Oasis Petroleum Inc. (NYSE:OAS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.26%.
Oasis Petroleum Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 80.65% to $0.56 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Rose 79.19% to $248.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Oasis Petroleum Inc. reported adjusted EPS income of $0.56 per share. By that measure, the company beat the mean analyst estimate of $0.51. It beat the average revenue estimate of $222 million.
Quoting Management: “The momentum of our operational success continued into the first quarter, as we again exceeded our production guidance and drove down our average capital cost per well by 5% to $8.4 million, excluding the impact of Oasis Well Services (“OWS”),” said Thomas B. Nusz, Oasis’ Chairman and Chief Executive Officer. “OWS remains a key value driver for Oasis on numerous fronts, including driving down well costs and increasing the efficiency and quality of our fracs. OWS reduced overall capital expenditures (“CapEx”) for the Company by $8.1 million in the first quarter of 2013, which equates to $0.3 million per net operated well completed in the first quarter.”
Key Stats (on next page)…