Oasis Petroleum Inc. Announces Quarter Ended March 31, 2016 Earnings

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May 9, 2016 5:15 PM EDT

HOUSTON, May 9, 2016 /PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis" or the "Company") today announced financial results for the quarter ended March 31, 2016 and provided an operational update.

Highlights include:

  • Produced over 50,000 barrels of oil equivalent per day ("Boepd") for the sixth consecutive quarter, with production of 50,315 Boepd in the first quarter of 2016.
  • Completed and placed on production 15 gross (12.8 net) operated and 0.3 net non-operated wells in the first quarter of 2016. As of March 31, 2016, the Company had 83 gross operated wells waiting on completion.
  • Total capital expenditures ("CapEx") were $88.0 million for the three months ended March 31, 2016, a 68% decrease from the first quarter of 2015 and a 3% sequential quarter decrease.
  • Reduced lease operating expenses ("LOE") per barrel of oil equivalent ("Boe") to $6.78, a 21% decrease from the first quarter of 2015 and a 1% sequential quarter decrease.
  • Adjusted EBITDA for the Company was $132.9 million in the first quarter of 2016. For a definition of Adjusted EBITDA and a reconciliation of net income (loss) and net cash provided by (used in) operating activities to Adjusted EBITDA, see "Non-GAAP Financial Measures" below.
  • Increased Midstream Services ("OMS") EBITDA by 10%, from $17.7 million in the fourth quarter of 2015 to $19.5 million in the first quarter of 2016.

"The Oasis team continues to deliver strong results as we enter 2016," said Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer. "We completed 15 gross operated wells during the quarter in the core of the Williston Basin and produced over 50,000 Boepd. We held operating costs basically flat, quarter over quarter, and we drove well costs down to $6.5 million with further improvements in efficiency and market price reductions. We see a path to an additional 5% to 10% reduction in well costs, and we continue to test completion designs that could further enhance recoveries. Our high intensity wells continue to perform in line with our increased type curves, both in and outside of our core acreage. We continue to expect to bring on wells in Wild Basin in the fall of 2016, as our OMS infrastructure build-out remains on schedule."

Mr. Nusz added, "We were free cash flow positive again in the first quarter of 2016, our fourth in a row, including OMS CapEx of $35 million. This is a significant financial accomplishment supported by our operational execution. As we look forward, we remain focused on solid execution and continuing to improve our capital efficiency, while continuing to retain optionality around activity levels and all capital allocation alternatives."

Operational and Financial Update

Select operational and financial statistics are in the following table:

Quarter Ended:

3/31/2016

12/31/2015

3/31/2015

Production data:

Oil (Bopd)

42,525

43,294

44,692

Natural gas (MMcfpd)

46,740

44,151

34,525

Total production (Boepd)

50,315

50,652

50,446

Percent Oil

85

%

86

%

89

%

Average sales prices:

Oil, without derivative settlements (per Bbl)

$

28.74

$

37.77

$

40.73

Differential to NYMEX West Texas Intermediate crude oil index prices ("WTI") (per Bbl)

4.85

4.29

7.85

Oil, with derivative settlements (per Bbl)(1)(2)

47.68

57.60

67.89

Derivative settlements - net cash receipts (in millions)(2)

73.3

79.0

109.3

Natural gas (per Mcf)(3)

1.44

1.97

3.23

Revenues ($ in millions):

Oil

$

111.2

$

150.4

$

163.8

Natural gas

6.1

8.0

10.0

OWS

6.0

17.0

2.7

OMS

7.0

6.6

3.8

Total revenues

$

130.3

$

182.0

$

180.3

OWS and OMS operating expenses ($ in millions):

OWS

$

2.7

$

6.9

$

1.1

OMS

1.7

1.7

0.9

Select operating expenses:

LOE ($ per Boe)

$

6.78

$

6.85

$

8.62

MT&G ($ per Boe)(4)

1.60

1.57

1.60

DD&A ($ per Boe)

26.74

26.59

26.10

Exploration & production ("E&P") general and administrative expenses ("G&A") ($ per Boe)

4.61

4.70

4.91

Production taxes (% of oil and gas revenue)

9.2

%

9.9

%

9.6

%

(1)

Realized prices include gains or losses on cash settlements for commodity derivatives, which do not qualify for and were not designated as hedging instruments for accounting purposes.

(2)

Cash settlements represent the cumulative gains and losses on the Company's derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.

(3)

Natural gas prices include the value for natural gas and natural gas liquids.

(4)

Excludes non-cash valuation charges on pipeline imbalances and linefill.

