Oasis Petroleum Inc. Announces Quarter and Year Ending December 31, 2019 Earnings and Provides an Operational Update and 2020 Outlook

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[{"type":"text","content":"HOUSTON, Feb. 25, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (Nasdaq: OAS) (\"Oasis\" or the \"Company\") today announced financial and operational results for the quarter and year ended December 31, 2019 and provided its 2020 outlook.\n\"Fourth quarter results demonstrate continued execution and progress towards reducing leverage,\" said Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer. \"Volumes exceeded expectations while spending was lower, driven by a relentless focus on efficiency. A combination of free cash flow and asset sales led Oasis to reduce E&P debt by $188 million over the course of 2019. I'm proud of the Oasis team for rising to the challenge and driving significant cost savings and efficiencies in the back half of 2019. These efforts positioned our 2020 plan to be more capital efficient, especially when we factor in lower well costs and improved cycle times in the Delaware Basin. Oasis is in a compelling position to grow modestly while generating free cash flow and continuing to pay down debt.\" \n2019 Highlights\nProduced 87.4 MBoepd in 4Q19, 2% above the upper range of November guidance, with oil volumes at 60.1 MBopd, at the top end of guidance. Delivered net cash provided by operating activities of $892.9 million for YE19 and $253.0 million for 4Q19 and Adjusted EBITDA(1) of $1,039.5 million for YE19 and $264.0 million for 4Q19. LOE per Boe averaged $6.95 per Boe in 2019, approximately 7% below original guidance. Crude oil differentials were strong over 2019 averaging $1.68 off of NYMEX WTI. E&P CapEx(2) was $598.0 million for 2019, 4-5% below the $620-640 million plan. 2019 G&A(3) of $123.5 million was 10% below February 2019 guidance. OMP delivered approximately $159 million in net Adjusted EBITDA(4) in 2019, 4% above original midpoint guidance.(1) Non-GAAP financial measure. See \"Non-GAAP Financial Measures\" below for definitions of all non-GAAP financial measures included herein and reconciliations to the most directly comparable measures under United States generally accepted accounting principles (\"GAAP\"). (2) E&P CapEx excludes capitalized interest, midstream CapEx and acquisitions for both 2019 actual and plan.(3) Full year 2019 G&A excludes one-time litigation contingency expense of $20 million.(4) Refer to Oasis Midstream Partners press release dated February 25, 2020 for definition o...

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