Oasis Petroleum Inc. (NasdaqGS:OAS) entered into a definitive agreement to acquire select Williston Basin Assets of QEP Resources, Inc. for approximately $750 million on May 3, 2021. The purchase price is subject to customary purchase price adjustments. The consideration is expected to be financed through cash on hand (approximately $106 million as of March 31, 2021), revolver borrowings ($450 million elected commitment on $500 million borrowing base, none drawn as of March 31, 2021), and a $500 million fully committed underwritten bridge loan committed by  J.P. Morgan and Wells Fargo (expecting high yield financing to replace the bridge loan), net proceed from the Permian Basin Sale and the net proceeds from the offering of $400 million in aggregate principal amount of senior unsecured notes due 2026 completed on June 9, 2021. The transaction is subject to continued diligence and closing conditions. The transaction was approved unanimously by the Board of the Directors of each company. The transaction is expected to close in the third quarter of 2021. As of May 24, 2021, the transaction is expected to close in July 2021. As of June 28, 2021, completion is expected to occur by the end of July 2021. As of August 2, 2021, the transaction is expected to close in late third quarter of 2021. As of September 30, 2021, the parties extended the outside date for the consummation of the acquisition to October 27, 2021. Net proceeds from the transaction are expected to be applied towards debt reduction. The transaction is accretive to cash flow per share and free cash flow per share in both the near and long-term before accounting for synergies.

Goldman Sachs & Co. LLC is acting as exclusive financial advisor while John Greer, Michael King, Stephen Szalkowski of Latham & Watkins LLP are acting as legal advisors to Diamondback Energy. J.P. Morgan Securities LLC acted as strategic and financial advisor and Jack Langlois, Jibin T. Luke, Alexander Farr, Lesli Esposito, Brian Boyle, Jacob Hollinger, Andrew B. Kratenstein, Daniel J. Doron and Allison Wilkerson of McDermott Will & Emery acted as legal advisors to Oasis Petroleum. Wells Fargo is administrative agent on Oasis Petroleum's credit facility. David Oelman, Noel Hughes, Wendy Salinas, Debbie Duncan, David D'Alessandro, Dario Mendoza and Larry Pechacek of Vinson & Elkins LLP and Kirkland & Ellis LLP acted as legal advisors on the financing.

Oasis Petroleum Inc. (NasdaqGS:OAS) completed the acquisition of select Williston Basin Assets of QEP Resources, Inc. on October 21, 2021.