The Company recorded a non-cash impairment loss of $3.6 million and $9.4 million in the first quarter of 2016 and fourth quarter of 2015, respectively, to adjust the carrying value of its properties held for sale to their estimated fair value less costs to sell.

G&A totaled $24.4 million in the first quarter of 2016, $23.3 million in the first quarter of 2015 and $25.3 million in the fourth quarter of 2015. Amortization of stock-based compensation, which is included in G&A, was $6.7 million, or $1.47 per Boe, in the first quarter of 2016 as compared to $7.6 million, or $1.68 per Boe, in the first quarter of 2015 and $5.6 million, or $1.21 per Boe, in the fourth quarter of 2015. G&A for the Company's E&P segment totaled $21.1 million in the first quarter of 2016, $22.3 million in the first quarter of 2015 and $21.9 million in the fourth quarter of 2015.

Interest expense was $38.7 million for the first quarter of 2016 compared to $38.8 million for the first quarter of 2015 and $36.9 million for the fourth quarter of 2015. Capitalized interest totaled $4.5 million for the first quarter of 2016, $3.9 million for the first quarter of 2015 and $4.8 million for the fourth quarter of 2015. Cash interest, calculated as interest expense plus capitalized interest less amortization and write-offs of deferred financing costs included in interest expense, totaled $39.3 million for the first quarter of 2016, $41.1 million for the first quarter of 2015 and $40.0 million for the fourth quarter of 2015.

For the three months ended March 31, 2016, the Company recorded an income tax benefit of $27.6 million, resulting in a 30.0% effective tax rate as a percentage of its pre-tax loss for the quarter. The Company recorded an income tax expense of $1.7 million, resulting in a 30.1% effective tax rate as a percentage of its pre-tax income for the three months ended December 31, 2015.

Adjusted EBITDA for the first quarter of 2016 was $132.9 million. For a definition of Adjusted EBITDA and a reconciliation of net income (loss) and net cash provided by (used in) operating activities to Adjusted EBITDA, see "Non-GAAP Financial Measures" below.

For the first quarter of 2016, the Company reported a net loss of $64.5 million, or $0.40 per diluted share, as compared to a net loss of $18.0 million, or $0.17 per diluted share, for the first quarter of 2015. Excluding certain non-cash and non-recurring items and their tax effect, Adjusted Net Loss (non-GAAP) was $29.0 million, or $0.18 per diluted share, in the first quarter of 2016, compared to Adjusted Net Income of $24.8 million, or $0.23 per diluted share, in the first quarter of 2015. For a definition of Adjusted Net Income (Loss) and a reconciliation of net income to Adjusted Net Income (Loss), see "Non-GAAP Financial Measures" below.

Capital Expenditures

The following table depicts the Company's total CapEx by category:

1Q 2016

CapEx ($ in thousands):

E&P

$

47,734

OMS

35,039

OWS

650

Other(1)

4,532

Total CapEx(2)

$

87,955

(1)

Other CapEx includes such items as administrative capital and capitalized interest.

(2)

CapEx reflected in the table above differs from the amounts shown in the statement of cash flows in the Company's condensed consolidated financial statements because amounts reflected in the table above include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the statement of cash flows are presented on a cash basis.

Liquidity

In March 2016, the Company repurchased an aggregate principal amount of $29.8 million of its outstanding senior unsecured notes for an aggregate cost of $22.3 million, including accrued interest and fees. For the three months ended March 31, 2016, the Company recognized a pre-tax gain of $7.0 million related to these repurchases, which was net of the $0.5 million write-off of unamortized deferred financing costs.

As of March 31, 2016, Oasis had total cash and cash equivalents of $19.4 million. In addition, Oasis had $65.0 million of borrowings and $14.2 million of outstanding letters of credit issued under its revolving credit facility, resulting in an unused borrowing base capacity of $1,070.8 million as of March 31, 2016.

Hedging Activity

As of May 9, 2016, the Company had the following outstanding commodity derivative contracts, all of which are priced off of WTI and settle monthly:

Weighted Average Prices ($/Bbl)

Type

Sub-Floor

Floor

Ceiling

BOPD

2016 Swaps

First Half (April - June)

$

52.08

$

52.08

33,000

Second Half (July - Dec)

$

49.15

$

49.15

32,000

2017 Swaps

Full Year Swaps

$

47.68

$

47.68

10,000

First Half (Jan - June)

$

45.00

$

45.00

2,000

2017 Collars

Full Year Two-way Collars

$

40.00

$

47.58

2,000

Full Year Three-way Collars

$

30.00

$

45.00

$

55.15

1,000

 

The March 2016 contracts settled at $14.2 million and will be included in the Company's second quarter 2016 derivative settlements.

