HOUSTON, May 7, 2019 /PRNewswire/ -- Oasis Petroleum
Inc. (NYSE: OAS) ("Oasis" or the "Company") today announced
financial results for the quarter ended March 31, 2019 and provided an operational
update.
Recent Highlights:
- Delivered production during the first quarter of 2019 of 91.7
thousand barrels of oil equivalent per day ("MBoepd"), an increase
of approximately 3.9% from the fourth quarter of 2018 and 3.6%
above midpoint guidance. Crude oil production of 66.0 thousand
barrels of oil per day ("MBopd") was approximately 2.2% above
midpoint guidance.
- Completed and placed on production 15 gross (9.2 net) operated
wells, including 12 gross (7.1 net) operated wells in the
Williston Basin and 3 gross (2.0
net) operated wells in the Delaware Basin, in the first quarter of
2019.
- Improved crude oil differentials to $1.30 off of NYMEX West Texas Intermediate crude
oil index price ("NYMEX WTI") in the first quarter of 2019, a
significant improvement from the fourth quarter of 2018.
- Oasis's midstream subsidiary, Oasis Midstream Partners LP
(NYSE: OMP) ("OMP"), continued to ramp up utilization of its second
natural gas plant in Wild Basin. The completion of the second
natural gas plant makes OMP the second largest natural gas
processor in North Dakota.
- Delivered net cash provided by operating activities of
$174.9 million and Adjusted EBITDA of
$269.3 million for the first quarter
of 2019. For a definition of Adjusted EBITDA and reconciliations of
Adjusted EBITDA to net income (loss) including non-controlling
interests and net cash provided by operating activities, see
"Non-GAAP Financial Measures" below.
"Oasis delivered a strong start to 2019, exceeding our volume
expectations while maintaining capital discipline," said
Thomas B. Nusz, Oasis's Chairman and
Chief Executive Officer. "Our solid execution gives us confidence
we can hit or exceed our operational targets, and generate free
cash flow at the E&P business. In the Williston, our deep inventory and emphasis on
operating efficiency supports rapid growth in the Delaware and overall E&P free cash flow.
In the Delaware, well performance
remains impressive, and we continue to advance our understanding of
the subsurface as we prepare for full-field development. Oasis
Midstream Services performed well over the quarter as internally
controlled infrastructure supported flow assurance, reduced costs
and provided access to liquid marketing points. Our strategy
continues to serve us well as Oasis is built to withstand and
prosper through volatile commodity prices."
Financial and Operational Update and Outlook
- Williston Basin production
averaged 85.6 MBoepd and Delaware
Basin production averaged 6.1 MBoepd during the first quarter of
2019. Oasis continues to expect volumes to range between 86.0
MBoepd and 91.0 MBoepd for the remainder of the year and the
average oil production percentage to be approximately 72% over 2019
with 71% in the fourth quarter.
- Differentials entered the year wider and quickly narrowed, and
Oasis differentials averaged $1.30
per barrel off of the NYMEX WTI for the first quarter of 2019.
Oasis expects differentials to remain between $1.50 and $3.50 per
barrel in 2019, as the Company has experienced modest widening in
Williston Basin and Delaware Basin differentials in the second
quarter of 2019.
- Oasis delivered more barrels down to the Gulf Coast from the
Williston Basin on the Dakota
Access Pipeline, which was the primary driver of the increase in
marketing, transportation and gathering expenses ("MT&G") to
$3.96 per barrel of oil equivalent
("Boe"), which excludes non-cash valuation changes on pipeline
imbalances, during the first quarter of 2019. The Company expects
this trend to continue and has updated its guidance on MT&G for
the full year to $3.50 to
$4.50 per Boe.
- Lease operating expenses ("LOE") averaged $7.08 per Boe in the first quarter of 2019,
towards the low end of the Company's $7.00 to $8.00 per
Boe guidance range. Oasis expects to manage LOE between
$7.00 and $7.75 per Boe for the remainder of the year.
- Capital expenditures ("CapEx") of $226.8
million were in line with the Company's first quarter 2019
plan for both the exploration and production ("E&P") and
midstream businesses. Oasis delivered positive free cash flow from
its E&P business during the first quarter of 2019. The Company
continues to expect E&P and other CapEx to range between
$540 million and $560 million in 2019. Projections for free cash
flow at both $50 and $60 WTI can be found on page seven of the
Company's investor presentation.
Midstream Update
- The Boards of Directors of Oasis and OMP GP LLC, OMP's general
partner, have approved entering into acreage dedications and
midstream services arrangements in the Delaware Basin on terms similar to the
existing commercial arrangements between Oasis and OMP in the
Williston Basin (the "Delaware
Midstream Opportunity"). Final agreements have not been
executed.
- Oasis expects to dedicate to OMP certain acreage representing
areas in and around its Delaware
Basin position that is currently undedicated to OMP for crude oil
and produced water infrastructure development. OMP expects to spend
an additional $53 million to
$57 million in 2019 on such
infrastructure build-out, including purchases from Oasis for
existing midstream assets in the Delaware Basin.
- OMP Operating LLC ("OMP Operating"), which is a wholly owned
subsidiary of OMP, will form a new development company called
Panther DevCo LLC in the Delaware
Basin, which will be 100% owned by OMP Operating.
- Oasis is continuing to work with third parties for gas
infrastructure and expects to provide an update in the coming
months on the outcome of the selection process.
