U.S. shale oil and gas producers Oasis and Whiting in merger talks

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U.S. shale oil and gas producers Oasis Petroleum Inc and Whiting Petroleum Corp are about to agree an all-stock merger, Reuters reports.

The merger could be announced as soon as this week.

Reuters estimates that the combined value of the two companies would be around $6.07 billion with Oasis valued at $2.80 billion and Whiting at $3.27 billion.

Both companies filed for Chapter 11 bankruptcy in 2020 after the energy industry reeled under an unprecedented crash in oil prices due to the COVID-19 pandemic, with Whiting the first publicly traded shale producer to file for bankruptcy when it did so in April of that year.

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