HOUSTON, Nov. 7, 2017
/PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis" or
the "Company") today announced financial results for the quarter
ended September 30, 2017 and provided an operational
update.
Recent Highlights:
- Completed and placed on production 24 gross (15.1 net) operated
wells in the Williston Basin in
the third quarter of 2017.
- Produced 66.1 thousand barrels of oil equivalent per day
("MBoepd") in the third quarter of 2017, representing an increase
of 7% over the second quarter of 2017, primarily driven by
completion activity. Production during the third quarter of 2017
increased 36% over the third quarter of 2016.
- Produced over 69 MBoepd in October
2017 and expect to produce between 69 MBoepd and 72 MBoepd
in the fourth quarter of 2017. Oasis continues to expect to hit an
exit rate of 72 MBoepd, delivering 16% growth above the 2016 exit
rate.
- Oil differentials have improved to $1.82 off of NYMEX West Texas Intermediate crude
oil index price ("WTI") in the third quarter of 2017, and Oasis
expects differentials in the fourth quarter to range from
$1.25 to $2.00 off of WTI.
- Delivered Adjusted EBITDA of $179.6
million for the third quarter of 2017. For definitions of
Adjusted EBITDA and reconciliations of Adjusted EBITDA to net
income and net cash provided by operating activities, see "Non-GAAP
Financial Measures" below.
- Commenced operations of its second Oasis Well Services ("OWS")
frac crew during the third quarter of 2017.
- Oasis Midstream Partners LP ("OMP") sold 8,625,000 common
units, representing limited partner interests in an initial public
offering ("IPO" or the "Offering") for net proceeds of $137.2 million, of which $131.6 million was distributed to Oasis.
- Announced investment in and assignment of second Wild Basin Gas
Plant ("Gas Plant II") with a total capacity of 200 million
standard cubic feet per day ("MMscfpd") to service gas production
from its highly economic inventory.
- Expects full year 2017 adjusted CapEx to total $620.0 million, in line with prior guidance. See
"Capital Expenditures" below for adjustments.
- Including net proceeds distributed to Oasis from the OMP IPO
and adjustments for the Gas Plant II assignment, Oasis generated
positive free cash flow of $39.0
million for the nine months ended September 30, 2017.
"Oasis successfully delivered on production growth during the
quarter in line with guidance, completed its IPO of OMP, and
launched its second frac crew," said Thomas
B. Nusz, Oasis' Chairman and Chief Executive Officer. "The
team delivered another great quarter and has positioned Oasis to
exit the year with 72 MBoepd of production. Well performance across
our core acreage position, including Wild Basin, Indian Hills, and
Alger, continues to deliver
impressive results, and our wells remain highly economic in the
current commodity price environment. The team has also further
reduced operating costs while driving improved differentials
benefiting from our integrated midstream infrastructure."
Gas Plant II Update
Oil and gas production from Oasis' Wild Basin wells continues to
exceed expectations, primarily due to higher frac intensity in the
core areas of the Williston Basin. The initial gas to oil
ratio ("GOR") is generally higher in the core of the Williston Basin, including parts of
McKenzie County, compared to the
entire basin. The combined effect of these factors has
resulted in record gas production levels in the Williston Basin and particularly in
McKenzie County where much of the
drilling since 2015 has occurred, which now produces approximately
half of the gas production in North
Dakota. Due to the increased production of gas in the
Williston Basin, there is a need
for incremental processing capacity in the basin.
Gas production in Wild Basin has already surpassed original
design expectations for OMP's 80 MMscfpd gas plant, which is held
by OMP's wholly-owned development company ("DevCo"), Bighorn DevCo
LLC ("Bighorn DevCo"), and recently has averaged gross gas
production in Wild Basin of approximately 100 MMscfpd. Oasis
initially evaluated options to process the incremental gas that is
being produced in and around Wild Basin and subsequently began the
front end engineering and design process for a second gas plant and
began ordering long lead time items. Oasis recently made the
decision to proceed with the construction of Gas Plant II, and on
November 6, 2017, Oasis agreed to
assign the project to OMP. In exchange for the assignment of Gas
Plant II into Bighorn DevCo, OMP agreed to reimburse Oasis for 100%
of the capital spent-to-date and will fund 100% of the remaining
project capital. OMP funded the reimbursement under its revolving
credit facility and will have full rights to all cash flows
generated from both gas plants held by Bighorn DevCo. For the nine
months ended September 30, 2017,
Oasis invested $57.0 million in Gas
Plant II, and on November 6,2017,
assigned $66.7 million of asset value
to OMP, which included capital spent in October 2017. OMP expects to invest approximately
$140.0 million for the entire Gas
Plant II project and anticipates operations will begin in late
2018.
