Oasis Petroleum Inc. Reports Third Quarter 2021 Results, Reiterates 2021 Outlook

About this update from Chord Energy Corporation

[{"type":"text","content":"HOUSTON, Nov. 3, 2021 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) (\"Oasis\" or the \"Company\") today announced financial and operating results for the third quarter of 2021. Third quarter results are consistent with the update released on October 26, 2021. \n3Q21 Operational and Financial Highlights:\nProduced 51.8 MBoepd in 3Q21 with oil volumes of 31.9 MBopd; E&P CapEx was $42MM, greater than 20% below guidance. Oasis reduced its FY21 CapEx guidance on October 26th by 9%, which followed the 7% reduction in August; Net cash provided by operating activities was $294MM and net income was $83MM; Adjusted EBITDA to Oasis(1) was $116MM and E&P Free Cash Flow(1) was $65MM; As of 9/30/2021, pro forma for the Williston Basin Acquisition, Oasis had approximately $92MM of net debt, including approximately $308MM of cash, $400MM of long-term debt and no amounts drawn on its $900MM borrowing base ($450MM of elected commitments); Oasis expects to receive an additional $160MM of cash upon closing of the previously announced merger between Oasis Midstream Partners (NASDAQ: OMP) and Crestwood Equity Partners (NYSE: CEQP); Oasis increased its fixed dividend 33% to $0.50/share ($2.00/share annualized) on October 26, 2021; Continued focus on ESG and sustainability with Oasis publishing its inaugural sustainability report in 3Q21 as well as an ESG-focused investor presentation. Both can be found on the Company's website at www.oasispetroleum.com; OMP announced a 3Q21 distribution of $0.56/unit on October 26, 2021; Completed acquisition of 95,000 net acres in the Williston Basin from Diamondback Energy on October 21, 2021 (the \"Williston Basin Acquisition\") with a final payment of approximately $511MM. The aggregate purchase price of $745MM was adjusted downward for a $75MM deposit paid in 2Q21 as well as free cash flow generated from the effective date of April 1, 2021 to the closing date of October 21, 2021. \n(1) Non-GAAP financial measure. See \"Non-GAAP Financial Measures\" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles (\"GAAP\").\nThe following table presents select E&P operational and financial data for the third quarter of 2021. E&P metrics are consistent with disclosures in the Company's investor presentation, which can be found on the C...

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