US shale operators plan merge

US shale operators plan merge

USA

BISMARCK, March 7, 2022 – US oil and gas producers Oasis Petroleum and Whiting Petroleum Corporation are planning to create a USD 6-billion company by merging operations, sources at Reuters announced on Sunday.

 

Both companies operate in the Bakken shale formation in North Dakota.

The state’s oil production averaged 1.14 million bopd and gas production averaged 84.7 mcm (2.99 bcf) per day in December 2021

The two energy companies applied for bankruptcy in 2020 due to challenges created by the COVID-19 pandemic and a crash in oil prices.