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Oasis Petroleum Inc. Reports Second Quarter Revenue

Oasis Petroleum Inc. announced financial and operating results for the second quarter of 2021, declared its second-quarter 2021 dividend and updated its 2021 outlook. The company Produced total volumes of 54.3 Million Boepd and oil volumes of 34.7 MBopd in 2Q21, both above the guidance midpoint.

Reiterating 4Q21 average volumes of 74.5-77.5 Million Boepd and oil volumes of 49.5-51.5 MBopd. E&P CapEx was $52.5MM, 36% below guidance midpoint reflecting operational efficiencies, timing, and other items. Lowering full-year capital by 7% to $200MM-$215MM.Oasis Petroleum Inc Consolidated G&A was $20.2MM. E&P Cash G&A(1) totalled $11.0MM, including approximately $3.0MM of planned non-recurring items. FY21 and 4Q21 E&P Cash G&A per Boe guidance remains unchanged;

Oasis Petroleum Inc. Reports Second Quarter RevenueDrove E&P LOE below low-end of guidance to $10.21/Boe and anticipate further reductions in 2H21.Crude oil differentials were tight during 2Q21 averaging $0.61 off of NYMEX WTI. Net cash provided by operating activities was $160.0MM and net income was $81.3MM. Adjusted EBITDA to Oasis was $107.0MM and E&P Free Cash Flow was $54.8MM;Oasis Midstream Partners announced a $0.56/unit 2Q21 distribution.Determined qualification under Section 382 of the Internal Revenue Code to reduce cash taxes to zero in 2Q21 and FY21, a savings of over $50MM vs. prior estimates. By YE21, Oasis projects an estimated net operating loss between $400MM-$500MM which could be used to offset future taxable income.

Oasis Petroleum Inc Declared a $0.375/share dividend and reiterated a plan to increase the fixed dividend to $0.50/share upon the first quarter after closing the previously announced Williston Basin acquisition. Redeemed $87.0MM of OMP common units and paid a special dividend of $4 per common share in July.  The petroleum firm owns 33.8MM OMP common units.

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