Whiting, Oasis Petroleum to Combine in $6 Billion ‘Merger of Equals’

The combined company, to be led by Oasis CEO Danny Brown, will operate a premier Williston Basin position under a new name.

Whiting, Oasis Petroleum to Combine in $6 Billion ‘Merger of Equals’

The combined company will have an enterprise value of roughly $6 billion with approximately 972,000 net acres and production of 167,800 boe/d in the Williston Basin. (Source: Hart Energy)

Whiting Petroleum Corp. and Oasis Petroleum Inc. agreed to combine in a $6 billion “mergers of equals” transaction, the two Bakken shale producers said in a joint release on March 7.

Under the terms of the agreement, Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash for each share of Whiting common stock owned. The combined company, to be led by Oasis CEO Danny Brown, will operate under a new name and is expected to trade on the NASDAQ under a new ticker to be announced prior to closing.

“The combination will bring together two excellent operators with complementary and high-quality assets to create a leader in the Williston Basin, poised for significant and resilient cash flow generation,” Brown commented in a joint company release.

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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.