Oasis Petroleum Inc. Announces Quarter and Year Ending December 31, 2010 Earnings and Year-over-Year Production Growth of 167%

Mar 08, 2011, 19:10 ET from Oasis Petroleum Inc.

HOUSTON, March 8, 2011 /PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis" or the "Company") today announced financial and operational results for the quarter and year ended December 31, 2010.    

Highlights include:

  • Grew average daily production to 7,511 barrels of oil equivalent ("Boe") per day for the fourth quarter of 2010, a 144% increase over the fourth quarter of 2009, and to 5,206 Boe per day for the full year 2010, a 167% increase over the full year 2009.
  • Increased Adjusted EBITDA by 247% to $31.2 million for the fourth quarter of 2010 compared to the fourth quarter of 2009 and by 392% to $82.2 million for the full year 2010 compared to the prior year.  For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss and net cash provided by operating activities, see "Non-GAAP Financial Measure" below.
  • Grew estimated proved reserves from 13.3 million Boe to 39.8 million Boe.

"Oasis delivered solid operational execution in 2010 and entering 2011," said Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer. "We issued approximately $425 million of equity for the Company in June 2010 and another $400 million of debt in February 2011, providing ample funding for our aggressive drilling plan.  We plan on directing 90% of our $490 million capital expenditure budget to the drill bit in 2011."

Operational and Financial Update

Average daily production for the fourth quarter of 2010 was 7,511 Boe per day (99% was produced from Williston Basin properties), an increase of 144% as compared to 3,073 Boe per day in the fourth quarter of 2009.  Sequential quarter-over-quarter production growth was 2,004 Boe per day, or 36%.  In the fourth quarter of 2010, 95% of the production was from oil.  Average daily production for the full year 2010 was 5,206 Boe per day compared to 1,950 Boe per day for 2009.  Average daily production by project area is listed in the following table:

Average daily production (Boepd)

for the years ended December 31,

for the quarters ended December 31,

2010

2009

2010

2009

Williston Basin:

West Williston

2,070

999

3,366

1,106

East Nesson

1,643

508

2,295

1,016

Sanish

1,419

366

1,774

792

Total Williston Basin

5,132

1,873

7,435

2,914

Other

74

77

76

159

Total

5,206

1,950

7,511

3,073

Average price per barrel of oil, without realized derivatives, was $73.05 in the fourth quarter of 2010 compared to $65.09 in the fourth quarter of 2009 and $69.60 for the full year 2010 compared to $55.32 for the full year 2009.  The average price differential compared to West Texas Intermediate crude oil index prices was 14% in the fourth quarter 2010 compared to 14% in the fourth quarter of 2009 and 13% for the full year 2010 compared to 17% for the full year 2009.

Total revenue for the fourth quarter of 2010 was $49.1 million compared to $17.5 million for the fourth quarter of 2009, an increase of 181%.  Sequential quarter-over-quarter revenue growth was $16.2 million, or 49%.  Total revenue for the full year 2010 was $128.9 million compared to $37.8 million in 2009.

Lease operating expenses for the fourth quarter of 2010 totaled $5.5 million, or $7.92 per Boe, an 18% decrease per Boe over the fourth quarter of 2009 of $9.60 per Boe.  Lease operating expenses for the full year 2010 totaled $14.6 million, or $7.67 per Boe, a 37% decrease per Boe over the full year 2009 of $12.21 per Boe.  This year-over-year decrease was due primarily to increases in oil production volume as well as a higher proportion of production sourced from Bakken wells, which have a lower operating cost than the traditional Madison wells.

Production taxes for the fourth quarter of 2010 totaled $5.6 million, or 11.5% of revenue, and for the full year 2010 totaled $13.8 million, or 10.7% of revenue.  Production taxes were higher in 2010 compared to 2009, which were 10.1% of revenue, primarily due to a higher proportion of production sourced from North Dakota, which imposes a production tax rate that is higher than other areas of operations at 11.5%.

