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Oasis Petroleum's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Please be advised that our remarks including the answers to your questions include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings release and conference call.

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 second quarter 10-Q today.

During this conference call, we will also make references to adjusted EBITDA, which is a non-GAAP financial measure. Reconciliations of adjusted EBITDA to the applicable GAAP measure can be found in our earnings release or on our website.

I’ll now turn the call over to Tommy.

Thomas B. Nusz

Good morning and thank you for joining us. I’ll begin with some general comments and then we’ll turn the call over to Taylor and Michael to cover more detail on operations and financial highlights.

As we’ve discussed before, Oasis has been rapidly growing these past couple of years and in the midst of that growth, the company is developing a strong foundation for future success. This year has been largely a transition year for us. As we look back to 2011, it was all about scale and execution. We consolidated our acreage position and began coring up our large blocks, and we secured the services we would need to execute on our development program.

The focus for 2012 has been in four areas. First, holding all of our drill blocks by production, and by the end of this year almost all of our inventoried acreage will be held. As we’ve talked about before, there is still will be some unheld drill blocks, but those will be out in 2014, ‘15, ‘16 and easily manageable.

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