Deals
Crestwood Bets on U.S. Shale Growth With Oasis Pipeline Deal
- Crestwood to pay about $1 billion for Oasis Midstream
- Sees conditions as ‘favorable’ for more Williston activity
Photographer: Andrew Burton/Getty Images
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Crestwood Equity Partners LP agreed to acquire Oasis Midstream Partners LP for about $1 billion in cash and stock, adding pipelines and related assets in a bet on growth in the Williston and Delaware shale basins in the U.S.
The deal will allow Crestwood to realize about $45 million in annual cost savings, the companies said Tuesday in a statement. Oasis Petroleum Inc. agreed to sell its majority stake in Oasis Midstream as part of the transaction and will get the right to appoint two directors to Crestwood’s board.