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Merger-of-Equals-Whiting-and-Oasis-$6B-Deal

The two Bakken shale producers announced in a joint statement on March 7 that they had reached an agreement to unite in a $6 billion "merger of equals."

The deal provides Whiting stockholders with 0.5774 shares of Oasis common stock in addition to $6.25 in cash per share of Whiting stock owned. It is expected that the combined company will be listed on the NASDAQ under a revised ticker that will be announced prior to the closing under the leadership of Oasis CEO Danny Brown.

Combining these two companies will create a leading Williston Basin position with assets covering approximately 972,000 net acres, production of 167,800 boe/d, and an enhanced free cash flow generation that will generate capital returns to shareholders. 

A historic collapse in oil prices prompted both Whiting and Oasis oil companies to file for Chapter 11 bankruptcy protection in 2020. Thus, the merger can be viewed as a preventive measure to avoid going out of business.

Each company has executed a series of strategic transactions over the last year, reducing costs and establishing leading frameworks for ESG. Together, these two companies' efforts should accelerate, and they will be better positioned to generate strong free cash flow, implement a streamlined strategy, and boost the return on capital. It should also benefit the development of the communities in which these companies operate in the great states of North Dakota, Texas, and Montana.

In the wake of the transaction, Brown will be named president and CEO of the combined company, which will have a headquarters in Houston but retain a Denver office going forward. Lynn Peterson, Whiting's president, and CEO will serve as the board's executive chair.

Both boards of directors of the companies have unanimously approved the transaction, which is expected to close in the second half of 2022. Under customary closing conditions, the Whiting and Oasis shareholders will have to approve the deal as well.

The combined company will have approximately 53% Whiting shareholders and 47% Oasis shareholders, assuming that the transaction closes on an all-stock basis. A special dividend of $15 per share will be paid to Oasis shareholders upon the closing of the transaction.

An investment return program representing 60% of the free cash flow will be implemented during the second half of 2022. Combining the two companies will enable a quarterly dividend increase of roughly $25 million, which would equal $0.585 per share, through variable dividends and share repurchases. Prior to closing, each company will carry on with its formally announced programs.

Whiting has been advised regarding the transaction by Citi and Kirkland & Ellis LLP. While Tudor, Pickering, Holt & Co., RBC Capital Markets LLC, and Vinson & Elkins LLP advise Oasis.

If you wish to learn more about recent M&A in the O&G industry or just want to get a better hold on general basin development in Northern Hemisphere, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

Exploring the Energy Lifeline: A Tour of Williston Basin's Midstream Infrastructure

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The Williston Basin, which spans parts of North Dakota, Montana, Saskatchewan, and Manitoba, is a major oil-producing region in North America. In order to transport crude oil and natural gas from the wells to refineries and other destinations, a vast pipeline infrastructure has been built in the area. The pipeline infrastructure in the Williston Basin consists of a network of pipelines that connect production sites to processing facilities, storage tanks, and major pipeline hubs

Continental Resources Inc. Invests a Quarter of a Billion Dollars in a Sequestration Project in North Dakota

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The investment will happen in the next 2 years. The project intends to capture CO2 from ethanol plants and other sources in Iowa, Nebraska, Minnesota, North Dakota, and South Dakota. Upon aggregation, CO2 will be transported via pipeline to North Dakota, where it will be stored in subsurface geologic formations. The formations will be in the Williston Basin, where Continental Resources has been a dominant producer for more than half a century. At the moment it’s the world's most ambitious carboncapture venture of its kind. The sequestration itself should be underway by spring 2024.

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Permian Resources bolsters dominance in the Delaware Basin with strategic land acquisitions, expanding its portfolio by over 5,000 net leasehold acres and 3,000 royalty acres. In a stunning display of growth and strategic maneuvering, Permian Resources Corp., based in Midland, Texas, has made waves in the first quarter by securing a series of deals worth over $200 million in the highly sought-after Delaware Basin. This move solidifies their position as a player in the region.

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The Williston Basin, which spans parts of North Dakota, Montana, Saskatchewan, and Manitoba, is a major oil-producing region in North America. In order to transport crude oil and natural gas from the wells to refineries and other destinations, a vast pipeline infrastructure has been built in the area. The pipeline infrastructure in the Williston Basin consists of a network of pipelines that connect production sites to processing facilities, storage tanks, and major pipeline hubs

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Matador Resources Co. is making a big move in the oil and gas industry by acquiring Advance Energy Partners Holdings LLC, a major player in the northern Delaware Basin. The acquisition, which comes with a hefty price tag of at least $1.6 billion in cash, includes valuable assets in Lea County, N.M., and Ward County, Texas, as well as key midstream infrastructure.

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