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Oasis Midstream Partners LP (Nasdaq: OMP) has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2020, with the U.S. SEC. The report is accessible on their website and the SEC's site, providing detailed operational and financial insights. The Partnership focuses on gathering and processing midstream assets crucial for Oasis Petroleum Inc.'s oil and gas operations, while also targeting volumes from other producers. For more details, interested investors can request a hard copy of the report via their Investor Relations.
Oasis Midstream Partners LP (OMP) reported solid financial results for Q4 2020, with a net income of $69.3 million and net cash from operating activities of $47.2 million. The Partnership's Q4 Adjusted EBITDA reached $52.1 million, exceeding guidance. Free Cash Flow stood at $9.9 million, and the company declared a quarterly cash distribution of $0.54 per unit. OMP has revised its 2021 outlook, anticipating Adjusted EBITDA of approximately $137 million to $146 million.
Future capital expenditures for key projects have been set between $221 million and $233 million.
Oasis Midstream Partners LP (Nasdaq: OMP) will announce its Fourth Quarter 2020 financial results on February 24, 2021, at market close. A live webcast and conference call for discussing these results will be held on February 25, 2021, at 11:30 a.m. Central Time. Interested parties can listen to the webcast online and an opportunity for analysts to ask questions will be provided via dial-in. A recording of the call will be available for replay for approximately 30 days post-event.
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 Midstream Partners LP (NYSE: OMP) announced the retirement of CEO Thomas Nusz as of December 22, 2020. Douglas E. Brooks has been named as the new member of OMP's general partner board and is expected to be elected as Chairman. Brooks, who has extensive experience in the oil and gas industry, also serves as CEO of Oasis Petroleum. The board aims to find a new CEO for Oasis in the coming months. This leadership change could provide fresh perspectives amidst current market challenges.
Oasis Petroleum announced the confirmation of its pre-packaged restructuring plan by the U.S. Bankruptcy Court, aiming to reduce its funded debt by $1.8 billion. The plan was approved by all voting classes, including a 100% acceptance rate from the revolving lender group and 95% from bondholders. This restructuring is projected to lower annual interest expenses by $112.5 million and reduce leverage to approximately 1.0x. Oasis Midstream Partners, under the symbol OMP, remains unaffected by the restructuring and continues normal operations.
Oasis Midstream Partners LP (OMP) reported strong Q3 2020 results, declaring a cash distribution of $0.54 per unit. Key highlights include a net income of $43.7 million, with adjusted EBITDA rising 45% to $57.1 million. Natural gas processing volumes surged 40% to 213.1 MMscfpd, primarily due to the resumption of shut-in production. DCF reached $34.1 million, reflecting a coverage ratio of 1.8x. Capital expenditures for 2020 are significantly reduced by 70% from earlier projections, now estimated between $21 million and $24 million. OMP continues to navigate the market prudently amidst Oasis Petroleum's restructuring.
Oasis Midstream Partners LP (Nasdaq: OMP) is set to release its Third Quarter 2020 financial results on November 3, 2020, post-market close. An accompanying conference call will take place on November 4, 2020, at 10:00 a.m. CT, allowing investors and analysts to discuss the results. The call will also be available for replay for 30 days post-event. Oasis Midstream, a fee-based master limited partnership, focuses on midstream assets crucial to oil and natural gas operations, particularly in the Williston Basin.
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.
