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Oasis Petroleum has announced a $15.00 special dividend per share, conditional on the successful closing of its merger with Whiting Petroleum (NYSE: WLL). This dividend will be payable to Oasis shareholders of record after both companies' shareholders approve the merger on June 28, 2022. The merger is anticipated to close by July 1, 2022, with dividends distributed on July 8, 2022. However, there are no guarantees that all conditions will be met for the merger to proceed on schedule.
Kaskela Law LLC is investigating potential legal claims for Whiting Petroleum Corporation (NYSE: WLL) shareholders following the announcement of a merger with Oasis Petroleum Inc. on March 7, 2022. Under the proposed agreement, Whiting shareholders would receive 0.5774 shares of Oasis common stock and $6.25 in cash for every share of Whiting stock held. The investigation aims to determine if there were any violations of securities laws or breaches of fiduciary duties by Whiting and its representatives, and whether all conflicts of interest were disclosed to shareholders.
Whiting Petroleum Corporation (NYSE: WLL) reported first quarter 2022 results, with revenues of $527 million, up $53 million from the previous quarter. Despite this, net loss was $37 million or $0.95 per share, compared to a net income of $292 million in Q4 2021. Adjusted net income was $185 million or $4.61 per diluted share. The company continues to experience production challenges due to winter weather impacts but maintains its annual guidance of 91.0 to 95.0 MBOE/d.
Whiting Petroleum Corporation (NYSE: WLL) has announced a quarterly cash dividend of $0.25 per share on its common stock. This dividend is payable on June 1, 2022, to stockholders of record as of the close of business on May 20, 2022. The company engages in the development, production, and acquisition of crude oil and natural gas, mainly in the Rocky Mountains, with significant operations in North Dakota and Montana.
Whiting Petroleum (WLL) and Oasis Petroleum (OAS) have announced a merger of equals, creating a premier operator in the Williston Basin. The combined company will span 972K net acres and produce 167.8 thousand boepd. Whiting shareholders will receive 0.5774 Oasis shares and $6.25 per share. This transaction boasts an enterprise value of ~$6B and aims to deliver $65MM in annual cost synergies. The merger is expected to enhance free cash flow generation, targeting $1.2B in 2022 with a commitment to shareholder returns through dividends.
Whiting Petroleum Corporation (NYSE: WLL) reported a strong performance for Q4 2021, posting revenue of $473 million and net income of $292 million ($7.34/share). For the full year, revenue reached $1.5 billion with net income of $428 million ($10.78/share). Adjusted free cash flow for Q4 was $156 million and $504 million for FY 2021. The company ended the year debt-free and increased its proved reserves by 25% to 326.0 million barrels of oil equivalent. Whiting plans to utilize its strong cash flow to fund operations and dividends, alongside growth strategies in the coming quarters.
Whiting USA Trust II (OTC: WHZT) announced a final distribution of $0.163070 per unit to unitholders, payable by March 1, 2022. This distribution relates to net profits from the fourth quarter of 2021 and includes previously withheld funds for administrative expenses. The Trust's net profits interest terminated on December 31, 2021, meaning no further distributions will occur. The announcement indicates that 99.9% of the Trust's 18.4 million units are held by Cede & Co. The Trust is winding down its operations, with market prices expected to decline to zero following its termination.
Whiting Petroleum Corporation (NYSE: WLL) has entered into two agreements to acquire non-operated oil and gas assets in North Dakota's Williston Basin for $273 million. The assets, located in Mountrail County, will increase the average operated working interest from 61% to 74% in the Sanish field and are expected to yield approximately 4,500 BOE/d at closing. Concurrently, Whiting announced a quarterly cash dividend of $0.25 per share, reflecting its strategy to generate sustainable free cash flow in 2022, with projected EBITDA exceeding $900 million.
Whiting USA Trust II (OTC: WHZT) announced a distribution of $0.218464 per unit for Q4 2021, payable by November 29, 2021, to unitholders of record as of November 19, 2021. The Trust holds 18.4 million units, primarily owned by Cede & Co. Key metrics include oil sales of $11.6 million and natural gas sales of $735,405, resulting in net profits of $4.7 million. The Trust will terminate on December 31, 2021, after which a final distribution may occur by March 1, 2022. Future distributions are uncertain due to commodity price volatility.
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