HOUSTON, Feb. 25, 2013 /PRNewswire/ -- Oasis Petroleum Inc. (OAS) ("Oasis" or the "Company") today announced financial results for the quarter and year ending December 31, 2012.
Financial Highlights in 2012:
•Increased revenue by 108% to $686.7 million in 2012, up from $330.4 million in the prior year.
•Grew Adjusted EBITDA by 118% to $512.3 million in 2012, up from $234.5 million in the prior year. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, see "Non-GAAP Financial Measures" below.
•Increased net income by 93% to $153.4 million in 2012, up from $79.4 million in the prior year.
Can you imagine what the share price would do if a tech company reported growth like this! - Dan
Oasis Petroleum (OAS)
Oasis Petroleum (OAS)
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oasis Petroleum (OAS)
Oasis is a "Pure Play" on the Bakken. This is why I love it.
> They successfully high-graded and grew their net acres by 9% in 2012 up to 335,383 total net acres. Of this, approximately 305,000 is considered "core" to the Bakken.
> As of year end, Oasis had 265,000 acres held by production. They can now focus on low-risk development drilling.
> Through acreage acquisitions and various trades in 2012, Oasis added 37 controlled operating drilling spacing units to their inventory. Increasing the number of drilling blocks, further derisking the Three Forks across their position and improving comfort around infill density estimates.
> Oasis now estimates a gross operated primary inventory of up to 987 locations in the Bakken.
Let's say each locations is 500,000 bbls of recoverable oil. That means they hold approximately 500 million bbls of recoverable oil not counting the Three Forks potential they hold. Compare this to their market cap of $3.6 billion and you get the picture why I think OAS has a lot more upside for us.
> They successfully high-graded and grew their net acres by 9% in 2012 up to 335,383 total net acres. Of this, approximately 305,000 is considered "core" to the Bakken.
> As of year end, Oasis had 265,000 acres held by production. They can now focus on low-risk development drilling.
> Through acreage acquisitions and various trades in 2012, Oasis added 37 controlled operating drilling spacing units to their inventory. Increasing the number of drilling blocks, further derisking the Three Forks across their position and improving comfort around infill density estimates.
> Oasis now estimates a gross operated primary inventory of up to 987 locations in the Bakken.
Let's say each locations is 500,000 bbls of recoverable oil. That means they hold approximately 500 million bbls of recoverable oil not counting the Three Forks potential they hold. Compare this to their market cap of $3.6 billion and you get the picture why I think OAS has a lot more upside for us.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oasis Petroleum (OAS)
Sweet 16 Growth Portfolio: An updated Net Income & Cash Flow Forecast model for Oasis Petroleum (OAS) has been posted under the Sweet 16 Tab. OAS 4th quarter results came in slightly above our forecast. We have increased our Fair Value Estimate for the stock. OAS is a pure play on the Bakken/Three Forks play in North Dakota & Montana.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oasis Petroleum (OAS)
Now that Oasis has de-risked a high percentage of their acreage and they are moving into development drilling mode, the shares deserve to trade at a much higher multiple. See the bottom of my forecast model for my Fair Value Estimate.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group