Oasis Petroleum Inc. (NYSE:OAS) Q4 2017 Earnings Conference Call - Final Transcript

Feb 28, 2018 • 11:00 am ET


Oasis Petroleum Inc. (NYSE:OAS) Q4 2017 Earnings Conference Call - Final Transcript


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

All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the conference call over to Michael Lou, Oasis Petroleum's CFO, to begin the conference. Mr. Lou, you may begin.

Michael Lou

Thank you, Jamie. Good morning, everyone. This is Michael Lou. Today, we are reporting our year end and fourth quarter 2017 financial and operational results. We're delighted to have you on our 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 on both Oasis Petroleum and Oasis Midstream Partners, 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 releases and conference calls. Those risks include, among others, matters that we have described in our earnings releases 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 make reference to non-GAAP measures and reconciliations to the applicable GAAP measures can be found in our earnings releases and on our websites. We will also reference our current investor presentation, which you can find on our website.

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

Thomas Nusz

Good morning and thank you for joining our call. 2017 was a tremendous year for Oasis, including several milestone events capped off by a great fourth quarter. And I'm very excited about the outlook over the next 24 months. We ended the year on a high note anchored by our tremendous cornerstone asset in the Williston Basin. We produced over 73,000 Boes per day for the quarter and successfully executed on completion program that ended up being almost three times our first quarter of 2017 activity, as we took advantage of some relatively mild weather, pulling about 10 wells from 2018 into the end of 2017.

The team did an exceptional job throughout the year achieving significant milestones, including the successful integration of our second frac spread, the realization of remarkably tight differentials with the startup of the Dakota Access Pipeline, which we have a direct tie-in to through Oasis Midstream Services. We initiated construction of our Phase 2 gas plant we announced in November. We entered the Permian with our acquisition of approximately 22,000 net acres in the Delaware Basin. And through a combination of that acquisition and the