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Oasis Petroleum Inc. (NASDAQ:OAS) ("Oasis" or the "Company") announced the declaration of its first variable dividend today in the amount of $3.00 per share of Oasis common stock, payable on March 31, 2022 to shareholders of record as of March 21, 2022, in connection with its previously announced plan to return $70 million of capital to shareholders per quarter.
Oasis expects to return approximately $70 million of capital in the second quarter of 2022 in the form of its $0.585 per share base dividend and a supplemental variable dividend in advance of closing the proposed merger with Whiting Petroleum Corporation ("Whiting"). During the second half of 2022, the combined company will target a return of capital program representing 60% of free cash flow. The combined company is expected to increase its aggregate base dividend at close to approximately $25 million per quarter, or $0.585 per share, using variable dividends and share repurchases to return the full targeted amount.
Posted In: OAS
