confirmed Monday they will merge in a deal with an enterprise value of about $ 6 billion.
The Wall Street Journal was the first to report on the possible agreement between the shale drillers. Oasis (ticker: OAS) has a market value of $ 2.8 billion; the market cap of Whiting (WLL) is nearly $ 3.3 billion.
Following the close of trading Friday, Oasis shares have gained 14.7% in 2002 as oil prices have soared (West Texas Intermediate crude oil on Monday was at $ 121.72 a barrel, up 7.5%, as the US and its allies were considering a ban on Russian oil). Whiting shares have risen 29% year to date.
In premarket trading Monday, Oasis was rising 5.6% to $ 152.60 and Whiting jumped 6.1% to $ 88.50.
Whiting Petroleum was the first major oil-and-gas company to file for bankruptcy during the pandemic. It emerged from bankruptcy in September 2020.
Oasis Petroleum filed for bankruptcy in September 2020, and emerged from bankruptcy that November.
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