Monday, June 17, 2019

Oasis Petroleum -- May, 2019 -- Corporate Presentation

Oasis Petroleum website here.

Inventory
  • net acres
    • Bakken: 414,000
    • Delaware: 23,000
Rigs (2019): Bakken, 2 - 3; Delaware: 2
Production, 1Q19: Bakken, 86,000 boepd; Delaware, 6,000 boepd
Wells:
  • since 2010, over 1,000 wells averaging ~ 10,000 feet of lateral length
  • rapidly applying Williston learnings in Delaware
    • cycle times down by 15 days
    • well costs down from $11.5 million to $10.1 million
Free cash flow: expected to deliver free cash flow at $50 WTI
  • Williston asset producing free cash flow to fund Delaware and OMP growth
Bakken
  • 1,385 top-tier operated locations
  • 20+ year inventory life at current rig pace
  • top tier prospects
    • South Cottonwood
    • Wild Basin -- main focus right now
    • Indian hills
    • Painted Woods
    • Red Bank
    • Montana
  • expanded top-tier with high intensity fracks in step-out areas
    • South Cottonwood now added to top-tier inventory
  • offset well results (3-month cum bbls of oil per 1,000 feet lateral)
    • South Cottonwood
      • pre-2016 wells: 2,122
      • offset 2016+ wells: 5,146 (up over 100%)
      • 2017+ Bakken average: 5,325
    • Painted Woods
      • pre-2016: 3.028
      • OAS recent tests: 6,111 (up over 100%)
      • 2017+ Bakken average: 5,325
    • Montana
      • pre-2016 wells: 2,361
      • offset 2016+ wells: 5,048 (up over 100%)
      • 2017+ Bakken average: 5,325
Peers:of 16 peers in the middle Bakken, OAS ranks #1 in Williston well productivity (raw data provided by outside source)
Midstream: in the Delaware, midstream development: Panther DevCo
Borrowing: no near-term maturities
  • S&P: BB-
  • Moody's: B3
Bakken midstream: OMP
  • Oasis' MLP
  • 2nd largest gas processor in the Williston Basin with the startup of Wild Basin Gas Plant II, December, 2018
Delaware Panther DevCo to OMP
  • Panther acreage: at the three-county area -- Loving, Winkler, Ward; just west of the Wink Oil Hub

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