Oasis Midstream Partners LP (OMP) Misses Q2 EPS by 26c, Revenues Miss
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Oasis Midstream Partners LP (NASDAQ: OMP) reported Q2 EPS of $0.32, $0.26 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $66.06 million versus the consensus estimate of $79.3 million.
Second Quarter 2020 Highlights
(1) Non-GAAP measure. See "Non-GAAP Financial Measures" below for definitions of all non-GAAP measures included herein and reconciliations to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP").
(2) DCF for the second quarter of 2020 was reduced by an additional interest charge of $2.1 million pursuant to the Limited Waiver (defined below). Excluding the impact of the additional interest, DCF and DCF coverage would have been $22.5 million and 1.2x for the three months ended June 30, 2020, respectively.
Chief Executive Officer, Taylor Reid, commented, "The second quarter was marked by unprecedented volatility and disruption in the energy sector. Considering this difficult environment, the OMP team executed exceptionally well by maintaining strong operational reliability and effectively managing costs. While macro conditions have improved significantly relative to the April lows, including a faster than anticipated restart of shut-in production, OMP is retaining a prudent spending outlook given continued uncertainty. Second quarter performance coupled with stabilizing conditions allowed OMP to declare a distribution of $0.54 per unit. OMP will continue to monitor market conditions and adjust its operational and financial strategy as appropriate. Additionally, OMP remains focused on the health and safety of our employees, contractors, and communities."
For earnings history and earnings-related data on Oasis Midstream Partners LP (OMP) click here.
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