Oasis Petroleum Inc. (NYSE:OAS) Q2 2019 Earnings Conference Call - Final Transcript
Aug 07, 2019 • 11:00 am ET
Good morning. My name is Ben, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Second Quarter 2019 Earnings Release and operations update for Oasis Petroleum. [Operator Instructions] I will now turn the call over to Michael Lou, Oasis Petroleum's CFO to begin the conference. Thank you. You may begin your conference.
Michael H. Lou
Thank you, Ben. Good morning, everyone. Today, we are reporting our Second Quarter 2019 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 10K and our quarterly reports on form 10Q. 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 website. 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.
Good morning, and thanks for joining our call. The Oasis team continues to execute on our plan, harvesting free cash flow from the Williston to fund Permian development and generate free cash flow at the E&P level, excluding the impact -- impact of OMP. As an organization, we continue to focus on per share value drivers of cash flow, cash margins, return on investment, capital efficiency and volume performance relative to our budget targets, all of which should drive attractive returns whether at the well project or corporate level. Taylor will get into more operational detail in a minute, but I want to highlight a few key points about our performance and strategy. First, Oasis continues to execute its measured development program in 2019 and expects to generate strong free cash flow at the E&P level at current oil prices. Second, in the Williston, in spite of some challenging weather and flooding conditions, we executed well on the D&C side, getting 21 -- 24 wells online during the second quarter, albeit weighted to the latter part of the quarter. Third, in the Delaware, we've been able to secure services and drive operational efficiencies, get a get visibility on takeaway capacity. Then we continue to make significant progress delineating our position and understanding the subsurface.
We brought on three wells testing the Wolfcamp A, B