Oasis Petroleum and Whiting confirmed Monday they will merge in a deal with an enterprise value of about $6 billion.
David McNew/Getty Images
Oasis Petroleum and Whiting Petroleum confirmed Monday they will merge in a deal with an enterprise value of about $6 billion.
The Wall Street Journal was the first to report on the possible agreement between the shale drillers. Oasis (ticker: OAS) has a market value of $2.8 billion; the market cap of Whiting (WLL) is nearly $3.3 billion.
Following the close of trading Friday, Oasis shares have gained 14.7% in 2002 as oil prices have soared (West Texas Intermediate crude oil on Monday was at $121.72 a barrel, up 7.5%, as the U.S. and its allies were considering a ban on Russian oil). Whiting shares have risen 29% year to date.
In premarket trading Monday, Oasis was rising 5.6% to $152.60 and Whiting jumped 6.1% to $88.50.
Whiting Petroleum was the first major oil-and-gas company to file for bankruptcy during the pandemic. It emerged from bankruptcy in September 2020.
Oasis Petroleum filed for bankruptcy in September 2020, and emerged from bankruptcy that November.
Write to Joe Woelfel at [email protected]
