Oasis Petroleum’s Acquisition of Williston Basin Assets

Latham & Watkins advised Diamondback Energy in the transaction.

Diamondback Energy, Inc. (NASDAQ: FANG) has completed its previously announced divestiture of its oil and gas assets in the Williston Basin to Oasis Petroleum Inc.

The cash payment made at closing to the Seller of $511.3MM is net of the $75MM deposit paid in 2Q21 and reflects customary purchase price adjustments to the transaction, which was valued at approximately $745MM with an effective date of April 1, 2021.

Oasis Petroleum Inc. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. 

Latham & Watkins advised Diamondback Energy in the transaction with a corporate deal team led by Houston partners Stephen Szalkowski (Picture) and Mike King, with associates Mike Sellner, Tom Hillebrand, Corey Allen, Morgan Moore, and Zek Zhang and assistance from Houston partner John Greer. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Marianne Standley; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Kirk Porter; on finance matters by Houston partner Catherine Ozdogan, with associate Brian Flynn; and on antitrust matters by Washington, D.C. partner Jason Cruise and counsel Sydney Smith.

Involved fees earner: Corey Allen – Latham & Watkins; Jim Cole – Latham & Watkins; Jason Cruise – Latham & Watkins; Brian Flynn – Latham & Watkins; John Greer – Latham & Watkins; Thomas Hillebrand – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Michael King – Latham & Watkins; Morgan Moore – Latham & Watkins; Catherine Ozdogan – Latham & Watkins; Kirk Porter – Latham & Watkins; Michael Sellner – Latham & Watkins; Sydney Smith – Latham & Watkins; Marianne Standley – Latham & Watkins; Stephen Szalkowski – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Diamondback Energy, Inc.;