The Clap👏 U.S. oil & gas producers Whiting Petroleum (NYSE: WLL) & Oasis Petroleum (NASDAQ: OAS) could announce a merger as early as this week.
It comes at a risky time😬 Although details of the deal weren’t announced, the move comes at a time when oil prices hit highs not seen in more than 13 years, with Brent crude briefly hitting the $139/barrel mark.
Oasis is valued at $2.8 billion, while Whiting is valued at $3.27 billion, according to Reuters.
Why this matters🤔 Shares of both companies have been rising in line with soaring oil prices, with both company’s shares rising over 15% in the past five days. The merger could be a step towards taking more advantage of the current geopolitical situation leading to high oil prices.