Boston, MA 05/07/2014 (wallstreetpr) – Very recently, Oasis Petroleum Inc. (NYSE:OAS) announced its financial results for the quarter ended March 31, 2014. In addition, the company provided an update on its operations.
The CEO’s statement
The Chairman and CEO of Oasis Petroleum Inc. (NYSE:OAS), Thomas B. Nusz, mentioned that the company continues to perform and deliver on expectations. He took pride in adding that the company was successful in driving down the costs in spite of combating with harsh weather conditions. Also, it produced in the mid of its production range.
Nusz also added that the company picked up an extra rig during the first quarter. Oasis anticipates the upcoming of the 16th rig just after the spring spell. During the entire spring season, most of its rigs will be performing on pads. The company expects its production to be between 43,000 and 46,000 boepd in the ongoing quarter. The company has also identified and tested the completion techniques beyond its base design.
Well costs of Oasis in 1Q2014
The company’s well cost in the first quarter was $7.2 million, as it could conclude 80% of its well from multi-well pads. Also, Oasis continues optimizing drilling as well as completion costs by area across its important acreage position, stated the CEO.
Oasis Petroleum Inc. (NYSE:OAS), in the first quarter 2014, could complete the sale of some non-operated properties in its Sanish divestiture as well as other non-operated leases neighboring Sanish location. Oasis gained $321.9 million from the transaction. Additionally, the company churned out higher average daily production of oil of 42,856 boepd. The overall production of Oasis increased 5% in the quarter, excluding production from Sanish site.
Company invested capital expenditures of $307.5 million in the 1Q2014. Its adjusted EBITDA grew to 4 $239.8 million in the first quarter, which indeed is a record figure.
Company anticipates
Oasis Petroleum Inc. (NYSE:OAS), in the second quarter, plans to conclude 20% of its wells with slick water owing to cheering early production boost of over 25% in the sites tested and analysed.
