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.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release
specifically include the Company's anticipated financial results
for the first quarter of 2020 as well as the anticipated filing of
its Form 10-Q for such quarter. These statements are based on
certain assumptions made by the Company based on management's
review of the first quarter 2020 financial results to date as well
as the process necessary to complete those results. Such statements
are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the Company, which may
cause actual results to differ materially from those implied or
expressed by the forward-looking statements. These include, but are
not limited to, changes in crude oil and natural gas prices,
developments in the global economy, particularly the public health
crisis related to the COVID-19 pandemic and the adverse impact
thereof on demand for crude oil and natural gas, the outcome of
government policies and actions, including actions taken to address
the COVID-19 pandemic and to maintain the functioning of national
and global economies and markets, the impact of Company actions to
protect the health and safety of employees, vendors, customers and
communities, weather and environmental conditions, the timing of
planned capital expenditures, uncertainties in estimating proved
reserves and forecasting production results, operational factors
affecting the commencement or maintenance of producing wells, the
condition of the capital markets generally, as well as the
Company's ability to access them, the proximity to and capacity of
transportation facilities, and uncertainties regarding
environmental regulations or litigation and other legal or
regulatory developments affecting the Company's business and other
important factors that could cause actual results to differ
materially from those projected as described in the Company's
reports filed with the U.S. Securities and Exchange Commission.
Additionally, the actions of foreign oil producers (most notably
Saudi Arabia and Russia) to increase crude oil production, the
unprecedented nature of the current economic downturn, the COVID-19
pandemic and the related decline of the crude oil exploration and
production industry may make it particularly difficult to identify
risks or predict the degree to which identified risks will impact
the Company's business and financial condition. Because
considerable uncertainty exists with respect to foreign oil
production and the future pace and extent of a global economic
recovery from the effects of the COVID-19 pandemic, the
Company cannot predict whether or when crude oil production
and economic activities will return to normalized levels.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
About Oasis Petroleum Inc.
Oasis is an independent exploration and production company focused
on the acquisition and development of onshore, unconventional crude
oil and natural gas resources in the
United States. For more information, please visit the
Company's website at www.oasispetroleum.com.
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SOURCE Oasis Petroleum Inc.
