Oasis Sells Midstream Affiliate to Crestwood in $1.8 Billion Deal

As a result of the sale of its midstream affiliate, Oasis Petroleum is now well-positioned to further participate in industry consolidation opportunities, says CEO Danny Brown.

Oasis Sells Midstream Affiliate to Crestwood in $1.8 Billion Deal

Upon completion of the transaction, Oasis Petroleum will own approximately 21.7% of Crestwood common units. (Source: Crestwood Equity Partners LP)

Oasis Petroleum Inc. agreed to sell its midstream affiliate in a $1.8 billion transaction that CEO Danny Brown said gives the Houston-based independent E&P company an advantage in future M&A activity.

“Oasis is now well-positioned to further participate in industry consolidation opportunities,” Brown commented in an Oct. 26 release.

Oasis recently closed on a $745 million acquisition of  Diamondback Energy’s Bakken asset on Oct. 21, completing its transformation into a pure-play Williston Basin operator. The strategic shift included the sale of its Permian Basin position on the upstream side through a series of transactions earlier this year. 

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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.