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Oasis Midstream Partners LP (OMP) has announced an agreement to acquire remaining interests in Bobcat DevCo and Beartooth DevCo from Oasis Petroleum Inc. for $510 million. The deal includes $229 million in cash and 14.8 million units, along with the elimination of OMP's incentive distribution rights. The transaction is expected to enhance OMP's cash flow and is projected to add approximately $81 to $84 million in adjusted EBITDA for 2021. OMP also plans to issue $450 million in senior unsecured notes to finance part of the acquisition and repay existing debt.
Oasis Petroleum reported financial results for Q4 2020 and its outlook for 2021. The company declared a dividend of $0.375 per share, payable on March 22, 2021, reflecting a strong commitment to shareholders. Oasis achieved a free cash flow of $155-$175MM at $50/bbl WTI, with a capital expenditure plan of $225-$235MM. The firm reduced net borrowings by $80MM, maintaining a leverage of 0.6x, significantly below their target of 1.0x. Oasis also integrated an ESG strategy into its governance, emphasizing sustainable operations. An investor presentation will follow on March 8, 2021.
Oasis Petroleum Inc. (Nasdaq: OAS) will announce its Fourth Quarter 2020 financial results on February 24, 2021, after market close. A conference call is scheduled for February 25, 2021, at 10:00 a.m. Central Time, to discuss these results. Investors can join the live webcast via Oasis's website. Additionally, Oasis will participate in several energy conferences in March, including Credit Suisse's Annual Virtual Energy Summit and Morgan Stanley's Global Energy & Power Conference. For more details, visit Oasis's official site.
Oasis Petroleum Inc. (Nasdaq: OAS) has announced a new executive compensation program aimed at aligning management incentives with shareholder interests and the company's strategic objectives. The program emphasizes performance by linking equity compensation to total shareholder return (TSR) through various instruments: absolute and relative TSR Performance Share Units, and Time-Vested Restricted Stock Units. Key highlights include front-loaded long-term incentives, reduced executive base salaries, and a commitment to deliver consistent returns. Full details will be available in an upcoming SEC filing.
Oasis Petroleum Inc. (Nasdaq: OAS) announced a new investor presentation detailing its strategic and financial priorities, emphasizing capital discipline and free cash flow generation. CEO Douglas E. Brooks highlighted the company's strong balance sheet and quality assets within the Williston and Delaware Basins. Additionally, Oasis will participate in the Goldman Sachs Global Energy Conference 2021 on January 7, 2021, hosting one-on-one sessions with investors. The presentation underscores Oasis's commitment to aligning its strategies with shareholder interests.
Oasis Petroleum Inc. has announced the retirement of its CEO, Thomas Nusz, effective December 22, 2020, after 13 years of leadership. Douglas E. Brooks, the Board Chair, has been appointed as the new CEO. The company is initiating a search for a permanent CEO, expected to conclude in the coming months. Nusz will remain with the company until December 30, 2020. Brooks acknowledged Nusz's contributions, emphasizing the company's strong balance sheet and commitment to operational excellence and sustainability. The transition aims to maintain stability and enhance shareholder value amidst industry challenges.
Oasis Petroleum Inc. has entered into a restructuring support agreement with lenders and bondholders as part of a comprehensive plan to reduce debt by $1.8 billion. The company filed for Chapter 11 bankruptcy to facilitate this restructuring. Upon completion, expected in November 2020, Oasis aims to reduce borrowings to about $340 million. Despite these challenges, the firm will continue normal operations and maintain financial obligations. Oasis Midstream Partners remains unaffected and operational during this transition.
Oasis Petroleum Inc. (NASDAQ: OAS) has opted for a 30-day grace period to defer interest payments due on September 15, 2020, for its 6.875% Senior Unsecured Notes and 2.625% Senior Unsecured Convertible Notes. This decision is part of ongoing discussions with lenders and noteholders for a financial restructuring aimed at strengthening its balance sheet. Despite this, the company maintains sufficient liquidity and is operating normally. Oasis Midstream Partners (NASDAQ: OMP) is not included in the restructuring discussions and remains well-capitalized.
Oasis Petroleum reported its 2Q20 financial results, noting a net cash usage of $47.9 million and adjusted EBITDA of $174.2 million. Production reached 54.1 MBoepd, with crude oil volumes at 36.4 MBopd. Capital expenditures for E&P were $36.9 million, while lease operating expenses decreased by 12% to $6.01 per Boe. The company forecasts 2H20 CapEx between $60 million and $75 million, with oil volumes expected to rise to 40-42 MBopd. Despite challenges, Oasis maintained strong gas capture rates and a solid hedge position.
Oasis Petroleum Inc. (OAS) will announce its Q2 2020 financial results on August 5, 2020, before market open. A conference call and live webcast will take place at 10:00 a.m. Central Time on the same day to discuss the results. Investors can access the conference by dialing 888-317-6003 or through an online link. A recording will be available from 12:00 p.m. Central Time on August 5 until August 12, 2020. Oasis will also participate in Citi's energy conference on August 12, 2020.
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