Business
Oasis Petroleum Inc. Announces Preliminary Fourth Quarter and Full Year 2019 Results and Highlights from Preliminary 2020 Plan
Strong 2019 Results and 2020 Plan Demonstrate Ongoing Commitment to Disciplined Capital Allocation, Free Cash Flow Generation and Shareholder Returns Provides
About this update from Chord Energy Corporation
[{"type":"text","content":"Strong 2019 Results and 2020 Plan Demonstrate Ongoing Commitment to Disciplined Capital Allocation, Free Cash Flow Generation and Shareholder Returns\n Provides Overview of Executive Compensation Changes to Further Align the Interests of Management and All Oasis Shareholders\n\n\nHOUSTON, Jan. 30, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (Nasdaq: OAS) (\"Oasis\" or the \"Company\") today announced preliminary 2019 full year and fourth quarter operating and financial results. The Company also disclosed highlights from its preliminary 2020 plan, as well as changes to its 2020 executive compensation program.\nPreliminary 4Q19 and YE19 Highlights \nOasis delivered higher than expected production and lower than expected cash costs and CapEx, which resulted in significant free cash flow and debt reduction during 4Q19. Significant E&P free cash flow in 2019 helped reduce E&P debt (including total principal of senior unsecured notes and the Oasis Credit Facility) by $188 million during the year from $2,508 million at YE18 to $2,320 million at YE19. Produced 87.4 MBoepd in 4Q19, 2% above the upper range of guidance, with oil volumes at 60.1 MBopd, at the top end of guidance. E&P CapEx(1) was between $592 million and $604 million for 2019, 4-5% below the $620-640 million plan. 2019 G&A(2) ranged between $120-125 million, 9% below February 2019 guidance.Preliminary 2020 Highlights \nOasis expects 2020 consolidated CapEx, excluding capitalized interest, of $700-730 million, a reduction of 5% from November expectations of approximately $750 million. 4Q20 oil volumes are expected to be a mid-single-digits percentage increase from 4Q19 levels. \"During the fourth quarter of 2019, we delivered strong results that demonstrate our commitment to operating efficiently, generating sustainable free cash flow and achieving superior returns on investment for the benefit of Oasis shareholders,\" said Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer. \"We finished the year with G&A costs well below our targets, and our teams in both the Delaware and Williston Basins successfully reduced well costs and drilling times, while continuing to operate safely and reliably. As a result of this outstanding execution, we generated strong E&P free cash flow, which was used to reduce debt, consistent with our capital allocation priorities. Today, Oasis is...