- OMP continues to exceed expectations in the Williston Basin. More details on OMP's
performance in the Williston Basin
and the Delaware Midstream Opportunity can be found in OMP's first
quarter 2019 press release issued on May 7,
2019 available on OMP's website at
www.oasismidstream.com.
- With the increased CapEx in the Delaware Basin, total gross CapEx for
midstream is now expected to range between $195 million and $219
million and net CapEx from Oasis attributable to its
retained interest is now expected to range between $11 million and $13
million.
Operational and
Financial Update
|
The following table
presents select operational and financial data for the periods
presented:
|
|
|
Quarter
Ended:
|
|
|
3/31/2019
|
12/31/2018
|
|
3/31/2018
|
Production
data:
|
|
|
|
|
|
|
Crude Oil
(Bopd)
|
|
66,046
|
|
67,266
|
|
58,713
|
Natural gas
(Mcfpd)
|
|
154,005
|
|
126,135
|
|
108,635
|
Total production
(Boepd)
|
|
91,714
|
|
88,288
|
|
76,819
|
Percent Crude
Oil
|
|
72.0%
|
|
76.2%
|
|
76.4%
|
Average sales
prices:
|
|
|
|
|
|
|
Crude oil, without
derivative settlements ($ per Bbl)
|
$
|
53.52
|
$
|
52.01
|
$
|
61.75
|
Differential to NYMEX
WTI ($ per Bbl)
|
|
1.30
|
|
6.79
|
|
1.12
|
Crude oil, with
derivative settlements ($ per Bbl)(1)
|
|
55.79
|
|
44.14
|
|
54.73
|
Crude oil derivative
settlements - net cash receipts (payments) ($ in
millions)(2)
|
|
13.5
|
|
(48.7)
|
|
(37.1)
|
Natural gas, without
derivative settlements ($ per Mcf)(2)
|
|
3.66
|
|
4.27
|
|
4.12
|
Natural gas, with
derivative settlements ($ per Mcf)(1)(2)
|
|
3.65
|
|
4.02
|
|
4.13
|
Natural gas derivative
settlements - net cash receipts (payments) ($ in
millions)(2)
|
|
(0.1)
|
|
(2.9)
|
|
0.1
|
Selected financial
data ($ in millions):
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Crude oil
revenues(3)
|
$
|
318.1
|
$
|
321.8
|
$
|
326.3
|
Natural gas
revenues
|
|
50.7
|
|
49.6
|
|
40.3
|
Purchased oil and gas
sales(3)(4)
|
|
148.5
|
|
181.6
|
|
67.7
|
Midstream
revenues(4)
|
|
48.0
|
|
32.1
|
|
27.9
|
Well services
revenues
|
|
10.4
|
|
14.7
|
|
11.6
|
Total
revenues
|
$
|
575.7
|
$
|
599.8
|
$
|
473.8
|
Net cash provided by
operating activities
|
|
174.9
|
|
234.4
|
|
228.4
|
Adjusted
EBITDA(5)
|
|
269.3
|
|
214.1
|
|
232.9
|
Select operating
expenses:
|
|
|
|
|
|
|
LOE
|
$
|
58.4
|
$
|
56.5
|
$
|
44.8
|
Midstream
expenses(4)
|
|
16.7
|
|
8.4
|
|
8.0
|
Well services
expenses
|
|
7.0
|
|
8.8
|
|
7.4
|
MT&G(6)
|
|
32.7
|
|
28.9
|
|
20.8
|
Non-cash valuation
charges
|
|
2.3
|
|
3.8
|
|
0.2
|
Purchased oil and gas
expenses(3)(4)
|
|
149.9
|
|
179.1
|
|
70.6
|
Production
taxes
|
|
29.6
|
|
29.9
|
|
31.0
|
Depreciation,
depletion and amortization ("DD&A")
|
|
189.8
|
|
170.5
|
|
149.3
|
Total select operating
expenses
|
$
|
486.4
|
$
|
485.9
|
$
|
332.1
|
Select operating
expenses data:
|
|
|
|
|
|
|
LOE ($ per
Boe)
|
$
|
7.08
|
$
|
6.95
|
$
|
6.48
|
MT&G ($ per
Boe)(6)
|
|
3.96
|
|
3.55
|
|
3.01
|
DD&A ($ per
Boe)
|
|
23.00
|
|
20.99
|
|
21.59
|
E&P G&A ($ per
Boe)
|
|
3.33
|
|
3.08
|
|
3.40
|
E&P Cash G&A
($ per Boe)(5)
|
|
2.30
|
|
2.18
|
|
2.46
|
Production taxes (% of
oil and gas revenue)
|
|
8.0%
|
|
8.1%
|
|
8.5%
|
|
|
|
|
|
|
|
(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)
|
|
For the three months
ended March 31, 2018, crude oil revenues, purchased oil and gas
sales and purchased oil and gas expenses have been revised as
described in Revision of Prior Period Financial Statements
below.
|
(4)
|
|
For the fourth
quarter of 2018, midstream revenues and midstream expenses have
been adjusted to include $1.5 million and $0.8 million,
respectively, for certain natural gas product sales and expenses,
which were previously recognized in purchased oil and gas sales and
purchased oil and gas expenses on the Company's Condensed
Consolidated Statements of Operations.
|
(5)
|
|
Adjusted EBITDA and
E&P Cash G&A represent non-GAAP measures. See "Non-GAAP
Financial Measures" below for further information and
reconciliations to the most directly comparable financial measures
under United States generally accepted accounting principles
("GAAP").
|
(6)
|
|
Excludes non-cash
valuation charges on pipeline imbalances.
|
G&A totaled $34.5 million in
the first quarter of 2019, $27.9
million in the first quarter of 2018 and $30.3 million in the fourth quarter of 2018.
