Crestwood Equity Partners LP sealed a $1 billion deal worth in stock and cash to acquire Oasis Midstream Partners LP, in addition to pipelines and other assets for banking on the growth in the U.S Delaware and Williston shale basins.

According to the company’s statement on Tuesday, October 26,  the latest deal will see Crestwood cost-save about $45 million annually.

Oasis Petroleum Inc. also agreed to sell the company’s majority share in Oasis Midstream to Crestwood as part of the deal’s transactions while still enjoying the right to appoint two directors to serve on Crestwood’s board. Crestwood’s bulk-up comes at a time when gas and oil trade prices are near multi-year highs.

While that’s advantageous to oil drillers already making it huge, many public US shale operators are vowed to keep a flat production that prioritizes return to their company’s shareholders.

Unlike publicly traded US operators, Private drillers have been engaged in increased drill rigs, leaving US shale producers with an option to lock the current price levels by tapping additional wells.

“We are completing this transaction during a period when macro oil and gas fundamentals are exceptionally supportive of upstream development, and there is increasing demand for midstream infrastructure and services,” Crestwood Chief Executive Officer Robert G. Phillips said in Wednesday’s statement.

Additionally, the company said the conditions are favourable for accelerating activities across the Willston basin, straddling Montana, North Dakota, and South Dakota. Already, the Crestwood has operations in Delaware, forming part of the Permian Basin in Texas and New Mexico.

With the deal expected to close in the first quarter, Oasis Midstream’s units soared by 4.9% to hit a new price of $25.45 in New York’s premarket trading, while Crestwood’s units dropped by 2.6% to a depreciated price of $29.53.