Conference Call Information

Investors, analysts and other interested parties are invited to listen to the conference call:

Date:

Tuesday, May 10, 2016

Time:

10:00 a.m. Central Time

Dial-in:

888-317-6003

Intl. Dial in:

412-317-6061

Conference ID:

5832849

Website:

www.oasispetroleum.com

A recording of the conference call will be available beginning at 12:00 p.m. Central Time on the day of the call and will be available until Tuesday, May 17, 2016 by dialing:

Replay dial-in:

877-344-7529

Intl. replay:

412-317-0088

Replay code:

10084066

The conference call will also be available for replay at www.oasispetroleum.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, derivative instruments, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the SEC.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Oasis Petroleum Inc.

Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. For more information, please visit the Company's website at www.oasispetroleum.com.

 

Oasis Petroleum Inc.

Condensed Consolidated Balance Sheet

(Unaudited)

March 31, 2016

December 31, 2015

(In thousands, except share data)

ASSETS

Current assets

Cash and cash equivalents

$

19,397

$

9,730

Accounts receivable — oil and gas revenues

92,684

96,495

Accounts receivable — joint interest and other

104,512

100,914

Inventory

10,723

11,072

Prepaid expenses

7,411

7,328

Derivative instruments

91,590

139,697

Other current assets

46

50

Total current assets

326,363

365,286

Property, plant and equipment

Oil and gas properties (successful efforts method)

6,327,027

6,284,401

Other property and equipment

477,343

443,265

Less: accumulated depreciation, depletion, amortization and impairment

(1,627,201)

(1,509,424)

Total property, plant and equipment, net

5,177,169

5,218,242

Assets held for sale

25,845

26,728

Derivative instruments

7,521

15,776

Other assets

23,370

23,343

Total assets

$

5,560,268

$

5,649,375

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

10,101

$

9,983

Revenues and production taxes payable

115,412

132,356

Accrued liabilities

126,765

167,669

Accrued interest payable

24,277

49,413

Derivative instruments

1,018

—

Advances from joint interest partners

4,390

4,647

Other current liabilities

500

6,500

Total current liabilities

282,463

370,568

Long-term debt

2,201,938

2,302,584

Deferred income taxes

580,526

608,155

Asset retirement obligations

36,088

35,338

Liabilities held for sale

10,155

10,228

Derivative instruments

1,558

—

Other liabilities

3,091

3,160

Total liabilities

3,115,819

3,330,033

Commitments and contingencies

Stockholders' equity

Common stock, $0.01 par value: 300,000,000 shares authorized; 181,298,001 shares issued and 180,582,855 shares outstanding at March 31, 2016 and 139,583,990 shares issued and 139,076,064 shares outstanding at December 31, 2015

1,774

1,376

Treasury stock, at cost: 715,146 and 507,926 shares at March 31, 2016 and December 31, 2015, respectively

(14,652)

(13,620)

Additional paid-in capital

1,687,261

1,497,065

Retained earnings

770,066

834,521

Total stockholders' equity

2,444,449

2,319,342

Total liabilities and stockholders' equity

$

5,560,268

$

5,649,375

 

Oasis Petroleum Inc.

Condensed Consolidated Statement of Operations

(Unaudited)

Three Months Ended March 31,

2016

2015

(In thousands, except per share data)

Revenues

Oil and gas revenues

$

117,315

$

173,859

Well services and midstream revenues

12,968

6,528

Total revenues

130,283

180,387

Operating expenses

Lease operating expenses

31,064

39,125

Well services and midstream operating expenses

4,389

1,952

Marketing, transportation and gathering expenses

8,552

7,278

Production taxes

10,753

16,621

Depreciation, depletion and amortization

122,449

118,478

Exploration expenses

363

843

Rig termination

—

1,080

Impairment

3,562

5,321

General and administrative expenses

24,366

23,324

Total operating expenses

205,498

214,022

Operating loss

(75,215)

(33,635)

Other income (expense)

Net gain on derivative instruments

14,375

47,072

Interest expense, net of capitalized interest

(38,739)

(38,784)

Gain on extinguishment of debt

7,016

—

Other income (expense)

479

(70)

Total other income (expense)

(16,869)

8,218

Loss before income taxes

(92,084)

(25,417)

Income tax benefit

27,629

7,376

Net loss

$

(64,455)

$

(18,041)

Loss per share:

Basic

$

(0.40)

$

(0.17)

Diluted

(0.40)

(0.17)

Weighted average shares outstanding:

Basic

162,922

109,303

Diluted

162,922

109,303

 

Oasis Petroleum Inc.