Depreciation, depletion and amortization for the fourth quarter of 2010 totaled $13.4 million, or $19.46 per Boe, compared to $6.5 million, or $23.10 per Boe, in the fourth quarter of 2009.  Depreciation, depletion and amortization for the full year 2010 totaled $37.8 million, or $19.91 per Boe, compared to $16.7 million, or $23.42 per Boe, for the full year 2009.  

The Company recorded a non-cash charge related to impairment of oil and gas properties of $12.0 million for the full year 2010 related to unproved property leases that expired during the year.    

General and administrative expenses for the fourth quarter of 2010 totaled $7.6 million, or $11.05 per Boe, compared to $5.1 million, or $17.89 per Boe, in the fourth quarter of 2009.  General and administrative expenses for the full year 2010 increased to $19.7 million, or $10.39 per Boe, from $9.3 million, or $13.12 per Boe, for the full year 2009.  Of this increase, approximately $4.2 million was due to higher advisory, audit, legal, tax, and filing fees primarily related to the IPO and additional costs of being a public entity. In addition, the Company had a non-cash expense of $1.2 million related to the amortization of restricted stock awards granted during 2010, which was the first year the Company had issued restricted stock.  The remaining increase was primarily due to higher costs related to employee compensation (including bonuses paid during the first quarter of 2010 and accrued bonuses to be paid in the first quarter of 2011) and contract labor. As of December 31, 2010, Oasis had 62 full-time employees compared to 27 full-time employees as of December 31, 2009.

In March 2010, the Company recorded a $5.2 million stock-based compensation charge associated with Oasis Petroleum Management LLC ("OPM") granting 1.0 million C Units to certain of our employees. During the fourth quarter of 2010, Oasis recorded an additional $3.5 million in stock-based compensation expense primarily associated with OPM granting discretionary shares of our common stock to certain of our employees who were not C-Unit holders and certain contractors.  The combined $8.7 million of stock-based compensation charges were non-cash and non-dilutive to Oasis shareholders.

Prior to its corporate reorganization, the Company was a limited liability company not subject to entity-level income tax. Accordingly, no provision for federal or state corporate income taxes was recorded for the year ended December 31, 2009 as taxable income was allocated directly to its equity holders. In connection with the closing of the IPO, the Company merged into a corporation and became subject to federal and state entity-level taxation. In connection with this corporate reorganization, an initial net deferred tax liability of $29.2 million was established for differences between the tax and book basis of assets and liabilities and a corresponding deferred tax expense was recorded in the Consolidated Statement of Operations. Oasis recorded additional deferred income tax expenses of $6.2 million and $0.2 million in September 2010 and December 2010, respectively, for discrete adjustments related to changes in estimates to the initial deferred tax liability recorded in June 2010. Subsequent to its corporate reorganization, Oasis recorded federal and state income tax expense of $7.4 million on pre-tax income earned in the post-reorganization period from June 17, 2010 (the effective date of the reorganization) to December 31, 2010.

Adjusted EBITDA for the fourth quarter of 2010 was $31.2 million, an increase of $22.2 million, or 247%, over the fourth quarter of 2009 of $9.0 million.  Adjusted EBITDA for the full year 2010 was $82.2 million, an increase of $65.5 million, or 392%, over the full year 2009 of $16.7 million.

The Company reported net income of $1.6 million in the fourth quarter of 2010 compared to a net loss of $3.6 million in the fourth quarter of 2009.  For the full year 2010, Oasis reported a net loss of $29.7 million, or $0.61 per weighted average diluted share.  The third and fourth quarter of 2010 included non-cash increases of $6.2 million and $0.2 million, respectively, to the Company's estimated deferred tax liability above the initial book and tax differences of $29.2 million recorded at the time of the IPO.  The full year 2010 also included a non-cash charge related to the impairment of oil and gas properties of $12.0 million related to unproved property leases that expired during the year.  

