Oasis Petroleum (OAS) Misses Q1 EPS by 4c

Oasis Petroleum (NASDAQ: OAS) reported Q1 EPS of ($0.20), $0.04 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $387.8 million versus the consensus estimate of $343.57 million.

pdated 2020 Outlook

• Reducing 2020 E&P CapEx(2) by 50% to 60% as compared to February 2020 guidance of $575 million to $595 million, with expected spending from 2Q20 to 4Q20 of $80 million to $140 million.
• Expecting to generate free cash flow at strip NYMEX WTI prices based on the Company's revised 2020 plan, as strong hedge position helps protect cash flow.
• 2Q20 hedged volumes of 50 MBopd and 2H20 hedged volumes of 38 MBopd drive mark to market value of $262 million as of March 31, 2020.
• Ramped down all drilling and completion activity. Completion activities have shut down with the flexibility to resume the appropriate level of activity in the fall.
• Suspending 2020 volume and operating cost guidance given ongoing uncertainty, continued market volatility and the uncertainty around the size and duration of volume curtailments over the coming months.
• Completed 27 gross operated wells in 1Q20. Most flush production from newly completed wells is currently curtailed to preserve value. Compared to 1Q20 production, volumes in the Williston Basin were reduced by approximately 25% in April. May curtailments are currently expected to be higher than those in April. Oasis has significant flexibility to bring volumes back online and can respond quickly to market dynamics.
• Expected Midstream CapEx has been reduced by approximately 65% to 70%, ranging from $35 million to $40 million in 2020, with approximately 35% attributable to Oasis. See the Oasis Midstream Partners LP ("OMP") press release issued on May 18, 2020 for more details.

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

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