Operational and Financial Update
Select operational and financial statistics are in the following
table:
|
Quarter
Ended:
|
|
9/30/2017
|
|
6/30/2017
|
|
9/30/2016
|
Production
data:
|
|
|
|
|
|
Oil (Bopd)
|
51,825
|
|
|
47,795
|
|
|
39,439
|
|
Natural gas
(Mcfpd)
|
85,800
|
|
|
84,890
|
|
|
54,421
|
|
Total production
(Boepd)
|
66,125
|
|
|
61,943
|
|
|
48,509
|
|
Percent
Oil
|
78
|
%
|
|
77
|
%
|
|
81
|
%
|
Average sales
prices:
|
|
|
|
|
|
Oil, without
derivative settlements (per Bbl)
|
$
|
46.35
|
|
|
$
|
44.61
|
|
|
$
|
40.54
|
|
Differential to WTI
(per Bbl)
|
1.82
|
|
|
3.68
|
|
|
4.39
|
|
Natural gas (per
Mcf)(1)
|
3.50
|
|
|
3.19
|
|
|
1.84
|
|
Revenues ($ in
millions):
|
|
|
|
|
|
Oil
|
$
|
221.0
|
|
|
$
|
194.0
|
|
|
$
|
147.1
|
|
Natural
gas
|
27.6
|
|
|
24.6
|
|
|
9.2
|
|
Bulk oil
sales
|
21.2
|
|
|
8.1
|
|
|
1.9
|
|
Midstream
revenues
|
18.8
|
|
|
15.6
|
|
|
8.5
|
|
Well services
revenues
|
16.1
|
|
|
11.8
|
|
|
10.6
|
|
Total
revenues
|
$
|
304.7
|
|
|
$
|
254.1
|
|
|
$
|
177.3
|
|
Midstream and well
services operating expenses ($ in millions):
|
|
|
|
|
|
Midstream operating
expenses
|
$
|
4.3
|
|
|
$
|
3.3
|
|
|
$
|
2.6
|
|
Well services
operating expenses
|
9.1
|
|
|
8.1
|
|
|
5.5
|
|
Select exploration
and production (E&P) operating expenses:
|
|
|
|
|
|
LOE ($ per
Boe)
|
$
|
7.45
|
|
|
$
|
7.92
|
|
|
$
|
8.00
|
|
MT&G ($ per
Boe)(2)
|
2.50
|
|
|
2.14
|
|
|
1.58
|
|
DD&A ($ per
Boe)
|
21.75
|
|
|
22.23
|
|
|
25.08
|
|
E&P general and
administrative expenses ("G&A") ($ per Boe)
|
2.93
|
|
|
3.52
|
|
|
4.31
|
|
Production taxes (%
of oil and gas revenues)(3)
|
8.5
|
%
|
|
8.7
|
%
|
|
9.4
|
%
|
___________________
(1)
|
Natural gas prices
include the value for natural gas and natural gas
liquids.
|
(2)
|
Excludes non-cash
valuation charges on pipeline imbalances.
|
(3)
|
Prior to the first
quarter of 2017, oil and gas revenues included bulk oil sales
related to blending at the Company's crude oil terminal on the
Company's Condensed Consolidated Statements of Operations. Prior
periods have been adjusted retrospectively to reflect these
revenues in bulk oil sales on the Company's Condensed Consolidated
Statements of Operations.
|
G&A totaled $22.5 million in
the third quarter of 2017, $22.8
million in the third quarter of 2016 and $23.5 million in the second quarter of 2017.
Amortization of equity-based compensation, which is included in
G&A, was $6.6 million, or
$1.09 per Boe, in the third quarter
of 2017 as compared to $5.8 million,
or $1.30 per Boe, in the third
quarter of 2016 and $7.1 million, or
$1.26 per Boe, in the second quarter
of 2017. G&A for the Company's E&P segment totaled
$17.8 million in the third quarter of
2017, $19.2 million in the third
quarter of 2016 and $19.8 million in
the second quarter of 2017.
Interest expense was $37.4 million
for the third quarter of 2017 compared to $31.7 million for the third quarter of 2016 and
$36.8 million for the second quarter
of 2017. Capitalized interest totaled $3.1
million for the third quarter of 2017, $4.4 million for the third quarter of 2016 and
$2.8 million for the second quarter
of 2017. Cash Interest totaled $36.2
million for the third quarter of 2017, $33.7 million for the third quarter of 2016 and
$35.5 million for the second quarter
of 2017. For a definition of Cash Interest and a reconciliation of
interest expense to Cash Interest, see "Non-GAAP Financial
Measures" below.
For the three months ended September 30, 2017, the Company
recorded an income tax benefit of $18.8
million, resulting in a 31.5% effective tax rate as a
percentage of its pre-tax loss for the quarter. The Company
recorded an income tax expense of $2.3
million, resulting in a 12.4% effective tax rate as a
percentage of its pre-tax income for the three months ended
June 30, 2017.
For the third quarter of 2017, the Company reported net loss of
$41.1 million, or $0.18 per diluted share, as compared to a net
loss of $33.9 million, or
$0.19 per diluted share, for the
third quarter of 2016. Excluding certain non-cash items and their
tax effect, Adjusted Net Income Attributable to Oasis (non-GAAP)
was $0.5 million, or $0.00 per diluted share, in the third quarter of
2017, compared to Adjusted Net Loss Attributable to Oasis of
$29.3 million, or $0.17 per diluted share, in the third quarter of
2016. For a definition of Adjusted Net Income (Loss) Attributable
to Oasis and a reconciliation of net income (loss) to Adjusted Net
Income (Loss) Attributable to Oasis, see "Non-GAAP Financial
Measures" below. Adjusted EBITDA for the third quarter of 2017 was
$179.6 million, compared to Adjusted
EBITDA of $104.4 million for the
third quarter of 2016. For a definition of Adjusted EBITDA and a
reconciliation of net income (loss) including non-controlling
interests and net cash provided by (used in) operating activities
to Adjusted EBITDA, see "Non-GAAP Financial Measures" below.
