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

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.