Diamondback Energy Sells Bakken Asset to Oasis in $745 Million Cash Deal

In addition to the sale of the Bakken assets it acquired in its merger with QEP, Diamondback also announced the $84 million sale of “noncore” Permian Basin assets.

Diamondback Energy Sells Bakken Asset to Oasis in $745 Million Cash Deal

Oasis Petroleum, which completed a financial restructuring last year, plans to finance its acquisition of the Williston Basin assets from Diamondback through cash on hand, revolver borrowings and a new $500 million bridge loan. (Source: Hart Energy)

Diamondback Energy Corp. agreed on May 3 to sell certain Bakken assets it acquired through its roughly $2.2 billion all-stock acquisition of QEP Resources earlier this year.

The transaction, with Oasis Petroleum Inc., includes the sale of select Williston Basin assets from Diamondback Energy in a cash transaction valued at approximately $745 million. On May 3, Diamondback also agreed to divest “noncore” acreage from its Permian Basin position, the company main focus, for a combined gross purchase price of $87 million.

Diamondback Energy closed out 2020 with the acquisition of publicly traded QEP Resources and private equity-sponsored Guidon Operating for a combined $3 billion. In addition to adding a foothold in the Williston Basin, the dual mergers helped Diamondback build out its position in the heart of the Midland Basin.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.