Crestwood Equity Partners LP said Tuesday it has agreed to pay $1.8 billion in equity and cash, including debt, for Oasis Midstream Partners LP, expanding its foothold in two of the Lower 48’s prized oil basins. 

North Dakota Rig Count

The deal expands Crestwood’s midstream footprint in the Williston Basin and the Permian Basin’s Delaware sub-basin. The firms said the combination would bring together “significant” crude oil, produced water, and natural gas gathering and processing assets. 

The announcement coincided with the reporting of Crestwood’s third quarter earnings results. During a conference call to discuss results, Crestwood general partner CEO Robert Phillips said the acquisition would position the Houston company “as a top three midstream company” in the Williston’s...