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Oasis Adjusts 2021 Plans After Permian Asset Sale; Capex Cut 10%
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After announcing its impending exit from the Permian, Oasis Petroleum Inc. has updated its 2021 guidance and hedging portfolio.
After the close of the sale, Oasis will be a pure-play Bakken-focused E&P.
Updated 2021 Guidance
Capex: $205-220 million (down 10% at the midpoint from $237 million)
- Incremental activity that was planned in the Permian is expected to shift into the Williston in 2H21
Production: FY21 volumes are now expected to be 63.5 - 66.5 MBoepd (down 6% at the midpoint from 69.3 MBOEPD)
- 4Q21 volumes are expected to be 74.5 - 77.5 MBoepd
Wells: The company only planned seven (7) wells in the Delaware Basin for 2021 compared to 24 in the Williston. Since the company plans to shift the incremental activity to Williston Area, we are increasing our well count forecast to 29 from 24.
The following table presents previously announced FY21 guidance and updated guidance for both FY21 and 2Q21:
Updated Hedge Book
On May 17, 2021 Oasis entered into a series of transactions with certain hedge counterparties to modify the swap price to $50 WTI for hedges totaling 19mbopd in 2022 and 14mbopd in 2023. The amount paid for the modification of these hedges totaled $82.4MM.
At May 19, 2021, the Company had the following outstanding commodity derivative instruments:
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