Crestwood Equity Partners wraps up $1.8bn acquisition of Oasis Midstream
Crestwood Equity Partners has wrapped up the previously announced $1.8 billion acquisition of Oasis Midstream, an operator in the Williston and Delaware Basins in the US.
Through the acquisition, Crestwood Equity Partners is said to have considerably boosted its scale and position in the onshore basins. This has enabled the Texan midstream operator to capture operational and commercial synergies of around $45 million, while driving improved financial strength and flexibility.
Besides, Crestwood Equity Partners is said to gain key crude oil, natural gas gathering and processing, and produced water gathering assets in the Williston Basin.
It will also get to double the inventory of tier 1 drilling locations dedicated to its assets to around 1,200 across 535,000 dedicated acres.
Crestwood Equity Partners wraps up $1.8bn acquisition of Oasis Midstream. Photo courtesy of Anita starzycka from Pixabay.
As per the deal announced in October 2021, the public shareholders of Oasis Midstream will exchange each of their shares in the company for 0.87 of Crestwood Equity Partners shares.
Crestwood Equity Partners’ unitholders as of 7 February 2022, including legacy unitholders of Oasis Midstream that remain the former’s unitholders, will get its $0.625 per limited partner unit distribution.