Oasis Petroleum Inc. Announces Sale of Remaining DevCo Interests to Oasis Midstream Partners, IDR Elimination
Vinson & Elkins advised Oasis Petroleum Inc. (“Oasis” or the “Company”) in connection with a contribution and simplification agreement pursuant to which it would contribute all of its remaining interests in Bobcat DevCo LLC and Beartooth DevCo LLC to Oasis Midstream Partners LP (“OMP” or the “Partnership”) as well as eliminate its incentive distribution rights in exchange for $229 million in cash and 14.8 million OMP common units for total consideration of approximately $510 million based on OMP’s 20 day volume weighted average price ending on March 19, 2021.
The corporate team was led by partners David Oelman and Brittany Sakowitz, with assistance from associates David Lassetter, John Daywalt and Heather Jones. Partners Ryan Carney and Jim Meyer and associates Curt Wimberly and Ben Livni advised on tax matters. Also assisting were senior associate Andrew Schulte and associates Billy Vranish, Philip Turpin and Patrick Nichols.
About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 12 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or follow us on Twitter @VinsonandElkins or connect with us on LinkedIn.
For more information, please speak with our media contacts.