Highlights per press release:
- Completed the sale of certain non-operated properties in its Sanish project area and other non-operated leases adjacent to its Sanish position (the "Sanish Divestiture") for cash proceeds of approximately $321.9 million, on March 5, 2014.
- Increased average daily production to 42,856 boepd. Excluding production from Sanish in the fourth quarter of 2013 and the first quarter of 2014, Oasis grew production 5% quarter over quarter. [Remember, this was a very tough winter.]
- Expects production in the second quarter of 2014 to range between 43,000 and 46,000 Boepd.
- Grew Adjusted EBITDA to a record $239.8 million in the first quarter of 2014.
- Invested capital expenditures (CAPEX) of $307.5 million in the first quarter of 2014.
- Lowered well costs to $7.2 million, including the impact of Oasis Well Services (OWS).
- Plans to complete over 20% of its wells during the second half of 2014 with slickwater, due to encouraging early production uplift of more than 25% in the areas tested and analyzed.
- the Company had 15 rigs running and had a backlog of gross operated wells waiting on completion of 25 wells in West Williston and 22 wells in East Nesson as of March 31, 2014
- average price per barrel of oil, without realized derivatives, was $89.66 in the first quarter of 2014, compared to $93.33 in the first quarter of 2013 and $85.87 in the fourth quarter of 2013
- price differentials to WTI increased due to the pipeline market continuing to weaken as a result of refinery down time and increased production from both the United States and Canada
- more recently, the pipeline market has strengthened, and the Company's price differentials to WTI have decreased
- for the first quarter of 2014, Oasis reported net income of $170.0 million, or $1.70 per diluted share, as compared to net income of $51.9 million, or $0.56 per diluted share, for the first quarter of 2013
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