Amortization of equity-based compensation, which is included in
G&A, was $9.0 million, or
$1.09 per Boe, in the first quarter
of 2019 as compared to $6.8 million,
or $0.98 per Boe, in the first
quarter of 2018 and $7.7 million, or
$0.95 per Boe, in the fourth quarter
of 2018. G&A for the Company's E&P segment totaled
$27.5 million in the first quarter of
2019, $23.5 million in the first
quarter of 2018 and $25.1 million in
the fourth quarter of 2018.
MT&G, excluding non-cash valuation charges on pipeline
imbalances, increased $11.9 million
to $32.7 million in the first quarter
of 2019, as compared to $20.8 million
in the first quarter of 2018, primarily attributable to higher
crude oil gathering and transportation expenses related to an
increase in volumes being transported on the Dakota Access Pipeline
to market the Company's equity barrels, which resulted in improved
price realizations. MT&G, excluding non-cash valuation charges
on pipeline imbalances, increased $3.8
million as compared to $28.9
million in the fourth quarter of 2018 primarily due to the
higher aforementioned costs.
Interest expense was $44.5 million
for the first quarter of 2019 as compared to $37.1 million for the first quarter of 2018 and
$41.5 million for the fourth quarter
of 2018. Capitalized interest totaled $2.8
million for the first quarter of 2019, $4.5 million for the first quarter of 2018 and
$4.0 million for the fourth quarter
of 2018. Cash Interest totaled $42.6
million for the first quarter of 2019, $37.2 million for the first quarter of 2018 and
$40.5 million for the fourth quarter
of 2018. 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 March 31,
2019, the Company recorded an income tax benefit of
$3.7 million, resulting in a 3.3%
effective tax rate as a percentage of its pre-tax loss for the
quarter. The Company recorded an income tax expense of $69.5 million, resulting in a 23.5% effective tax
rate as a percentage of its pre-tax income for the three months
ended December 31, 2018.
For the first quarter of 2019, the Company reported net loss of
$114.9 million, or $0.37 per diluted share, as compared to a net
income of $0.6 million, or
$0.00 per diluted share, for the
first quarter of 2018. Excluding certain non-cash items and their
tax effect, Adjusted Net Loss Attributable to Oasis (non-GAAP) was
$6.9 million, or $0.02 per diluted share, in the first quarter of
2019, as compared to Adjusted Net Income Attributable to Oasis of
$30.2 million, or $0.10 per diluted share, in the first quarter of
2018. Adjusted EBITDA for the first quarter of 2019 was
$269.3 million, as compared to
Adjusted EBITDA of $232.9 million for
the first quarter of 2018. For definitions of Adjusted Net Income
(Loss) Attributable to Oasis and Adjusted EBITDA and
reconciliations to the most directly comparable GAAP measures, see
"Non-GAAP Financial Measures" below.
Revision of Prior Period Financial Statements. As
previously disclosed in the Company's February press release, in
connection with the preparation of the Company's 2018 Annual
Report, the Company identified errors in its previously issued 2017
annual consolidated financial statements and in each of the interim
periods within 2018 and 2017. These prior period errors related to
the manner in which it accounted for certain crude oil purchase and
sale arrangements. Specifically, although the Company previously
presented the transactions on a net basis in oil and gas revenues,
the Company was required to present these purchase and sale
arrangements on a gross basis in purchased oil and gas expenses and
purchased oil and gas sales. The correction of these errors had no
effect on the reported consolidated net income (loss) attributable
to Oasis or earnings (loss) attributable to Oasis per share data.
Based on an analysis of quantitative and qualitative factors, the
Company determined that the related impact was not material to its
consolidated financial statements, and therefore, amendments of
previously filed reports are not required.
For the quarter ended March 31,
2018, the Company revised the Condensed Consolidated
Statement of Operations by increasing purchased oil and gas sales,
purchased oil and gas expenses, and oil and gas revenues by
$49.7 million, $52.6 million and $2.9
million, respectively. The amounts presented herein reflect
the impact of this revision.
As a result of the errors noted above, the Company identified a
material weakness in its internal control over financial reporting
as described in "Management's report on internal control over
financial reporting" in the Company's 2018 Annual Report under Part
II, Item 9A. "Controls and Procedures." During the quarter ended
March 31, 2019, management
implemented its remediation plan and began testing the operating
effectiveness of the remediated controls.
Capital
Expenditures
|
The following table
depicts the Company's total CapEx by category:
|
|
|
|
1Q
2019
|
|
|
|
(In
millions)
|
|
CapEx:
|
|
|
|
E&P
|
$
|
|
165.7
|
Well
services
|
|
|
0.1
|
Other(1)
|
|
|
3.9
|
Total CapEx before
midstream
|
|
|
169.7
|
Midstream(2)
|
|
|
57.1
|
Total
CapEx(3)
|
$
|
|
226.8
|
|
|
|
|
|
|
|
(1)
|
|
Other CapEx includes
such items as administrative capital and capitalized
interest.
|
(2)
|
|
Midstream CapEx
attributable to OMP was $45.2 million for the three months ended
March 31, 2019.
|
(3)
|
|
Total CapEx reflected
in the table above differs from the amounts shown in the statements
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 CapEx, while the amounts presented in the statements of cash
flows is presented on a cash basis.
|
Liquidity and Balance Sheet
As of March 31, 2019, Oasis had
cash and cash equivalents of $15.4
million, total elected commitments under the Oasis credit
facility of $1,350.0 million and
total elected commitments under the OMP credit facility of
$400.0 million. In addition, Oasis
had $493.0 million of borrowings and
$14.0 million of outstanding letters
of credit issued under the Oasis credit facility and $345.0 million of borrowings under the OMP credit
facility, resulting in a total unused borrowing base capacity of
$898.0 million for both revolving
credit facilities as of March 31,
2019.
