HOUSTON, Feb. 23, 2022 /PRNewswire/ -- Oasis
Petroleum Inc. (NASDAQ: OAS) ("Oasis" or the "Company") today
announced financial and operating results for the quarter and year
ending December 31, 2021. Fourth
quarter and year end results are consistent with the update
released on February 9, 2022.
4Q21 Operational and Financial Highlights:
- Produced 68.8 MBoepd in 4Q21 with oil volumes of 44.4
MBopd;
- E&P CapEx was $45.3MM in 4Q21
and $168.2MM in FY21;
- Net cash provided by operating activities was $269.4MM, net income was $225.9MM and net income from continuing
operations was $188.2MM;
- Adjusted EBITDA from continuing operations(1) was
$200.8MM and Adjusted Free Cash
Flow(1) was $148.5MM;
- Received distribution of $19.0MM
from OMP on November 29th
;
- Pro forma net debt was $67.9MM as
of December 31, 2021, including
$160.0MM of cash received for the OMP
merger with Crestwood, which closed on February 1, 2022. No amounts were drawn under the
revolving credit facility ($900MM borrowing base; $450MM of elected
commitments);
- Increased base dividend 17% to $0.585/share ($2.34/share annualized) on February 9, 2022. The base dividend will be paid
on March 4, 2022 to shareholders of
record as of February 21, 2022;
- Completed $100MM share repurchase program.
|
(1) Non-GAAP
financial measure. See "Non-GAAP Financial Measures" below for a
reconciliation to the most directly comparable financial measures
under United States generally accepted accounting principles
("GAAP").
|
The following table presents select operational and financial
data for the fourth quarter and year end 2021. Metrics reflect the
Company's continuing operations and exclude amounts reported as
discontinued operations due to the OMP merger. This presentation is
consistent with the E&P-only metrics historically reported and
is also consistent with disclosures in the Company's investor
presentation, which can be found on the Company's website
(www.oasispetroleum.com).
|
Metric
|
|
FY21
Actual
|
|
4Q21
Actual
|
|
4Q21
Preliminary
|
|
Production
(MBoe/d)
|
|
58.0
|
|
68.8
|
|
68.8
|
|
Production
(Mbbl/d)
|
|
37.0
|
|
44.4
|
|
44.4
|
|
Differential to NYMEX
WTI ($ per Bbl)
|
|
$0.70
|
|
$0.24
|
|
$0.23-$0.33
|
|
Adjusted natural gas
realization ($ over NYMEX)(1)
|
|
$1.41
|
|
$2.45
|
|
$2.40-$2.50
|
|
LOE ($ per
Boe)
|
|
$9.63
|
|
$9.10
|
|
$9.05-$9.15
|
|
E&P GPT ($ per
Boe)(1)
|
|
$3.83
|
|
$3.40
|
|
$3.35-$3.45
|
|
Cash G&A
($MM)(1)(2)
|
|
$46.2
|
|
$10.3
|
|
$10.2-$10.4
|
|
Production taxes (%
of oil and adjusted gas revenues)
|
|
6.6%
|
|
6.3%
|
|
6.3%-6.4%
|
|
E&P & Other
CapEx
|
|
$170.5
|
|
$45.9
|
|
$45.0-$47.0
|
|
Cash Interest
($MM)(1)
|
|
$19.2
|
|
$7.0
|
|
$6.9-$7.1
|
|
Cash taxes
($MM)
|
|
$—
|
|
$—
|
|
$—
|
___________________
|
(1)
|
Adjusted Gas
Revenues, E&P GPT, Cash G&A and Cash Interest are all
non-GAAP financial measures. See "Non-GAAP Financial Measures"
below for a reconciliation to the most directly comparable
financial measures under GAAP. During 2021, for the purposes of
non-GAAP disclosures and forward-looking guidance, Oasis made
certain non-GAAP downward adjustments to natural gas revenues and
gathering, processing and transportation ("GPT") expenses to
reflect the gathering and processing charges charged by OMP as if
they were recorded as a reduction to natural gas revenues rather
than GPT expenses, resulting in lower adjusted natural gas
realizations and E&P GPT. Due to the sale of OMP, these
non-GAAP adjustments will no longer be made going forward in 2022.
These non-GAAP adjustments did not impact overall profit
margins.
|
|
(2)
|
4Q21 includes
non-recurring items related to the Crestwood transaction. Adjusting
for these items, Cash G&A would have been $9.3MM.
|
Select Operational and Financial Data
The following table presents select operational and financial
data from continuing operations, unless otherwise noted, for the
periods presented:
|
3Q21
|
|
4Q21
|
|
|
FY21
|
|
Production
data:
|
|
|
|
|
|
|
|
Crude oil
(Bopd)
|
31,896
|
|
44,422
|
|
|
36,955
|
|
Natural gas
(Mcfpd)
|
119,448
|
|
146,196
|
|
|
126,459
|
|
Total production
(Boepd)
|
51,804
|
|
68,788
|
|
|
58,032
|
|
Percent crude
oil
|
61.6%
|
|
64.6%
|
|
|
63.7%
|
|
Average sales
prices:
|
|
|
|
|
|
|
|
Crude oil, without
derivative settlements ($ per Bbl)
|
$
70.12
|
|
$
76.37
|
|
|
$
67.49
|
|
Differential to NYMEX
WTI ($ per Bbl)
|
0.43
|
|
0.24
|
|
|
0.70
|
|
Crude oil, with
derivative settlements ($ per Bbl)
|
43.81
|
|
52.11
|
|
|
48.55
|
|
Crude oil derivative
settlements - net cash payments ($MM)
|
77.2
|
|
99.1
|
|
|
255.5
|
|
Natural gas, without
derivative settlements ($ per Mcf)(1)
|
6.89
|
|
7.93
|
|
|
6.28
|
|
Natural gas, with
derivative settlements ($ per Mcf)(1)
|
6.50
|
|
7.12
|
|
|
5.96
|
|
Natural gas derivative
settlements - net cash payments ($MM)
|
4.3
|
|
11.0
|
|
|
14.7
|
|
Selected financial
data ($MM):
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Crude oil
revenues
|
$
205.7
|
|
$
312.1
|
|
|
$
910.4
|
|
Natural gas
revenues
|
75.7
|
|
106.7
|
|
|
289.9
|
|
Purchased oil and gas
sales
|
87.4
|
|
102.6
|
|
|
379.0
|
|
Other services
revenues
|
0.1
|
|
0.1
|
|
|
0.7
|
|
Total
revenues
|
$
368.9
|
|
$
521.5
|
|
|
$
1,580.0
|
|
Net cash provided
by operating activities(2)
|
$
294.4
|
|
$
269.4
|
|
|
$
914.1
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
116.4
|
|
$
200.8
|
|
|
$
550.7
|
|
Adjusted
FCF
|
67.5
|
|
148.5
|
|
|
363.2
|
|
Select operating
expenses:
|
|
|
|
|
|
|
|
Lease operating
expenses
|
$
44.9
|
|
$
57.6
|
|
|
$
203.9
|
|
GPT
|
30.0
|
|
31.7
|
|
|
122.6
|
|
Purchased oil and gas
expenses
|
85.8
|
|
104.2
|
|
|
380.0
|
|
Production
taxes
|
18.4
|
|
25.9
|
|
|
76.8
|
|
Depreciation,
depletion and amortization
|
24.0
|
|
42.5
|
|
|
126.4
|
|
Total select operating
expenses
|
$
203.1
|
|
$
261.9
|
|
|
$
909.7
|
___________________
|
(1)
|
Prices include the
value for natural gas and natural gas liquids.
