Oasis Petroleum plunges as production guided lower, capex higher

|About: Oasis Petroleum Inc. (OAS)|By:, SA News Editor

Oasis Petroleum (NYSE:OAS) -18.5% pre-market after reporting mixed Q2 results and issuing negative full-year guidance revisions.

OAS says Q2 production averaged 84.5K boe/day, up 6% Y/Y but down 8% Q/Q, prompting it to lower the top end of full-year production guidance, now forecasting 86.8K-88.5K boe/day from 86K-91K boe/day previously.

At the same time, OAS raises its full-year E&P capital spending outlook to $620M-$640M from $540M-$560M and sees full-year midstream capex at $219M-$230M vs. $195M-$219M prior.

Q2 total revenues fell 8% Y/Y and Q/Q to $529.4M; crude oil revenues rose 3% Q/Q but fell nearly 10% Y/Y.

Lease operating expenses of $56.2M fell 4% Q/Q but rose 27% Y/Y; on a per barrel basis, OAS says Q2 LOE of $7.32/boe was within company guidance of $7.00-$7.75/boe but jumped 20% from $6.11/boe in the year-ago quarter.

Subscribe for full text news in your inbox