Oasis Earnings -- 3Q13; Will Continue To Increase Number Of Rigs In The Bakken; Will Spud More Than 200 Gross Wells In 2014

From Yahoo!In-Play:

Oasis Petroleum beats by $0.04, beats on rev: Reports Q3 (Sep) earnings of $0.80 per share, $0.04 better thanthe Capital IQ Consensus Estimate of $0.76; revenues rose 65.4% year/year to $305.5 mln vs the $290.2 mln consensus.  

"Including production from our recent acquisitions, we expect production to range between 42,000 Boepd to 46,000 Boepd in the fourth quarter of 2013. Given our further confidence in the growing resource potential in the Williston Basin, we have increased our current rig count to 14, including the two rigs we picked up in our acquisition in West Williston. With the continued growth in our project inventory, we expect to add another two rigs during 2014 which will further accelerate production growth. With the growth in rig count and continuous improvements in drilling efficiency, we expect to spud approximately 210 gross operated wells in 2014." 

From Reuters:

Oasis Petroleum Inc, which drills for oil in North Dakota's Bakken shale field, said on Wednesday its third-quarter profit nearly tripled on a jump in production. 

The company posted net income of $54.5 million, or 59 cents per share, compared with $18.3 million, or 20 cents per share, in the year-ago period. 

Revenue rose 65 percent to $305.49 million. 

Production rose 10 percent to 33,064 barrels of oil equivalent per day (boe/d).

Another story from Reuters:

Production rose 10 percent to 33,064 barrels of oil equivalent per day (boe/d). Oasis completed 28 net operated wells during the quarter, with 253 net operated wells at the end of the quarter. The company said it cut its well completion cost to $8 million, below the industry average 

In September, Oasis bought roughly 161,000 net acres of leases in North Dakota from Magnum Hunter Resources Corp and three other buyers for a total of $1.52 billion, boosting its production by nearly 33 percent. 

Shares of Houston-based Oasis rose 1.2 percent to $53.16 in after-hours trading. The stock has gained 65 percent so far this year.