|
|
(2)
|
Cash provided by
operating activities was not recast for discontinued
operations.
|
The Company recorded an income tax benefit from continuing
operations of $1.0MM in FY21,
resulting in an annual effective tax benefit of (0.3)%.
For 4Q21 and FY21, the Company reported net income from
continuing operations of $188.2MM and
$189.0MM, respectively,
or $8.96 and $9.15 per
diluted share, respectively. Excluding certain non-cash items and
their tax effect, adjusted net income attributable to Oasis from
continuing operations (non-GAAP) was $89.3MM, or $4.25 per diluted share, in 4Q21 and $196.4MM, or $9.52
per diluted share, in FY21.
Capital Expenditures
The following table presents the Company's total capital
expenditures ("CapEx") by category for the periods presented:
|
1Q21
|
|
2Q21
|
|
3Q21
|
|
4Q21
|
|
FY21
|
|
CapEx
($MM):
|
|
|
|
|
|
|
|
|
|
|
E&P
|
$
28.6
|
|
$
52.4
|
|
$
41.9
|
|
$
45.3
|
|
$
168.2
|
|
Other(1)
|
0.4
|
|
0.6
|
|
0.7
|
|
0.6
|
|
2.3
|
|
Total E&P and
other
|
29.0
|
|
53.0
|
|
42.6
|
|
45.9
|
|
170.5
|
|
Acquisitions
|
—
|
|
74.5
|
|
—
|
|
511.5
|
|
586.0
|
|
Total CapEx from
continuing operations
|
29.0
|
|
127.5
|
|
42.6
|
|
557.4
|
|
756.5
|
|
Discontinued
operations(2)
|
0.3
|
|
13.4
|
|
16.1
|
|
19.3
|
|
49.1
|
|
Total
CapEx
|
$
29.3
|
|
$
140.9
|
|
$
58.7
|
|
$
576.7
|
|
$
805.6
|
___________________
|
(1)
|
Includes capitalized
interest of $0.5MM for 4Q21 and $2.1MM for FY21.
|
|
(2)
|
Represents capital
expenditures attributable to the Company's midstream assets that
were classified as discontinued operations.
|
Balance Sheet and Liquidity
The following table presents key balance sheet statistics and
liquidity metrics from continuing operations as of December 31, 2021 (in millions):
|
December 31,
2021
|
|
Revolving credit
facility(1)
|
$
450.0
|
|
|
|
Revolver
borrowings
|
$
—
|
|
Senior
notes
|
400.0
|
|
Total debt
|
$
400.0
|
|
|
|
Cash and cash
equivalents
|
$
172.1
|
|
Letters of
credit
|
2.4
|
|
Liquidity
|
$
619.7
|
___________________
|
(1)
|
$900MM borrowing base
and $450MM of elected commitments.
|
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press
release specifically include the expectations of plans, strategies,
objectives and anticipated financial and operating results of the
Company, including the Company's drilling program, production,
derivative instruments, capital expenditure levels and other
guidance included in this press release, as well as the impact of
the novel coronavirus 2019 ("COVID-19") pandemic on the Company's
operations. These statements are based on certain assumptions made
by the Company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include, but are not limited to, risks that the proposed
transaction may not be consummated or the benefits contemplated
therefrom may not be realized, the ability to obtain requisite
regulatory and unitholder approval and the satisfaction of the
other conditions to the consummation of the proposed transaction,
the ability of Crestwood to successfully integrate OMP's operations
and employees and realize anticipated synergies and cost savings,
the potential impact of the announcement or consummation of the
proposed transaction on relationships, including with employees,
suppliers, customers, competitors and credit rating agencies,
changes in crude oil and natural gas prices, developments in the
global economy, particularly the public health crisis related to
the COVID-19 pandemic and the adverse impact thereof on demand for
crude oil and natural gas, the outcome of government policies and
actions, including actions taken to address the COVID-19 pandemic
and to maintain the functioning of national and global economies
and markets, the impact of Company actions to protect the health
and safety of employees, vendors, customers, and communities,
weather and environmental conditions, the timing of planned capital
expenditures, availability of acquisitions, the ability to realize
the anticipated benefits from the Williston Basin acquisition and
Permian Basin divestitures, uncertainties in estimating proved
reserves and forecasting production results, operational factors
affecting the commencement or maintenance of producing wells, the
condition of the capital markets generally, as well as the
Company's ability to access them, the proximity to and capacity of
transportation facilities, and uncertainties regarding
environmental regulations or litigation and other legal or
regulatory developments affecting the Company's business and other
important factors that could cause actual results to differ
materially from those projected as described in the Company's
reports filed with the U.S. Securities and Exchange Commission.
