Oasis Petroleum Inc. and Oasis Midstream Partners LP (OMP) on Monday announced a simplification agreement through which OMP is acquiring the producer’s remaining interests in two development companies or “DevCos” that own midstream infrastructure assets in the Bakken Shale and Permian Basin.

Oasis

The agreement follows Oasis’ restructuring and emergence from bankruptcy last November.

OMP is a master limited partnership (MLP) formed by Oasis to own, develop, operate and acquire midstream assets in the Lower 48. Both companies operate primarily in the Bakken and Permian. Under the “contribution and simplification” agreement, OMP would acquire the remaining interests in Bobcat DevCo LLC and Beartooth DevCo LLC.

Bobcat’s assets include oil and natural gas gathering and...