Oasis Midstream Partners Credit Agreement: A Game Changer for the Company
Oasis Midstream Partners (OMP) is an independent, growth-oriented master limited partnership formed by Oasis Petroleum Inc. The company provides midstream services to the oil and gas industry and operates in the Williston Basin region of North Dakota. The company recently announced the successful closing of a new $200 million credit agreement with a group of lenders led by JPMorgan Chase Bank, N.A. This credit agreement is a game changer for the company and will help in funding its growth initiatives.
The credit agreement includes a $200 million revolving credit facility that will be used to fund capital expenditures, acquisitions, and working capital needs. The company plans to use the funds to expand its existing infrastructure and pursue growth opportunities in the region. The credit facility has a maturity date of September 2024 and provides the company with increased financial flexibility.
OMP`s CEO, Taylor Reid, stated that the credit agreement was a testament to the company`s financial strength and the lender`s confidence in its growth prospects. He added that the credit agreement would enable the company to execute on its growth initiatives and create value for its stakeholders.
The credit agreement comes at a crucial time for OMP, as the company has been investing heavily in its midstream infrastructure. The company recently completed its Wild Basin gas processing plant and expanded the crude oil gathering system in the area. These investments have resulted in increased production from its customers and have positioned the company for further growth.
OMP`s midstream operations include crude oil gathering, oil and gas transportation, gas processing, and saltwater gathering and disposal. The company`s operations are supported by its strong customer base, which includes Oasis Petroleum and other producers in the region.
The Williston Basin is one of the most prolific oil and gas producing regions in the United States, and OMP is well-positioned to benefit from its growth. The company`s strategic location and extensive midstream infrastructure make it an attractive partner for oil and gas producers in the region.
In conclusion, OMP`s new credit agreement is a game changer for the company and will allow it to pursue growth initiatives and create value for its stakeholders. The credit facility provides the company with increased financial flexibility and positions it for further growth in the Williston Basin region. With its strong customer base and extensive midstream infrastructure, OMP is well-positioned to capitalize on the growth opportunities in the region.