Oasis Petroleum Inc. Announces First Quarter 2020 Results and Updates 2020 Outlook

About this update from Chord Energy Corporation

[{"type":"text","content":"HOUSTON, May 18, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) (\"Oasis\" or the \"Company\") today announced financial and operating results for the first quarter of 2020 and updated its 2020 outlook. \n1Q20 Highlights:\nDelivered net cash provided by operating activities of $107.8 million and Adjusted EBITDA(1) of $167.0 million in 1Q20. Produced 80.1 MBoepd in 1Q20, 2% above midpoint guidance, with oil volumes at 54.1 MBopd, 1% above midpoint guidance. E&P CapEx(2) was $151.3 million for 1Q20, more than 10% below the Company's February 2020 guidance. LOE per Boe decreased 6% to $6.83 per Boe in 1Q20 as compared to $7.26 per Boe in 4Q19. Crude oil differentials were solid over 1Q20, averaging $3.19 off of NYMEX WTI. Reduced the total principal of the Company's senior unsecured notes by $156.8 million during the quarter to $1,825.8 million as of March 31, 2020. Total G&A expense and E&P Cash G&A(1) expense decreased by approximately 10% and 12%, respectively, from 1Q19.Updated 2020 Outlook\nReducing 2020 E&P CapEx(2) by 50% to 60% as compared to February 2020 guidance of $575 million to $595 million, with expected spending from 2Q20 to 4Q20 of $80 million to $140 million. Expecting to generate free cash flow at strip NYMEX WTI prices based on the Company's revised 2020 plan, as strong hedge position helps protect cash flow. 2Q20 hedged volumes of 50 MBopd and 2H20 hedged volumes of 38 MBopd drive mark to market value of $262 million as of March 31, 2020. Ramped down all drilling and completion activity. Completion activities have shut down with the flexibility to resume the appropriate level of activity in the fall. Suspending 2020 volume and operating cost guidance given ongoing uncertainty, continued market volatility and the uncertainty around the size and duration of volume curtailments over the coming months. Completed 27 gross operated wells in 1Q20. Most flush production from newly completed wells is currently curtailed to preserve value. Compared to 1Q20 production, volumes in the Williston Basin were reduced by approximately 25% in April. May curtailments are currently expected to be higher than those in April. Oasis has significant flexibility to bring volumes back online and can respond quickly to market dynamics. Expected Midstream CapEx has been reduced by approximately 65% to 70%, ranging from $35 millio...

More updates from Chord Energy Corporation