Oasis Petroleum rises early for equity

摘要

Expectations that OPEC member nations will cut production has oil on the rebound, with WTI futures gaining 4.4% to close on Thursday at US$33.72, up from a US$27.56 just a week earlier. Should the talk become reality, compliance by member nations is dubious. Regardless, the commodity recovery has provided relief to the embattled US oil and gas industry. oasis petroleum seized on the momentum to raise US$161.2m ahead of the market open last Thursday via a capital-committed stock sale led by Citigroup. The financing is massively dilutive, at 28% of outstanding, as reflected in the pricing outcome.