On April 15, 2019, the lenders
under the Oasis credit facility completed their regular semi-annual
redetermination of the borrowing base scheduled for April 1, 2019, which reaffirmed the borrowing
base and the aggregate elected commitment at $1,600.0 million and $1,350.0 million, respectively. In connection
with the April 1, 2019 borrowing base
redetermination, the Company entered into the First Amendment to
the Third Amended and Restated Credit Agreement to the Oasis credit
facility, dated April 15, 2019,
which, among other things, incorporated the ability of the Company
to request swingline loans subject to a swingline loans sublimit of
$50.0 million. All other significant
rates, terms and conditions of the Oasis credit facility remained
the same. The next redetermination of the Oasis credit facility's
borrowing base is scheduled for October 1,
2019.
On May 6, 2019, OMP entered into
an amendment to its revolving credit facility to (i) increase the
aggregate amount of commitments from $400.0
million to $475.0 million;
(ii) provide for the ability to further increase commitments to
$675.0 million; and (iii) add a new
lender to the bank group. OMP believes that it will have ample debt
capacity to finance the infrastructure build-out related to the
Delaware Midstream Opportunity, while managing leverage below 3.0x
debt to current quarter annualized EBITDA and exiting 2019 with
leverage below 2.5x.
Hedging Activity
The Company's crude oil contracts will settle monthly based on
the average NYMEX WTI for fixed price swaps and two-way and
three-way costless collars. The Company's basis swaps for crude oil
will either settle monthly based on the fixed basis differential
from Intercontinental Exchange, Inc. Brent crude oil index price
("ICE Brent") to NYMEX WTI, Argus WTI Midland crude oil index price
("Midland") to NYMEX WTI or Argus WTI Houston crude oil index price
("Houston") to NYMEX WTI. The
Company's natural gas contracts will settle monthly based on the
average NYMEX Henry Hub natural gas index price ("NYMEX HH") for
fixed price swaps. The Company's basis swaps for natural gas will
settle monthly based on the fixed basis differential from Inside
FERC Northern Natural Gas Ventura ("IF NNG Ventura") to NYMEX HH.
As of May 7, 2019, the Company had
the following outstanding commodity derivative contracts:
|
Three Months
Ending
|
Six Months
Ending
|
|
June 30,
2019
|
December 31,
2019
|
June 30,
2020
|
December 31,
2020
|
Crude Oil (Volume in
MBopd)
|
|
|
|
|
|
|
|
|
Fixed Price
Swaps
|
|
|
|
|
|
|
|
|
Volume
|
|
14.3
|
|
21.0
|
|
6.0
|
|
3.0
|
Price
|
$
|
54.44
|
$
|
57.10
|
$
|
60.52
|
$
|
58.85
|
Collars
|
|
|
|
|
|
|
|
|
Volume
|
|
15.0
|
|
14.0
|
|
—
|
|
—
|
Floor
|
$
|
56.93
|
$
|
58.07
|
$
|
—
|
$
|
—
|
Ceiling
|
$
|
72.20
|
$
|
74.64
|
$
|
—
|
$
|
—
|
3-Way
|
|
|
|
|
|
|
|
|
Volume
|
|
12.0
|
|
12.0
|
|
10.0
|
|
6.0
|
Sub-Floor
|
$
|
40.83
|
$
|
40.00
|
$
|
40.00
|
$
|
40.00
|
Floor
|
$
|
51.25
|
$
|
51.57
|
$
|
55.37
|
$
|
54.96
|
Ceiling
|
$
|
68.59
|
$
|
65.40
|
$
|
64.13
|
$
|
62.31
|
Total Crude Oil
Volume
|
|
41.3
|
|
47.0
|
|
16.0
|
|
9.0
|
Basis Swaps (ICE
Brent-NYMEX WTI)
|
|
|
|
|
|
|
|
|
Volume
|
|
2.0
|
|
—
|
|
—
|
|
—
|
Price
|
$
|
9.68
|
$
|
—
|
$
|
—
|
$
|
—
|
Basis Swaps
(Midland-NYMEX WTI)
|
|
|
|
|
|
|
|
|
Volume
|
|
4.0
|
|
—
|
|
—
|
|
—
|
Price
|
$
|
(6.71)
|
$
|
—
|
$
|
—
|
$
|
—
|
Basis Swaps
(Houston-NYMEX WTI)
|
|
|
|
|
|
|
|
|
Volume
|
|
3.0
|
|
1.5
|
|
—
|
|
—
|
Price
|
$
|
4.55
|
$
|
4.55
|
$
|
—
|
$
|
—
|
Total Crude Oil
Basis Volume
|
|
9.0
|
|
1.5
|
|
—
|
|
—
|
|
Natural Gas
(Volume in MMBtupd)
|
|
|
|
|
|
|
|
|
Fixed Price
Swaps
|
|
|
|
|
|
|
|
|
Volume
|
|
36,000
|
|
30,000
|
|
—
|
|
—
|
Price
|
$
|
2.92
|
$
|
2.92
|
$
|
—
|
$
|
—
|
Total Natural Gas
Volume
|
|
36,000
|
|
30,000
|
|
—
|
|
—
|
Basis Swaps (IF NNG
Ventura-NYMEX HH)
|
|
|
|
|
|
|
|
|
Volume
|
|
25,000
|
|
—
|
|
—
|
|
—
|
Price
|
$
|
0.02
|
$
|
—
|
$
|
—
|
$
|
—
|
Total Natural Gas
Basis Volume
|
|
25,000
|
|
—
|
|
—
|
|
—
|
The March 2019 crude oil
derivative contracts settled at a net $2.2
million paid in April 2019 and
will be included in the Company's second quarter 2019 derivative
settlements.