Additionally, the unprecedented nature of the COVID-19 pandemic and
the related decline of the oil and gas exploration and production
industry may make it particularly difficult to identify risks or
predict the degree to which identified risks will impact the
Company's business and financial condition. Because considerable
uncertainty exists with respect to the future pace and extent of a
global economic recovery from the effects of the COVID-19 pandemic,
the Company cannot predict whether or when crude oil production and
economic activities will return to normalized levels.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
About Oasis Petroleum Inc.
Oasis Petroleum Inc. is an independent exploration and
production company with quality and sustainable long-lived assets
in the Williston Basin. The Company is uniquely positioned with a
best-in-class balance sheet and is focused on rigorous capital
discipline and generating free cash flow by operating efficiently,
safely and responsibly to develop its unconventional onshore
oil-rich resources in the continental United States. For more information, please
visit the Company's website at www.oasispetroleum.com.
|
Oasis Petroleum
Inc.
Consolidated
Balance Sheets (Unaudited)
|
|
|
|
December
31,
|
|
2021
|
|
2020
|
|
|
|
|
|
(In thousands, except share data)
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
172,114
|
|
$
10,709
|
|
Restricted
cash
|
—
|
|
4,370
|
|
Accounts receivable,
net
|
377,202
|
|
202,240
|
|
Inventory
|
28,956
|
|
21,624
|
|
Prepaid
expenses
|
6,016
|
|
5,815
|
|
Derivative
instruments
|
—
|
|
467
|
|
Other current
assets
|
1,836
|
|
78
|
|
Current assets held
for sale
|
1,029,318
|
|
26,314
|
|
Total current
assets
|
1,615,442
|
|
271,617
|
|
Property, plant and
equipment
|
|
|
|
|
Oil and gas properties
(successful efforts method)
|
1,395,837
|
|
810,604
|
|
Other property and
equipment
|
48,981
|
|
51,505
|
|
Less: accumulated
depreciation, depletion and amortization
|
(124,386)
|
|
(14,284)
|
|
Total property, plant
and equipment, net
|
1,320,432
|
|
847,825
|
|
Derivative
instruments
|
44,865
|
|
—
|
|
Long-term
inventory
|
17,510
|
|
14,522
|
|
Operating
right-of-use assets
|
15,782
|
|
4,440
|
|
Other
assets
|
12,756
|
|
18,329
|
|
Non-current assets
held for sale
|
—
|
|
1,002,304
|
|
Total
assets
|
$
3,026,787
|
|
$
2,159,037
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
2,136
|
|
$
2,562
|
|
Revenues and
production taxes payable
|
270,306
|
|
144,865
|
|
Accrued
liabilities
|
150,674
|
|
108,142
|
|
Accrued interest
payable
|
2,150
|
|
620
|
|
Derivative
instruments
|
89,447
|
|
56,944
|
|
Advances from joint
interest partners
|
1,892
|
|
2,723
|
|
Current operating
lease liabilities
|
7,893
|
|
1,662
|
|
Other current
liabilities
|
1,046
|
|
1,604
|
|
Current liabilities
held for sale
|
699,653
|
|
22,109
|
|
Total current
liabilities
|
1,225,197
|
|
341,231
|
|
Long-term
debt
|
392,524
|
|
260,000
|
|
Deferred income
taxes
|
7
|
|
984
|
|
Asset retirement
obligations
|
57,604
|
|
45,532
|
|
Derivative
instruments
|
115,282
|
|
37,614
|
|
Operating lease
liabilities
|
6,724
|
|
1,629
|
|
Other
liabilities
|
7,876
|
|
3,557
|
|
Non-current
liabilities held for sale
|
—
|
|
455,751
|
|
Total
liabilities
|
1,805,214
|
|
1,146,298
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Common stock, $0.01
par value: 60,000,000 shares authorized; 20,147,199 shares issued
and 19,276,181 shares outstanding at December 31, 2021 and
20,093,017 shares issued and 20,093,017 shares outstanding at
December 31, 2020
|
200
|
|
200
|
|
Treasury stock, at
cost: 871,018 shares at December 31, 2021 and no shares at December
31, 2020
|
(100,000)
|
|
—
|
|
Additional paid-in
capital
|
863,010
|
|
965,654
|
|
Retained earnings
(accumulated deficit)
|
269,690
|
|
(49,912)
|
|
Oasis share of
stockholders' equity
|
1,032,900
|
|
915,942
|
|
Non-controlling
interests
|
188,673
|
|
96,797
|
|
Total stockholders'
equity
|
1,221,573
|
|
1,012,739
|
|
Total liabilities and
stockholders' equity
|
$
3,026,787
|
|
$
2,159,037
|
|
Oasis Petroleum
Inc.
