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Oasis Petroleum Q4 Results Top Estimates

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2/25/2013 7:48 PM ET

Oil and gas company Oasis Petroleum, Inc. (OAS: Quote) reported Monday a profit for the fourth quarter compared to a loss last year, reflecting a gain on derivative instruments compared to a loss last year. Both adjusted earnings per share and quarterly revenues topped analysts' expectations on strong revenue growth amid a surge in production.

The Houston, Texas-based company reported net income of $42.59 million or $0.46 per share for the fourth quarter, compared to a net loss of $13.40 million or $0.15 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $45.20 million or $0.49 per share, compared to $27.99 million or $0.30 per share in the year-ago quarter.

On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter surged 83 percent to $214.33 million from $116.88 million in the same quarter last year, and topped twenty Wall Street analysts' consensus estimate of $210.53 million by a whisker.

The company recorded a net gain on derivative instruments of $0.80 million, compared to a net loss of $65.51 million last year.

Average daily production for the quarter surged to 27,556 barrels of oil equivalent or Boe per day from last year's 15,243 Boe per day. Average price per barrel of oil, without realized derivatives, grew to $86.82 from the year-ago's $85.46.

Oasis' exploration and production capital expenditures were $276.3 million for the fourth quarter.

For fiscal 2012, the company reported net income of $153.39 million or $1.66 per share, sharply higher $79.39 million or $0.86 per share in the prior year.

Excluding items, adjusted net income for the year was $138.39 million or $1.50 per share, compared to $78.24 million or $0.85 per share in the year ago.

Total revenues for the full year more than doubled to $686.67 million from $330.42 million in the previous year.

Street was looking for full-year 2012 earnings of $1.50 per share on annual revenues of $679.66 million.

OAS closed Monday's regular trading session at $35.38, down $0.74 or 2.05% on a volume of 1.48 million shares.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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