Oasis Midstream Partners LP (NYSE:OMP) Q4 2019 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 12:30 pm ET
Thank you. [Operator Instructions] Our first question comes from Jeremy Tonet with J.P. Morgan. Please go ahead.
Hey, guys. This is James on for Jeremy. Just wanted to start off with -- it's on the slide that you guys have a 50% [Phonetic] target for third-party contribution. Do you guys have a timeline in terms of when you expect to meet that target?
Taylor L. Reid
Yeah. We've been able, James, to really grow that third-party business. Obviously, we've gone from when we IPO'ed this thing about two years ago to really no focus on the third-party side. Really started building into that in 2018. And what you're -- where you see us now is kind of 25% of revenues on the third-party side. So we've made really good progress. Obviously, we'd like to continue that progress. We don't have an exact timeline on that, but we're working very hard towards continuing to diversify our customer base.
We've really grown the customer base pretty significantly. It's not just one or two guys, it's double-digit type number of new customers which is significant. We're doing that across the basins as well and across commodities. So we've really got just a ton of great momentum on that front. We've been able to service those customers really well and we'll continue to do so and hopefully continue to grow our market share with those customers, as well as new customers.
Got it. Thanks. And then just on Panther, you mentioned the opportunity to pursue produced water recycling. What -- is there -- what is the kind of capital requirements there? And is that a 2020 event do you think that would be in the transfer?
Taylor L. Reid
We don't have an exact number on produced water recycling, the costs. We're still looking into all of that. That's likely not a 2020 event. That's a little further out than that. But we think it is a big opportunity in the Permian, in the Delaware in particular. Obviously, there is a lot of produced water that comes out. It's not as -- it's actually a little bit easier to work with than produced water from other basins. And so there won't be quite as much that you need to do to get it ready to reuse. So we're still looking into it. It's a big opportunity, but it's probably a little further out for us.
All right. That's it for me. Thanks.
Taylor L. Reid
Our next question comes from Pearce Hammond with Simmons Energy. Please go ahead.
Good morning, and thanks for taking my questions. Richard, right now you're about 80% drawn on the revolver. And do you anticipate exercising the accordion figure? And if so -- feature, sorry. And if so, what are the conditions that you need to meet to increase the revolver by the $200 million call it for with the accordion?
Richard N. Robuck
Yeah. Pearce, that's a great question. You know the good news from our perspective is we're really at basically the peak of where we think we're