Oasis Petroleum (OAS) Misses Q3 EPS by 4c

Oasis Petroleum (NYSE: OAS) reported Q3 EPS of ($0.05), $0.04 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $482.8 million versus the consensus estimate of $440.91 million.

"Oasis delivered a strong quarter across several fronts," said Thomas B. Nusz, Oasis\' Chairman and Chief Executive Officer. "As expected, Williston production rebounded strongly compared to the second quarter, driven by Oasis's prolific well results and industry-leading infrastructure. In the Delaware, we reached our year-end 2019 volume target, driven by high-return wells. Efficiency is improving rapidly, with Williston well costs expected to improve to $7.2 million vs. $7.6 million by year end and Delaware cycle times continuing to fall. E&P free cash generation during the quarter was supplemented by strong asset sale proceeds, both of which led to a meaningful reduction in net debt. We remain focused on driving additional operating efficiencies and reducing leverage further."

For earnings history and earnings-related data on Oasis Petroleum (OAS) click here.

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