Capital Expenditures
The following table depicts the Company's total CapEx by
category:
|
1Q
2017
|
|
2Q
2017
|
|
3Q
2017
|
|
YTD
2017
|
CapEx ($ in
millions):
|
|
|
|
|
|
|
|
E&P
|
$
|
90.8
|
|
|
$
|
100.8
|
|
|
$
|
149.9
|
|
|
$
|
341.5
|
|
Midstream
|
13.1
|
|
|
66.1
|
|
|
79.6
|
|
|
158.9
|
|
Well
services
|
—
|
|
|
0.3
|
|
|
5.1
|
|
|
5.4
|
|
Other(1)
|
5.9
|
|
|
5.8
|
|
|
5.7
|
|
|
17.3
|
|
Total
CapEx(2)
|
$
|
109.8
|
|
|
$
|
173.0
|
|
|
$
|
240.3
|
|
|
$
|
523.1
|
|
___________________
(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.
|
The Company's CapEx totaled $523.1
million for the nine months ended September 30, 2017, of which $57.0 million was reimbursed by OMP with the
assignment of Gas Plant II. Additionally, the Company acquired a
freshwater intake facility from the Missouri River and a freshwater
distribution system that it is expanding to service a portion of
the Company's completion activity in Wild Basin (the "Freshwater
Project"). The Freshwater Project costs for the nine months ended
September 30, 2017, including the
acquisition, have totaled approximately $23.0 million. At the time of the OMP IPO, the
Freshwater Project was included in Beartooth DevCo LLC, which is
60% owned by Oasis. Excluding the Gas Plant II and the Freshwater
Project, CapEx would have totaled $443.0
million for the nine months ended September 30, 2017, which is in line with the
Company's CapEx plan for the nine months ended September 30, 2017. Excluding the Gas Plant II
and the Freshwater Project for the full year 2017 CapEx, Oasis
continues to expect adjusted CapEx to be approximately $620.0 million, which includes $15.0 million for activating the second frac
spread for OWS.
Updated Guidance
Oasis is providing an update to its outlook for the full year
2017 in the following table:
|
|
Updated
FY17
|
|
Prior
FY17
|
Metric
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Production
(MBoepd)
|
|
65.1
|
|
|
65.8
|
|
|
65.1
|
|
|
66.1
|
|
Differentials ($ per
Bbl)
|
|
$
|
2.80
|
|
|
$
|
3.00
|
|
|
$
|
3.00
|
|
|
$
|
4.00
|
|
MT&G ($ per
Boe)
|
|
$
|
2.20
|
|
|
$
|
2.30
|
|
|
$
|
1.90
|
|
|
$
|
2.20
|
|
LOE ($ per
Boe)
|
|
$
|
7.50
|
|
|
$
|
7.70
|
|
|
$
|
6.75
|
|
|
$
|
7.75
|
|
G&A ($ in
millions)
|
|
$
|
92.5
|
|
|
$
|
97.5
|
|
|
$
|
95.0
|
|
|
$
|
100.0
|
|
Production Taxes (%
of oil and gas revenue)
|
|
8.5
|
%
|
|
8.6
|
%
|
|
8.7
|
%
|
|
9.0
|
%
|
Hedging Activity
As of November 7, 2017, the Company had the following
outstanding commodity derivative contracts, which settle monthly
and are priced off of WTI for crude oil and NYMEX Henry Hub for
natural gas:
Crude oil (Volume in
Mbopd)
|
|
2H17
|
|
1H18
|
|
2H18
|
|
1H19
|
Swaps
|
|
|
|
|
|
|
|
|
Volume
|
|
14.3
|
|
|
37.0
|
|
|
35.0
|
|
|
7.0
|
|
Price
|
|
$
|
50.03
|
|
|
$
|
50.89
|
|
|
$
|
50.84
|
|
|
$
|
50.82
|
|
Collars
|
|
|
|
|
|
|
|
|
Volume
|
|
4.0
|
|
|
3.0
|
|
|
3.0
|
|
|
—
|
|
Floor
|
|
$
|
46.25
|
|
|
$
|
48.67
|
|
|
$
|
48.67
|
|
|
$
|
—
|
|
Ceiling
|
|
$
|
54.37
|
|
|
$
|
53.07
|
|
|
$
|
53.07
|
|
|
$
|
—
|
|
3-way
|
|
|
|
|
|
|
|
|
Volume
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Sub-Floor
|
|
$
|
31.67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Floor
|
|
$
|
45.83
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ceiling
|
|
$
|
59.94
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Crude Oil
Volume
|
|
21.3
|
|
|
40.0
|
|
|
38.0
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (Volume
in MMBtupd)
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
|
|
|
|
|
|
Volume
|
|
11.0
|
|
|
19.0
|
|
|
19.0
|
|
|
—
|
|
Price
|
|
$
|
3.30
|
|
|
$
|
3.05
|
|
|
$
|
3.05
|
|
|
$
|
—
|
|
Total Natural Gas
Volume
|
|
11.0
|
|
|
19.0
|
|
|
19.0
|
|
|
—
|
|
The September 2017 crude oil
derivative contracts settled at a net $0.1
million paid in October 2017
and will be included in the Company's fourth quarter 2017
derivative settlements.
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the conference call:
Date:
|
|
Wednesday, November
8, 2017
|
Time:
|
|
10:00 a.m. Central
Time
|
Live
Webcast:
|
|
https://www.webcaster4.com/Webcast/Page/1052/23152
|
OR:
|
|
|
Dial-in:
|
|
888-317-6003
|
Intl. Dial
in:
|
|
412-317-6061
|
Conference ID:
|
|
2353150
|
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 Wednesday, November 15, 2017 by dialing:
Replay
dial-in:
|
|
877-344-7529
|
Intl.
replay:
|
|
412-317-0088
|
Replay
code:
|
|
10113619
|
The conference call will also be available for replay for
approximately 30 days 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 Sheets
|
(Unaudited)
|
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(In thousands, except share data)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
8,488
|
|
|
$
|
11,226
|
|
Accounts receivable,
net
|
285,383
|
|
|
204,335
|
|
Inventory
|
17,169
|
|
|
10,648
|
|
Prepaid
expenses
|
10,647
|
|
|
7,623
|
|
Derivative
instruments
|
692
|
|
|
362
|
|
Other current
assets
|
65
|
|
|
4,355
|
|
Total current
assets
|
322,444
|
|
|
238,549
|
|
Property, plant and
equipment
|
|
|
|
Oil and gas
properties (successful efforts method)
|
7,640,785
|
|
|
7,296,568
|
|
Other property and
equipment
|
783,542
|
|
|
618,790
|
|
Less: accumulated
depreciation, depletion, amortization and impairment
|
(2,388,709)
|
|
|
(1,995,791)
|
|
Total property, plant
and equipment, net
|
6,035,618
|
|
|
5,919,567
|
|
Derivative
instruments
|
703
|
|
|
—
|
|
Long-term
inventory
|
10,885
|
|
|
—
|
|
Other
assets
|
21,562
|
|
|
20,516
|
|
Total
assets
|
$
|
6,391,212
|
|
|
$
|
6,178,632
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
16,348
|
|
|
$
|
4,645
|
|
Revenues and
production taxes payable
|
169,361
|
|
|
139,737
|
|
Accrued
liabilities
|
194,157
|
|
|
119,173
|
|
Accrued interest
payable
|
20,325
|
|
|
39,004
|
|
Derivative
instruments
|
16,412
|
|
|
60,469
|
|
Advances from joint
interest partners
|
5,095
|
|
|
7,597
|
|
Other current
liabilities
|
—
|
|
|
10,490
|
|
Total current
liabilities
|
421,698
|
|
|
381,115
|
|
Long-term
debt
|
2,340,613
|
|
|
2,297,214
|
|
Deferred income
taxes
|
508,335
|
|
|
513,529
|
|
Asset retirement
obligations
|
52,413
|
|
|
48,985
|
|
Derivative
instruments
|
3,703
|
|
|
11,714
|
|
Other
liabilities
|
5,805
|
|
|
2,918
|
|
Total
liabilities
|
3,332,567
|
|
|
3,255,475
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value: 450,000,000 shares authorized; 238,639,488 shares issued
and 237,312,881 shares outstanding at September 30, 2017 and
237,201,064 shares issued and 236,344,172 shares outstanding at
December 31, 2016
|
2,348
|
|
|
2,331
|
|
Treasury stock, at
cost: 1,326,607 and 856,892 shares at September 30, 2017 and
December 31, 2016, respectively
|
(22,132)
|
|
|
(15,950)
|
|
Additional paid-in
capital
|
2,369,098
|
|
|
2,345,271
|
|
Retained
earnings
|
593,368
|
|
|
591,505
|
|
Oasis share of
stockholders' equity
|
2,942,682
|
|
|
2,923,157
|
|
Non-controlling
interests
|
115,963
|
|
|
—
|
|
Total stockholders'
equity
|
3,058,645
|
|
|
2,923,157
|
|
Total liabilities and
stockholders' equity
|
$
|
6,391,212
|
|
|
$
|
6,178,632
|
|
Oasis Petroleum
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In thousands, except per share data)
|
Revenues
|
|
|
|
|
|
|
|
Oil and gas
revenues
|
$
|
248,648
|
|
|
$
|
156,316
|
|
|
$
|
704,533
|
|
|
$
|
432,968
|
|
Bulk oil
sales
|
21,195
|
|
|
1,867
|
|
|
56,917
|
|
|
1,867
|
|
Midstream
revenues
|
18,767
|
|
|
8,487
|
|
|
48,939
|
|
|
22,380
|
|
Well services
revenues
|
16,138
|
|
|
10,641
|
|
|
33,566
|
|
|
29,459
|
|
Total
revenues
|
304,748
|
|
|
177,311
|
|
|
843,955
|
|
|
486,674
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Lease operating
expenses
|
45,334
|
|
|
35,696
|
|
|
133,871
|
|
|
98,283
|
|
Midstream operating
expenses
|
4,301
|
|
|
2,617
|
|
|
10,891
|
|
|
6,095
|
|
Well services
operating expenses
|
9,125
|
|
|
5,548
|
|
|
21,115
|
|
|
15,334
|
|
Marketing,
transportation and gathering expenses
|
15,028
|
|
|
7,003
|
|
|
38,018
|
|
|
22,046
|
|
Bulk oil
purchases
|
21,701
|
|
|
1,853
|
|
|
57,683
|
|
|
1,853
|
|
Production
taxes
|
21,052
|
|
|
14,638
|
|
|
60,322
|
|
|
39,758
|
|
Depreciation,
depletion and amortization
|
132,289
|
|
|
111,948
|
|
|
384,246
|
|
|
356,885
|
|
Exploration
expenses
|
854
|
|
|
489
|
|
|
4,010
|
|
|
1,192
|
|
Impairment
|
139
|
|
|
382
|
|
|
6,021
|
|
|
3,967
|
|
General and
administrative expenses
|
22,531
|
|
|
22,845
|
|
|
69,913
|
|
|
69,087
|
|
Total operating
expenses
|
272,354
|
|
|
203,019
|
|
|
786,090
|
|
|
614,500
|
|
Gain (loss) on sale
of properties
|
—
|
|
|
6
|
|
|
—
|
|
|
(1,305)
|
|
Operating income
(loss)
|
32,394
|
|
|
(25,702)
|
|
|
57,865
|
|
|
(129,131)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Net gain (loss) on
derivative instruments
|
(54,310)
|
|
|
20,847
|
|
|
52,297
|
|
|
(55,624)
|
|
Interest expense, net
of capitalized interest
|
(37,389)
|
|
|
(31,726)
|
|
|
(110,548)
|
|
|
(105,444)
|
|
Gain (loss) on
extinguishment of debt
|
—
|
|
|
(13,793)
|
|
|
—
|
|
|
4,865
|
|
Other income
(expense)
|
(605)
|
|
|
(259)
|
|
|
(755)
|
|
|
188
|
|
Total other
expense
|
(92,304)
|
|
|
(24,931)
|
|
|
(59,006)
|
|
|
(156,015)
|
|
Loss before income
taxes
|
(59,910)
|
|
|
(50,633)
|
|
|
(1,141)
|
|
|
(285,146)
|
|
Income tax
benefit
|
18,846
|
|
|
16,691
|
|
|
470
|
|
|
96,818
|
|
Net loss including
non-controlling interests
|
(41,064)
|
|
|
(33,942)
|
|
|
|
(671)
|
|
|
(188,328)
|
|
Less: Net income
attributable to non-controlling interests
|
150
|
|
|
—
|
|
|
150
|
|
|
—
|
|
Net loss
attributable to Oasis
|
$
|
(41,214)
|
|
|
$
|
(33,942)
|
|
|
$
|
(821)
|
|
|
$
|
(188,328)
|
|
Earnings (loss)
attributable to Oasis per share:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.18)
|
|
|
$
|
(0.19)
|
|
|
$
|
0.00
|
|
|
$
|
(1.09)
|
|
Diluted
|
(0.18)
|
|
|
(0.19)
|
|
|
0.00
|
|
|
(1.09)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
233,389
|
|
|
177,120
|
|
|
233,248
|
|
|
172,360
|
|
Diluted
|
233,389
|
|
|
177,120
|
|
|
233,248
|
|
|
172,360
|
|
Oasis Petroleum
Inc.
|
Selected Financial
and Operational Statistics
|
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating results
(in thousands):
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Oil
|
$
|
221,004
|
|
|
$
|
147,095
|
|
|
$
|
623,603
|
|
|
$
|
411,201
|
|
Natural
gas
|
27,644
|
|
|
9,221
|
|
|
80,930
|
|
|
21,767
|
|
Bulk oil
sales
|
21,195
|
|
|
1,867
|
|
|
56,917
|
|
|
1,867
|
|
Midstream
|
18,767
|
|
|
8,487
|
|
|
48,939
|
|
|
22,380
|
|
Well
services
|
16,138
|
|
|
10,641
|
|
|
33,566
|
|
|
29,459
|
|
Total
revenues
|
$
|
304,748
|
|
|
$
|
177,311
|
|
|
$
|
843,955
|
|
|
$
|
486,674
|
|
Production
data:
|
|
|
|
|
|
|
|
Oil
(MBbls)
|
4,768
|
|
|
3,628
|
|
|
13,552
|
|
|
11,245
|
|
Natural gas
(MMcf)
|
7,894
|
|
|
5,007
|
|
|
23,131
|
|
|
13,809
|
|
Oil equivalents
(MBoe)
|
6,083
|
|
|
4,463
|
|
|
17,408
|
|
|
13,547
|
|
Average daily
production (Boe per day)
|
66,125
|
|
|
48,509
|
|
|
63,764
|
|
|
49,440
|
|
Average sales
prices:
|
|
|
|
|
|
|
|
Oil, without
derivative settlements (per Bbl)
|
$
|
46.35
|
|
|
$
|
40.54
|
|
|
$
|
46.02
|
|
|
$
|
36.57
|
|
Oil, with derivative
settlements (per Bbl)(1)
|
43.50
|
|
|
43.79
|
|
|
41.70
|
|
|
46.85
|
|
Natural gas (per
Mcf)(2)
|
3.50
|
|
|
1.84
|
|
|
3.50
|
|
|
1.58
|
|
Costs and expenses
(per Boe of production):
|
|
|
|
|
|
|
|
Lease operating
expenses
|
$
|
7.45
|
|
|
$
|
8.00
|
|
|
$
|
7.69
|
|
|
$
|
7.26
|
|
Marketing,
transportation and gathering expenses(3)
|
2.50
|
|
|
1.58
|
|
|
2.16
|
|
|
1.58
|
|
Production
taxes
|
3.46
|
|
|
3.28
|
|
|
3.47
|
|
|
2.93
|
|
Depreciation,
depletion and amortization
|
21.75
|
|
|
25.08
|
|
|
22.07
|
|
|
26.35
|
|
General and
administrative expenses ("G&A")
|
3.70
|
|
|
5.12
|
|
|
4.02
|
|
|
5.10
|
|
Exploration and
production G&A
|
2.93
|
|
|
4.31
|
|
|
3.32
|
|
|
4.28
|
|
___________________
(1)
|
Realized prices
include gains or losses on cash settlements for commodity
derivatives, which do not qualify for or 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 Statements of Cash Flows
|
(Unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
Net loss including
non-controlling interests
|
$
|
(671)
|
|
|
$
|
(188,328)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
384,246
|
|
|
356,885
|
|
Gain on
extinguishment of debt
|
—
|
|
|
(4,865)
|
|
Loss on sale of
properties
|
—
|
|
|
1,305
|
|
Impairment
|
6,021
|
|
|
3,967
|
|
Deferred income
taxes
|
(470)
|
|
|
(96,818)
|
|
Derivative
instruments
|
(52,297)
|
|
|
55,624
|
|
Equity-based
compensation expenses
|
20,451
|
|
|
18,761
|
|
Deferred financing
costs amortization and other
|
12,666
|
|
|
10,174
|
|
Working capital and
other changes:
|
|
|
|
Change in accounts
receivable
|
(81,022)
|
|
|
11,349
|
|
Change in
inventory
|
(235)
|
|
|
2,559
|
|
Change in prepaid
expenses
|
823
|
|
|
1,168
|
|
Change in other
current assets
|
276
|
|
|
(240)
|
|
Change in long-term
inventory and other assets
|
(12,843)
|
|
|
(148)
|
|
Change in accounts
payable, interest payable and accrued liabilities
|
32,282
|
|
|
(41,991)
|
|
Change in other
current liabilities
|
(10,490)
|
|
|
(6,000)
|
|
Change in other
liabilities
|
—
|
|
|
17
|
|
Net cash provided by
operating activities
|
298,737
|
|
|
123,419
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(443,649)
|
|
|
(340,314)
|
|
Proceeds from sale of
properties
|
4,000
|
|
|
12,333
|
|
Costs related to sale
of properties
|
—
|
|
|
(310)
|
|
Derivative
settlements
|
(804)
|
|
|
115,576
|
|
Advances from joint
interest partners
|
(2,502)
|
|
|
544
|
|
Net cash used in
investing activities
|
(442,955)
|
|
|
(212,171)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
revolving credit facility
|
764,000
|
|
|
835,000
|
|
Principal payments on
revolving credit facility
|
(732,000)
|
|
|
(778,000)
|
|
Repurchase of senior
unsecured notes
|
—
|
|
|
(435,907)
|
|
Proceeds from
issuance of senior unsecured convertible notes
|
—
|
|
|
300,000
|
|
Deferred financing
costs
|
(96)
|
|
|
(8,811)
|
|
Proceeds from sale of
common stock
|
—
|
|
|
182,791
|
|
Proceeds from sale of
OMP common units, net of offering costs
|
115,813
|
|
|
—
|
|
Purchases of treasury
stock
|
(6,182)
|
|
|
(2,275)
|
|
Other
|
(55)
|
|
|
—
|
|
Net cash provided by
financing activities
|
141,480
|
|
|
92,798
|
|
Increase (decrease)
in cash and cash equivalents
|
(2,738)
|
|
|
4,046
|
|
Cash and cash
equivalents:
|
|
|
|
Beginning of
period
|
11,226
|
|
|
9,730
|
|
End of
period
|
$
|
8,488
|
|
|
$
|
13,776
|
|
Supplemental
non-cash transactions:
|
|
|
|
Change in accrued
capital expenditures
|
$
|
63,499
|
|
|
$
|
(49,177)
|
|
Change in asset
retirement obligations
|
3,112
|
|
|
(8,083)
|
|
Notes payable from
acquisition
|
4,875
|
|
|
—
|
|
Non-GAAP Financial Measures
Cash Interest 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 Cash Interest as interest
expense plus capitalized interest less amortization and write-offs
of deferred financing costs and debt discounts included in interest
expense. Cash Interest is not a measure of interest expense as
determined by United States
generally accepted accounting principles, or GAAP.
The following table presents a reconciliation of the GAAP
financial measure of interest expense to the non-GAAP financial
measure of Cash Interest for the periods presented:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Interest
expense
|
$
|
37,389
|
|
|
$
|
31,726
|
|
|
$
|
110,548
|
|
|
$
|
105,444
|
|
Capitalized
interest
|
3,137
|
|
|
4,380
|
|
|
8,773
|
|
|
13,683
|
|
Amortization of
deferred financing costs
|
(1,729)
|
|
|
(2,095)
|
|
|
(5,128)
|
|
|
(8,042)
|
|
Amortization of debt
discount
|
(2,591)
|
|
|
(300)
|
|
|
(7,426)
|
|
|
(300)
|
|
Cash
Interest
|
$
|
36,206
|
|
|
$
|
33,711
|
|
|
$
|
106,767
|
|
|
$
|
110,785
|
|
Adjusted EBITDA and Free Cash Flow 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 EBITDA as earnings before interest expense, income taxes,
depreciation, depletion, amortization, exploration expenses and
other similar non-cash charges. The Company defines Free Cash Flow
as Adjusted EBITDA less Cash Interest and CapEx, excluding
capitalized interest. Adjusted EBITDA and Free Cash Flow are not
measures of net income (loss) or cash flows as determined by
GAAP.