Consolidated
Statements of Operations (Unaudited)
(In thousands, except share data)
|
|
|
Successor
|
|
|
Predecessor
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
September 30,
2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas
revenues
|
$
418,799
|
|
$
281,473
|
|
$
1,200,256
|
|
$
86,145
|
|
|
$
601,510
|
|
Purchased oil and gas
sales
|
102,633
|
|
87,382
|
|
378,983
|
|
20,633
|
|
|
237,111
|
|
Other services
revenues
|
145
|
|
121
|
|
687
|
|
215
|
|
|
6,836
|
|
Total
revenues
|
521,577
|
|
368,976
|
|
1,579,926
|
|
106,993
|
|
|
845,457
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating
expenses
|
57,560
|
|
44,889
|
|
203,933
|
|
22,517
|
|
|
160,406
|
|
Other services
expenses
|
—
|
|
26
|
|
47
|
|
—
|
|
|
6,658
|
|
Gathering, processing
and transportation expenses
|
31,694
|
|
30,028
|
|
122,614
|
|
13,198
|
|
|
117,884
|
|
Purchased oil and gas
expenses
|
104,183
|
|
85,828
|
|
379,972
|
|
20,278
|
|
|
229,056
|
|
Production
taxes
|
25,902
|
|
18,445
|
|
76,835
|
|
5,938
|
|
|
45,439
|
|
Depreciation,
depletion and amortization
|
42,459
|
|
23,975
|
|
126,436
|
|
13,789
|
|
|
271,002
|
|
Exploration
expenses
|
823
|
|
263
|
|
2,760
|
|
—
|
|
|
2,748
|
|
Rig
termination
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1,279
|
|
Impairment
|
—
|
|
—
|
|
3
|
|
—
|
|
|
4,825,530
|
|
General and
administrative expenses
|
19,188
|
|
20,088
|
|
80,688
|
|
14,803
|
|
|
144,700
|
|
Litigation
settlement
|
|
|
|
|
—
|
|
—
|
|
|
22,750
|
|
Total operating
expenses
|
281,809
|
|
223,542
|
|
993,288
|
|
90,523
|
|
|
5,827,452
|
|
Gain (loss) on sale
of properties
|
(5,667)
|
|
5,405
|
|
222,806
|
|
11
|
|
|
10,396
|
|
Operating income
(loss)
|
234,101
|
|
150,839
|
|
809,444
|
|
16,481
|
|
|
(4,971,599)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
derivative instruments
|
(39,298)
|
|
(101,790)
|
|
(589,641)
|
|
(84,615)
|
|
|
233,565
|
|
Interest expense, net
of capitalized interest
|
(7,361)
|
|
(7,156)
|
|
(30,806)
|
|
(2,020)
|
|
|
(141,836)
|
|
Gain on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
—
|
|
|
83,867
|
|
Reorganization items,
net
|
—
|
|
—
|
|
—
|
|
—
|
|
|
665,916
|
|
Other income
(expense)
|
(215)
|
|
(139)
|
|
(1,010)
|
|
(401)
|
|
|
1,271
|
|
Total other income
(expense), net
|
(46,874)
|
|
(109,085)
|
|
(621,457)
|
|
(87,036)
|
|
|
842,783
|
|
Income (loss) from
continuing operations before income taxes
|
187,227
|
|
41,754
|
|
187,987
|
|
(70,555)
|
|
|
(4,128,816)
|
|
Income tax
benefit
|
973
|
|
—
|
|
973
|
|
3,447
|
|
|
262,962
|
|
Net income (loss)
from continuing operations
|
188,200
|
|
41,754
|
|
188,960
|
|
(67,108)
|
|
|
(3,865,854)
|
|
Income from
discontinued operations attributable to Oasis, net of income
tax
|
29,682
|
|
30,196
|
|
130,642
|
|
17,196
|
|
|
225,526
|
|
Net income (loss)
attributable to Oasis
|
$
217,882
|
|
$
71,950
|
|
$
319,602
|
|
$
(49,912)
|
|
|
$
(3,640,328)
|
|
Earnings (loss)
attributable to Oasis per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic from continuing
operations
|
$
9.67
|
|
$
2.11
|
|
$
9.55
|
|
$
(3.36)
|
|
|
$
(12.17)
|
|
Basic from discontinued
operations
|
1.53
|
|
1.52
|
|
6.60
|
|
0.86
|
|
|
0.71
|
|
Basic total
|
$
11.20
|
|
$
3.63
|
|
$
16.15
|
|
$
(2.50)
|
|
|
$
(11.46)
|
|
Diluted from continuing
operations
|
$
8.96
|
|
$
2.01
|
|
$
9.15
|
|
$
(3.36)
|
|
|
$
(12.17)
|
|
Diluted from
discontinued operations
|
1.41
|
|
1.45
|
|
6.33
|
|
0.86
|
|
|
0.71
|
|
Diluted
total
|
$
10.37
|
|
$
3.46
|
|
$
15.48
|
|
$
(2.50)
|
|
|
$
(11.46)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
19,457
|
|
19,812
|
|
19,792
|
|
19,991
|
|
|
317,644
|
|
Diluted
|
21,007
|
|
20,786
|
|
20,648
|
|
19,991
|
|
|
317,644
|
|
Oasis Petroleum
Inc.
Consolidated
Statements of Cash Flows (Unaudited)
(In thousands)
|
|
|
Successor
|
|
|
Predecessor
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income (loss)
including non-controlling interests
|
$
355,298
|
|
$
(45,962)
|
|
|
$
(3,724,611)
|
|
Adjustments to
reconcile net income (loss) including non-controlling interests to
net cash provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
158,304
|
|
16,094
|
|
|
291,115
|
|
Gain on extinguishment
of debt
|
—
|
|
—
|
|
|
(83,867)
|
|
Gain on sale of
properties
|
(222,806)
|
|
(11)
|
|
|
(10,396)
|
|
Impairment
|
5
|
|
—
|
|
|
4,937,143
|
|
Deferred income
taxes
|
(977)
|
|
(3,447)
|
|
|
(262,926)
|
|
Derivative
instruments
|
589,641
|
|
84,615
|
|
|
(233,565)
|
|
Equity-based
compensation expenses
|
15,476
|
|
270
|
|
|
31,315
|
|
Non-cash
reorganization items, net
|
—
|
|
—
|
|
|
(809,036)
|
|
Deferred financing
costs amortization and other
|
12,992
|
|
6,824
|
|
|
41,811
|
|
Working capital and
other changes:
|
|
|
|
|
|
|
|
Change in accounts
receivable, net
|
(184,605)
|
|
68,322
|
|
|
96,436
|
|
Change in
inventory
|
2,168
|
|
1,902
|
|
|
(4,005)
|
|
Change in prepaid
expenses
|
5,605
|
|
(2,976)
|
|
|
1,674
|
|
Change in accounts
payable, interest payable and accrued liabilities
|
184,517
|
|
(24,573)
|
|
|
(62,694)
|
|
Change in other assets
and liabilities, net
|
(1,482)
|
|
(5,803)
|
|
|
(5,458)
|
|
Net cash provided by
operating activities
|
914,136
|
|
95,255
|
|
|
202,936
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Capital
expenditures
|
(212,820)
|
|
(9,805)
|
|
|
(332,007)
|
|
Acquisitions
