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.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP EVP, GC and Corporate Sec Nickolas J Lorentzatos disposed of 26,612 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP Chief Executive Officer Taylor L Reid disposed of 40,712 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP director Phil D Kramer disposed of 44,201 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP director Harry N Pefanis disposed of 46,278 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP director Matthew D Fitzgerald disposed of 33,201 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP President Michael H Lou disposed of 45,712 shares via option/appreciation-right settlement.
3 Feb 2022director interest notice● Neutral
Oasis Midstream Partners LP SVP and CFO Richard N Robuck disposed of 18,797 shares via option/appreciation-right settlement.
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.
7 Jan 2022director interest notice● Neutral
Oasis Investment Holdings LLC became a Oasis Midstream Partners LP 10%+ owner and company insider (initial ownership filing).
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.
4 Nov 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $105.4 million and net income of $37.6 million for the period ended 2021-09-30.
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.
26 Oct 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $105.4 million and net income of $37.6 million for the period ended 2021-09-30.
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.
9 Aug 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $95.3 million and net income of $35.2 million for the period ended 2021-06-30.
4 Aug 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $95.3 million and net income of $35.2 million for the period ended 2021-06-30.
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.
28 June 2021securities registration● Neutral
Oasis Midstream Partners LP filed a prospectus supplement for an offering off its existing shelf.
24 June 2021securities registration● Neutral
Oasis Midstream Partners LP filed a prospectus supplement for an offering off its existing shelf.
7 May 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $100.4 million and net income of $25.9 million for the period ended 2021-03-31.
4 May 2021quarterly activities report● Neutral
Oasis Midstream Partners LP reported quarterly revenue of $100.4 million and net income of $25.9 million for the period ended 2021-03-31.
16 Apr 2021director interest notice● Neutral
Daniel E Brown became a Oasis Midstream Partners LP director and company insider (initial ownership filing).
1 Apr 2021director interest notice● Neutral
Oasis Midstream Partners LP President Michael H Lou received 20,712 shares as part of the equity award.
1 Apr 2021director interest notice● Neutral
Oasis Midstream Partners LP EVP, GC and Corporate Sec Nickolas J Lorentzatos received 20,712 shares as part of the equity award.
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.
1 Apr 2021director interest notice● Neutral
Oasis Midstream Partners LP SVP and CFO Richard N Robuck received 11,297 shares as part of the equity award.