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TheStreet Open House

Oasis Petroleum CEO Discusses Q3 2011 Results - Earnings Call Transcript

Those risks include among others matters that we have described in our earnings release as well as in our filings with the Securities & Exchange Commission including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward looking statements.

Please note that we expect to file our third quarter 10-Q tomorrow. During this conference call, we will also make references to adjusted EBITDA which is a non-GAAP financial measure. Reconciliations to adjusted EBITDA to the applicable GAAP measures can be found in our earnings release or on our website.

I will now turn the call over to Tommy.

Thomas Nusz

Good morning and thank you for joining us this morning to discuss our third quarter financial results, recent operational activity and our outlook for the rest of the year. I’ll begin with an operational update outlook and then I’ll turn it back over to Michael to cover financial highlights.

We had a great quarter coming out the heels of two tough quarters that were largely influenced by weather. The 47% production increase quarter-over-quarter is a good indication that operations are getting back up to speed. As we announced in late October, we continue to grow production and our operational reports have us around 14,300 BOE per day for the full month of October.

Included in that most recent production, growth is about two million cubic feet per day of net incremental natural gas production above the 3Q average of 2.45 million cubic feet per day which we attribute to new wells being connected to our gas infrastructure that we’ll discuss more in a moment.

The team did a great job ramping up production in the third quarter to get us back on track operationally.

Although we have the obvious weather related issues in the first half of the year, we have made some important strides this year in setting up our asset base for the most optimal cost efficient development going forward. We have significantly de-risked our acreage position proven the impact of 36 stage completions and have begun understanding in the full potential of the Three Forks formation.

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