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On June 24, 2021, Oasis Midstream Partners LP (NASDAQ: OMP) announced a public offering of 3,623,188 common units. An additional 543,478 common units may be purchased by the underwriter, Morgan Stanley, within 30 days. The offering aims to redeem an equivalent number of units from Oasis Petroleum Inc. The Partnership will not receive any proceeds from this sale, and the total number of common units outstanding will remain unchanged. This move comes under an effective shelf registration statement that was approved on October 26, 2018.
Oasis Midstream Partners LP (OMP) commented on Oasis Petroleum's recent divestiture of its Permian Basin assets and acquisition in Williston. The divestiture, expected to close around June 30, 2021, allows OMP to retain its midstream assets while benefiting from increased third-party revenue, projected to reach 17%. OMP's relationship with Oasis remains strong, with expectations for accelerated activity in dedicated areas in 2022. OMP's 2021 guidance remains unchanged, indicating stability amid these transitions.
Oasis Midstream Partners LP (OMP) reported strong financial results for Q1 2021, with net income of $42.9MM and adjusted EBITDA of $56.5MM. The Partnership declared a cash distribution of $0.55 per unit, marking the first increase since Q4 2019. Key highlights include the acquisition of remaining interests in Bobcat and Beartooth DevCos from Oasis Petroleum, enhancing OMP's operational scale. The company raised its full-year EBITDA guidance to $220MM - $232MM. Liquidity remains robust with $7.2MM in cash and $210.5MM unused capacity under its credit facility.
Oasis Midstream Partners LP (OMP) will announce its First Quarter 2021 financial results on May 5, 2021. A live webcast and conference call for analysts and investors will take place on May 6, 2021, at 12:00 p.m. Central Time. Investors can listen to the live webcast through a designated link. A replay of the conference call will be available for 30 days post-event. Additionally, Oasis Midstream is set to participate in several upcoming energy conferences in May and June 2021, enhancing its visibility in the market.
Oasis Midstream Partners LP (NYSE: OMP) has announced the election of Daniel E. Brown to its board of directors. Brown, who formerly served as Executive Vice President of Anadarko Petroleum, is expected to become the Chairman of the GP Board. CEO Taylor Reid expressed confidence in Brown's extensive experience, highlighting how it complements the current leadership team. This strategic addition aims to enhance unitholder value while maintaining a focus on environmental, social, and governance (ESG) principles.
Oasis Midstream Partners LP (OMP) completed the acquisition of remaining interests in Bobcat DevCo and Beartooth DevCo from Oasis Petroleum for a total of approximately $512.5 million. This transaction included $231.5 million financed by an offering of 8.00% senior unsecured notes due 2029. Post-acquisition, OMP's interest in both DevCos increased to 100%, eliminating incentive distribution rights (IDRs) from its structure. This strategic move enhances OMP's position in the Williston Basin and solidifies its ability to capture volumes from Oasis's development program.
Oasis Midstream Partners LP (Nasdaq: OMP) priced its inaugural offering of $450 million in 8.00% senior unsecured notes due 2029, priced at par. The offering will close on March 30, 2021. Proceeds will fund a distribution of approximately $231.5 million to Oasis Midstream Services LLC, part of a simplification transaction, and repay about $205.5 million in outstanding borrowings. The notes are being offered only to qualified buyers under Rule 144A and are unregistered under the Securities Act.
Oasis Midstream Partners LP (Nasdaq: OMP) announced plans to offer $450 million in senior unsecured notes due 2029, subject to market conditions. The proceeds will primarily be used for a $229 million distribution to its parent, Oasis Petroleum Inc., related to a simplification transaction, and to repay $208 million of outstanding borrowings. These notes will be privately placed to qualified institutional buyers and have not been registered under the Securities Act. The offering is contingent upon market conditions and involves forward-looking statements subject to various risks.
Oasis Petroleum (OAS) announced a major simplification transaction, contributing its remaining interests in Bobcat DevCo and Beartooth DevCo to Oasis Midstream Partners (OMP) for $510 million. This includes $229 million in cash and 14.8 million OMP common units. The deal reduces Oasis' net debt to approximately $16 million. Additionally, a $100 million share-repurchase program was authorized, alongside a dividend of $1.50 per share for 2021. The simplification is expected to enhance cash flows by $81 million in 2021 from OMP, aligning management incentives and strengthening both companies' financial profiles.
Oasis Midstream Partners LP (OMP) has announced an agreement to acquire remaining interests in Bobcat DevCo and Beartooth DevCo from Oasis Petroleum Inc. for $510 million. The deal includes $229 million in cash and 14.8 million units, along with the elimination of OMP's incentive distribution rights. The transaction is expected to enhance OMP's cash flow and is projected to add approximately $81 to $84 million in adjusted EBITDA for 2021. OMP also plans to issue $450 million in senior unsecured notes to finance part of the acquisition and repay existing debt.
