HOUSTON, Sept. 20, 2017
/PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis
Petroleum") today announced the pricing of the Oasis Midstream
Partners LP (NYSE: OMP) ("Oasis Midstream" or the "Partnership")
initial public offering of 7,500,000 common units representing
limited partner interests in the Partnership at a price to the
public of $17.00 per common unit,
pursuant to a registration statement on Form S-1 previously
filed with the U.S. Securities and Exchange Commission ("SEC").
The Partnership has granted the underwriters a 30-day option
to purchase up to an additional 1,125,000 common units. The
common units are expected to begin trading on the New York Stock
Exchange on September 21, 2017 under the symbol "OMP."
The offering is expected to close on September 25, 2017,
subject to the satisfaction of customary closing conditions.
Upon conclusion of the offering, the public will own an
approximate 27.3% limited partner interest in Oasis Midstream (or
approximately 31.4% if the underwriters exercise in full their
option to purchase additional common units). Oasis Petroleum
and its affiliates will own the remaining approximately 72.7%
limited partner interest in Oasis Midstream (or approximately 68.6%
if the underwriters exercise in full their option to purchase
additional common units). Oasis Petroleum will indirectly own
the general partner of Oasis Midstream and its incentive
distribution rights and will retain a majority of Oasis Midstream's
common and subordinated units representing limited partner
interests.
Oasis Midstream intends to use the proceeds of approximately
$119.9 million (i) to make
a $113.9 million distribution to
Oasis Petroleum, in whole or in part as reimbursement of
pre-formation capital expenditures incurred by Oasis Petroleum,
(ii) to pay approximately $4.1
million of offering expenses and structuring fees and (iii)
to pay $1.9 million of origination
fees and expenses related to its new revolving credit
facility. If and to the extent the underwriters exercise
their option to purchase additional common units in full, Oasis
Midstream intends to use the additional net proceeds of
approximately $17.9 million upon such
exercise to pay a distribution to Oasis Petroleum.
Morgan Stanley, Citigroup and Wells Fargo Securities are acting
as joint book-running managers for the offering.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission. This offering will be made only by means of a
written prospectus forming part of the effective registration
statement. A copy of the prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended, may
be obtained, when available, from:
Morgan Stanley &
Co. LLC
|
Citigroup Global
Markets Inc.
|
Wells Fargo
Securities, LLC
|
Attn:
Prospectus
Department
|
c/o Broadridge
Financial
Solutions
|
c/o Equity
Syndicate
Department
|
180 Varick Street,
2nd Floor
|
1155 Long Island
Avenue
|
375 Park
Avenue
|
New York, New York
10014
|
Edgewood, New York
11717
|
New York, New York
10152
|
These documents may also be obtained at no charge from the SEC's
website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Oasis Midstream
Oasis Midstream is a growth-oriented, fee-based master limited
partnership initially formed by Oasis Petroleum to own, develop,
operate and acquire a diversified portfolio of midstream assets in
North America that are integral to
the oil and natural gas operations of Oasis Petroleum and
strategically positioned to capture volumes from other producers.
Oasis Midstream's initial assets are located in the Williston Basin area of North Dakota and Montana.
Forward-Looking Statements
This release includes "forward-looking statements" within the
meaning of federal securities laws. Such forward-looking statements
are subject to a number of risks and uncertainties, many of which
are beyond Oasis Midstream's control. All statements, other
than historical facts included in this release, are forward-looking
statements. All forward-looking statements speak only as of the
date of this release. Although Oasis Midstream believes that
the plans, intentions and expectations reflected in or suggested by
the forward-looking statements are reasonable, there is no
assurance that these plans, intentions or expectations will be
achieved. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in
such statements.
This release contains certain forward-looking statements that
are based on current plans and expectations and are subject to
various risks and uncertainties. Oasis Midstream's business
and any offering may be influenced by many factors that are
difficult to predict, involve uncertainties that may materially
affect actual results and are often beyond Oasis Midstream's
control. These factors include, but are not limited to,
changes to business plans as circumstances warrant, and limited
partner interests of Oasis Midstream may not ultimately be offered
to the public because of, general market conditions or other
factors. For a full discussion of these risks and
uncertainties, please refer to the "Risk Factors" section of the
registration statement on Form S-1. Oasis Midstream
refers you to that discussion for further information.
About Oasis Petroleum Inc.
Oasis Petroleum is an independent exploration and production
company focused on the acquisition and development of
unconventional oil and natural gas resources, primarily operating
in the Williston Basin. For
more information, please visit Oasis Petroleum's website
at www.oasispetroleum.com.
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SOURCE Oasis Petroleum Inc.