Oasis and Whiting to Combine in $6 Billion Merger of Equals Transaction
Vinson & Elkins advised Oasis Petroleum Inc. (“Oasis”) in connection with Oasis’ entry into a definitive merger agreement with Whiting Petroleum Corporation (“Whiting”) to combine in a merger of equals transaction.
The combined company will have an enterprise value of ~$6.0B based on the exchange ratio and the closing share prices for Whiting and Oasis as of March 4, 2022 and will have a premier Williston Basin position with top tier assets across approximately 972K net acres, combined production of 167.8 thousand boepd, significant scale and enhanced free cash flow generation to return capital to shareholders.
The V&E corporate team was led by partners Dave Oelman, Steve Gill and Benji Barron, with assistance from associates David Lassetter, Matt Fiorillo, Libby Gerstner and John Frey and senior associate Andrew Schulte. Also advising were partner David D’Alessandro, counsel Dario Mendoza and associates Mary Daniel Morgan and Brian DeShannon; partners Ryan Carney and Lina Dimachkieh, senior associate Peter Rogers and associate Ben Livni; partner Darren Tucker and senior associate Evan Miller; partner Dave Wicklund, senior associate Caitlin Snelson and law clerk James Payne; counsel Larry Pechacek; partner Suzanne Clevenger and senior associate Victoria Galvez Godfrey; partner Jessica Peet and associate Emma Sanzotta; and counsel Jamie Leader.
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