Oasis 4Q18 Presentation Posted

Link here.

In reply to a reader, I wrote:

1. Moving south Cottonwood to top tier is perhaps the most interesting bit of trivia from the presentation

2. Dropping to two rigs in North Dakota, from three; will have two rigs in the Bakken and two rigs in the Permian (I think that's correct).

3. Montana: not sure what to make of that. It would be interesting to know the production tax in Montana vs North Dakota. You can see how Production Tax in North Dakota dropped from $7.66 /bbl to $3.78 (2014 to 2015) -- slide 6; dropped to a low of $3.09 but is now creeping back up and back ot $4.44 now. I read often that oil companies watch Production Tax in Texas, Oklahoma, ND very, very closely. As recently as October, 2018, production taxes in Montana were a problem: Tax rates holding back Montana’s oil and gas industry.

Going through the presentation, things that caught my eye:

• Oasis claims to be the "first E&P to live within cash flow during downturn, with highly capital efficeint spending" 
• initial Painted Woods wells are outperforming company's expectations
• south Cottonwood now top-tier
• 2019 development plan generates free cash flow at $50/bbl
• net acres:
• Bakken: 414,000 (that surprised me -- about equal to Whiting)
• Delaware: only 23,000 net acres
• production, 4Q18:
• Bakken: 82,300 boepd
• Delaware: 6,000 boepd
• production growth year-over-year seems to be leveling off
• plan, 2019: new spacing test in N Alger in advance of developing top-tier acreage in N Alger and S Cottonwood
• Williston asset producing free cash flow to fund Delaware growth
• plays in Williston Basin:
• Montana
• Red Bank
• Painted Woods -- Oasis-enhanced completions
• Indian Hills
• Wild Basin
• S Cottonwood
• Alger
• Bakken productivity for Oasis
• 30,000 boe per 1,000 feet lateral in 2018; Oasis says it ranks #2 among peers in this metric