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Oasis Petroleum (NASDAQ:OAS) and Whiting Petroleum (NYSE:WLL) are mentioned near a merger between the rival North Dakota shale drillers.
The all-stock transaction might introduced as quickly as this week, in accordance with a WSJ report. The mixed corporations could be valued at about $6B.
The potential transaction comes after Oasis and Whiting filed for Chapter 11 bankruptcy in 2020 beneath the load of a weak oil value and weak demand in the course of the pandemic. A deal comes as oil costs are jumping sharply Sunday as combating continues in Ukraine and an evacuation ceasefire fails to materialize. WTI crude (CL1:COM) (NYSEARCA:USO) +9% is above $125 for the primary time since 2008.
Final Could, Oasis exited the Permian basin, promoting all of its Permian Basin position in a $481M deal. The identical month Oasis agreed to acquire Williston Basin assets from Diamondback Power (NASDAQ:FANG) for $745M.
Whiting (WLL) in July agreed to accumulate oil and gasoline property in North Dakota’s Williston Basin whereas promoting all its oil and gasoline property within the Denver-Julesburg Basin of Colorado.
Final month, Oasis Petroleum’s return of capital plan included a brand new $150M stock buyback.
Final month, Whiting This autumn outcomes — earnings beat, no replace on beforehand released guidance.
