Oasis Petroleum (OAS) Q4 Results - Feb 26

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Stifel's Take:

Oasis Petroleum Inc. (OAS, $1.77, Buy; Target $8.70)
Announces 2020 budget focused on free cash flow generation and debt reduction - Derrick Whitfield

We view the release as neutral. The positives include: i) a quarterly EBITDA beat, ii) lower than expected 2020 capex, iii) higher than expected Q420 exit rate oil production guidance, and iv) a 2020 budget that is E&P free cash flow positive above $50/bbl WTI. The only negative was lower than expected Q120 and 2020 production guidance. Net-net, we believe the free cash flow-focused 2020 budget with a higher than expected 2020 exit rate will offset the negative revisions to 2020 production expectations