|
(590,097)
|
|
—
|
|
|
—
|
|
Proceeds from sale of
properties
|
376,081
|
|
—
|
|
|
15,188
|
|
Costs related to sale
of properties
|
(2,926)
|
|
—
|
|
|
—
|
|
Derivative
settlements
|
(270,118)
|
|
(76)
|
|
|
224,416
|
|
Derivative
modifications
|
(220,889)
|
|
—
|
|
|
—
|
|
Net cash used in
investing activities
|
(920,769)
|
|
(9,881)
|
|
|
(92,403)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from
revolving credit facilities
|
399,500
|
|
29,000
|
|
|
686,189
|
|
Principal payments on
revolving credit facilities
|
(906,500)
|
|
(114,500)
|
|
|
(686,189)
|
|
Repurchase of senior
unsecured notes
|
—
|
|
—
|
|
|
(68,060)
|
|
Proceeds from issuance
of senior unsecured notes
|
850,000
|
|
—
|
|
|
—
|
|
Deferred financing
costs
|
(22,251)
|
|
—
|
|
|
(7,260)
|
|
Debtor-in-possession
credit facility fees
|
—
|
|
—
|
|
|
(5,853)
|
|
Proceeds from issuance
of OMP common units, net of offering costs
|
86,467
|
|
—
|
|
|
—
|
|
Common control
transaction costs
|
(5,675)
|
|
—
|
|
|
—
|
|
Purchases of treasury
stock
|
(100,000)
|
|
—
|
|
|
(2,756)
|
|
Dividends
paid
|
(111,905)
|
|
—
|
|
|
—
|
|
Distributions to
non-controlling interests
|
(28,720)
|
|
—
|
|
|
(24,080)
|
|
Payments on finance
lease liabilities
|
(1,161)
|
|
(202)
|
|
|
(1,989)
|
|
Proceeds from warrants
exercised
|
1,435
|
|
—
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
161,190
|
|
(85,702)
|
|
|
(109,998)
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
154,557
|
|
(328)
|
|
|
535
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
|
|
|
Beginning of
period
|
20,226
|
|
20,554
|
|
|
20,019
|
|
End of
period
|
$
174,783
|
|
$
20,226
|
|
|
$
20,554
|
Non-GAAP Financial Measures
Adjusted Gas Revenues
The Company defines Adjusted Gas Revenues as natural gas
revenues less benefits from intercompany midstream services related
to natural gas gathering and processing services. Adjusted Gas
Revenues is not a measure of natural gas revenues as determined by
GAAP. Management believes that the presentation of Adjusted Gas
Revenues provides useful additional information to investors and
analysts to evaluate the natural gas revenues derived from the
Company's E&P business. This non-GAAP measure is intended to
provide investors and analysts an indication of the natural gas
revenues the Company would receive if fees charged from midstream
service providers were recorded as a reduction to natural gas
revenues rather than as GPT expenses.
The following table presents a reconciliation of the GAAP
financial measure of natural gas revenues to the non-GAAP financial
measure of Adjusted Gas Revenues for the periods presented (in
thousands):
|
Successor
|
|
|
Predecessor
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
September 30, 2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
revenues
|
$
106,696
|
|
$
75,742
|
|
$
289,875
|
|
$
17,070
|
|
|
$
78,698
|
|
Intercompany impacts
from midstream segment
|
(10,200)
|
|
(11,773)
|
|
(43,069)
|
|
(3,440)
|
|
|
(30,824)
|
|
Adjusted Gas
Revenues
|
$
96,496
|
|
$
63,969
|
|
$
246,806
|
|
$
13,630
|
|
|
$
47,874
|
Cash GPT and E&P GPT
The Company defines Cash GPT as total GPT expenses less non-cash
valuation charges on pipeline imbalances. The Company defines
E&P GPT as Cash GPT less benefits from intercompany midstream
services related to natural gas gathering and processing services.
Cash GPT and E&P GPT are not measures of GPT expenses as
determined by GAAP. Management believes that the presentation of
Cash GPT and E&P GPT provide useful additional information to
investors and analysts to assess the cash costs incurred to market
and transport the Company's commodities from the wellhead to
delivery points for sale without regard to the change in value of
its pipeline imbalances, which vary monthly based on commodity
prices, and with the fees charged from midstream service providers
presented as if they were recorded as a reduction to natural gas
revenues rather than as GPT expenses.
The following table presents a reconciliation of the GAAP
financial measure of GPT expenses to the non-GAAP financial
measures of Cash GPT and E&P GPT for the periods presented (in
thousands):
|
Successor
|
|
|
Predecessor
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
September 30, 2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GPT
|
$
31,694
|
|
$
30,028
|
|
$
122,614
|
|
$
13,198
|
|
|
$
117,884
|
|
Pipeline
imbalances
|
15
|
|
547
|
|
1,670
|
|
189
|
|
|
(1,346)
|
|
Cash
GPT
|
$
31,709
|
|
$
30,575
|
|
$
124,284
|
|
$
13,387
|
|
|
$
116,538
|
|
Intercompany impacts
from midstream segment
|
(10,200)
|
|
(11,773)
|
|
(43,069)
|
|
(3,440)
|
|
|
(30,824)
|
|
E&P
GPT
|
$
21,509
|
|
$
18,802
|
|
$
81,215
|
|
$
9,947
|
|
|
$
85,714
|
Cash G&A
The Company defines Cash G&A as total G&A expenses less
G&A expenses from discontinued operations, non-cash
equity-based compensation expenses, G&A expenses attributable
to shared service allocations and other non-cash charges. Cash
G&A is not a measure of G&A expenses as determined by GAAP.
Management believes that the presentation of Cash G&A provides
useful additional information to investors and analysts to assess
the Company's operating costs in comparison to peers without regard
to the aforementioned charges, which can vary substantially from
company to company.
