Oasis Petroleum has agreed to sell all of its remaining interests in Bobcat DevCo and Beartooth DevCo to Oasis Midstream Partners for $299 million in cash and 14.8 million OMP common units, representing a value of $510 million.
The assets include the partnership's IDRs, an approximately 65 percent interest in Bobcat DevCo and a 30 percent interest in Beartooth DevCo. The transaction is expected to close before the end of March.
Oasis Petroleum’s board of directors also has authorized a new $100 million share-repurchase program, in addition to its recently announced dividend of $1.50 per share per year.
“Today's announcements are the latest of a series of value-focused initiatives that management and the board of directors have delivered this year,” said Douglas Brooks, board chair and CEO of Oasis Petroleum. “Through this simplification, we were able to enhance the financial profiles of both Oasis and OMP, while strengthening our competitive position.”