logo
Share SHARE
FONT-SIZE Plus   Neg

Oasis Petroleum Q4 Results Top Estimates

Oil and gas company Oasis Petroleum, Inc. (OAS) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Hampton Farms has voluntarily recalled Ava's brand organic cashews for potential Listeria contamination. The Organic Cashews Roasted & Salted 8 oz. tubs were distributed in New Jersey, New York, Pennsylvania and Connecticut. As per the recall statement, fewer than 225 units of this product were offered for retail sale. Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau.
comments powered by Disqus
Follow RTT