HOUSTON, Sept. 30, 2021
/PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) ("Oasis" or
the "Company") announced today that the Company and QEP Energy
Company ("QEP"), a wholly-owned subsidiary of Diamondback Energy,
Inc., have agreed to extend the outside date for the consummation
of the Company's previously announced acquisition of QEP's
Williston Basin assets to October 27,
2021. Both Oasis and Diamondback remain committed to the
transaction and expect it to close in the next few weeks, timing
depending on final government approval. The transaction was valued
at $745MM with an effective date of April 1,
2021. Final consideration will be reduced by the $75MM
deposit paid in 2Q21 and customary purchase price adjustments
related to free cash flow generated from effective date to close.
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, 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 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. For more
information, please visit the Company's website at
www.oasispetroleum.com.
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SOURCE Oasis Petroleum Inc.