For Investors Only: Overview of Oasis, Year-End, 2012 -- Steve Zachritz -- Z Man

Link here to SeekingAlpha.com.

At the link:

Oasis Petroleum reported better than expected EIBTDA on pre-announced 4Q12 production. This is our pre-call note.

While 4Q12 production was pre-announced Oasis Petroleum exceeded consensus expectations for revenue and EBITDA and EBITDA per BOE hit $64.49 /BOE in the quarter, a new high. Strong cost control and contribution from the company's well completion segment offset sequentially lower oil prices (WTI averaged ~ $88 per barrel in the quarter, the lowest quarterly average of 2012). Moreover, given management's propensity for shying away from dilution, OAS recorded another new high in terms of production per share (see table at the bottom of this piece). While the name has risen from a 20 month sleepy period described in our last piece it continues to trade near its lows on an enterprise value to production basis (see graphs below).

And then this:

We often refer to Oasis as the "easiest to own name among the Bakken players". Costs continue to trickle lower and we expect 2013 to be a year of "beat and raise" as the quarters roll by. We continue to own the name as a top 5 ZLT position. On a forward TEV/EBITDA basis, the name trades at 5.8x 2013 estimated EBITDA and 4.4x 2014's number, which given the growth, the oiliness, and the resulting strong margins we find to continue to be appealing and augers for a move over the next 12 months above the $50 mark. 

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