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EX - 99.14 oas - 6302021q2pressreleaseex.htm EX - 99.1 Oasis Petroleum Inc. Reports Second Quarter 2021 Results , Declares Dividend and Updates 2021 Outlook Houston , Texas - August 3 , 2021 - Oasis Petroleum Inc. ( NASDAQ : OAS ) ( " Oasis " or the " Company " ) today announced financial and operating results for the second quarter of 2021 , declared its second quarter 2021 dividend , and updated its 2021 outlook . 2Q21 Operational and Financial Highlights : Exhibit 99.1 Produced total volumes of 54.3 MBoepd and oil volumes of 34.7 MBopd in 2Q21 , both above guidance midpoint . Reiterating 4Q21 average volumes of 74.5-77.5 MBoepd and oil volumes of 49.5-51.5 MBopd ; E & P CapEx was $ 52.5MM , 36 % below guidance midpoint reflecting operational efficiencies , timing , and other items . Lowering full - year capital by 7 % to $ 200MM- $ 215MM ( $ 215MM- $ 230MM prior guidance ) ; Consolidated G & A was $ 20.2MM . E & P Cash G & A totaled $ 11.0MM , including approximately $ 3.0MM of planned non recurring items . FY21 and 4Q21 E & P Cash G & A per Boe guidance remains unchanged ; Drove E & P LOE below low - end of guidance ( $ 10.50- $ 11.50 / Boe ) to $ 10.21 / Boe and anticipate further reductions in 2H21 ; Crude oil differentials were tight during 2Q21 averaging $ 0.61 off of NYMEX WTI ; Net cash provided by operating activities was $ 160.0MM and net income was $ 81.3MM ; Adjusted EBITDA to Oasis ( ¹ ) was $ 107.0MM and E & P Free Cash Flow ( ¹ ) was $ 54.8MM ; Oasis Midstream Partners ( NASDAQ : OMP ) announced a $ 0.56 / unit 2Q21 distribution ; Determined qualification under Section 382 ( 1 ) ( 5 ) of the Internal Revenue Code to reduce cash taxes to zero in 2Q21 and FY21 , a savings of over $ 50MM vs. prior estimates . By YE21 , Oasis projects an estimated net operating loss ( " NOL " ) between $ 400MM- $ 500MM ( 2 ) , which could be used to offset future taxable income ( see NOL Update below ) . Strategic Initiatives : Publishing inaugural Sustainability Report in August 2021 highlighting our commitment to and transparency around ESG initiatives ; Expect acquisition of Williston Basin assets from Diamondback Energy to close late in the third quarter of 2021. Purchase price of $ 745MM will be adjusted downward for free cash flow generated from the April 1 effective date ; Completed sale of remaining upstream assets in Permian Basin ; Announced inventory post Williston Basin acquisition and Permian Basin divestiture of approximately 670 locations with breakeven oil price of $ 55 / bbl NYMEX WTI or below , including approximately 140 three - mile lateral locations . IRR for all locations expected to average 46 % assuming $ 55 / bbl NYMEX WTI and $ 2.75 / mmBtu NYMEX gas . See Oasis's latest investor presentation for more detail ; Declared $ 0.375 / share dividend ( $ 1.50 / share annualized ) and reiterated plan to increase the fixed dividend to $ 0.50 / share upon the first quarter after closing the previously announced Williston Basin acquisition ; Redeemed $ 87.0MM of OMP common units and paid special dividend of $ 4 per common share in July . Oasis now owns 33.8MM OMP common units ; Repurchased $ 14.6MM of common stock at a weighted average price of $ 76.30 per common share under current $ 100MM share repurchase plan ; Best - in - class balance sheet supported by strong free cash flow generation in 2Q21 , no debt under the Oasis credit facility as of June 30 , 2021 , and low leverage pro forma for pending Williston Basin acquisition ; Issued $ 400.0MM of 6.375 % senior unsecured notes due 2026 . ( 1 ) Non - GAAP financial measure . See " Non - GAAP Financial Measures " below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ( " GAAP ” ) . ( 2 ) Estimated NOL range subject to the closing of previously announced acquisition of assets in the Williston Basin , fluctuations in commodity prices for the remainder of the year and other revisions .