Oasis Midstream Partners LP (NYSE:OMP) Q1 2020 Earnings Conference Call - Final Transcript

May 18, 2020 • 12:00 pm ET

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Oasis Midstream Partners LP (NYSE:OMP) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is Kate, and I will be your conference operator today. At this time, I'd like to welcome everyone to the First Quarter 2020 Earnings Release and Operations Update for Oasis Midstream Partners.

Today, Oasis management will discuss first quarter 2020 results and the current environment. Please note this event is being recorded.

I would now like to turn the call over to Richard Robuck, Oasis Midstream's CFO to begin the conference. Thank you. You may begin the conference.

Executive
Richard N. Robuck

Thank you, Kate. Good morning, everyone. This is Richard Robuck, today we are reporting our first quarter 2020 financial and operational results. We're delighted to have you on our call today. I'm joined by Taylor Reid and Michael Lou. Please be advised that our remarks on both Oasis Petroleum and Oasis Midstream Partners includes 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 our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, and our quarterly report on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During this conference call, we will also make references to certain non-GAAP financial measures and reconciliations to the applicable GAAP measures can be found on our earnings release and on our website.

We will not be hosting a Q&A session on our call today. But the team will be available after the end of the call as needed.

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

Executive
Taylor L. Reid

Good morning, everyone, and thanks for joining our call. We are experiencing an environment that is causing massive disruption and dislocation to the energy sector in the US. We are doing everything in our power to adjust to the challenges that are coming our way. And I feel strongly that we have the right team and a solid balance sheet to manage through this tumultuous time.

We entered this environment with two of the best quarters in our history. Built-on assets positioned two of the best oil basins of the US. In the first quarter, throughput was above the high end of guidance across most commodity streams. EBITDA exceeded our guidance once again, as both volumes and costs were better than expected. We continue to do an excellent job on third-party opportunity.

During the first quarter, we commenced another third-party produced water gathering and disposal agreement in the Williston. We have a high quality diversified customer base that contributed approximately 19% to our first quarter EBITDA. While the macro environment is uncertain, we continue to have numerous discussions with various third parties, so we are in a good position to win additional business when conditions improve.

In light of this macroeconomic uncertainty, OMP