The following table presents a reconciliation of the GAAP
financial measure of G&A expenses to the non-GAAP financial
measure of Cash G&A for the periods presented (in
thousands):
|
Successor
|
|
|
Predecessor
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
September 30, 2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
$
24,420
|
|
$
19,514
|
|
$
84,881
|
|
$
14,224
|
|
|
$
145,294
|
|
Less: general and
administrative expenses from discontinued
operations(1)
|
5,232
|
|
(574)
|
|
4,193
|
|
(579)
|
|
|
594
|
|
General and
administrative expenses from continuing operations
|
19,188
|
|
20,088
|
|
80,688
|
|
14,803
|
|
|
144,700
|
|
Equity-based
compensation expenses
|
(4,145)
|
|
(4,144)
|
|
(14,663)
|
|
—
|
|
|
(29,794)
|
|
G&A expenses
attributable to shared services
|
(5,026)
|
|
(4,387)
|
|
(19,443)
|
|
(2,569)
|
|
|
(18,881)
|
|
Other non-cash
adjustments
|
305
|
|
(1,025)
|
|
(371)
|
|
—
|
|
|
—
|
|
Cash
G&A
|
$
10,322
|
|
$
10,532
|
|
$
46,211
|
|
$
12,234
|
|
|
$
96,025
|
__________________
|
(1)
|
Includes discontinued
intercompany eliminations.
|
Cash Interest
The Company defines Cash Interest as interest expense less
interest expense from discontinued operations plus capitalized
interest less amortization and write-offs of deferred financing
costs and debt discounts. Cash Interest is not a measure of
interest expense as determined by GAAP. Management believes that
the presentation of Cash Interest provides useful additional
information to investors and analysts for assessing the interest
charges incurred on the Company's debt to finance its E&P
activities, excluding non-cash amortization, and its ability to
maintain compliance with its debt covenants.
The following table presents a reconciliation of the GAAP
financial measure of interest expense to the non-GAAP financial
measure of Cash Interest for the periods presented (in
thousands):
|
Successor
|
|
|
Predecessor
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
September 30, 2021
|
|
Year Ended
December 31, 2021(1)
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19,
2020(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
$
18,331
|
|
$
18,153
|
|
$
67,751
|
|
$
3,168
|
|
|
$
181,484
|
|
Less: Interest expense
from discontinued operations
|
10,970
|
|
10,997
|
|
36,945
|
|
1,148
|
|
|
39,648
|
|
Interest expense
from continuing operations
|
7,361
|
|
7,156
|
|
30,806
|
|
2,020
|
|
|
141,836
|
|
Capitalized
interest
|
537
|
|
578
|
|
2,077
|
|
128
|
|
|
6,106
|
|
Amortization of
deferred financing costs
|
(934)
|
|
(825)
|
|
(13,727)
|
|
(152)
|
|
|
(6,865)
|
|
Amortization of debt
discount
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(8,317)
|
|
Cash
Interest
|
$
6,964
|
|
$
6,909
|
|
$
19,156
|
|
$
1,996
|
|
|
$
132,760
|
__________________
|
(1)
|
Interest expense and
interest expense from continuing operations include fees incurred
for a bridge loan facility of $7.8MM.
|
|
(2)
|
Interest expense,
interest expense from continuing operations and Cash Interest
include a specified default interest charge of $30.3MM related to
the Company's revolving credit facility. In addition, interest
expense and interest expense from discontinued operations include a
specified default interest charge related to OMP's revolving credit
facility of $28.0MM. These specified default interest charges were
waived upon the Company's emergence from bankruptcy on November 19,
2020.
|
Adjusted EBITDA and Adjusted Free Cash
Flow
The Company defines Adjusted EBITDA as earnings (loss) before
interest expense, income taxes, DD&A, exploration expenses and
other similar non-cash or non-recurring charges. The Company
defines Adjusted EBITDA from continuing operations as Adjusted
EBITDA less Adjusted EBITDA from discontinued operations, plus
distributions from OMP. The Company defines Adjusted Free Cash Flow
as Adjusted EBITDA from continuing operations less Cash Interest
and E&P and other capital expenditures (excluding capitalized
interest and acquisition capital).
Adjusted EBITDA and Adjusted Free Cash Flow are not measures of
net income (loss) or cash flows as determined by GAAP. Management
believes that the presentation of Adjusted EBITDA and Adjusted Free
Cash Flow provides useful additional information to investors and
analysts for assessing the Company's results of operations,
financial performance, its ability to generate cash from business
operations without regard to its financing methods or capital
structure and the Company's ability to maintain compliance with its
debt covenants.
The following table presents reconciliations of the GAAP
financial measures of net income (loss) including non-controlling
interests and net cash provided by operating activities to the
non-GAAP financial measures of Adjusted EBITDA and Adjusted Free
Cash Flow for the periods presented (in thousands):
|
Successor
|
|
|
Predecessor
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
September 30,
2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
including non-controlling interests
|
$
225,923
|
|
$
83,332
|
|
$
355,298
|
|
$
(45,962)
|
|
|
$
(3,724,611)
|
|
