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 down 0.76%.
Oasis Petroleum Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 96.97% to $0.65 in the quarter versus EPS of $0.33 in the year-earlier quarter.
Revenue: Rose 70.8% to $254.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Oasis Petroleum Inc. reported adjusted EPS income of $0.65 per share. By that measure, the company beat the mean analyst estimate of $0.6. It beat the average revenue estimate of $246.47 million.
Quoting Management: “Oasis continues to deliver on expectations, as we managed the logistics of pad drilling operations and spring break up during the second quarter,” said Thomas B. Nusz, Oasis’ Chairman and Chief Executive Officer. “We completed 20 gross operated wells with an average working interest of 70%, which is in line with what we projected. This allowed us to keep production relatively flat quarter over quarter. We completed 14.7 net operated and non-operated wells in the second quarter of 2013, while our backlog of wells waiting on completion grew significantly as we began pad drilling during the quarter. Through pad drilling and other operational efficiencies, we drove down operated well costs on the wells completed in the second quarter of 2013 to approximately $8.2 million, excluding the impact of Oasis Well Services (“OWS”). OWS reduced capital expenditures for the Company by $6.4 million in the second quarter of 2013, which equates to approximately $0.4 million per net operated well completed. We also recently picked up two additional drilling rigs and now have 11 rigs operating to capitalize on the efficiencies of pad development and favorable weather conditions.”
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