HOUSTON, Feb. 1, 2022 /PRNewswire/ -- Oasis Petroleum Inc.
(NASDAQ: OAS) ("Oasis" or the "Company") today announced the
closing of the previously announced merger between Oasis Midstream
Partners LP (NASDAQ: OMP) ("OMP") and Crestwood Equity
Partners LP (NYSE: CEQP) ("Crestwood") (the "OMP-Crestwood
Merger"). On December 20, 2021,
Oasis filed pro forma financials, which illustrate the combined
impacts of Oasis' 2021 upstream acquisitions and divestitures as
well as the OMP-Crestwood Merger. Please refer to our website at
www.oasispetroleum.com to find the pro forma financials and to
see Oasis' investor presentation for more information on the impact
of these transactions on Oasis' financial statements.
Concurrent with the closing of the OMP-Crestwood Merger, Oasis
directors N. John Lancaster Jr. and
John Jacobi were appointed to
Crestwood's Board of Directors. Both Messrs. Lancaster and Jacobi
will continue to serve on Oasis' Board of Directors.
Oasis announced today the termination of the Tax Benefits
Preservation Plan (the "Tax Plan") that was originally put in place
in August 2021 to help preserve
Oasis's ability to utilize its net operating losses and certain
other tax benefits ("Tax Benefits"). In December 2021, Oasis recognized gain for income
tax purposes as a result of certain restructuring transactions.
Additionally, the cash consideration of $160MM paid to Oasis as
part of the OMP-Crestwood Merger also resulted in Oasis recognizing
gain for income tax purposes. In light of the gain recognized as a
result of the restructuring transactions and the OMP-Crestwood
Merger, Oasis determined that the Tax Plan was no longer necessary
or desirable for the preservation of the Tax Benefits.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press
release specifically include the expectations of plans, strategies,
objectives and anticipated financial and operating results of the
Company, including the Company's drilling program, production,
derivative instruments, capital expenditure levels and other
guidance included in this press release, as well as the impact of
the novel coronavirus 2019 ("COVID-19") pandemic on the Company's
operations. These statements are based on certain assumptions made
by the Company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include, but are not limited to, risks that the benefits
anticipated from the OMP-Crestwood Merger may not be realized, the
ability of Crestwood to successfully integrate OMP's operations and
employees and realize anticipated synergies and cost savings, the
potential impact of the OMP-Crestwood Merger on relationships,
including with employees, suppliers, customers, competitors and
credit rating agencies, changes in crude oil and natural gas
prices, developments in the global economy, particularly the public
health crisis related to the COVID-19 pandemic and the adverse
impact thereof on demand for crude oil and natural gas, the outcome
of government policies and actions, including actions taken to
address the COVID-19 pandemic and to maintain the functioning of
national and global economies and markets, the impact of Company
actions to protect the health and safety of employees, vendors,
customers, and communities, weather and environmental conditions,
the timing of planned capital expenditures, availability of
acquisitions, the ability to realize the anticipated benefits from
the Williston Basin acquisition and Permian Basin divestitures,
uncertainties in estimating proved reserves and forecasting
production results, operational factors affecting the commencement
or maintenance of producing wells, the condition of the capital
markets generally, as well as the Company's ability to access them,
the proximity to and capacity of transportation facilities, and
uncertainties regarding environmental regulations or litigation and
other legal or regulatory developments affecting the Company's
business and other important factors that could cause actual
results to differ materially from those projected as described in
the Company's reports filed with the U.S. Securities and Exchange
Commission. Additionally, the unprecedented nature of the COVID-19
pandemic and the related decline of the oil and gas exploration and
production industry may make it particularly difficult to identify
risks or predict the degree to which identified risks will impact
the Company's business and financial condition. Because
considerable uncertainty exists with respect to the future pace and
extent of a global economic recovery from the effects of the
COVID-19 pandemic, the Company cannot predict whether or when crude
oil production and economic activities will return to normalized
levels.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
About Oasis Petroleum Inc.
Oasis Petroleum Inc. is an independent exploration and
production company with quality and sustainable long-lived assets
in the Williston Basin. The Company is uniquely positioned with a
best-in-class balance sheet and is focused on rigorous capital
discipline and generating free cash flow by operating efficiently,
safely and responsibly to develop its unconventional onshore
oil-rich resources in the continental United States. For more information, please
visit the Company's website at www.oasispetroleum.com.
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SOURCE Oasis Petroleum Inc.