(Gain) loss on sale of
properties
|
5,667
|
|
(5,405)
|
|
(222,806)
|
|
(11)
|
|
|
(10,396)
|
|
Gain on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(83,867)
|
|
Net (gain) loss on
derivative instruments
|
39,298
|
|
101,790
|
|
589,641
|
|
84,615
|
|
|
(233,565)
|
|
Derivative
settlements
|
(110,100)
|
|
(81,443)
|
|
(270,118)
|
|
(76)
|
|
|
224,416
|
|
Interest expense, net
of capitalized interest
|
18,331
|
|
18,153
|
|
67,751
|
|
3,168
|
|
|
181,484
|
|
Depreciation,
depletion and amortization
|
45,723
|
|
33,623
|
|
158,304
|
|
16,094
|
|
|
291,115
|
|
Impairment
|
—
|
|
—
|
|
5
|
|
—
|
|
|
4,937,143
|
|
Rig
termination
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1,279
|
|
Exploration
expenses
|
823
|
|
263
|
|
2,760
|
|
—
|
|
|
2,748
|
|
Equity-based
compensation expenses
|
4,288
|
|
4,287
|
|
15,476
|
|
270
|
|
|
31,315
|
|
Litigation
settlement
|
—
|
|
—
|
|
—
|
|
—
|
|
|
22,750
|
|
Reorganization items,
net
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(786,831)
|
|
Income tax
benefit
|
(956)
|
|
—
|
|
(956)
|
|
(3,447)
|
|
|
(262,962)
|
|
Other non-cash
adjustments
|
(42)
|
|
816
|
|
123
|
|
468
|
|
|
2,324
|
|
Adjusted
EBITDA
|
228,955
|
|
155,416
|
|
695,478
|
|
55,119
|
|
|
592,342
|
|
Adjusted EBITDA from
discontinued operations
|
(47,092)
|
|
(57,980)
|
|
(216,540)
|
|
(22,309)
|
|
|
(173,457)
|
|
Cash distributions
from OMP and DevCo Interests
|
18,954
|
|
18,954
|
|
71,781
|
|
7,734
|
|
|
123,057
|
|
Adjusted EBITDA
from continuing operations
|
200,817
|
|
116,390
|
|
550,719
|
|
40,544
|
|
|
541,942
|
|
Cash
Interest
|
(6,964)
|
|
(6,909)
|
|
(19,156)
|
|
(1,996)
|
|
|
(132,760)
|
|
E&P and other
capital expenditures
|
(45,891)
|
|
(42,551)
|
|
(170,466)
|
|
(15,018)
|
|
|
(201,075)
|
|
Midstream capital
expenditures attributable to DevCo Interests
|
—
|
|
—
|
|
—
|
|
(1,173)
|
|
|
(6,147)
|
|
Capitalized
interest
|
537
|
|
578
|
|
2,077
|
|
128
|
|
|
6,106
|
|
Adjusted Free Cash
Flow
|
$
148,499
|
|
$
67,508
|
|
$
363,174
|
|
$
22,485
|
|
|
$
208,066
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
269,390
|
|
$
294,383
|
|
$
914,136
|
|
$
95,255
|
|
|
$
202,936
|
|
Derivative
settlements
|
(110,100)
|
|
(81,443)
|
|
(270,118)
|
|
(76)
|
|
|
224,416
|
|
Interest expense, net
of capitalized interest
|
18,331
|
|
18,153
|
|
67,751
|
|
3,168
|
|
|
181,484
|
|
Rig
termination
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1,279
|
|
Exploration
expenses
|
823
|
|
263
|
|
2,760
|
|
—
|
|
|
2,748
|
|
Deferred financing
costs amortization and other
|
5,818
|
|
(2,523)
|
|
(12,991)
|
|
(6,824)
|
|
|
(41,811)
|
|
Current tax (benefit)
expense
|
21
|
|
—
|
|
21
|
|
—
|
|
|
(36)
|
|
Changes in working
capital
|
44,714
|
|
(74,233)
|
|
(6,204)
|
|
(36,872)
|
|
|
(25,953)
|
|
Litigation
settlement
|
|
|
—
|
|
—
|
|
—
|
|
|
22,750
|
|
Cash paid for
reorganization items
|
|
|
—
|
|
|
|
—
|
|
|
22,205
|
|
Other non-cash
adjustments
|
(42)
|
|
816
|
|
123
|
|
468
|
|
|
2,324
|
|
Adjusted
EBITDA
|
228,955
|
|
155,416
|
|
695,478
|
|
55,119
|
|
|
592,342
|
|
Adjusted EBITDA from
discontinued operations
|
(47,092)
|
|
(57,980)
|
|
(216,540)
|
|
(22,309)
|
|
|
(173,457)
|
|
Cash distributions
from OMP and DevCo Interests
|
18,954
|
|
18,954
|
|
71,781
|
|
7,734
|
|
|
123,057
|
|
Adjusted EBITDA
from continuing operations
|
200,817
|
|
116,390
|
|
550,719
|
|
40,544
|
|
|
541,942
|
|
Cash
Interest
|
(6,964)
|
|
(6,909)
|
|
(19,156)
|
|
(1,996)
|
|
|
(132,760)
|
|
E&P and other
capital expenditures
|
(45,891)
|
|
(42,551)
|
|
(170,466)
|
|
(15,018)
|
|
|
(201,075)
|
|
Midstream capital
expenditures attributable to DevCo Interests
|
—
|
|
—
|
|
—
|
|
(1,173)
|
|
|
(6,147)
|
|
Capitalized
interest
|
537
|
|
578
|
|
2,077
|
|
128
|
|
|
6,106
|
|
Adjusted Free Cash
Flow
|
$
148,499
|
|
$
67,508
|
|
$
363,174
|
|
$
22,485
|
|
|
$
208,066
|
Adjusted Net Income (Loss) Attributable to
Oasis and Adjusted Diluted Earnings (Loss) Attributable to Oasis
Per Share Reconciliations
Adjusted Net Income (Loss) Attributable to Oasis and Adjusted
Diluted Earnings (Loss) Attributable to Oasis Per Share are
supplemental non-GAAP financial measures that are used by
management and external users of the Company's financial
statements, such as industry analysts, investors, lenders and
rating agencies. The Company defines Adjusted Net Income (Loss)
Attributable to Oasis as net income (loss) after adjusting for
(1) the impact of certain non-cash items, including non-cash
changes in the fair value of derivative instruments, impairment,
and other similar non-cash charges, or non-recurring items, (2) the
impact of net income (loss) attributable to non-controlling
interests, and (3) the non-cash and non-recurring items' impact on
taxes based on the Company's effective tax rate applicable to those
adjusting items in the same period. Adjusted Net Income (Loss)
Attributable to Oasis is not a measure of net income (loss) as
determined by GAAP. The Company defines Adjusted Diluted Earnings
(Loss) Attributable to Oasis Per Share as Adjusted Net Income
(Loss) Attributable to Oasis divided by diluted weighted average
shares outstanding.
