Quarterly / Earnings Reports | First Quarter (1Q) Update | Deals - Acquisition, Mergers, Divestitures | Forecast - Production | Drilling Activity | Drilling Program-Rig Count
Oasis Secures Second Permian Rig; Ups 2018 Guidance as Production Climbs
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Oasis reported its Q1 2018 results.
Highlights:
- Finalized entry into the Permian
- Completed and placed on production 17 gross (11.2 net) operated wells, including 16 gross (10.2 net) operated wells in the Williston Basin and 1 gross (1.0 net) operated well in the Delaware Basin, in the first quarter of 2018.
- Exploration and production ("E&P") capital expenditures ("CapEx") were $176.9 million for the three months ended March 31, 2018.
- Delivered net cash provided by operating activities was $228.4 million and Adjusted EBITDA of $232.9 million for the first quarter of 2018.
- Increased our full year guidance to 81.0 to 84.0 MBoepd and expect production in the second quarter of 2018 to be 76.0 to 80.5 MBoepd, with the Williston being between 72.5 and 76.5 MBoepd and the Delaware being around 3.5 to 4.0 MBoepd.
Williston / Permian Update
Closed the Permian Basin Acquisition on February 14, 2018 and we have now taken over operations.
Expansion of our service partnerships developed in the Williston Basin has helped us secure critical services at market competitive prices. Continued positive results of our wells and offsets give us confidence in our plan. Our completion cadence is on track, if not a little ahead, and we have secured a second rig for the Permian which should spud by the end of May.
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