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Oasis Petroleum’s 3Q17 Earnings: What Happened to the Stock?

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Oasis Petroleum’s 3Q17 Earnings: What Happened to the Stock? PART 1 OF 4

Oasis Petroleum’s 3Q17 Earnings and Revenue Beat Expectations

3Q17 revenue

Oasis Petroleum (OAS) held its 3Q17 earnings conference on November 9. The company released its 3Q17 earnings on November 8, after the market closed.

The company posted revenue of $305 million—compared to an estimate of ~$259 million. In 3Q16, Oasis Petroleum reported revenue of $177.3 million. In 2Q17, it reported revenue of $254 million.

Oasis Petroleum’s 3Q17 Earnings and Revenue Beat Expectations

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As you can see above, Oasis Petroleum’s revenue in 3Q17 was higher both annually and sequentially.

Higher revenues might be due primarily to OAS’s oil revenues, which were $221 million in 3Q17, ~72.5% of its total revenues. In comparison, OAS’s oil revenues were $147 million in 3Q16 (~83% of total revenues) and $194 million in 2Q17 (76.4% of total revenues).

Higher oil revenues resulted from higher average realized oil prices in 3Q17. Average crude oil price realizations in 3Q17 (excluding hedges) were $46.35 per barrel, compared to $40.54 per barrel in 3Q16 and $44.61 per barrel in 2Q17.

3Q17 earnings

Oasis Petroleum’s 3Q17 adjusted EPS (earnings per share) were $0.00—compared to Wall Street analysts’ consensus estimate of -$0.06. In comparison, Oasis Petroleum’s 3Q16 EPS were -$0.17 while its 2Q17 earnings were -$0.05. As we can see, Oasis’s earnings, like its revenues, were better both on a year-over-year and on a sequential basis.

The 3Q17 adjusted EPS exclude the impact of one-time items like the loss on derivative instruments of $54 million.

Peer comparison: 3Q17 EPS

Oasis Petroleum’s peers Whiting Petroleum (WLL) and Anadarko Petroleum (APC) announced 3Q17 adjusted EPS of -$0.14 and -$0.77, respectively. To learn how these companies performed in 3Q17, see Anadarko Petroleum’s 3Q17 Earnings Miss Estimates, Again and How Whiting Petroleum Stock Reacted to 3Q17 Earnings Beat.

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