Capital Expenditures and Liquidity

Oasis' capital expenditures were $162.3 million for the fourth quarter of 2010 and $345.6 million for the full year 2010.  The Company's capital expenditures for drilling, development, acquisition and undeveloped acreage costs for the four quarters and full year of 2010 are summarized in the following table:

($ in millions)

Full Year

Project Area

1Q 10

2Q 10

3Q 10

4Q 10

2010

   West Williston

$11.5

$39.7

$46.2

$143.4

$   240.8

   East Nesson

15.6

28.5

21.8

7.6

73.5

   Sanish

9.2

3.9

6.9

10.9

30.9

   Other (Barnett shale)

0.6

(0.5)

(0.1)

0.4

0.4

Total (1)

$36.9

$71.6

$74.8

$162.3

$   345.6

(1) Consolidated capital expenditures reflected in the table above differ from the amounts shown in the statement of cash flows in the Company's financial statements because amounts reflected in the table include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the statement of cash flows are presented on a cash basis. The capital expenditures amount presented in the statement of cash flows also includes cash paid for other property and equipment as well as cash paid for asset retirement costs.

On December 31, 2010, Oasis had total cash and cash equivalents of $143.5 million and had no outstanding indebtedness under its $120 million borrowing base.  On February 2, 2011, the Company issued $400 million of 7.25% senior unsecured notes (the "Notes"). The Notes resulted in net proceeds to the Company of approximately $390 million and will mature on February 1, 2019. After giving effect to the issuance of these Notes, the Company had $533.5 million of cash and $137.5 million  available under its revolving credit facility, which was redetermined and adjusted in association with the Notes issuance.

Reserves

The following is a summary of Oasis' changes in quantities of proved oil and gas reserves for the year ended December 31, 2010:

Oil (MBbl)

Gas (MMcf)

Total (MBoe)

Balance - December 31, 2009

12,421

5,270

13,299

Revisions of previous estimates

2,235

1,897

2,552

Extensions, discoveries and other additions

22,445

12,172

24,473

Sales of reserves in place

(122)

(5)

(123)

Purchases of reserves in place

1,363

696

1,479

Production

(1,792)

(651)

(1,900)

Balance - December 31, 2010

36,550

19,379

39,780

Proved developed reserves, December 31, 2010

15,650

8,208

17,018

Proved undeveloped reserves, December 31, 2010

20,900

11,171

22,762

In 2010, the Company had a total of 24,473 MBoe of additions. An estimated 8,122 MBoe of extensions and discoveries were associated with new wells, which were producing at December 31, 2010, with approximately 99% of these reserves from wells producing in the Bakken or Three Forks formations. An additional 16,351 MBoe of proved undeveloped reserves were added across all three of the Company's Williston Basin project areas associated with the Company's 2010 operated and non-operated drilling program, with 100% of these proved undeveloped reserves in the Bakken or Three Forks formations.

Additionally, Oasis had net positive revisions of 2,552 MBoe in 2010.  Approximately 29% of these revisions were due to the increase in oil prices from 2009 to 2010.  An estimated 29% of the increase was due to higher working interests in proved wells.  The remaining 42% of these revisions were due to other changes, including the estimate of recoverable hydrocarbons from proved wells.

Risk Management

As of March 8, 2011, the Company had the following outstanding commodity derivative contracts, all of which settle monthly:

Critical Prices ($ / Barrel)

Type

Remaining Term

Sub-Floor

Floor

Ceiling

Barrels of Oil per Day

% of Q4 2010

Production (1)

