Oasis Midstream Partners LP (OMP) Misses Q3 EPS by 3c, Revenues Beat

Oasis Midstream Partners LP (NYSE: OMP) reported Q3 EPS of $0.45, $0.03 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $71.47 million versus the consensus estimate of $69.28 million.

"Oasis Midstream Partners remains on track to deliver our targeted 20% annual growth in distributions per unit while simultaneously increasing coverage in coming quarters," said Taylor Reid, Chief Executive Officer of OMP. "We successfully delivered a strong third quarter, navigating some operational downtime at Gas Plant I in August. Our distribution coverage was within our third quarter guidance range, and looking forward coverage remains strong, now on track to exceed 1.7x exiting 2019 while concurrently delivering 20% distribution growth. Our new 200 MMscfpd gas plant is expected to move product this month, and we successfully signed additional third-party deals to further increase utilization. Third-party deals in conjunction with high activity levels in the Williston Basin put us in a great position to grow distributions per unit 20% per year past 2021 while maintaining strong coverage. Our 2019 EBITDA estimate increased by approximately 68% from what we originally projected during the IPO just over a year ago, and we continue to see significant growth opportunities ahead."

For earnings history and earnings-related data on Oasis Midstream Partners LP (OMP) click here.

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