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What Factors Are Likely to Steer Oasis Stock in 2017

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What Factors Are Likely to Steer Oasis Stock in 2017 PART 1 OF 14

Oasis Petroleum’s Acreage Position in the Williston Basin

Oasis Petroleum’s acreage position

According to its investor presentation released on May 17, 2017, Oasis Petroleum (OAS) holds a premier acreage position in the Williston Basin. The Williston Basin is considered one of the most prolific plays in the United States. The Bakken is one of its other major formations. Continental Resources (CLR) and Whiting Petroleum (WLL) are other key operators in the Bakken, and Triangle Petroleum (TPLM) is another player in the Williston Basin.

Oasis Petroleum&#8217;s Acreage Position in the Williston Basin

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Oasis ended 2016 with 517,801 total net acres in the Williston Basin. Approximately 94% of its leasehold position in the Williston is held by production. The company owns 770 gross drilling locations in its core acreage, with an EUR (estimated ultimate recovery) of 1.2 million boe (barrels of oil equivalent). It also holds 844 extended core gross drilling locations with an EUR of 600 Mboe1–750 Mboe. These locations have a break-even price between $40 and $45 per barrel.

In Oasis’s 1Q17 earnings conference call, management stated that “we remain on pace to achieve the 72,000 boe per day exit rate we discussed in February with growth oriented toward the second half of the year.” The company expects to see ~15% production growth in 2017 and 2018. We’ll discuss this further in the next part of this series.

  1. thousand barrels of oil equivalent
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