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Oasis Q1: Borrowing Base Cut 52%; Suspension of D&C Activity
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Oasis Petroleum Inc. announced financial and operating results for the first quarter of 2020 and updated its 2020 outlook.
Here are the highlights from its report and call: Borrowing Base Cut 52% / 84% Drawn Oasis borrowing base cut from $1.3 billion to $625 million (a decrease of 52%). The company has $522 million outstanding (84%). More on this is available further below. Suspend D&C Activity Ramped down all drilling and completion activity. Completion activities have shut down with the flexibility to resume the appropriate level of activity in the fall. Production Oil output is down -10% sequentially and -18% year over year Updated 2020 Outlook Below are the changes that Oasis has made to its 2020 plan: Reducing 2020 E&P CapEx by 50% to 60% as compared to February 2020…- ✓ Full news archive — U.S., Canada & international coverage
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