Oasis Petroleum (OAS) Reports Narrower-Than-Expected Q4 Loss
Zacks Investment Research | Mar 02, 2020 10:27PM ET
Oasis Petroleum Inc. (NASDAQ:OAS) incurred fourth-quarter 2019 adjusted loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 6 cents. This outperformance can be attributed to higher realized oil prices and reduced year-over-year operating expenses. Meanwhile, the bottom line was essentially flat year over year.
The company’s total operating revenues of $483.9 million surpassed the Zacks Consensus Estimate of $421 million. However, the top line fell from the year-ago figure of $599.7 million owing to lower production.
Production & Price Realizations
Total production (comprising 69% oil) was marginally down from the year-ago level to 87.4 thousand oil-equivalent barrels per day (MBOE/d). While oil volume came in at 60.1 thousand barrels per day (down 10.6% year over year), natural gas totaled 163,762 thousand cubic feet per day (up 30%).
The average realized crude oil price during the fourth quarter was $53.66 per barrel, reflecting a 3.17% increase from the prior-year realization of $52.01. However, the average realized natural gas price was $2.77 per thousand cubic feet, down 35.1% from the year-earlier period.
Total Expenses
Total operating expenses in the quarter declined 11.6% year over year to $459.4 million, primarily owing to lower commodity purchase costs. Notably, purchased oil and gas expenses were $70.9 million compared with $179 million in the corresponding quarter of last year.
The company’s lease operating expenses increased to $7.26 per barrel of oil equivalent (Boe) from the year-ago figure of $6.95 per Boe.
Oasis Petroleum Inc. Price, Consensus and EPS Surprise
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