HOUSTON, May 25, 2021 /PRNewswire/ -- Oasis Petroleum Inc.
(Nasdaq: OAS) ("Oasis" or the "Company") announced today pricing of
its private placement to eligible purchasers (the "offering") of
$400.0 million in aggregate principal
amount of 6.375% senior unsecured notes due 2026 (the "notes"). The
notes were priced at par. The offering is expected to close on
June 9, 2021, subject to customary
closing conditions.
Oasis intends to use the net proceeds from the offering to fund
a portion of the consideration in connection with the recently
announced acquisition of select Williston Basin assets from QEP
Energy Company, a wholly owned subsidiary of Diamondback Energy,
Inc. (the "Williston Basin Acquisition"), and to pay related fees
and other expenses. If the Williston Basin Acquisition is not
consummated on or prior to September 27,
2021 (or such later date if the outside date under the
purchase and sale agreement relating to the Williston Basin
Acquisition (the "Williston PSA") is extended pursuant to the terms
thereof) or, if prior to such date, the Williston PSA is terminated
without the Williston Basin Acquisition being consummated, then in
either case, the notes will be redeemed at a redemption price equal
to 100% of the issue price of the notes, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date. The
Williston Basin Acquisition is not conditioned upon the completion
of the offering.
The notes to be offered have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any
state securities laws and unless so registered, the notes may not
be offered or sold in the United States absent an
applicable exemption from, or a transaction not subject to,
registration requirements of the Securities Act and applicable
state securities laws. The notes are being offered and sold only to
persons reasonably believed to be qualified institutional buyers in
accordance with Rule 144A under the Securities Act and to non-U.S.
persons outside the United States
in accordance with Regulation S under the Securities Act.
This press release is being issued pursuant to Rule 135c
under the Securities Act and is neither an offer to sell nor a
solicitation of an offer to buy the notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934. 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, 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 the recently announced
divestiture of the Company's Permian Basin upstream assets,
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 and Permian Basins. 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.
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SOURCE Oasis Petroleum Inc.
