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Oasis Petroleum Inc. Announces Quarter Ended June 30, 2016 Earnings

HOUSTON, Aug. 3, 2016 /PRNewswire/ -- Oasis Petroleum Inc. (OAS) ("Oasis" or the "Company") today announced financial results for the quarter ended June 30, 2016 and provided an operational update.

Highlights include:

  • Produced 49,507 Boepd in the second quarter of 2016.
  • Completed and placed on production 13 gross (8.7 net) operated wells in the second quarter of 2016. As of June 30, 2016, the Company had 83 gross operated wells waiting on completion.
  • Total capital expenditures ("CapEx") were $131.3 million for the three months ended June 30, 2016, a 23% decrease from the second quarter of 2015. CapEx was $219.2 million for the six months ended June, 30, 2016, in line with the Company's 2016 CapEx plan.
  • Reduced lease operating expenses ("LOE") per barrel of oil equivalent ("Boe") to $7.00, a 15% decrease from the second quarter of 2015.
  • Net cash provided by operating activities was $91.4 million for the three months ended June 30, 2016. Adjusted EBITDA for the Company was $132.2 million in the second quarter of 2016. For a definition of Adjusted EBITDA and a reconciliation of net income (loss) and net cash provided by (used in) operating activities to Adjusted EBITDA, see "Non-GAAP Financial Measures" below.
  • Income before income taxes for midstream services ("OMS") increased to $18.0 million in the second quarter of 2016, a 19% increase from the first quarter of 2016. OMS Adjusted EBITDA was $19.6 million in the second quarter of 2016.

"Oasis delivered another strong quarter with production remaining basically flat for the seventh consecutive quarter in a row," said Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer. "We are now increasing our full year production guidance to 48,500 to 49,500 Boepd. We finished our scheduled completion program in Indian Hills during the second quarter and began completing wells in Wild Basin at the end of the quarter. Our infrastructure project in Wild Basin continues to be developed on budget, and we continue to expect the project to be fully operational this fall."

Mr. Nusz added, "The team has further reduced our cost structure, driving down our current well costs from $6.5 million to $5.9 million and LOE from $7.84 per Boe for the year 2015 to $6.89 per Boe for the first six months of 2016. We believe that well costs still have a bias downward...


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