Moody's alters Oasis view to positive

Moody's Investors Service said it changed the outlook to positive from stable and affirmed Oasis Petroleum Inc.'s B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured notes rating. The SGL-2 speculative grade liquidity rating remains unchanged.

This action follows the merger announcement by Oasis and unrated Whiting Petroleum Corp. The transaction, which is expected close in the second half of 2022, has been unanimously approved by the boards of directors of both companies. The closing of the transaction is subject to customary closing conditions, including, among others, approval by Oasis and Whiting shareholders, and regulatory approval.

"Oasis' announced merger with Whiting is credit positive and should benefit Oasis' credit metrics, supported by increased scale and cash flow potential of the combined company," said Amol Joshi, a Moody's vice president and senior credit officer, in a press release.

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