Oasis Petroleum (OAS) Tops Q2 EPS by 33c, Revenues Miss

Oasis Petroleum (NASDAQ: OAS) reported Q2 EPS of $0.23, $0.33 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $166.35 million versus the consensus estimate of $248.45 million.

Chairman and Chief Executive Officer, Thomas B. Nusz, commented, "Oasis executed well through an exceptionally tumultuous period. The Oasis team responded swiftly and effectively, powering down activity in an orderly manner, significantly lowering operating cost structure and capital while maintaining the integrity of our infrastructure to enhance flexibility for the future. The team was successful in keeping per unit lease operating expense low despite significant shut-ins reflecting meticulous cost management, including a carefully planned curtailment process, pricing concessions, labor optimization, and deferring workovers. Strip pricing has improved materially, but Oasis will maintain a prudent approach to future activity. Capital efficiency improvements and a significantly lower cost structure will improve economics for future development. Additionally, cash generation and free cash flow benefit from a robust hedge position and our midstream ownership which continues to support industry leading gas capture. As always, we remain focused on the health and safety of our employees, contractors, and communities."

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Sinda raises $331M in IPO, reports Q2 net loss of $16.6M
• SanDisk upgraded at JPMorgan after investor day; shares climb