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Oasis Petroleum Expects Total Revenues Will Decrease ~$187.9M To $387.8M

HOUSTON, May 11, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ:OAS) ("Oasis" or the "Company") today announced that it will postpone its first quarter 2020 earnings release and conference

Benzinga · 05/11/2020 12:05

HOUSTON, May 11, 2020 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ:OAS) ("Oasis" or the "Company") today announced that it will postpone its first quarter 2020 earnings release and conference call, previously scheduled for today at 10:00 a.m. Central Time. The Company is completing the review of its unaudited condensed consolidated financial statements, including the finalization of certain documentation which may impact the presentation and disclosure of certain financial statement line items.  That documentation is in process and is expected to be completed in the near term.  The Company will make an announcement in a subsequent press release to schedule the date and time of its first quarter 2020 earnings conference call.  As a result of this delay, the Company will also file a Form 12b-25 with the U.S. Securities and Exchange Commission relating to the Company's report on Form 10-Q for the period ended March 31, 2020.  This filing gives the Company an additional five days to file its Form 10-Q and still be deemed to have been filed in a timely manner.  It is the Company's current expectation that it will make its Form 10-Q filing within the five-day grace period stipulated by Rule 12b-25, though no assurance can be provided in that regard. 

The Company expects total revenues will decrease approximately $187.9 million to approximately $387.8 million for the three months ended March 31, 2020 from the same period in 2019; impairment expense will increase to approximately $4,823.7 million for the three months ended March 31, 2020 from the same period in 2019; and total operating expenses, including the impairment expense, will increase approximately $4,739.2 million to approximately $5,261.6 million for the three months ended March 31, 2020 from the same period in 2019. The anticipated changes were primarily attributable to the significant decline in the Company's realized prices for crude oil, natural gas and natural gas liquids caused by the collapse in demand for such products beginning in March 2020 as a result of Saudi Arabia and the Organization of the Petroleum Exporting Countries' actions as well as the ongoing impact of stay at home orders issued in response to the novel coronavirus 2019 ("COVID-19") pandemic. The results presented are preliminary, unaudited and subject to change pending the filing of the Company's Form 10-Q for the period ended March 31, 2020