Tuesday, May 8, 2018

Oasis Earnings Call -- 1Q18

Link at SeekingAlpha.

Oasis Petroleum and Oasis Midstream Partners.

Highlights (pretty much just the Bakken; if you want to know about the Delaware go to hte link)
  • 76,800 boepd; full-year guidance raised to 81K - 84K boepd
  • growing volumes at 15% to 20% y-o-y
    • limited cost inflation or service tightness in either the Williston or the Delaware Basin
    • Bakken taught Oasis a lot; developed a lot of long-term provider relationships
  • Bakken: primarily focused on the core
    • looks like a 5-rig program in the Bakken
    • will complete 100 - 110 gross operated wells in 2018
  • CAPEX, upstream: $815 to $855 million
    • 85% of that CAPEX in Williston
    • about 90% E&P capital on drilling and completions
  • proppant: 
    • middle Bakken -- 10 million lbs proppant/well
    • Three Forks -- 4 million lbs proppant/well
  • particularly happy with Spratley wells in Alger; in line with Wild Basin and Alger type curves
  • Indian Hills wells continue to perform above the type curve
  • recently moved Painted Woods into the core due to strong performance seen by offfset operators
    • takes Oasis from 483 to 585 net locations in the core with the addition of Painted Woods
  • across all plays, lifting costs, $6.48/bbl; below guidance of $7 to $7.50/bbl
    • = 88K bbls/day = $16,000K - $32,000K/year
  • will use Oasis' new 200 million-cubic-feet-per-day natural gas processing plant at Wild Basin; will come online at the end of the year (2018); currently 65% complete; on time; on budget
  • DUC backlog grew; bumped from the high 70s to around 90 or so

No comments:

Post a Comment