In the last trading session, the stock price of Oasis Petroleum Inc. (NYSE:OAS) jumped more than 9% to close the day at $8.16. Earlier in August, the company reported that for the quarter closed June 30, 2017, it completed and placed on production 10.8 net operated wells, based in Williston Basin. During the month of July, the production came at more than 66,000 Boepd. The company anticipates to complete as many as 48 gross operated wells in the Q2 2017.
Taylor L. Reid, the COO and President of Oasis Petroleum, reported that the company firm is well placed to implement its plan for 2H 2017, as they integrate their next internal frac spread and competently increase completion activity. Their completion design innovation across their core acreage position, including Indian Hills, Alger and Wild Basin, continues to offer uplifts in production, and the company’s wells continue to be highly economic in the prevailing commodity price environment.
Thomas B. Nusz, the CEO and Chairman of Oasis, announced that the imminent six months showcase the core of their 2017 program and will put the base for everything to emerge in 2018 and beyond. The quality of the asset platform they have built and the team strength gives him remarkable conviction around the upcoming success of Oasis. They are confident in their ability to execute and to manage their business wisely in what continues to be a continually changing market.
Second quarter production was unfavorably impacted by increased workover activity and a completion plan weighted towards the close of the quarter. The company has put in incremental dollars on workovers in the reported quarter, which coupled with quarter completions, helped July production to cross 66,000 Boepd. G&A came at $23.5 million in the second quarter of FY2017, $21.9 million in the Q2 2016 and $23.8 million in the Q1 2017.