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the conference call:
Date:
|
Wednesday, May 8,
2019
|
Time:
|
10:00 a.m. Central
Time
|
Live
Webcast:
|
https://www.webcaster4.com/Webcast/Page/1052/30383
|
Website:
|
www.oasispetroleum.com
|
|
Sell-side analysts
with a question may use the following dial-in:
|
Dial-in:
|
888-317-6003
|
Intl. Dial
in:
|
412-317-6061
|
Conference
ID:
|
0299125
|
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, May 15, 2019 by dialing:
Replay
dial-in:
|
877-344-7529
|
Intl.
replay:
|
412-317-0088
|
Replay
code:
|
10131111
|
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 crude oil and natural gas prices, weather
and environmental conditions, the timing of planned capital
expenditures, availability of acquisitions, the ability to
consummate the Delaware Midstream Opportunity and realize the
anticipated benefits therefrom, 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 onshore,
unconventional crude oil and natural gas resources in the United States. For more information,
please visit the Company's website at www.oasispetroleum.com.
Oasis Petroleum
Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
March 31,
2019
|
December 31,
2018
|
|
(In thousands,
except share data)
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
15,442
|
$
|
22,190
|
Accounts receivable,
net
|
|
456,639
|
|
387,602
|
Inventory
|
|
36,269
|
|
33,128
|
Prepaid
expenses
|
|
8,404
|
|
10,997
|
Derivative
instruments
|
|
4,467
|
|
99,930
|
Intangible assets,
net
|
|
—
|
|
125
|
Other current
assets
|
|
309
|
|
183
|
Total current
assets
|
|
521,530
|
|
554,155
|
Property, plant and
equipment
|
|
|
|
|
Oil and gas properties
(successful efforts method)
|
|
9,073,085
|
|
8,912,189
|
Other property and
equipment
|
|
1,216,763
|
|
1,151,772
|
Less: accumulated
depreciation, depletion, amortization and impairment
|
|
(3,233,106)
|
|
(3,036,852)
|
Total property, plant
and equipment, net
|
|
7,056,742
|
|
7,027,109
|
Derivative
instruments
|
|
181
|
|
6,945
|
Long-term
inventory
|
|
13,767
|
|
12,260
|
Operating right-of-use
assets
|
|
24,741
|
|
—
|
Other assets
|
|
29,385
|
|
25,673
|
Total
assets
|
$
|
7,646,346
|
$
|
7,626,142
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
|
10,172
|
$
|
20,166
|
Revenues and
production taxes payable
|
|
249,569
|
|
216,695
|
Accrued
liabilities
|
|
338,819
|
|
331,651
|
Accrued interest
payable
|
|
21,931
|
|
38,040
|
Derivative
instruments
|
|
27,663
|
|
84
|
Advances from joint
interest partners
|
|
5,072
|
|
5,140
|
Current operating
lease liabilities
|
|
13,135
|
|
—
|
Other current
liabilities
|
|
2,485
|
|
—
|
Total current
liabilities
|
|
668,846
|
|
611,776
|
Long-term
debt
|
|
2,791,333
|
|
2,735,276
|
Deferred income
taxes
|
|
296,508
|
|
300,055
|
Asset retirement
obligations
|
|
53,404
|
|
52,384
|
Derivative
instruments
|
|
1,271
|
|
20
|
Operating lease
liabilities
|
|
17,610
|
|
—
|
Other
liabilities
|
|
6,239
|
|
7,751
|
Total
liabilities
|
|
3,835,211
|
|
3,707,262
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Common stock, $0.01
par value: 900,000,000 shares authorized; 324,829,258 shares issued
and 322,051,268 shares outstanding at March 31, 2019 and
320,469,049 shares issued and 318,377,161 shares outstanding at
December 31, 2018
|
|
3,182
|
|
3,157
|
Treasury stock, at
cost: 2,777,990 and 2,091,888 shares at March 31, 2019 and December
31, 2018, respectively
|
|
(33,286)
|
|
(29,025)
|
Additional paid-in
capital
|
|
3,087,083
|
|
3,077,755
|
Retained
earnings
|
|
567,807
|
|
682,689
|
Oasis share of
stockholders' equity
|
|
3,624,786
|
|
3,734,576
|
Non-controlling
interests
|
|
186,349
|
|
184,304
|
Total stockholders'
equity
|
|
3,811,135