The following table presents reconciliations of the GAAP
financial measures of net income (loss) including non-controlling
interests and net cash provided by (used in) operating activities
to the non-GAAP financial measures of Adjusted EBITDA and Free Cash
Flow for the periods presented:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Net loss including
non-controlling interests
|
$
|
(41,064)
|
|
|
$
|
(33,942)
|
|
|
$
|
(671)
|
|
|
$
|
(188,328)
|
|
(Gain) loss on sale
of properties
|
—
|
|
|
(6)
|
|
|
—
|
|
|
1,305
|
|
(Gain) loss on
extinguishment of debt
|
—
|
|
|
13,793
|
|
|
—
|
|
|
(4,865)
|
|
Net (gain) loss on
derivative instruments
|
54,310
|
|
|
(20,847)
|
|
|
(52,297)
|
|
|
55,624
|
|
Derivative
settlements(1)
|
8,095
|
|
|
11,786
|
|
|
(804)
|
|
|
115,576
|
|
Interest expense, net
of capitalized interest
|
37,389
|
|
|
31,726
|
|
|
110,548
|
|
|
105,444
|
|
Depreciation,
depletion and amortization
|
132,289
|
|
|
111,948
|
|
|
384,246
|
|
|
356,885
|
|
Impairment
|
139
|
|
|
382
|
|
|
6,021
|
|
|
3,967
|
|
Exploration
expenses
|
854
|
|
|
489
|
|
|
4,010
|
|
|
1,192
|
|
Equity-based
compensation expenses
|
6,628
|
|
|
5,782
|
|
|
20,451
|
|
|
18,761
|
|
Income tax
benefit
|
(18,846)
|
|
|
(16,691)
|
|
|
(470)
|
|
|
(96,818)
|
|
Other non-cash
adjustments
|
(208)
|
|
|
(26)
|
|
|
491
|
|
|
697
|
|
Adjusted
EBITDA
|
179,586
|
|
|
104,394
|
|
|
471,525
|
|
|
369,440
|
|
Adjusted EBITDA
attributable to non-controlling interests
|
190
|
|
|
—
|
|
|
190
|
|
|
—
|
|
Adjusted EBITDA
attributable to Oasis
|
179,396
|
|
|
104,394
|
|
|
471,335
|
|
|
369,440
|
|
Cash
Interest
|
(36,206)
|
|
|
(33,711)
|
|
|
(106,767)
|
|
|
(110,785)
|
|
Capital
expenditures(2)
|
(240,373)
|
|
|
(78,453)
|
|
|
(523,143)
|
|
|
(297,696)
|
|
Capitalized
interest
|
3,137
|
|
|
4,380
|
|
|
8,773
|
|
|
13,683
|
|
Free Cash
Flow
|
$
|
(94,046)
|
|
|
$
|
(3,390)
|
|
|
$
|
(149,802)
|
|
|
$
|
(25,358)
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
88,876
|
|
|
$
|
32,018
|
|
|
$
|
298,737
|
|
|
$
|
123,419
|
|
Derivative
settlements(1)
|
8,095
|
|
|
11,786
|
|
|
(804)
|
|
|
115,576
|
|
Interest expense, net
of capitalized interest
|
37,389
|
|
|
31,726
|
|
|
110,548
|
|
|
105,444
|
|
Exploration
expenses
|
854
|
|
|
489
|
|
|
4,010
|
|
|
1,192
|
|
Deferred financing
costs amortization and other
|
(3,795)
|
|
|
(3,622)
|
|
|
(12,666)
|
|
|
(10,174)
|
|
Changes in working
capital
|
48,375
|
|
|
32,023
|
|
|
71,209
|
|
|
33,286
|
|
Other non-cash
adjustments
|
(208)
|
|
|
(26)
|
|
|
491
|
|
|
697
|
|
Adjusted
EBITDA
|
179,586
|
|
|
104,394
|
|
|
471,525
|
|
|
369,440
|
|
Adjusted EBITDA
attributable to non-controlling interests
|
190
|
|
|
—
|
|
|
190
|
|
|
—
|
|
Adjusted EBITDA
attributable to Oasis
|
179,396
|
|
|
104,394
|
|
|
471,335
|
|
|
369,440
|
|
Cash
Interest
|
(36,206)
|
|
|
(33,711)
|
|
|
(106,767)
|
|
|
(110,785)
|
|
Capital
expenditures(2)
|
(240,373)
|
|
|
(78,453)
|
|
|
(523,143)
|
|
|
(297,696)
|
|
Capitalized
interest
|
3,137
|
|
|
4,380
|
|
|
8,773
|
|
|
13,683
|
|
Free Cash
Flow
|
$
|
(94,046)
|
|
|
$
|
(3,390)
|
|
|
$
|
(149,802)
|
|
|
$
|
(25,358)
|
|
___________________
(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)
|
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.
|
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Loss before income
taxes including non-controlling interests
|
$
|
(88,835)
|
|
|
$
|
(66,333)
|
|
|
$
|
(71,999)
|
|
|
$
|
(331,075)
|
|
(Gain) loss on sale
of properties
|
—
|
|
|
(6)
|
|
|
—
|
|
|
1,663
|
|
(Gain) loss on
extinguishment of debt
|
—
|
|
|
13,793
|
|
|
—
|
|
|
(4,865)
|
|
Net (gain) loss on
derivative instruments
|
54,310
|
|
|
(20,847)
|
|
|
(52,297)
|
|
|
55,624
|
|
Derivative
settlements(1)
|
8,095
|
|
|
11,786
|
|
|
(804)
|
|
|
115,576
|
|
Interest expense, net
of capitalized interest
|
37,369
|
|
|
31,726
|
|
|
110,528
|
|
|
105,444
|
|
Depreciation,
depletion and amortization
|
129,626
|
|
|
109,668
|
|
|
376,818
|
|
|
346,240
|
|
Impairment
|
139
|
|
|
382
|
|
|
6,021
|
|
|
1,536
|
|
Exploration
expenses
|
854
|
|
|
489
|
|
|
4,010
|
|
|
1,192
|
|
Equity-based
compensation expenses
|
6,344
|
|
|
5,570
|
|
|
19,741
|
|
|
17,495
|
|
Other non-cash
adjustments
|
(208)
|
|
|
(26)
|
|
|
491
|
|
|
697
|
|
Adjusted
EBITDA
|
$
|
147,694
|
|
|
$
|
86,202
|
|
|
$
|
392,509
|
|
|
$
|
309,527
|
|
___________________
(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.
