Oasis Midstream jumps on $1.8 bln buyout deal

Crestwood Equity Partners LP

26/10/2021 15:26

** Shares of Oasis Midstream Partners  OMP.O  climb 5.7% to
$25.75, their highest since June
    ** Oil and gas pipeline operator Crestwood Equity Partners
LP  CEQP.N  to buy Oasis Petroleum Inc's  OAS.O  midstream unit
OMP in a $1.8 bln deal to expand its footprint in the U.S. shale
basins  urn:newsml:reuters.com:*:nL4N2RM2WN
    ** CEQP declines 2.4% to $29.60
    ** Enterprise value for the combined companies will be about
$7 bln
    ** Unitholders of OMP will own about 35% of Crestwood's
units, of which about 22% will be owned by Oasis Petroleum; OAS
up 1.9% at $116.55
    ** Deal allows OAS to de-consolidate OMP from its financial
reporting going forward, helping to simplify complex reporting
structure - RBC Capital Markets 
    ** RBC adds that deal strengthens OAS' cash position
    ** OMP up 117% so far this year 

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))