|
|
3,918,880
|
Total liabilities and
stockholders' equity
|
$
|
7,646,346
|
$
|
7,626,142
|
Oasis Petroleum
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
2018
|
|
(In
thousands, except per share data)
|
Revenues
|
|
|
|
|
Oil and gas
revenues
|
$
|
368,782
|
$
|
366,595
|
Purchased oil and gas
sales
|
|
148,471
|
|
67,709
|
Midstream
revenues
|
|
48,021
|
|
27,922
|
Well services
revenues
|
|
10,458
|
|
11,586
|
Total
revenues
|
|
575,732
|
|
473,812
|
Operating
expenses
|
|
|
|
|
Lease operating
expenses
|
|
58,444
|
|
44,781
|
Midstream
expenses
|
|
16,729
|
|
7,985
|
Well services
expenses
|
|
6,970
|
|
7,387
|
Marketing,
transportation and gathering expenses
|
|
34,950
|
|
21,013
|
Purchased oil and gas
expenses
|
|
149,904
|
|
70,594
|
Production
taxes
|
|
29,618
|
|
31,000
|
Depreciation,
depletion and amortization
|
|
189,833
|
|
149,265
|
Exploration
expenses
|
|
830
|
|
769
|
Impairment
|
|
629
|
|
93
|
General and
administrative expenses
|
|
34,459
|
|
27,940
|
Total operating
expenses
|
|
522,366
|
|
360,827
|
Loss on sale of
properties
|
|
(2,922)
|
|
—
|
Operating
income
|
|
50,444
|
|
112,985
|
Other income
(expense)
|
|
|
|
|
Net loss on derivative
instruments
|
|
(117,611)
|
|
(71,116)
|
Interest expense, net
of capitalized interest
|
|
(44,468)
|
|
(37,146)
|
Other
expense
|
|
(46)
|
|
(183)
|
Total other
expense
|
|
(162,125)
|
|
(108,445)
|
Income (loss) before
income taxes
|
|
(111,681)
|
|
4,540
|
Income tax benefit
(expense)
|
|
3,703
|
|
(828)
|
Net income (loss)
including non-controlling interests
|
|
(107,978)
|
|
3,712
|
Less: Net income
attributable to non-controlling interests
|
|
6,904
|
|
3,122
|
Net income (loss)
attributable to Oasis
|
$
|
(114,882)
|
$
|
590
|
Earnings (loss)
attributable to Oasis per share:
|
|
|
|
|
Basic
|
$
|
(0.37)
|
$
|
0.00
|
Diluted
|
|
(0.37)
|
|
0.00
|
Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
|
314,464
|
|
290,105
|
Diluted
|
|
314,464
|
|
291,738
|
Oasis Petroleum
Inc.
|
Selected Financial
and Operational Statistics
|
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
2018
|
Operating results
(in thousands):
|
|
|
|
|
Revenues
|
|
|
|
|
Crude oil
revenues(1)
|
$
|
318,121
|
$
|
326,310
|
Natural gas
revenues
|
|
50,661
|
|
40,285
|
Purchased oil and gas
sales(1)
|
|
148,471
|
|
67,709
|
Midstream
revenues
|
|
48,021
|
|
27,922
|
Well services
revenues
|
|
10,458
|
|
11,586
|
Total
revenues
|
$
|
575,732
|
$
|
473,812
|
Production
data:
|
|
|
|
|
Crude oil
(MBbls)
|
|
5,944
|
|
5,284
|
Natural gas
(MMcf)
|
|
13,860
|
|
9,777
|
Oil equivalents
(MBoe)
|
|
8,254
|
|
6,914
|
Average daily
production (Boe per day)
|
|
91,714
|
|
76,819
|
Average sales
prices:
|
|
|
|
|
Crude oil, without
derivative settlements (per Bbl)
|
$
|
53.52
|
$
|
61.75
|
Crude oil, with
derivative settlements (per Bbl)(2)
|
|
55.79
|
|
54.73
|
Natural gas, without
derivative settlements (per Mcf)(3)
|
|
3.66
|
|
4.12
|
Natural gas, with
derivative settlements (per Mcf)(2)(3)
|
|
3.65
|
|
4.13
|
Costs and expenses
(per Boe of production):
|
|
|
|
|
LOE
|
$
|
7.08
|
$
|
6.48
|
MT&G(4)
|
|
3.96
|
|
3.01
|
Production
taxes
|
|
3.59
|
|
4.48
|
DD&A
|
|
23.00
|
|
21.59
|
G&A
|
|
4.17
|
|
4.04
|
E&P
G&A
|
|
3.33
|
|
3.40
|
|
|
|
|
|
|
|
(1)
|
|
For the three months
ended March 31, 2018, crude oil revenues, purchased oil and gas
sales and purchased oil and gas expenses have been revised. Refer
to Revision of Prior Period Financial Statements for further
details.
|
(2)
|
|
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.
|
(3)
|
|
Natural gas prices
include the value for natural gas and natural gas
liquids.
|
(4)
|
|
Excludes non-cash
valuation charges on pipeline imbalances.
