Capital Expenditure Cuts Outweigh Margin Improvement: Reducing Oasis FVE to $5/Share
We are reducing our fair value estimate to $5 per share after incorporating the results of Oasis' fourth-quarter financial and operating results. As a reminder, we think the firm should see some margin improvement during 2019. Management is now expecting a realized crude discount of $1.50-$3.50 per barrel on average (versus WTI), which is about $0.50 higher at the midpoint than the 2018 average. Yet unit cash costs are expected to improve by about $0.50 year over year, and well cost guidance in ...Oasis Petroleum is an independent exploration and production company focused on the acquisition and development of onshore, unconventional oil and natural gas resources. The company's subsidiaries, Oasis Petroleum North America LLC and Oasis Petroleum Permian LLC conduct the company's exploration and production activities and own its proved and unproved oil and natural gas properties located in the North Dakota and Montana regions of the Williston Basin and the Texas region of the Delaware Basin, respectively. The company operates a midstream services business through its subsidiary, OMS Holdings LLC. The company also operates a well services business through its subsidiary, Oasis Well Services LLC.
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