Selected Financial and Operational Statistics

(Unaudited)

Three Months Ended March 31,

2016

2015

Operating results (in thousands):

Revenues

Oil

$

111,206

$

163,813

Natural gas

6,109

10,046

Well services and midstream

12,968

6,528

Total revenues

$

130,283

$

180,387

Production data:

Oil (MBbls)

3,870

4,022

Natural gas (MMcf)

4,253

3,107

Oil equivalents (MBoe)

4,579

4,540

Average daily production (Boe/d)

50,315

50,446

Average sales prices:

Oil, without derivative settlements (per Bbl)

$

28.74

$

40.73

Oil, with derivative settlements (per Bbl)(1)

47.68

67.89

Natural gas (per Mcf)(2)

1.44

3.23

Costs and expenses (per Boe of production):

Lease operating expenses

$

6.78

$

8.62

Marketing, transportation and gathering expenses(3)

1.60

1.60

Production taxes

2.35

3.66

Depreciation, depletion and amortization

26.74

26.10

General and administrative expenses ("G&A")

5.32

5.14

Exploration and production G&A

4.61

4.91

(1)

Realized prices include gains or losses on cash settlements for commodity derivatives, which do not qualify for and were not designated as hedging instruments for accounting purposes. Cash settlements represent the cumulative gains and losses on the Company's derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.

(2)

Natural gas prices include the value for natural gas and natural gas liquids.

(3)

Excludes non-cash valuation charges on pipeline imbalances.

 

Oasis Petroleum Inc.

Condensed Consolidated Statement of Cash Flows

(Unaudited) 

Three Months Ended March 31,

2016

2015

(In thousands)

Cash flows from operating activities:

Net loss

$

(64,455)

$

(18,041)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation, depletion and amortization

122,449

118,478

Gain on extinguishment of debt

(7,016)

—

Impairment

3,562

5,321

Deferred income taxes

(27,629)

(7,376)

Derivative instruments

(14,375)

(47,072)

Stock-based compensation expenses

6,730

7,606

Deferred financing costs amortization and other

5,066

1,655

Working capital and other changes:

Change in accounts receivable

(995)

63,313

Change in inventory

349

(602)

Change in prepaid expenses

241

1,892

Change in other current assets

4

5,539

Change in other assets

77

—

Change in accounts payable, interest payable and accrued liabilities

(64,056)

(42,341)

Change in other current liabilities

(6,000)

—

Change in other liabilities

(3)

(11)

Net cash provided by (used in) operating activities

(46,051)

88,361

Cash flows from investing activities:

Capital expenditures

(103,411)

(359,113)

Derivative settlements

73,313

109,259

Advances from joint interest partners

(257)

(828)

Net cash used in investing activities

(30,355)

(250,682)

Cash flows from financing activities:

Repurchase of senior unsecured notes

(22,308)

—

Proceeds from revolving credit facility

214,000

145,000

Principal payments on revolving credit facility

(287,000)

(480,000)

Deferred financing costs

(751)

—

Proceeds from sale of common stock

183,164

463,218

Purchases of treasury stock

(1,032)

(1,520)

Net cash provided by financing activities

86,073

126,698

Increase (decrease) in cash and cash equivalents

9,667

(35,623)

Cash and cash equivalents:

Beginning of period

9,730

45,811

End of period

$

19,397

$

10,188

Supplemental non-cash transactions:

Change in accrued capital expenditures

$

(19,230)

$

(90,189)

Change in asset retirement obligations

1,212

1,413

 

Non-GAAP Financial MeasuresAdjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion, amortization, exploration expenses and other similar non-cash or non-recurring charges. Adjusted EBITDA is not a measure of net income (loss) or cash flows as determined by United States generally accepted accounting principles, or GAAP.

The following table presents reconciliations of the GAAP financial measures of net income (loss) and net cash provided by (used in) operating activities to the non-GAAP financial measure of Adjusted EBITDA for the periods presented:

Three Months Ended March 31,

2016

2015

(In thousands)

Net loss

$

(64,455)

$

(18,041)

Gain of extinguishment of debt

(7,016)

—

Net gain on derivative instruments

(14,375)

(47,072)

Derivative settlements(1)

73,313

109,259

Interest expense, net of capitalized interest

38,739

38,784

Depreciation, depletion and amortization

122,449

118,478

Impairment

3,562

5,321

Rig termination

—

1,080

Exploration expenses

363

843

Stock-based compensation expenses

6,730

7,606

Income tax benefit

(27,629)

(7,376)

Other non-cash adjustments

1,207

(4)

Adjusted EBITDA

$

132,888

$

208,878

Net cash provided by (used in) operating activities

$

(46,051)

$

88,361

Derivative settlements(1)

73,313

109,259

Interest expense, net of capitalized interest

38,739

38,784

Rig termination

—

1,080

Exploration expenses

363

843

Deferred financing costs amortization and other

(5,066)

(1,655)

Changes in working capital

70,383

(27,790)

Other non-cash adjustments

1,207

(4)

Adjusted EBITDA

$

132,888

$

208,878

(1)

Cash settlements represent the cumulative gains and losses on the Company's derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.

The following tables present reconciliations of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of Adjusted EBITDA for the Company's three reportable business segments on a gross basis for the periods presented:

Exploration and Production

Three Months Ended March 31,

2016

2015

(In thousands)

Loss before income taxes

$

(105,764)

$

(34,008)

Gain of extinguishment of debt

(7,016)

—

Net gain on derivative instruments

(14,375)

(47,072)

Derivative settlements (1)

73,313

109,259

Interest expense, net of capitalized interest

38,739

38,784

Depreciation, depletion and amortization

120,842

117,540

Impairment

1,131

5,321

Rig termination

—

1,080

Exploration expenses

363

843

Stock-based compensation expenses

6,547

7,542

Other non-cash adjustments

1,207

(4)

Adjusted EBITDA

$

114,987

$

199,285

(1)

Cash settlements represent the cumulative gains and losses on the Company's derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.

 

Well Services

Three Months Ended March 31,

2016

2015

(In thousands)

Income before income taxes

$

4,011

$

9,608

Depreciation, depletion and amortization

4,248

4,518

Stock-based compensation expenses

664

543

Adjusted EBITDA

$

8,923

$

14,669

 

Midstream Services

Three Months Ended March 31,

2016

2015

(In thousands)

Income before income taxes

$

15,157

$

9,289

Depreciation, depletion and amortization

1,684

1,186

Impairment

2,431

—

Stock-based compensation expenses

219

204

Adjusted EBITDA

$

19,491

$

10,679

 

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted Net Income (Loss) as net income (loss) after adjusting first for (1) the impact of certain non-cash and non-recurring items, including non-cash changes in the fair value of derivative instruments, impairment, and other similar non-cash and non-recurring charges, and then (2) the non-cash and non-recurring items' impact on taxes based on the Company's effective tax rate applicable to those adjusting items in the same period. Adjusted Net Income (Loss) is not a measure of net income (loss) as determined by GAAP. The Company defines Adjusted Diluted Earnings (Loss) Per Share as Adjusted Net Income (Loss) divided by diluted weighted average shares outstanding.

The following table presents reconciliations of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of Adjusted Net Income (Loss) and the GAAP financial measure of diluted earnings (loss) per share to the non-GAAP financial measure of Adjusted Diluted Earnings (Loss) Per Share for the periods presented:

Three Months Ended March 31,

2016

2015

(In thousands, except per share data)

Net loss

$

(64,455)

$

(18,041)

Gain on extinguishment of debt

(7,016)

—

Net gain on derivative instruments

(14,375)

(47,072)

Derivative settlements(1)

73,313

109,259

Impairment

3,562

5,321

Rig termination

—

1,080

Other non-cash adjustments

1,207

(4)

Tax impact(2)

(21,191)

(25,719)

Adjusted Net Income (Loss)

$

(28,955)

$

24,824

Diluted loss per share

$

(0.40)

$

(0.17)

Gain on extinguishment of debt

(0.04)

—

Net gain on derivative instruments

(0.09)

(0.43)

Derivative settlements(1)

0.45

1.00

Impairment

0.02

0.05

Rig termination

—

0.01

Other non-cash adjustments

0.01

—

Tax impact(2)

(0.13)

(0.23)

Adjusted Diluted Earnings (Loss) Per Share

$

(0.18)

$

0.23

Diluted weighted average shares outstanding

162,922

109,303

Effective tax rate applicable to adjustment items

37.4

%

37.5

%

(1)

Cash settlements represent the cumulative gains and losses on the Company's derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.

(2)

The tax impact is computed utilizing the Company's effective tax rate applicable to the adjustments for certain non-cash and non-recurring items.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oasis-petroleum-inc-announces-quarter-ended-march-31-2016-earnings-300265330.html

SOURCE Oasis Petroleum Inc.


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