Whiting, Oasis combine in $6bn merger of equals
Whiting Petroleum and Oasis Petroleum, a pair of Williston basin shale producers who filed for Chapter 11 bankruptcy protection in 2020, said March 7 they would combine in a “merger of equals” transaction valued at $6bn.
The combined company will be a premier player in the Williston basin, which straddles the US-Canadian border in North Dakota, with 972,000 net acres of land and 167,800 barrels of oil equivalent (boe)/day of production.
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Whiting shareholders will receive 0.5774 shares of Oasis stock and $6.25 in cash for each Whiting share, while Oasis shareholders will receive a special dividend of $15/share on closing. The combined company will have an enterprise value estimated at about $6bn and will be owned 53% by Whiting shareholders and 47% by Oasis shareholders.