Two-Way Collar

10 Months (Mar-Dec 2011)

$60.00

$80.25

448

Two-Way Collar

10 Months (Mar-Dec 2011)

$70.00

$98.85

400

Two-Way Collar

10 Months (Mar-Dec 2011)

$75.00

$92.45

1,200

Two-Way Collar

10 Months (Mar-Dec 2011)

$85.00

$100.07

2,000

Two-Way Collar

10 Months (Mar-Dec 2011)

$90.00

$104.65

1,000

Two-Way Collar

10 Months (Mar-Dec 2011)

$95.00

$117.15

1,000

2011 - Total / Weighted Average Two-Way Collars

$82.65

$100.59

6,048

85%

Three-Way Collar

10 Months (Mar-Dec 2011)

$60.00

$80.00

$94.98

500

Three-Way Collar

10 Months (Mar-Dec 2011)

$70.00

$85.00

$107.80

500

2011 - Total / Weighted Average Three-Way Collars

$65.00

$82.50

$101.39

1,000

14%

2011 - Total Collars

7,048

99%

Two-Way Collar

12 Months (Jan-Dec 2012)

$75.00

$93.00

500

Two-Way Collar

12 Months (Jan-Dec 2012)

$85.00

$102.42

1,000

Two-Way Collar

12 Months (Jan-Dec 2012)

$90.00

$108.45

1,000

2012 - Total / Weighted Average Two-Way Collars

$85.00

$102.95

2,500

35%

Three-Way Collar

12 Months (Jan-Dec 2012)

$60.00

$80.00

$103.25

1,000

Three-Way Collar

12 Months (Jan-Dec 2012)

$65.00

$85.00

$108.08

1,500

Three-Way Collar

12 Months (Jan-Dec 2012)

$70.00

$90.00

$118.30

500

2012 - Total / Weighted Average Three-Way Collars

$64.17

$84.17

$108.18

3,000

42%

2012 - Total Collars

5,500

77%

Two-Way Collar

12 Months (Jan-Dec 2013)

$90.00

$107.20

1,000

14%

Three-Way Collar

12 Months (Jan-Dec 2013)

$70.00

$90.00

$122.45

1,000

14%

2013 - Total Collars

2,000

28%

(1) Q4 2010 oil production was 7,148 barrels per day.

Recent Developments

Based on inclement winter weather experienced in the Williston Basin, Oasis currently believes that its first and second quarters of 2011 production will be around the low-end of its previously announced guidance ranges of 8,000 to 9,200 Boepd and 9,800 to 11,200 Boepd, respectively.  Accordingly, the Company had 18 gross operated wells waiting on completion as of March 1, 2011.  Oasis is currently running six operated rigs in the Williston Basin, with five wells drilling in West Williston and one well drilling in East Nesson, and expects to add a seventh operated rig before the end of the first quarter of 2011.  

Conference Call Information

The Company will host a conference call on Wednesday, March 9, 2011 at 9:00 a.m. Central Time to discuss its fourth quarter and full year 2010 financial and operational results.  Investors, analysts and other interested parties are invited to listen to the conference call via the Company's website at www.oasispetroleum.com or by dialing (877) 621-0256 (US participants) or (706) 634-0151 (international participants) with the Conference ID of 45935864.  A recording of the conference call will be available by dialing (800) 642-1687 (US participants) or (706) 645-9291 (International participants) using the Conference ID of 45935864 beginning at 12:30 p.m. Central Time on the day of the call until Wednesday, March 16, 2011.  The conference call will also be available for replay for 30 days at www.oasispetroleum.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, derivatives activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in oil and natural gas prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the SEC.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Oasis Petroleum Inc.

Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin.   For more information, please visit the Company's website at www.oasispetroleum.com.  

Oasis Petroleum Inc. Financial Statements

OASIS PETROLEUM INC.

CONSOLIDATED BALANCE SHEET

December 31,

2010

2009

(In thousands, except share amounts)

ASSETS

Current assets

Cash and cash equivalents

$143,520

$  40,562

Accounts receivable — oil and gas revenues

25,909

9,142

Accounts receivable — joint interest partners

28,596

1,250

Inventory

1,323

1,258

Prepaid expenses

490

134

Advances to joint interest partners

3,595

4,605

Derivative instruments

-

219

Total current assets

203,433

57,170

Property, plant and equipment

Oil and gas properties (successful efforts method)

580,968

243,350

Other property and equipment

1,970

866

Less: accumulated depreciation, depletion, amortization and impairment

(99,255)

(62,643)

