Houston-based Oasis Petroleum Inc., which works the Permian and Williston basins, has completed a financial restructuring and emerged from bankruptcy.


The independent, which filed for Chapter 11 protection in late September, said it has reduced its prepetition debt by $1.8 billion. It is trading on Nasdaq under “OAS.”

“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,” Chairman Douglas E. Brooks said. The new direction is to be executed within a “strong” environmental social and governance, or ESG, culture “to provide value for all stakeholders.”

The offices of the CEO and nonexecutive...