreement and “pre-packaged” restructuring plan confirmed by the Bankruptcy Court on November 10, 2020.

“On behalf of the new board of directors, I would like to acknowledge our appreciation to our employees for their diligent work during this process. Oasis is now uniquely positioned with a best-in-class balance sheet, a quality and sustainable long-lived asset base, and a rigorous new capital discipline that should translate into long-term value creation for our shareholders,” said Chairman of the Board, Douglas E. Brooks.

This new direction for Oasis will be executed within a strong ESG culture to provide value for all stakeholders. The offices of the CEO and non-executive chairman have been separated to reflect the broader strategic issues including, but not limited to, balancing cash returns and growth initiatives while maintaining operational excellence and sound environmental stewardship,” added Brooks.

New Board of Directors
Oasis Petroleum has appointed a new board of directors composed of experienced industry professionals with a clear understanding of the expectations and objectives of shareholders.  Douglas E. Brooks has been named chairman of the board.  The new board of directors consists of seven members (six of whom are independent) including: Douglas E. Brooks (Chairman), Thomas B. Nusz (CEO), Samantha Holroyd, John Jacobi, N. John Lancaster, Jr., Robert McNally and Cynthia L. Walker.  Biographies for the new board members can be found HERE.

“Today marks a new beginning for Oasis Petroleum. We are emerging from the bankruptcy process as an even stronger company with an intense focus on generating sustainable returns and positive free cash flow coupled with a sharp goal of creating long term value for our shareholders. These outcomes will be achieved by further cost reductions, new efficiencies, and strategic repositioning to reflect the current industry conditions,” said Chief Executive Officer and Director, Thomas B. Nusz.

“I’d like to express our gratitude to our stakeholders including our regulators, vendors, customers, royalty interest owners, working interest owners and surface owners for their partnership throughout this process. The support of our lenders and noteholders has also been critical to the efficient completion of our financial restructuring. Finally, I want to thank our employees for their ongoing dedication to safety and execution. We look forward to operating efficiently, safely and responsibly, for the benefit of our stakeholders and communities, as we maximize our value for shareholders,” added Nusz.

To read more details about the restructuring highlights, CLICK HERE

About Oasis Petroleum Inc.
Oasis is an independent exploration and production company focused on the acquisition and development of onshore, unconventional crude oil and natural gas resources in the United States.

To stop by Oasis’ website, CLICK HERE

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