|
Midstream
Services
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Income before
income taxes including non-controlling interests
|
$
|
25,179
|
|
|
$
|
16,065
|
|
|
$
|
69,046
|
|
|
$
|
49,262
|
|
Gain on sale of
properties
|
—
|
|
|
—
|
|
|
—
|
|
|
(358)
|
|
Interest expense, net
of capitalized interest
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
Depreciation,
depletion and amortization
|
4,163
|
|
|
1,909
|
|
|
11,375
|
|
|
5,325
|
|
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
2,431
|
|
Equity-based
compensation expenses
|
392
|
|
|
218
|
|
|
1,104
|
|
|
661
|
|
Adjusted
EBITDA
|
$
|
29,754
|
|
|
$
|
18,192
|
|
|
$
|
81,545
|
|
|
$
|
57,321
|
|
Well
Services
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In
thousands)
|
Income before
income taxes including non-controlling interests
|
$
|
10,832
|
|
|
$
|
1,577
|
|
|
$
|
9,195
|
|
|
$
|
3,462
|
|
Depreciation,
depletion and amortization
|
3,196
|
|
|
3,478
|
|
|
9,417
|
|
|
11,605
|
|
Equity-based
compensation expenses
|
281
|
|
|
354
|
|
|
1,015
|
|
|
1,253
|
|
Adjusted
EBITDA
|
$
|
14,309
|
|
|
$
|
5,409
|
|
|
$
|
19,627
|
|
|
$
|
16,320
|
|
Adjusted Net Income (Loss) Attributable to Oasis and Adjusted
Diluted Earnings (Loss) Attributable to Oasis 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)
Attributable to Oasis as net income (loss) after adjusting first
for (1) the impact of certain non-cash items, including
non-cash changes in the fair value of derivative instruments,
impairment, and other similar non-cash charges, or non-recurring
items, (2) the impact of net income attributable to non-controlling
interests and (3) 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)
Attributable to Oasis is not a measure of net income (loss) as
determined by GAAP. The Company defines Adjusted Diluted Earnings
(Loss) Attributable to Oasis Per Share as Adjusted Net Income
(Loss) Attributable to Oasis divided by diluted weighted average
shares outstanding.
The following table presents reconciliations of the GAAP
financial measure of net income (loss) attributable to Oasis to the
non-GAAP financial measure of Adjusted Net Income (Loss)
Attributable to Oasis and the GAAP financial measure of diluted
earnings (loss) attributable to Oasis per share to the non-GAAP
financial measure of Adjusted Diluted Earnings (Loss) Attributable
to Oasis Per Share for the periods presented:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(In thousands, except per share data)
|
Net loss
attributable to Oasis
|
$
|
(41,214)
|
|
|
$
|
(33,942)
|
|
|
$
|
(821)
|
|
|
$
|
(188,328)
|
|
(Gain) loss on sale
of properties
|
—
|
|
|
(6)
|
|
|
—
|
|
|
1,305
|
|
(Gain) loss on
extinguishment of debt
|
—
|
|
|
13,793
|
|
|
—
|
|
|
(4,865)
|
|
Net (gain) loss on
derivative instruments
|
54,310
|
|
|
(20,847)
|
|
|
(52,297)
|
|
|
55,624
|
|
Derivative
settlements(1)
|
8,095
|
|
|
11,786
|
|
|
(804)
|
|
|
115,576
|
|
Impairment
|
139
|
|
|
382
|
|
|
6,021
|
|
|
3,967
|
|
Amortization of
deferred financing costs
|
1,728
|
|
|
2,095
|
|
|
5,127
|
|
|
8,042
|
|
Amortization of debt
discount
|
2,591
|
|
|
300
|
|
|
7,426
|
|
|
300
|
|
Other non-cash
adjustments
|
(208)
|
|
|
(26)
|
|
|
491
|
|
|
697
|
|
Tax
impact(2)
|
(24,941)
|
|
|
(2,798)
|
|
|
12,735
|
|
|
(67,598)
|
|
Adjusted Net
Income (Loss) Attributable to Oasis
|
$
|
500
|
|
|
$
|
(29,263)
|
|
|
$
|
(22,122)
|
|
|
$
|
(75,280)
|
|
|
|
|
|
|
|
|
|
Diluted loss
attributable to Oasis per share
|
$
|
(0.18)
|
|
|
$
|
(0.19)
|
|
|
$
|
—
|
|
|
$
|
(1.09)
|
|
Loss on sale of
properties
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
(Gain) loss on
extinguishment of debt
|
—
|
|
|
0.08
|
|
|
—
|
|
|
(0.03)
|
|
Net (gain) loss on
derivative instruments
|
0.23
|
|
|
(0.12)
|
|
|
(0.22)
|
|
|
0.32
|
|
Derivative
settlements(1)
|
0.03
|
|
|
0.07
|
|
|
—
|
|
|
0.67
|
|
Impairment
|
—
|
|
|
—
|
|
|
0.03
|
|
|
0.02
|
|
Amortization of
deferred financing costs
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
|
0.05
|
|
Amortization of debt
discount
|
0.01
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
Tax
impact(2)
|
(0.10)
|
|
|
(0.02)
|
|
|
0.05
|
|
|
(0.39)
|
|
Non-GAAP Diluted
Loss Attributable to Oasis Per Share
|
$
|
—
|
|
|
$
|
(0.17)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.44)
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
233,389
|
|
|
177,120
|
|
|
233,248
|
|
|
172,360
|
|
|
|
|
|
|
|
|
|
Effective tax rate
applicable to adjustment items
|
37.4
|
%
|
|
37.4
|
%
|
|
37.4
|
%
|
|
37.4
|
%
|
___________________
(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.
|
View original
content:http://www.prnewswire.com/news-releases/oasis-petroleum-inc-announces-quarter-ended-september-30-2017-earnings-300551474.html
SOURCE Oasis Petroleum Inc.