Oasis Petroleum (OAS, Financial) is an exploration and production company with operations focused on the Williston Basin and located primarily in North Dakota. During the quarter, Oasis executed a couple transactions to simplify its corporate structure and make its value more apparent. It sold its 70% stake in publicly traded Oasis Midstream Partners (OMP) for cash, debt reduction, and shares in Crestwood Equity Partners (CEQP) at a favorable price. It also closed a previously announced acreage acquisition that improves its land position in the Williston Basin. In addition, the third quarter surge in crude prices drove strong earnings which were reported during the fourth quarter. The earnings drove strong free cash flows which allowed Oasis to increase its regular dividend by 33% and spend a little on share repurchases, which was a little bit of a positive surprise.
From Keeley-Teton Advisors, LLC (Trades, Portfolio)'s Small Cap Dividend Value Fund fourth-quarter 2021 letter.
