Oasis Petroleum Inc. Announces Consolidated Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Production and Capital Expenditure Guidance for the Year 2015
Feb 25 15
Oasis Petroleum Inc. announced consolidated earnings and operating results for the fourth quarter and year ended December 31, 2014. For the quarter, total revenues were $299,672,000 against $333,615,000 a year ago. Operating income was $15,294,000 against $122,133,000 a year ago. Income before income taxes was $282,805,000 against $86,922,000 a year ago. Net income was $176,504,000 or $1.77 per diluted share against $54,490,000 or $0.57 per diluted share a year ago. Adjusted EBITDA was $219,519,000 against $225,376,000 a year ago. Net cash provided by operating activities was $199,024,000 against $161,175,000 a year ago. Adjusted net income was $35,121,000 against $49,677,000 a year ago. Adjusted diluted earnings per share were $0.35 against $0.52 a year ago. Effective tax rate was 37.6% compared to 37.3% a year ago. Capital expenditures were $475,692,000.
For the year, total revenues were $1,390,228,000 against $1,141,999,000 a year ago. Operating income was $645,652,000 against $504,398,000 a year ago. Income before income taxes was $814,468,000 against $363,017,000 a year ago. Net income was $506,877,000 or $5.05 per diluted share against $227,959,000 or $2.44 per diluted share a year ago. Net cash provided by operating activities was $872,516,000 against $697,856,000 a year ago. Capital expenditures were $1,354,281,000 against $893,524,000 a year ago. Adjusted EBITDA was $952,844,000 against $821,856,000 a year ago. Adjusted net income was $222,645,000 against $247,034,000 a year ago. Adjusted diluted earnings per share was $2.22 against $2.64 a year ago. Effective tax rate was 37.8% compared to 37.2% a year ago.
For the quarter, the company reported oil production of 4,123,000 mbbls compared to 3,446,000 a year ago. Natural gas production was 2,939,000 mmcf compared to 2,567,000 mmcf a year ago. Production of oil equivalents was 4,613,000 mboe compared to 3,874,000 mboe a year ago. Average daily production was 50,143,000 boe/d compared to 42,106,000 boe/d a year ago.
For the year, the company reported oil production of 14,883,000 mbbls compared to 11,133,000 a year ago. Natural gas production was 10,691,000 mmcf compared to 7,450,000 mmcf a year ago. Production of oil equivalents was 16,664,000 mboe compared to 12,375,000 mboe a year ago. Average daily production was 45,656,000 boe/d compared to 33,904,000 boe/d a year ago.
The company recorded impairment of oil and gas properties of $44,995,000 in the fourth quarter of 2014 compared to $406,000 a year ago.
The company also provided production and capital expenditure guidance for the year 2015. The company expects $705 million total capital expenditure budget, with approximately 80% allocated for drilling and completion CapEx. Targeting average daily production to range between 45,000 to 49,000 Boepd, representing an approximate 3% increase at the midpoint of 2015 over 2014 average daily production.