Oasis Petroleum Inc. on March 22 announced the sale of its remaining DevCo interests to Oasis Midstream Partners LP in a “simplification” transaction worth roughly $510 million that will also eliminate incentive distribution rights (IDRs).

“Through this simplification, we were able to enhance the financial profiles of both Oasis and OMP, while strengthening our competitive position,” Douglas E. Brooks, Oasis’ board chair and CEO, said in a statement.

Brooks assumed the role of CEO in late December following the retirement of Thomas Nusz, who had led the Houston-based oil and gas producer since co-founding the company in 2007. Oasis also completed a financial restructuring last year after filing for Chapter 11 bankruptcy protection in September 2020.

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