Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Oasis Petroleum Q4 Results Top Estimates

RELATED NEWS
Trade OAS now with 

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.

Register
To receive FREE breaking news email alerts for Oasis Petroleum Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.