|
Oasis Petroleum
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
2018
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
|
Net income (loss)
including non-controlling interests
|
$
|
(107,978)
|
$
|
3,712
|
Adjustments to
reconcile net income (loss) including non-controlling interests to
net cash provided by operating activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
189,833
|
|
149,265
|
Loss on sale of
properties
|
|
2,922
|
|
—
|
Impairment
|
|
629
|
|
93
|
Deferred income
taxes
|
|
(3,547)
|
|
828
|
Derivative
instruments
|
|
117,611
|
|
71,116
|
Equity-based
compensation expenses
|
|
9,013
|
|
6,754
|
Deferred financing
costs amortization and other
|
|
6,930
|
|
5,475
|
Working capital and
other changes:
|
|
|
|
|
Change in accounts
receivable, net
|
|
(71,083)
|
|
(5,708)
|
Change in
inventory
|
|
(3,184)
|
|
(3,672)
|
Change in prepaid
expenses
|
|
1,505
|
|
492
|
Change in accounts
payable, interest payable and accrued liabilities
|
|
36,666
|
|
(244)
|
Change in other assets
and liabilities, net
|
|
(4,391)
|
|
248
|
Net cash provided by
operating activities
|
|
174,926
|
|
228,359
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(237,448)
|
|
(254,838)
|
Acquisitions
|
|
—
|
|
(520,728)
|
Derivative
settlements
|
|
13,446
|
|
(36,974)
|
Other
|
|
—
|
|
(28)
|
Net cash used in
investing activities
|
|
(224,002)
|
|
(812,568)
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
Revolving Credit Facilities
|
|
420,000
|
|
1,470,000
|
Principal payments on
Revolving Credit Facilities
|
|
(368,000)
|
|
(875,000)
|
Deferred financing
costs
|
|
(43)
|
|
(215)
|
Purchases of treasury
stock
|
|
(4,261)
|
|
(6,021)
|
Distributions to
non-controlling interests
|
|
(4,937)
|
|
(3,450)
|
Other
|
|
(431)
|
|
(90)
|
Net cash provided by
financing activities
|
|
42,328
|
|
585,224
|
Increase (decrease) in
cash and cash equivalents
|
|
(6,748)
|
|
1,015
|
Cash and cash
equivalents:
|
|
|
|
|
Beginning of
period
|
|
22,190
|
|
16,720
|
End of
period
|
$
|
15,442
|
$
|
17,735
|
Supplemental
non-cash transactions:
|
|
|
|
|
Change in accrued
capital expenditures
|
$
|
(23,686)
|
$
|
12,855
|
Change in asset
retirement obligations
|
|
2,016
|
|
3,453
|
Issuance of shares in
connection with acquisition
|
|
—
|
|
371,220
|
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.
E&P Cash G&A
E&P Cash G&A is defined as the total general and
administrative expenses included in the Company's exploration and
production segment less non-cash equity-based compensation expenses
included in its exploration and production segment. E&P Cash
G&A is not a measure of general and administrative expenses as
determined by GAAP. Management believes that the presentation of
E&P Cash G&A provides useful additional information to
investors and analysts to assess the Company's operating costs in
comparison to peers without regard to equity-based compensation
programs, which can vary substantially from company to company.
The following table presents a reconciliation of the GAAP
financial measure of general and administrative expenses included
in its exploration and production segment to the non-GAAP financial
measure of E&P Cash G&A for the periods presented:
Exploration and
Production
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
2018
|
|
(In
thousands)
|
E&P general and
administrative expenses
|
$
|
27,527
|
$
|
23,479
|
Equity-based
compensation expenses
|
|
(8,580)
|
|
(6,454)
|
E&P Cash
G&A
|
$
|
18,947
|
$
|
17,025
|
|
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
March 31,
|
|
2019
|
2018
|
|
(In
thousands)
|
Interest
expense
|
$
|
44,468
|
$
|
37,146
|
Capitalized
interest
|
|
2,818
|
|
4,451
|
Amortization of
deferred financing costs
|
|
(1,770)
|
|
(1,761)
|
Amortization of debt
discount
|
|
(2,884)
|
|
(2,618)
|
Cash
Interest
|
$
|
42,632
|
$
|
37,218
|
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 or non-recurring charges. The Company
defines Free Cash Flow as Adjusted EBITDA attributable to Oasis
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
March 31,
|
|
2019
|
2018
|
|
(In
thousands)
|
Net income (loss)
including non-controlling interests
|
$
|
(107,978)
|
$
|
3,712
|
Loss on sale of
properties
|
|
2,922
|
|
—
|
Net loss on derivative
instruments
|
|
117,611
|
|
71,116
|
Derivative
settlements(1)
|
|
13,446
|
|
(36,974)
|
Interest expense, net
of capitalized interest
|
|
44,468
|
|
37,146
|
Depreciation,
depletion and amortization
|
|
189,833
|
|
149,265
|
Impairment
|
|
629
|
|
93
|
Exploration
expenses
|
|
830
|
|
769
|
Equity-based
compensation expenses
|
|
9,013
|
|
6,754
|
Income tax (benefit)
expense
|
|
(3,703)
|
|
828
|
Other non-cash
adjustments
|
|
2,275
|
|
209
|
Adjusted
EBITDA
|
|
269,346
|
|
232,918
|
Adjusted EBITDA
attributable to non-controlling interests
|
|
10,203
|
|
3,911
|
Adjusted EBITDA
attributable to Oasis
|
|
259,143
|
|
229,007
|
Cash
Interest
|
|
(42,632)
|
|
(37,218)
|
Capital
expenditures(2)
|
|
(226,793)
|
|
(1,167,228)
|
Capitalized
interest
|
|
2,818
|
|
4,451
|
Free Cash
Flow
|
$
|
(7,464)
|
$
|
(970,988)
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
174,926
|
$
|
228,359
|
Derivative
settlements(1)
|
|
13,446
|
|
(36,974)
|
Interest expense, net
of capitalized interest
|
|
44,468
|
|
37,146
|
Exploration
expenses
|
|
830
|
|
769
|
Deferred financing
costs amortization and other
|
|
(6,930)
|
|
(5,475)
|
Current tax
expense
|
|
(156)
|
|
—
|
Changes in working
capital
|
|
40,487
|
|
8,884
|
Other non-cash
adjustments
|
|
2,275
|
|
209
|
Adjusted
EBITDA
|
|
269,346
|
|
232,918
|
Adjusted EBITDA
attributable to non-controlling interests
|
|
10,203
|
|
3,911
|
Adjusted EBITDA
attributable to Oasis
|
|
259,143
|
|
229,007
|
Cash
Interest
|
|
(42,632)
|
|
(37,218)
|
Capital
expenditures(2)
|
|
(226,793)
|
|
(1,167,228)
|
Capitalized
interest
|
|
2,818
|
|
4,451
|
Free Cash
Flow
|
$
|
(7,464)
|
$
|
(970,988)
|
|
|
|
|
|
|
|
|
(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)
|
|
Capital expenditures
(including acquisitions) reflected in the table above differ from
the amounts shown in the statements of cash flows in the Company's
condensed consolidated financial statements because amounts
reflected in the table include changes in accrued liabilities from
the previous reporting period for capital expenditures, while the
amounts presented in the statements of cash flows are presented on
a cash basis. Acquisitions totaled $890.9 million for the three
months ended March 31, 2018.
