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Feb 22 (Reuters) - Oasis Petroleum Inc:
* Oasis Petroleum Inc announces quarter and year ending December 31, 2016 earnings and provides an operational update and its 2017 outlook
* Oasis Petroleum Inc - production growth in 2017 and 2018 is expected to be within cash flow.
* Company is revising its 2017 and 2018 year-end exit rate guidance to 72,000 boepd and over 83,000 boepd, respectively
* Oasis Petroleum Inc - average daily production was 53,150 barrels of oil equivalent per day for Q4 of 2016
* Oasis Petroleum Inc - Oasis' total inventory increased to 3,073 gross locations, of which 770 locations are considered core, as of December 31, 2016
* "We continue to expect to bring on two additional rigs in middle of year and another rig early in 2018"
* Oasis Petroleum Inc - "believe we can be free cash flow positive at current strip pricing in both 2017 and 2018"
* Oasis Petroleum - investment in oms is expected to increase oms EBITDA to $155 million annualized by Q4 of 2017
* Oasis Petroleum Inc sees 2017 capex budget of $605 million
* Oasis Petroleum Inc sees 2017 production 65,500 to 70,500 boepd
* Oasis Petroleum Inc - plans on increasing rig count from two rigs in wild basin to four rigs running across core in 2017 Source text for Eikon: Further company coverage: