Oasis Petroleum Announces Expected Redemption of OMP Common Units

Source: www.gulfoilandgas.com 6/29/2021, Location: North America

Oasis Petroleum Inc. announced that upon the closing of the offering by Oasis Midstream Partners LP of 3,623,188 of its common units at a price of $24 per unit (the "Offering"), OMP would use the proceeds of the Offering to redeem an equal number of common units held by a subsidiary Oasis (the "Redemption").

The closing of the Offering and the Redemption are scheduled to occur today, June 29, 2021. The Offering was designed to improve OMP's liquidity while highlighting the value of Oasis's ownership. OMP remains a valuable and important asset to Oasis. In connection with the Offering, the Redemption will reduce Oasis's approximate ownership from 77.1% to 69.6%.

• Additionally, Oasis declared a special dividend of $4.00 per share. The special dividend is payable July 21, 2021 to stockholders of record as of July 9, 2021. Oasis continues to expect increasing its fixed dividend 33% to $2.00 per share (on an annualized basis) upon closing of its previously announced Williston acquisition in late July.

• "OMP's public offering and redemption of common units held by Oasis, together with Oasis' announcement of a $4.00 per share special dividend are consistent with our core strategy of emphasizing strong returns and value creation while returning cash to shareholders," said Danny Brown, Oasis's Chief Executive Officer. "The OMP common unit offering accomplishes the mutually beneficial objectives of increasing OMP's public ownership and liquidity while highlighting the value of Oasis's ownership. Oasis will continue to evaluate strategies to increase visibility into its ownership in OMP and close the current sum of the parts discount imbedded in its stock price.


Morocco >>  8/17/2022 - Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland. is pleased to announce t...
Cameroon >>  8/16/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under i...

Norway >>  8/16/2022 - Reference is made to the stock exchange announcement on 11 August 2022 made by PGS ASA (“PGS” or the “Company”) regarding the conversion of NOK 75,712...
Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...

Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...
Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.