|
The following tables present reconciliations of the GAAP
financial measure of income (loss) before income taxes including
non-controlling interests 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,
|
|
2019
|
2018
|
|
(In
thousands)
|
Loss before income
taxes including non-controlling interests
|
$
|
(156,458)
|
$
|
(28,184)
|
Loss on sale of
properties
|
|
2,922
|
|
—
|
Net loss on derivative
instruments
|
|
117,611
|
|
71,116
|
Derivative
settlements(1)
|
|
13,446
|
|
(36,974)
|
Interest expense, net
of capitalized interest
|
|
40,720
|
|
36,884
|
Depreciation,
depletion and amortization
|
|
184,819
|
|
145,203
|
Impairment
|
|
629
|
|
93
|
Exploration
expenses
|
|
830
|
|
769
|
Equity-based
compensation expenses
|
|
8,580
|
|
6,454
|
Other non-cash
adjustments
|
|
2,275
|
|
209
|
Adjusted
EBITDA
|
$
|
215,374
|
$
|
195,570
|
|
|
|
|
|
|
|
|
(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
March 31,
|
|
2019
|
2018
|
|
(In
thousands)
|
Income before income
taxes including non-controlling interests
|
$
|
46,058
|
$
|
31,979
|
Interest expense, net
of capitalized interest
|
|
|
3,748
|
|
262
|
Depreciation,
depletion and amortization
|
|
|
9,187
|
|
6,629
|
Equity-based
compensation expenses
|
|
|
465
|
|
370
|
Adjusted
EBITDA
|
|
$
|
59,458
|
$
|
39,240
|
|
Well
Services
|
|
|
|
Three Months Ended
March 31,
|
|
|
2019
|
2018
|
|
|
(In
thousands)
|
Income before income
taxes including non-controlling interests
|
|
$
|
820
|
$
|
8,107
|
Depreciation,
depletion and amortization
|
|
|
3,929
|
|
3,690
|
Equity-based
compensation expenses
|
|
|
561
|
|
385
|
Adjusted
EBITDA
|
|
$
|
5,310
|
$
|
12,182
|
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
March 31,
|
|
2019
|
2018
|
|
(In thousands,
except per share data)
|
Net income (loss)
attributable to Oasis
|
$
|
(114,882)
|
$
|
590
|
Loss on sale of
properties
|
|
2,922
|
|
—
|
Net loss on derivative
instruments
|
|
117,611
|
|
71,116
|
Derivative
settlements(1)
|
|
13,446
|
|
(36,974)
|
Impairment
|
|
629
|
|
93
|
Amortization of
deferred financing costs
|
|
1,770
|
|
1,761
|
Amortization of debt
discount
|
|
2,884
|
|
2,618
|
Other non-cash
adjustments
|
|
2,275
|
|
209
|
Tax
impact(2)
|
|
(33,596)
|
|
(9,217)
|
Adjusted Net
Income (Loss) Attributable to Oasis
|
$
|
(6,941)
|
$
|
30,196
|
|
Diluted earnings
(loss) attributable to Oasis per share
|
$
|
(0.37)
|
$
|
0.00
|
Loss on sale of
properties
|
|
0.01
|
|
—
|
Net loss on derivative
instruments
|
|
0.37
|
|
0.24
|
Derivative
settlements(1)
|
|
0.04
|
|
(0.13)
|
Impairment
|
|
—
|
|
—
|
Amortization of
deferred financing costs
|
|
0.01
|
|
0.01
|
Amortization of debt
discount
|
|
0.01
|
|
0.01
|
Other non-cash
adjustments
|
|
0.01
|
|
—
|
Tax
impact(2)
|
|
(0.10)
|
|
(0.03)
|
Adjusted Diluted
Earnings (Loss) Attributable to Oasis Per Share
|
$
|
(0.02)
|
$
|
0.10
|
|
|
|
|
|
Diluted weighted
average shares outstanding(3)
|
|
314,464
|
|
291,738
|
|
|
|
|
|
Effective tax rate
applicable to adjustment items
|
|
23.7%
|
|
23.7%
|
|
|
|
|
|
|
|
|
(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.
|
(3)
|
|
No unvested stock
awards were included in computing Adjusted Diluted Loss
Attributable to Oasis Per Share for the three months ended March
31, 2019 because the effect was anti-dilutive due to the Adjusted
Net Loss Attributable to Oasis.
|
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content:http://www.prnewswire.com/news-releases/oasis-petroleum-inc-announces-quarter-ended-march-31-2019-earnings-300845689.html
SOURCE Oasis Petroleum Inc.