Oasis Petroleum Inc. ( OAS Quick Quote OAS - Free Report) incurred first-quarter 2020 adjusted loss per share of 20 cents, wider than the Zacks Consensus Estimate of a loss of 17 cents. However, in the year-ago period, the company earned a profit of 6 cents per share. These underperformances can be attributed to lower realized oil and gas prices. The company’s total operating revenues of $387.8 million surpassed the Zacks Consensus Estimate of $324 million on higher-than-expected production. Precisely, this upstream player’s output of 80.06 thousand oil-equivalent barrels per day (MBOE/d) beat the Zacks Consensus Estimate of 78.7 MBOE/d. However, the top line fell from the year-ago figure of $575.7 million due to weak production. Production & Price Realizations Total production (comprising 67.6% oil) declined 12.7% from the year-ago level to 80.06 MBOE/d. While oil volume came in at 54.1 thousand barrels per day (down 18.08% year over year), natural gas totaled 155,776 thousand cubic feet per day (up 1.15%). The average realized crude oil price during the first quarter was $43.22 per barrel, reflecting a 19.2% decrease from the prior-year realization of $53.52. Moreover, the average realized natural gas price was $1.86 per thousand cubic feet, down 49.1% from the year-earlier period. Total Expenses Total operating expenses in the quarter soared to $5.3 billion from the year-ago quarter’s $522.4 million. This was mainly on account of non-cash impairment losses of $4.8 billion associated with the plunge in commodity prices. Meanwhile, purchased oil and gas expenses were $85.2 million compared with $149.9 million in the corresponding quarter of last year. The company’s lease operating expenses declined to $6.83 per barrel of oil equivalent (Boe) from the year-ago figure of $7.08 per Boe. Financial Position Capital spending (before acquisitions) totaled $178.8 million in the quarter. Oasis Petroleum recorded $107.8 million in net cash flow from operations, lower than the year-ago period’s $174.9 million. As of Mar 31, this Bakken-focused operator had $134 million in cash and cash equivalents. The company had long-term debt of $2.77 billion. Guidance Oasis Petroleum trimmed its current-year E&P capex outlook by 50-60%, indicating a decline from the previously-issued guided range of $575-$595 million with the capex for the second to fourth-quarter period projected in the $80-$140 million band. The company further slashed its 2020 Midstream capex guidance by 65-70% to the range of $35-$40 million with roughly 35% attributable to Oasis. Oasis Petroleum suspended its 2020 output and operating expenses outlook due to the coronavirus-induced market disruptions and the uncertainty remaining around persistent production constraints over the near future. Zacks Rank & Snapshots of Other Energy Players’ Earnings Report Oasis Petroleum has a Zacks Rank #3 (Hold). Among other players in the sector that reported first-quarter earnings so far, the bottom-line results of Cheniere Energy Inc. ( energy LNG Quick Quote LNG - Free Report) , Murphy USA Inc. ( MUSA Quick Quote MUSA - Free Report) and Williams Companies Inc. ( WMB Quick Quote WMB - Free Report) beat the respective Zacks Consensus Estimate by 204.3%, 4.3% and 4%. While Cheniere Energy and Williams Companies carry a Zacks Rank #2 (Buy), Murphy sports a Zacks Rank #1 (Strong Buy).You can see . the complete list of today’s Zacks #1 Rank stocks here More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
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