Oasis Petroleum to cut 2015 capex nearly in half

• Oasis Petroleum (NASDAQ:OAS) cuts its 2015 capital spending plans nearly in half to $750M-$850M from this year's $1.43B capital budget.
• OAS says it still expects 5%-10% Y/Y production growth in 2015; for the current quarter, it continues to expect production of 47K-49K boe/day, which would result in aggregate Y/Y growth of ~35%.
• Says it has a strong 2015 hedge position with $164M of value if WTI crude is $70/bbl and $249M of value at $60/bbl.
• OAS -1.3% premarket.