17 Feb 2022listing compliance notice▼ BadMajor
Oasis Midstream Partners LP terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2022business combination● NeutralMajor
The Crestwood merger closed on February 1, 2022. The partnership then merged into Crestwood Midstream Partners LP, which took over the 8.000% senior notes due 2029, and OMP Finance Corp. merged into Crestwood Midstream Finance Corp. The $450 million revolving credit facility, the March 2021 Contribution and Simplification Agreement, the Omnibus Agreement, the Services and Secondment Agreement and the Registration Rights Agreement were terminated. A Master Amendment changed the Oasis Petroleum commercial agreements. The filing reports no securities registered under Section 12(b). Public units were exchangeable into 0.8700 Crestwood units each under the merger terms, and Oasis Petroleum's 6,520,944 units converted to $150 million in cash. This ends the partnership as a separate listed company.
1 Feb 2022listing compliance notice● NeutralMajor
Oasis Midstream Partners LP's exchange filed to remove a class of its securities from listing.
31 Jan 2022business combination● NeutralMajor
The consent solicitation closed on January 29, 2022 with 38,753,495 units for the Crestwood merger, 415,654 against and 31,024 abstaining, out of 48,627,680 units outstanding at the record date. Oasis Petroleum and its subsidiaries own about 69.6% and their consents are included. A majority approved, so the unitholder-approval condition is met. The filing says closing is expected February 1, 2022, subject to customary conditions.
30 Dec 2021business combination● NeutralMajor
The definitive consent statement/prospectus for the Crestwood merger was mailed on December 30, 2021, with a December 27, 2021 record date. It repeats the October terms. Based on Crestwood's $30.32 closing price on October 25, 2021, the filing puts the implied value at $26.38 per public unit and $23.23 per Oasis Petroleum unit, about $1.2 billion in total equity value. Because the payment is a fixed number of Crestwood units, the value will move with Crestwood's price. Oasis Petroleum's written consent alone is enough to approve the deal. This continues the merger process.
28 Oct 2021business combination● NeutralMajor
On October 25, 2021 the partnership agreed to merge into Crestwood Equity Partners LP. Public unitholders would receive 0.8700 Crestwood common units per unit. Oasis Petroleum's units would convert to 0.7680 Crestwood units each, except 6,520,944 units held by OMS Holdings that convert to $150 million in cash in total. The general partner interest would be bought for $10 million cash. Oasis Petroleum is expected to own about 21.7% of Crestwood units afterward. Closing needs a majority unitholder vote, HSR antitrust clearance, an effective Form S-4 and NYSE listing of the new units. OMP may owe a $40 million termination fee in certain circumstances. Oasis Petroleum signed a support agreement to consent to the deal, and its commercial agreements with the partnership are to be amended at closing.
8 Oct 2021material agreement▲ Good
The partnership signed two 15-year agreements with Oasis Petroleum subsidiaries covering the City of Williston area: crude oil gathering and storage (October 25, 2021) and produced and flowback water gathering and disposal (October 5, 2021). This puts into contract form the City of Williston opportunity given to the partnership in the March 2021 deal, and adds more long-term business with Oasis. The filing gives no volumes or fees.
30 Sept 2021material agreement● Neutral
On September 24, 2021 Bighorn DevCo extended its transportation services agreement with Oasis Petroleum Marketing to December 31, 2022. The filing says the agreement is renewable at Oasis Petroleum Marketing's option and its minimum volume commitments are not material to the partnership's results. This extends an existing Oasis-related contract.
28 June 2021material agreement● Neutral
On June 24, 2021 the partnership agreed to sell 3,623,188 common units in a public offering through Morgan Stanley, with an option for 543,478 more. The proceeds are to be used to buy back an equal number of common units from Oasis Petroleum, so the filing indicates no new cash for the partnership and the number of units outstanding is not stated to increase. The offering was expected to close June 29, 2021.
1 Apr 2021asset acquisition disposition● NeutralMajor
The deal announced on March 22 closed on March 30, 2021. The partnership now owns all of Bobcat DevCo and Beartooth DevCo, paying $231.5 million cash (up from the $229.0 million first stated) plus 12,949,644 common units, and the incentive distribution rights were cancelled into 1,850,356 common units. It funded this with $450 million of 8.00% senior unsecured notes due April 1, 2029, priced at par for about $440.0 million net, with about $205.5 million of the proceeds used to repay credit facility borrowings. This resolves the pending acquisition and the open question of the remaining Oasis-held Bobcat and Beartooth stakes, and adds a major new debt instrument alongside the credit facility.
