Oasis Petroleum Inc. (NYSE:OAS) Q2 2017 Earnings Conference Call - Final Transcript

Aug 03, 2017 • 11:00 am ET

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Oasis Petroleum Inc. (NYSE:OAS) Q2 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is Phil and I will be your conference operator today. At this time, I'd like to welcome everyone to the Second Quarter 2017 Earnings Release and Operations Update for Oasis Petroleum. [Operator Instructions]

I will now turn the call over to Mr. Michael Lou, Oasis Petroleum CFO to begin the conference. Thank you. Mr. Lou, you may begin your conference.

Executive
Michael H. Lou

Thank you, Phil. Good morning, everyone, this is Michael Lou. Today we are reporting our second quarter 2017 financial and operational results. We're delighted to have you on the call. I'm joined today by Tommy Nusz and Taylor Reid, as well as other members of the team. Please be advised that our remarks, including the answers to your questions, include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties, that could cause actual results to be materially different from those currently disclosed in our earnings release and conference call.

Those risks include, among others, matters that we have described in our earnings release as well as in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During this conference call, we will also make references to adjusted EBITDA, which is a non-GAAP financial measure. Reconciliations to adjusted EBITDA to the applicable GAAP measures can be found in our earnings release and on our website. We plan to file our 10-Q today following this call and we will also reference our current investor presentation which you can find on our website.

As we discussed on our last call, we issued a press release in May indicating that we decided to move forward with an MLP IPO for a portion of our midstream assets. And due to securities law restrictions, and the advice of our attorneys, once again, we will be unable to discuss this development, and we know that you can appreciate that. Through our public filings, you are able to see more information with respect to the transaction on the SEC's website. At this time, we cannot provide further comment.

With that, I'll turn the call over to Tommy.

Executive
Thomas B. Nusz

Good morning and thank you for joining our call. The Oasis team put together another solid quarter, bringing our total year-to-date completion count to 28 and preparing us for the increased completion activity in the second half of 2017 as we discussed in our May call. We completed 15 wells in the quarter, with 11 of those being completed with 10 million pounds of proppant or higher. Our production volumes were roughly flat with the first quarter, as we continue to focus on cash flow neutrality in our E&P spend.

The team did a tremendous job in the quarter, establishing strong momentum going into the second half, where we have seen some firming in oil prices, coupled with