M&A · Energy · Crude Petroleum & Natural Gas
Oasis Petroleum Inc. to acquire Whiting Petroleum Corp
Announced Mar 8, 2022 · Closed Jul 1, 2022
Deal value$3.52BEV $3.48B
Premium—To unaffected price
EV / Adj. EBITDA5.2x2.3x EV / Revenue
ConsiderationCash and stock$89.68 per share
Transaction
- Acquirer
- Oasis Petroleum Inc.
- Target
- Whiting Petroleum Corp
- Buyer type
- Strategic
- Offer price per share
- $89.68
- Enterprise value
- $3.48B
- Status
- Closed Jul 1, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $98.0M · 2.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Tudor, Pickering, Holt
- To the target
- Citigroup
- Citigroup fee
- $16.5M
Sector context · Energy
- Comparable deals
- 28 in the prior 24 months
- Premium
- Sector median 25.1%
- EV / Adj. EBITDA
- 5.2x vs. 13.3x sector median
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedMar 8, 2022
- Proxy filedMay 24, 2022
- Definitive proxyMay 24, 2022
- Shareholder voteJun 28, 2022
- ClosedJul 1, 2022
Valuation · fairness opinions
Trading comparables$113.82$163.51
Trading comparables$142.68$202.01
Trading comparables$97.76$134.09
Trading comparables$79.10$159.23
Trading comparables$132.86$216.99
Trading comparablesCitigroup$89.85$110.45
Trading comparablesCitigroup$100.15$123.05
Trading comparablesCitigroup$58.85$71.90
Trading comparablesCitigroup$61.30$74.90
Trading comparablesCitigroup$77.15$94.30
Offer $89.68
Implied value per Whiting Petroleum Corp share by analysis · DCF discount rate 8.5%–11%.