WLL - Oasis and Whiting announce ~$6.0b merger of equals

As rumored Sunday, Oasis Petroleum (NASDAQ:OAS) and Whiting Petroleum (NYSE:WLL) have announced plans to combine in a $6.0b merger of equals. The transaction will create one of the largest operators in the Bakken, and allow the pro-forma entity to reduce overhead costs:  Consideration - Whiting (WLL) shareholders will receive 0.5774 shares of Oasis (OAS) common stock plus $6.25 in cash, representing a 7.4% premium at Friday's closing prices; Oasis (OAS) shareholders will receive a $15.00/s special dividend ahead of merger close. Synergies - the transaction is expected to result in $65m of annual SG&A synergies, or ~1.0% of the pro-forma market capitalization. Debt - post payment of cash considerations and payment of the special dividend, the pro-forma entity will carry a net-debt balance of ~0.2x EBITDA. In addition to both companies recently emerging from bankruptcy, both companies have announced a similar low-growth, high dividend strategy alongside Q4 results. Whiting (WLL) is

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Oasis and Whiting announce ~$6.0b merger of equals