22 Mar 2021capital raising announcement● NeutralMajor
On March 22, 2021 the partnership agreed to buy from Oasis Petroleum's subsidiary the remaining 64.7% of Bobcat DevCo and 30% of Beartooth DevCo, which would leave it owning all of both. This acts on the earlier expectation that Oasis's retained stakes could be dropped down to the partnership. Payment is $229.0 million cash plus 12,949,644 new common units, and the incentive distribution rights held by the general partner would be cancelled and converted into 1,850,356 common units. The cash is to come from a planned $450 million senior notes offering (the filing also says about $208 million of the proceeds would repay credit facility borrowings), and a Fourth Amendment to the credit agreement would cut commitments to $450 million, raise pricing and extend maturity from September 2022 once conditions are met. The deal was approved by the independent conflicts committee, and the filing notes Oasis Petroleum is the largest customer and the source of substantially all revenue.
23 Dec 2019listing compliance notice▼ BadMajor
Oasis Midstream Partners LP's securities were notified for removal from listing and registration on its exchange.
23 Dec 2019listing compliance notice▲ GoodMajor
the exchange certified Oasis Midstream Partners LP's securities for listing, clearing them to begin trading.
12 Dec 2019listing compliance notice● Neutral
On December 12, 2019 the partnership decided to move the listing of its common units from the New York Stock Exchange to Nasdaq. NYSE trading is expected to end at close on December 23, 2019, and Nasdaq trading to start December 24, 2019, still under the symbol OMP. The filing describes this as a voluntary transfer and states no change to the business or the units themselves.
20 Aug 2019debt financing▲ Good
On August 16, 2019, the partnership amended its credit agreement to raise total lending commitments to $575 million, up from $250 million after the August 2018 amendment. This continues the expansion of its revolving credit facility.
28 Feb 2019material agreement● NeutralMajor
On February 22, 2019, the partnership agreed with Oasis Petroleum to fund up to $80 million of Bobcat DevCo's 2019 expansion spending that Oasis would otherwise have had to contribute, and amended the Bobcat and Beartooth company agreements to cover these uneven contributions. The partnership owns 25% of Bobcat, so this means it puts in more than its ownership share; the filing does not say what it receives in return.
20 Nov 2018asset acquisition disposition● NeutralMajor
On November 19, 2018, the Bobcat and Beartooth acquisition closed for $250 million, paid as 3,950,000 common units and $171 million in cash. The partnership now owns 25% of Bobcat DevCo and 70% of Beartooth DevCo, and Oasis Petroleum's common units rise to 9,075,000 alongside its 13,750,000 subordinated units. This resolves the deal announced on November 8.
9 Nov 2018material agreement● Neutral
On November 8, 2018, the partnership signed an underwriting agreement with Morgan Stanley and J.P. Morgan to sell 2,000,000 common units, with an option for 300,000 more, under an existing shelf registration, expected to close November 14, 2018. The filing does not state the price or the use of proceeds; the timing suggests it relates to funding the Bobcat/Beartooth acquisition (inference).
8 Nov 2018capital raising announcement● NeutralMajor
On November 7, 2018, the partnership agreed to buy from Oasis Petroleum an additional 15% of Bobcat DevCo and 30% of Beartooth DevCo for $250 million, payable in cash from credit facility borrowings or capital markets proceeds, with common units issued to Oasis if those fall short. This exercises the kind of dropdown the 2017 omnibus agreement contemplated; the deal was approved by the independent conflicts committee and expected to close in Q4 2018.
31 Aug 2018debt financing▲ Good
On August 27, 2018, the partnership amended its credit agreement to raise total lending commitments to $250 million, allow further increases, and add six new lenders. This expands the revolving credit facility set up at the IPO.
29 Sept 2017asset acquisition disposition● NeutralMajor
The IPO closed on September 25, 2017, raising about $115.7 million net. At closing, Oasis Petroleum contributed 100% of Bighorn DevCo, 10% of Bobcat DevCo and 40% of Beartooth DevCo (Williston Basin midstream assets) in exchange for 5,125,000 common units, 13,750,000 subordinated units, a roughly $113.9 million distribution and other rights. The partnership also signed an omnibus agreement (a right of first offer on Oasis's retained Bobcat and Beartooth interests and future midstream assets, with Oasis indemnity capped at $15 million) and 15-year gathering, water and related service agreements with Oasis subsidiaries. This resolves the offering thread and sets up the partnership's dependence on Oasis as customer and sponsor.
22 Sept 2017material agreement● NeutralMajor
Oasis Midstream Partners signed an underwriting agreement with Morgan Stanley to sell 7,500,000 common units to the public at $17 each in its IPO, with a 30-day option for up to 1,125,000 more. It expects about $115.7 million net, of which about $113.9 million goes as a cash distribution to Oasis Petroleum and about $1.9 million to fees on its new revolving credit facility.
20 Sept 2017listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Oasis Midstream Partners LP's securities for listing, clearing them to begin trading.