Oasis Petroleum Sells Assets to Oasis Midstream
Oasis Midstream Partners LP (OMP) is buying assets from Oasis Petroleum Inc. (Oasis) for $250 million, the company announced Nov. 8.
OMP has entered into a definitive agreement to acquire additional assets in Bobcat DevCo LLC (increasing its interest to 25 percent) and Beartooth DevCo LLC (increasing its interest to 70 percent).
Bobcat DevCo's assets are focused on the Wild Basin operating area and include gas gathering, compression and gas lift, crude oil gathering and produced water gathering and disposal.
The Beartooth DevCo owns water infrastructure assets across most of Oasis Petroleum’s core operating areas.
“Oasis is investing capital in one of the premier oil basins in the U.S., and OMP's highly strategic assets are uniquely positioned to capture Oasis volume growth,” Taylor Reid, OMP’s CEO, said in a company statement. “The Williston Basin continues to provide attractive investment returns for both upstream and midstream companies, and we are in an enviable position to capitalize on future growth in the core of the play.”
The transaction is expected to close in December 2018.
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