The following table presents reconciliations of the GAAP
financial measure of net income (loss) attributable to Oasis to the
non-GAAP financial measure of Adjusted Net Income (Loss)
Attributable to Oasis and the GAAP financial measure of diluted
earnings (loss) attributable to Oasis per share to the non-GAAP
financial measure of Adjusted Diluted Earnings Attributable to
Oasis Per Share for the periods presented (in thousands, except per
share data):
|
Successor
|
|
|
Predecessor
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
September 30,
2021
|
|
Year Ended
December 31, 2021
|
|
Period from
November 20, 2020 through December 31, 2020
|
|
|
Period from
January 1, 2020 through November 19,
2020(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Oasis
|
$
217,882
|
|
$
71,950
|
|
$
319,602
|
|
$
(49,912)
|
|
|
$
(3,640,328)
|
|
(Gain) loss on sale of
properties
|
5,667
|
|
(5,405)
|
|
(222,806)
|
|
(11)
|
|
|
(10,396)
|
|
Gain on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(83,867)
|
|
Net (gain) loss on
derivative instruments
|
39,298
|
|
101,790
|
|
589,641
|
|
84,615
|
|
|
(233,565)
|
|
Derivative
settlements
|
(110,100)
|
|
(81,443)
|
|
(270,118)
|
|
(76)
|
|
|
224,416
|
|
Impairment(1)
|
—
|
|
—
|
|
5
|
|
—
|
|
|
4,910,477
|
|
Additional interest
charges(2)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
49,206
|
|
Amortization of
deferred financing costs(3)
|
1,240
|
|
1,072
|
|
15,339
|
|
277
|
|
|
7,476
|
|
Amortization of debt
discount
|
—
|
|
—
|
|
—
|
|
—
|
|
|
8,317
|
|
Non-cash
reorganization items, net
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(799,942)
|
|
Litigation
settlement
|
—
|
|
—
|
|
—
|
|
—
|
|
|
22,750
|
|
Other non-cash
adjustments
|
(42)
|
|
816
|
|
122
|
|
468
|
|
|
2,324
|
|
Tax
impact(4)
|
14,369
|
|
(4,177)
|
|
(24,565)
|
|
(20,167)
|
|
|
(968,987)
|
|
Other tax
adjustments(5)
|
(48,985)
|
|
(18,857)
|
|
(78,569)
|
|
9,168
|
|
|
638,729
|
|
Adjusted net
income attributable to Oasis
|
119,329
|
|
65,746
|
|
328,651
|
|
24,362
|
|
|
126,610
|
|
Less: Adjusted net
income attributable to Oasis from discontinued
operations
|
29,987
|
|
30,447
|
|
132,235
|
|
17,205
|
|
|
130,468
|
|
Adjusted net
income attributable to Oasis from continuing
operations
|
$
89,342
|
|
$
35,299
|
|
$
196,416
|
|
$
7,157
|
|
|
$
(3,858)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) attributable to Oasis per share
|
$
10.37
|
|
$
3.46
|
|
$
15.48
|
|
$
(2.50)
|
|
|
$
(11.46)
|
|
(Gain) loss on sale of
properties
|
0.27
|
|
(0.26)
|
|
(10.79)
|
|
—
|
|
|
(0.03)
|
|
Gain on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(0.26)
|
|
Net (gain) loss on
derivative instruments
|
1.87
|
|
4.90
|
|
28.56
|
|
4.23
|
|
|
(0.73)
|
|
Derivative
settlements
|
(5.24)
|
|
(3.92)
|
|
(13.08)
|
|
—
|
|
|
0.71
|
|
Impairment(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
15.43
|
|
Additional interest
charges(2)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
0.15
|
|
Amortization of
deferred financing costs(3)
|
0.06
|
|
0.05
|
|
0.74
|
|
0.01
|
|
|
0.02
|
|
Amortization of debt
discount
|
—
|
|
—
|
|
—
|
|
—
|
|
|
0.03
|
|
Non-cash
reorganization items, net
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2.51)
|
|
Litigation
settlement
|
—
|
|
—
|
|
—
|
|
—
|
|
|
0.07
|
|
Other non-cash
adjustments
|
—
|
|
0.04
|
|
0.01
|
|
0.02
|
|
|
0.01
|
|
Tax
impact(4)
|
0.68
|
|
(0.20)
|
|
(1.19)
|
|
(1.00)
|
|
|
(3.06)
|
|
Other tax
adjustments(5)
|
(2.33)
|
|
(0.91)
|
|
(3.81)
|
|
0.46
|
|
|
2.01
|
|
Impact of diluted
shares(6)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
0.02
|
|
Adjusted Diluted
Earnings Attributable to Oasis Per Share
|
5.68
|
|
3.16
|
|
15.92
|
|
1.22
|
|
|
0.40
|
|
Less: Adjusted
Diluted Earnings From Discontinued Operations Attributable to Oasis
Per Share
|
1.43
|
|
1.46
|
|
6.40
|
|
0.86
|
|
|
0.41
|
|
Adjusted Diluted
Earnings From Continuing Operations Attributable to Oasis Per
Share
|
$
4.25
|
|
$
1.70
|
|
$
9.52
|
|
$
0.36
|
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding(6)
|
21,007
|
|
20,786
|
|
20,648
|
|
19,991
|
|
|
318,253
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
applicable to adjustment items(4)
|
22.5
%
|
|
24.8
%
|
|
21.9
%
|
|
23.7
%
|
|
|
23.7
%
|
___________________
|
(1)
|
OMP impairment
expense attributable to non-controlling interests of $26.7MM is
excluded from impairment expense in the table above for the period
from January 1, 2020 through November 19, 2020
(Predecessor).
|
|
(2)
|
For the period from
January 1, 2020 through November 19, 2020 (Predecessor), the
Company incurred specified default interest charges of $30.3MM
related to the Company's revolving credit facility and $28.0MM
related to OMP's revolving credit facility. These specified default
interest charges were waived upon the Company's emergence from
bankruptcy in November 2020.
|
|
(3)
|
Excludes amortization
of deferred financing costs attributable to non-controlling
interests of $0.2MM and $0.7MM for the three months and year ended
December 31, 2021 (Successor), respectively, $0.1MM for the three
months ended September 30, 2021 (Successor) and $0.4MM for the
period from January 1, 2020 through November 19, 2020
(Predecessor). The portion related to the period from November 20,
2020 through December 31, 2020 (Successor) was not
material.
|
|
(4)
|
The tax impact is
computed utilizing the Company's effective tax rate applicable to
the adjustments for certain non-cash and non-recurring
items.
|
|
(5)
|
Other tax adjustments
relate to the deferred tax asset valuation allowance, which is
adjusted to reflect the tax impact of the other adjustments using
an assumed effective tax rate that excludes its impact.
|
|
(6)
|
For the period from
January 1, 2020 through November 19, 2020 (Predecessor), the
Company included the dilutive effect of unvested stock awards of
609,000 in computing Adjusted Diluted Earnings Attributable to
Oasis Per Share, which were excluded from the GAAP calculation of
diluted loss attributable to Oasis per share due to the
anti-dilutive effect.
|
View original
content:https://www.prnewswire.com/news-releases/oasis-petroleum-inc-announces-quarter-and-year-ending-december-31-2021-earnings-301489104.html
SOURCE Oasis Petroleum Inc.