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Oasis Petroleum Inc. Announces Second Quarter 2020 Results and Updates 2020 Outlook
HOUSTON, Aug. 5, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) ("Oasis" or the "Company") today announced financial and operating results for the
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, Aug. 5, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) (\"Oasis\" or the \"Company\") today announced financial and operating results for the second quarter of 2020 and updated its 2020 outlook. \n2Q20 Highlights:\nDelivered net cash used in operating activities of $47.9 million and Adjusted EBITDA(1) of $174.2 million in 2Q20. Produced 54.1 MBoepd in 2Q20 with oil volumes at 36.4 MBopd. E&P CapEx(2) was $36.9 million for 2Q20. LOE per Boe decreased 12% to $6.01 per Boe in 2Q20 as compared to $6.83 per Boe in 1Q20. Crude oil differentials were solid over 2Q20, averaging $2.90 off of NYMEX WTI. E&P pre-tax loss was $116.4 million and E&P Free Cash Flow(1) was $92.7 million in 2Q20. Midstream pre-tax income including non-controlling interests was $25.3 million and Midstream Adjusted EBITDA(1) was $44.2 million in 2Q20. Oasis Midstream Partners LP (NASDAQ: OMP) declared a distribution of $0.54 per unit, unchanged from 1Q20. Continued to achieve industry-leading gas capture of approximately 96% across the entire Williston position and approximately 93% in the Delaware position.Updated 2020 Outlook\nExpecting 2H20 E&P CapEx(2) of $60 million to $75 million. Full year 2020 E&P CapEx of $248 million to $263 million is 54-58% below original February 2020 guidance and towards the low-end of the CapEx range provided in May 2020. Volumes have steadily increased from trough levels observed in May 2020. 3Q20 and 4Q20 oil volumes are expected to approximate 40-42 MBopd, approximately 13% above 2Q20 levels based on current market conditions. Expecting to generate free cash flow at strip NYMEX WTI prices based on the Company's revised 2020 plan. 2H20 hedged volumes of 25 MBopd drive mark-to-market value of $85 million as of June 30, 2020. Midstream CapEx is expected to range between $5 million to $10 million in 2H20. Full year 2020 midstream CapEx of $36 million to $40 million is more than 60% below original February 2020 guidance. Approximately 25% of 2020 midstream CapEx is attributed to Oasis. See the Oasis Midstream Partners LP (\"OMP\") press release issued on August 5, 2020 for more details. \n(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 financial measures under United States...