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Exhibit 99.1 Oasis Petroleum Inc. Announces Strategic Acquisition of Williston Basin Assets , Reports First Quarter 2021 Results , Declares Dividend and Updates 2021 Outlook Houston , Texas May 3 , 2021 Oasis Petroleum Inc. ( NASDAQ : OAS ) ( “ Oasis ” or the " Company " ) today announced a strategic acquisition of Williston Basin assets , reported financial and operating results for the first quarter of 2021 , declared its first quarter 2021 dividend , and updated its 2021 outlook to incorporate the acquisition , including an expected 33 % increase to its future quarterly fixed dividend after the acquisition closes . - Williston Basin Acquisition Oasis announced it has entered into a definitive agreement under which Oasis will acquire select Williston Basin assets from Diamondback Energy in a cash transaction valued at approximately $ 745MM , subject to customary purchase price adjustments . The consideration is expected to be financed through cash on hand ( approximately $ 106MM as of March 31 , 2021 ) , revolver borrowings ( $ 450MM elected commitment on $ 500MM borrowing base , none drawn as of March 31 , 2021 ) , and a $ 500MM fully committed underwritten bridge loan ( expecting high yield financing to replace the bridge loan ) . The transaction was approved unanimously by the Board of the Directors of each company . The effective date of the acquisition will be April 1 , 2021 and the closing is expected to occur in July 2021 , subject to customary closing conditions . Transaction Highlights : Assets purchased include approximately 27 MBoe / d of production in 1Q21 on a two - stream basis and 95,000 net acres ; Accretive to cash flow per share and free cash flow per share in both the near and long - term before accounting for synergies . Oasis expects over $ 100MM of incremental field level cash flow ( EBITDA less CapEx ) at strip prices in 2H21 ; Allows for the return of more cash flow to shareholders , with an expected 33 % increase to the quarterly fixed dividend per share post closing ; Purchase price represents approximately $ 28,000 per Boe / d on 1Q21 two - stream volumes ; Pro forma leverage of approximately 0.8x at March 31 , 2021 , based on 1Q21 annualized Adjusted EBITDA to Oasis , remains below Oasis's 1.0x target and well below peers ; Lowers 2021 reinvestment ratio to less than 55 % using $ 55 per barrel WTI and $ 2.50 per mmBtu NYMEX gas for the remainder of 2021 ; Adds two to three years of top - tier locations competitive with Oasis's existing top - tier assets ; Lowers exploration and production ( " E & P ” ) cash G & A exit rate guidance to $ 1.25 - $ 1.35 per BOE vs. $ 1.60 per BOE prior to the transaction . Provides opportunities for additional capital and operating cost savings ; 2021 non - D & C CapEx expected to increase approximately $ 5MM - $ 10MM , reflecting additional workover costs on acquired assets . D & C capital is expected on the acquired assets in 2022 ; Committed to integrating and operating the acquired assets in an environmentally conscious , sustainable manner , consistent with Oasis's values ; Acquisition provides additional optionality for Oasis Midstream Partners and Oasis does not intend to slow development in OMP dedicated areas . The following tables outline Oasis's pro forma position in the Williston Basin : Williston Statistics Net Williston Acres ( in thousands ) Held by Production Average Working Interest Williston Oil Production ( Mbbl / d ) Williston Production ( Mboe / d ) 1 OAS 402 98 % 73 % 31.0 50.0 Acquisition ( ¹ ) 95 99 % 84 % 17.7 27.0 Pro Forma 497 98 % 76 % 48.7 77.0