Connecting upstream production to the downstream sector and putting midstream in the center of it all. (HK) , Ring Energy Inc. In the first half of the year, 23 companies filed for bankruptcy. Williston, ND 79706 Oasis is the latest shale producer to look at financial restructuring, as the industry grapples with a slump in oil prices and a crash in demand due to the coronavirus crisis that has pushed several firms into bankruptcy. Oasis Petroleum Inc. Oasis Petroleum Inc. Join us. At its peak in the summer of 2014, Oasis Petroleum Inc. (NASDAQ: OAS) stock traded at nearly $60 a share.On Tuesday, the stock closed at $0.41, and it …
To implement the plan, Oasis Petroleum and certain of its affiliates filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. Oasis Petroleum skipped payments due September 15 on some of its debt, Bloomberg Law reports. Oasis Petroleum Inc. NYSE: OAS. Oasis Petroleum is filing for bankruptcy protection and is ineligible for continued inclusion in the S&P SmallCap 600. Oasis joins at least 18 other oil and gas companies that have filed for bankruptcy in just the third quarter of this year. California Resources Corporation NYSE: CRC $1.18 up $0.06 (5.36%) BORR. Neither Oasis Midstream Partners L.P. (NASDAQ: OMP), in which Oasis Petroleum owns a stake of around 45%, nor any of the pipeline partnership’s affiliated companies are included in the bankruptcy filing. You reached this page when attempting to access https://www.streetinsider.com/PRNewswire/Oasis+Petroleum+Takes+Action+to+Strengthen+Balance+Sheet+with+the+Support+of+its+Lenders+and+an+Ad+Hoc+Committee+of+Noteholders/17413115.html from 22.214.171.124 on 2020-11-05 17:47:14 UTC. Under terms of the "pre-packaged" plan, which is subject to Court approval, general unsecured pre-petition claims will also be paid in full upon the company's emergence from Chapter 11.
Oversupply due largely to lack of demand is keeping crude prices in a tight range of around $40 a barrel and gasoline prices at around $2.20 a gallon for four straight months. It is expected that the restructuring process will be completed on an accelerated timeframe allowing for an emergence in November, subject to court approval. According to the announcement, Oasis expects to emerge from Chapter 11 reorganization in November with approximately $340 million in new borrowing under a new credit facility with a credit ceiling of $575 million. Oasis Petroleum (NASDAQ: OAS) is an independent exploration and production company focused on the acquisition and development of unconventional onshore oil and natural gas resources in the United States.
Plans of Reorganization, Merger, Acquisition or Similar Filter. Database of selected U.S. and international exploration wells. (OAS) - Get Report surged late in Thursday, Nov. 1, trading, up over 2% to $10.27 per share around 2:45 p.m., amid takeover speculation regarding the oil explorer and producer in analysts notes, media reports and on social media.
Since 2007, we have actively acquired and developed coveted assets in the premier oil basins in the US. The company also has received a commitment for $450 million in debtor-in-possession financing from its existing lenders.
P (701) 577-1600, Oasis Petroleum Oasis Petroleum has a grim longer-term outlook.It may be able to avoid restructuring for now, but it faces a tough challenge in dealing with its large March 2022 debt maturity. News and insights, exclusive to thefly.com, Three new option listings and two option delistings on October 12th, Sally Beauty to replace Oasis Petroleum in S&P 600 at open on 10/5, Oasis Petroleum enters restructuring support agreement through Chapter 11, Oasis Petroleum misses debt payments due Sept. 15, Bloomberg Law reports, Largest borrow rate increases among liquid names, Workday rallies after Piper uncovers possible Apple contract win», JPMorgan upgrades Verizon on expected growth pickup in 2021», 13th Annual FTC Microeconomics Virtual Conference. Make Money on Closed-End Mutual Funds. 58801 2020 1:1 Midstream / Energy Infrastructure Virtual Conference will be held on August 12-13. Our goal is to increase stockholder value by building reserves, production and cash flows at an attractive return on invested capital. Oasis Petroleum (OAS) announced that it has entered into a restructuring support agreement, or 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-prepackaged" restructuring plan. The company intends to file customary motions with the court to support Oasis Petroleum's ongoing operations without interruption, including the payment of employee wages and benefits and paying royalty interest owners, working interest owners and surface owners, in the ordinary course. (SM) - Get Report , Abraxas Petroleum Corp. About Oasis Petroleum Inc.Oasis is an independent exploration and production company focused on the acquisition and development of onshore, … Oasis Petroleum had a market cap of about $3.25 billion Thursday afternoon. Upon court approval, the new financing, along with cash generated from the company's ongoing operations, is expected to provide sufficient liquidity for the company to continue operating in the ordinary course during the court-supervised process. © 2020 Hart Energy. Analysts at TPH said it could easily identify a total of 10 deals between strategic operators that make sense for 2019, representing about $38 billion in market capitalization. TheStreet's Robert Powell recently hosted an all-star panel of experts who explained everything you need to know on closed-end mutual funds, and often-overlooked investment class. TheStreet's sister site The Deal and analysts at Tudor, Pickering, Holt reported an interesting similarity between Oasis' trading valuation and that of Newfield Exploration, which was acquired by Encana on Thursday for $5.5 billion, but no reports have emerged suggesting Oasis is in merger talks at this time. The following entities are not included in the Oasis Petroleum Chapter 11 filing: Oasis Midstream Partners and subsidiaries, OMP Operating, Bobcat DevCo, Beartooth DevCo, Bighorn DevCo and Panther DevCo.
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