Oasis Petroleum Inc. filed for Chapter 11 bankruptcy protection on Sept. 30, the latest U.S. shale producer to seek court-aided restructuring as the energy industry reels from an unprecedented crash in oil prices caused by the COVID-19 pandemic.

The company listed assets and liabilities in the range of $1 billion to $10 billion, according to a court filing.

Oasis said it secured $450 million in debtor-in-possession financing and expects to cut debt by $1.8 billion through the restructuring. It had long-term debt of $2.76 billion with just $77.4 million in cash and cash equivalents as of June 30.

Lockdowns to stem the spread of the virus decimated travel and the demand for fuel, bringing oil drilling to a halt and leaving many shale producers with no source of cash to repay massive debt taken on in past years.

Peers Chesapeake Energy Corp. and Chaparral Energy Inc. filed for bankruptcy earlier this year, while Whiting Petroleum Corp. emerged from Chapter 11 bankruptcy and completed its financial restructuring at the start of the month.

"Due to historically low global energy demand and commodity prices, we determined it is best for Oasis Petroleum to take decisive action to strengthen our liquidity," CEO Thomas Nusz said in a statement.

Oasis said upstream operations and production would continue normally as restructuring happens, adding that its independent pipeline company Oasis Midstream Partners LP and other subsidiaries in which it owns an equity interest are not included in Chapter 11 proceedings.

The independent E&P company operates in the Williston Basin and the Delaware Basin within the Permian.

Oasis is one of the top producers in the Williston Basin, and has been active in the area since the company’s formation. Production in the basin primarily comes from the Middle Bakken and Three Forks formations.

Meanwhile, Oasis entered the Delaware Basin in December 2017 with the acquisition of Forge Energy LLC. The company currently focuses on the development of the oil-rich Bone Springs and Wolfcamp formations.