Water Tower Research Managing Director Jeff Robertson tells Proactive he recently published a report on bankruptcy cases in the energy sector entitled.
Oasis Petroleum Inc. (NASDAQ: OAS) has entered into a series of definitive agreements to sell its entire Permian Basin position for a total gross potential consideration of $481 million.
Oasis Petroleum Inc. (NASDAQ: OAS) has announced that it has entered into a series of definitive agreements to sell its entire Permian Basin position for a total gross potential consideration of $481 million.
The total consideration consists of $406 million at closing and up to three $25 million annual contingent payments in 2023, 2024, and 2025 if the WTI price averages over $60 per barrel in each respective calendar year, the company noted. Oasis Petroleum said the primary transaction is expected to close around June 30 this year, subject to customary closing conditions, and revealed that two smaller transactions had already closed.
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HOUSTON, May 25, 2021 /PRNewswire/ Oasis Petroleum Inc. (Nasdaq: OAS) ( Oasis or the Company ) announced today pricing of its private placement to eligible purchasers (the offering ) of $400.0 million in aggregate principal amount of 6.375% senior unsecured notes due 2026 (the notes ). The notes were priced at par. The offering is expected to close on June 9, 2021, subject to customary closing conditions.
Oasis intends to use the net proceeds from the offering to fund a portion of the consideration in connection with the recently announced acquisition of select Williston Basin assets from QEP Energy Company, a wholly owned subsidiary of Diamondback Energy, Inc. (the Williston Basin Acquisition ), and to pay related fees and other expenses. If the Williston Basin Acquisition is not consummated on or prior to September 27, 2021 (or such later date if the outside date under the purchase and sale agreement relating to the Williston Basin A
Cimarex, Cabot Combination ‘Building an Ark, Not a Party Boat’ in Lower 48 Oil, Natural Gas
Cimarex Energy Co. and Cabot Oil & Gas Corp. on Monday agreed to combine in an all-stock merger, tying together their extensive operations in the Marcellus Shale, Permian and Anadarko basins.
Denver-based Cimarex controls 560,000 net acres combined in the Permian and Anadarko, while Houston-based Cabot has 173,000 net acres in the Marcellus. Cabot CEO Dan Dinges has been tapped as executive chairman, while Cimarex chief Tom Jorden would be CEO of the to-be-named company.
The merger is “the start of the next chapter in our histories,” Dinges said. Management has “long understood the long-term benefits of expanding geographically and beyond the Marcellus and adding more scale to our operations.