Joele Frank is handling the Chapter XI filing of Oasis Petroleum as the shale oil company reels from the financial pressures from COVID-19 pandemic and the collapse of energy prices.

The Houston-based company reported a 49.6 percent crash in first-half revenues to $554.1. Due to a $4.8B impairment charge, Oasis suffered a $4.4B loss.

The bankruptcy reorganization will reduce Oasis’ total debt by $1.8B.

"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,” said CEO Tom Nusz in a statement. “However, due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry.

Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel and Jed Repko represent Oasis.