Oasis Petroleum

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Not to be confused with the company that discovered oil in the Siritica region of Libya in 1959.
Oasis Petroleum Inc.
TypePublic company
Nasdaq: OAS
IndustryPetroleum industry
Founded2007; 15 years ago (2007)
FounderThomas B. Nusz
Taylor L. Reid
HeadquartersHouston, Texas, U.S.
Key people
Douglas E. Brooks, Chairman & CEO
Taylor L. Reid, President
Michael H. Lou, CFO
ProductsPetroleum
Natural gas
Production output
57 thousand barrels of oil equivalent (350,000 GJ) per day (2020)
RevenueDecrease US$1.082 billion (2020)
Decrease US$−3.690 billion (2020)
Total assetsDecrease US$2.159 billion (2020)
Total equityDecrease US$1.012 billion (2020)
Number of employees
432 (2020)
Websiteoasispetroleum.com
Footnotes / references
[1]

Oasis Petroleum is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin as well as in the Delaware Basin of the Permian Basin in West Texas. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota.

As of December 31, 2020, the company had 182.4 million barrels of oil equivalent (1.116×109 GJ) of estimated proved reserves, including 152.2 million barrels of oil equivalent (931,000,000 GJ) in the Williston Basin and 32.2 million barrels of oil equivalent (197,000,000 GJ) in the Delaware Basin. The reserves were 66% petroleum and 34% natural gas.[1]

History[]

In February 2007, the company was founded by Thomas B. Nusz and Taylor L. Reid and was financed by EnCap Investments.[2] In June 2007, the company acquired 175,000 net acres and 1 thousand barrels of oil equivalent (6,100 GJ) per day of production in Williston, North Dakota for $83 million.[2]

In 2008–2009, the company acquired an additional 131,000 net acres and 1.1 thousand barrels of oil equivalent (6,700 GJ) per day of production nearby for $54 million.[2]

In 2010, the company became a public company via an initial public offering which raised over $400 million.[3]

In 2011, two contract employees for Carlson Well Services died and two others were seriously injured in an accident while working on one of Oasis' wells in the Williston Field.[4] In March 2012, the Occupational Safety and Health Administration (OSHA) cited the well service company for willfully exposing workers to unsafe conditions.[5]

In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion.[6]

In 2016, the company acquired 55,000 net acres and 226 gross operated drilling locations in the Williston Basin from SM Energy for $785 million.[7]

In 2017, the company completed the corporate spin-off of its midstream operations.[8][9] The same year, the company acquired 20,300 net acres in the Delaware Basin for $946 million.[10][11][12]

In September 2020, the company filed for Chapter 11 bankruptcy; it emerged from bankruptcy in November 2020.[13][14]

References[]

  1. ^ a b "Oasis Petroleum Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c "Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares". U.S. Securities and Exchange Commission. June 16, 2010.
  3. ^ "Oasis Petroleum prices IPO at $14/shr". Reuters. June 24, 2010.
  4. ^ Donovan, Lauren (September 16, 2011). "Two dead, two injured in oil well explosion near Williston". The Bismarck Tribune.
  5. ^ "US Department of Labor's OSHA cites Carlson Well Service in Powers Lake, ND, for exposing workers to unsafe conditions at oil service rig" (Press release). Occupational Safety and Health Administration. March 13, 2012.
  6. ^ "Oasis Petroleum adding to its Williston basin assets". Oil & Gas Journal. September 5, 2013.
  7. ^ Zborowski, Matt (October 18, 2016). "Oasis to buy Williston assets from SM Energy for $785 million". Oil & Gas Journal.
  8. ^ "Oasis Midstream Partners LP Launches Initial Public Offering" (Press release). PR Newswire. September 11, 2017.
  9. ^ Pulsinelli, Olivia (September 21, 2017). "Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below expected range". American City Business Journals.
  10. ^ "Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates" (Press release). PR Newswire. December 11, 2017.
  11. ^ Eaton, Collin (December 12, 2017). "Oasis Petroleum in $946 million deal for Delaware Basin land". Houston Chronicle.
  12. ^ Para, Jen (December 12, 2017). "Oasis Petroleum acquires Delaware Basin acreage for nearly $1B". American City Business Journals.
  13. ^ "Oasis Petroleum Successfully Completes Financial Restructuring" (Press release). PR Newswire. November 19, 2020.
  14. ^ "Oasis Petroleum emerges from Chapter 11 bankruptcy".

External links[]

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