Total property, plant and equipment, net

483,683

181,573

Deferred costs and other assets

2,266

810

Total assets

$689,382

$239,553

LIABILITIES AND STOCKHOLDERS’/MEMBERS’ EQUITY

Current liabilities

Accounts payable

$    8,198

$    1,577

Advances from joint interest partners

3,101

589

Revenues payable and production taxes

6,180

2,563

Accrued liabilities

58,239

18,038

Accrued interest payable

2

144

Derivative instruments

6,543

1,087

Deferred income taxes

2,470

-

Total current liabilities

84,733

23,998

Long-term debt

-

35,000

Asset retirement obligations

7,640

6,511

Derivative instruments

3,943

2,085

Deferred income taxes

40,492

-

Other liabilities

780

109

Total liabilities

137,588

67,703

Commitments and contingencies

Stockholders’/members’ equity

Capital contributions

-

235,000

Common stock, $0.01 par value; 300,000,000 shares authorized; 92,240,345 shares issued and outstanding

920

-

Additional paid-in-capital

643,719

-

Retained deficit/accumulated loss

(92,845)

(63,150)

Total stockholders’/members’ equity

551,794

171,850

Total liabilities and  stockholders’/members’ equity

$689,382

$239,553

OASIS PETROLEUM INC.

CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended December 31,

Year Ended December 31,

(In thousands, except per share amounts)

2010

2009

2010

2009

Oil and gas revenues

$49,147

$17,457

$128,927

$37,755

Expenses

Lease operating expenses

5,470

2,715

14,582

8,691

Production taxes

5,637

2,056

13,768

3,810

Depreciation, depletion and amortization

13,447

6,532

37,832

16,670

Exploration expenses

261

779

297

1,019

Rig termination

-

-

-

3,000

Impairment of oil and gas properties

158

3,370

11,967

6,233

Gain on sale of properties

-

(1,455)

-

(1,455)

Stock-based compensation expenses

3,543

-

8,743

-

General and administrative expenses

7,638

5,059

19,745

9,342

Total expenses

36,154

19,056

106,934

47,310

Operating income (loss)

12,993

(1,599)

21,993

(9,555)

Other income (expense)

Change in unrealized gain (loss) on derivative instruments

(7,417)

(1,676)

(7,533)

(7,043)

Realized gain (loss) on derivative instruments

(61)

(67)

(120)

2,296

Interest expense

(274)

(311)

(1,357)

(912)

Other income (expense)

202

10

284

5

Total other income (expense)

(7,550)

(2,044)

(8,726)

(5,654)

Income (loss) before income taxes

5,443

(3,643)

13,267

(15,209)

Income tax expense

3,856

-

42,962

-

Net income (loss)

$ 1,587

$(3,643)

$(29,695)

$(15,209)

Earnings (loss) per share:

Basic and diluted

$0.02

($0.61)

Weighted average shares outstanding:

Basic

92,000

48,395

Diluted

92,170

48,395

OASIS PETROLEUM INC. SELECTED FINANCIAL AND OPERATIONAL STATS

Three Months Ended December 31,

Year Ended December 31,

2010

2009

2010

2009

Operating results ($ in thousands):

Revenues

Oil

$48,041

$16,817

$124,682

$36,376

Natural gas

1,106

640

4,245

1,379

Total oil and gas revenues

49,147

17,457

128,927

37,755

Production data (units):

Oil (MBbls)

658

258

1,792

658

Natural gas (MMcf)

200

146

651

326

Oil equivalents (MBoe)

691

283

1,900

712

Average daily production (Boe/d)

7,511

3,073

5,206

1,950

Average sales prices:

Oil, without realized derivatives (per Bbl)

$  73.05

$  65.09

$    69.60

$  55.32

Oil, with realized derivatives (1) (per Bbl)

72.96

64.83

69.53

58.82

Natural gas (per Mcf)

5.53

4.37

6.52

4.24

Cost and expense (per Boe of production):

Lease operating expenses

$    7.92

$    9.60

$      7.67

$  12.21

Production taxes

8.16

7.27

7.25

5.35

Depreciation, depletion and amortization

19.46

23.10

19.91

23.42

General and administrative expenses

11.05

17.89

10.39

13.12

Stock-based compensation expense

5.13

-

4.60

-

(1) Realized prices include realized gains or losses on cash settlements for commodity derivatives, which were not designated as hedging instruments for accounting purposes.

