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Crestwood Equity Partners LP (NYSE: CEQP) announced changes to its Board of Directors following the acquisition of Oasis Midstream Partners LP (NASDAQ: OMP). Effective February 1, 2022, John Jacobi and John Lancaster, Jr. join the board, bringing extensive experience in the energy sector. Jacobi will be part of the Sustainability Committee, while Lancaster will join the Compensation and Finance Committees. The board will now consist of ten members, with 90% being independent. Alvin Bledsoe has resigned due to a potential audit independence issue, but this was not related to any disagreements.
TortoiseEcofin announced that Oasis Midstream Partners LP (OMP) will be removed from the Tortoise MLP Index, Tortoise North American Pipeline Index, and Tortoise Decarbonization Infrastructure Index due to its merger with Crestwood Equity Partners LP (CEQP). This change will take effect on February 1, 2022, at market open. The removal occurs without a special rebalancing, as CEQP's post-acquisition weight does not exceed the required thresholds for any of the indices. These indices track companies engaged in energy and decarbonization infrastructure.
Crestwood Equity Partners LP (NYSE: CEQP) has announced a definitive merger agreement to acquire Oasis Midstream Partners LP (NASDAQ: OMP) for approximately
Oasis Petroleum announced that Oasis Midstream Partners will merge with Crestwood Equity Partners, resulting in Oasis receiving $160MM cash and 21MM common units of Crestwood. The total deal value implies an enterprise value of approximately $6.9B for the combined entities. This merger aims to enhance operational scale, financial performance, and E&P reporting alignment for Oasis. Post-transaction, Oasis is projected to hold 21.7% of Crestwood. The deal is expected to close in Q1 2022, pending regulatory approvals.
Oasis Midstream Partners LP (OMP) announced a quarterly cash distribution of $0.56 per unit for Q3 2021, payable on November 29, 2021. In a significant development, OMP has entered into a definitive merger agreement with Crestwood Equity Partners LP (CEQP) for an estimated $1.8 billion equity and cash transaction, including debt assumption. The deal is projected to close in Q1 2022, pending regulatory and unitholder approvals. As of September 30, 2021, OMP reported $29.7 million in cash and $210 million in borrowings, with a $234.5 million unused borrowing capacity.
Oasis Midstream Partners LP (Nasdaq: OMP) will release its Third Quarter 2021 financial results on November 3, 2021. A live webcast and conference call to discuss these results will occur on November 4, 2021, at 11:30 a.m. Central Time. Interested parties can access the call via a dedicated dial-in number or a live webcast link. A recording will be available post-call until November 11, 2021. Additionally, the company will participate in several upcoming energy conferences.
On August 3, 2021, Oasis Midstream Partners LP (OMP) reported strong Q2 2021 results, exceeding volume guidance and increasing its cash distribution by $0.01 to $0.56/unit. Key figures include net income of $35.2MM, adjusted EBITDA of $55.8MM, and distributable cash flow of $43.0MM with a coverage of 1.6x. OMP announced new projects in the City of Williston and expanded third-party services in the Permian Basin, aligning with its strategic growth plans. Capital expenditures for 2021 are projected between $73MM to $78MM, reflecting increased investments to support these developments.
Oasis Midstream Partners LP (Nasdaq: OMP) will report its Second Quarter 2021 financial and operational results on August 3, 2021, after market close. A live conference call is set for August 4, 2021, at 10:00 a.m. Central Time, where management will discuss the results. Investors and analysts can access the call through a provided link; dial-in options are also available for participants wishing to ask questions. Oasis Midstream, formed by Oasis Petroleum, focuses on midstream assets essential for crude oil and natural gas operations across North America.
Oasis Midstream Partners LP (NASDAQ: OMP) announced the start of a binding open season for its Johnson's Corner Gathering System Project in McKenzie County, North Dakota. This 7-mile, 8-inch diameter crude oil gathering pipeline will connect the South Nesson field to the existing Johnson's Corner Pipeline. The open season runs from July 7 to August 4, 2021. Prospective shippers interested in committed service must first sign a confidentiality agreement with Bighorn Devco LLC, a subsidiary of OMP. Transportation services on the existing pipeline will maintain current tariff rates.
Oasis Petroleum Inc. announced the offering of 3,623,188 common units by Oasis Midstream Partners LP at $24 each, with proceeds used for redeeming an equal number of units held by Oasis, reducing its ownership from 77.1% to 69.6%. Additionally, a special dividend of $4.00 per share was declared, payable on July 21, 2021, to shareholders of record by July 9, 2021. Oasis expects to raise its fixed dividend by 33% to $2.00 annually following a planned acquisition in late July, reflecting its commitment to returning cash to shareholders.
