Business
Oasis Midstream Partners LP Announces First Quarter 2021 Results, Increases Distribution and Updates 2021 Outlook
HOUSTON, May 3, 2021 /PRNewswire/ -- Oasis Midstream Partners LP (NASDAQ: OMP) ("OMP" or the "Partnership") today announced financial and operating results
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, May 3, 2021 /PRNewswire/ -- Oasis Midstream Partners LP (NASDAQ: OMP) (\"OMP\" or the \"Partnership\") today announced financial and operating results for the first quarter of 2021, declared its first quarter 2021 distribution and updated its 2021 outlook. \n1Q21 Operational and Financial Highlights:\nAcquired remaining interests in Bobcat DevCo and Beartooth DevCo from Oasis Petroleum and eliminated IDRs (the \"Simplification\"); Completed private placement of $450.0MM in aggregate principal amount of 8.00% senior unsecured notes due 2029; Recently signed multiple incremental third-party contracts and continue to work a robust pipeline of new opportunities in the Williston and Permian Basins; Strong operational performance and recent acquisition lead to 1Q21 results above expectations and first distribution increase since 4Q19 - declaring $0.55 per unit cash distribution; Net income was $42.9MM and net cash from operating activities was $39.4MM; Adjusted EBITDA(1) was $56.5MM and distributable cash flow(1) (\"DCF\") was $33.0MM. Pro forma for the Simplification, DCF would have been approximately $45.2MM, resulting in coverage of 1.7x(1); Margins improved sequentially leading to better profitability across commodity streams; ESG focus capturing approximately 99% of Oasis Petroleum's gas volumes in Wild Basin.(1) Non-GAAP measure. See \"Non-GAAP Financial Measures\" below for definitions of all non-GAAP measures included herein and reconciliations to the most directly comparable financial measures under United States generally accepted accounting principles (\"GAAP\"). Pro forma calculations can be found within the appendix of the Partnership's investor presentation on its website: www.oasismidstream.com\nChief Executive Officer, Taylor Reid, commented, \"Oasis Midstream Partners had an impressive first quarter as cost control and efficiencies improved profitability and led the company to exceed expectations. Additionally, OMP simplified its financial structure while improving its scale and financial outlook through the purchase of remaining interests in the Bobcat and Beartooth DevCos. This accretive transaction combined with a strong sponsor program and third party opportunities positioned OMP to increase its distribution for the first time since 2019. Congratulations to the team for their exceptional efforts which sup...