OASIS PETROLEUM INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

Years Ended December 31,

($ in thousands)

2010

2009

Cash Flows from Operating Activities:

Net loss

$ (29,695)

$ (15,209)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion and amortization

37,832

16,670

Impairment of oil and gas properties

11,967

6,233

Gain on sale of properties

-

(1,455)

Deferred income taxes

42,962

-

Derivative instruments

7,653

4,747

Stock-based compensation expense

9,970

-

Debt discount amortization and other

470

95

Working capital and other changes:

Change in accounts receivable

(44,450)

(6,409)

Change in inventory

(498)

(218)

Change in prepaid expenses

(356)

(40)

Change in other assets

(164)

(667)

Change in accounts payable and accrued liabilities

13,917

2,440

Change in other liabilities

4

(39)

Net cash provided by operating activities

49,612

6,148

Cash flows from investing activities:

Capital expenditures

(226,544)

(47,396)

Acquisition of oil and gas properties

(86,393)

(35,215)

Derivative settlements

(120)

2,296

Advances to joint interest partners

1,010

(2,331)

Advances from joint interest partners

2,512

383

Proceeds from equipment and property sales

-

1,507

Net cash used in investing activities

(309,535)

(80,756)

Cash flows from financing activities:

Proceeds from members’ contributions

-

104,600

Proceeds from sale of common stock

399,669

-

Proceeds from issuance of debt

72,000

22,000

Reduction in debt

(107,000)

(13,000)

Debt issuance costs

(1,788)

-

Net cash provided by financing activities

362,881

113,600

Increase in cash and cash equivalents

102,958

38,992

Cash and cash equivalents:

Beginning of period

40,562

1,570

End of period

$ 143,520

$  40,562

Supplemental cash flow information:

Cash paid for interest

$     1,002

$       674

Supplemental non-cash transactions:

Change in accrued capital expenditures

$   35,181

$    4,134

Asset retirement obligations

1,227

2,156

Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization, property impairments, exploration expenses, unrealized derivative gains and losses and non-cash stock-based compensation expense. Adjusted EBITDA is not a measure of net income or cash flows as determined by United States generally accepted accounting principles, or GAAP.

The following tables present a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to the GAAP financial measures of net loss and net cash provided by operating activities, respectively.  

Adjusted EBITDA reconciliations

Three Months Ended December 31,

Year Ended December 31,

($ in thousands)

2010

2009

2010

2009

Adjusted EBITDA reconciliation to Net Income /(Loss):

Net income / (loss)

$  1,587

$(3,643)

$(29,695)

$(15,209)

Change in unrealized loss on derivative instruments

7,417

1,676

7,533

7,043

Interest expense

274

311

1,357

912

Depreciation, depletion and amortization

13,447

6,532

37,832

16,670

Impairment to oil and gas properties

158

3,370

11,967

6,233

Exploration expenses

261

779

297

1,019

Stock-based compensation expenses

4,160

-

9,970

-

Income tax expense

3,856

-

42,962

-

Adjusted EBITDA

$31,160

$  9,025

$  82,223

$  16,668

Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities:

Net cash provided by operating activities

$18,727

$  6,629

$  49,612

$    6,148

Realized gain (loss) on derivative instruments

(61)

(67)

(120)

2,296

Interest expense

274

311

1,357

912

Exploration expenses

261

779

297

1,019

Gain on sale of properties

-

1,455

-

1,455

Debt discount amortization and other

(48)

(24)

(470)

(95)

Changes in working capital

12,007

(58)

31,547

4,933

Adjusted EBITDA

$31,160

$  9,025

$  82,223

$  16,668

SOURCE Oasis Petroleum Inc.



RELATED LINKS

http://www.oasispetroleum.com