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removed from S&P SmallCap 600 effective 5-Oct-2020; updated infobox
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| logo = File:Oasis petroleum logo.svg
| logo = File:Oasis petroleum logo.svg
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{NASDAQ|OAS}}
| traded_as = {{OTC Pink|OAS}}
| industry = [[Petroleum industry]]
| industry = [[Petroleum industry]]
| founded = {{Start date and age|2007}}
| founded = {{Start date and age|2007}}
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[[Category:2010 initial public offerings]]
[[Category:2010 initial public offerings]]
[[Category:Companies based in Houston]]
[[Category:Companies based in Houston]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies formerly listed on NASDAQ]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2020]]
[[Category:Energy companies established in 2007]]
[[Category:Energy companies established in 2007]]
[[Category:Non-renewable resource companies established in 2007]]
[[Category:Non-renewable resource companies established in 2007]]

Revision as of 03:47, 10 October 2020

Not to be confused with the company that discovered oil in the Siritica region of Libya in 1959.
Oasis Petroleum Inc.
Company typePublic
OTC Pink: OAS
IndustryPetroleum industry
Founded2007; 17 years ago (2007)
FounderThomas B. Nusz
Taylor L. Reid
HeadquartersHouston, Texas, U.S.
Key people
 Thomas B. Nusz, Chairman & CEO
Taylor L. Reid, President
Michael H. Lou, CFO
ProductsPetroleum
Natural gas
Production output
88 thousand barrels of oil equivalent (540,000 GJ) per day (2019)
RevenueDecrease US$2.071 billion (2019)
Decrease US$−0.128 billion (2019)
Total assetsDecrease US$7.499 billion (2019)
Total equityDecrease US$3.837 billion (2019)
Number of employees
609 (2019)
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, 2019, the company had 286.4 million barrels of oil equivalent (1.752×109 GJ) of estimated proved reserves, including 243 million barrels of oil equivalent (1.49×109 GJ) in the Williston Basin and 44 million barrels of oil equivalent (270,000,000 GJ) in the Delaware Basin. The reserves were 70% petroleum and 30% 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 on the oil service rig at Oasis' well site.[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 an initial public offering 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 as a result of the economic effects of the Covid-19 pandemic. According to the company's chief executive, Thomas Nusz, "Due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry."[13]

References

  1. ^ a b "Oasis Petroleum Inc. 2019 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". osha.gov. March 13, 2012. Retrieved April 1, 2020.
  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". 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 files for bankruptcy". 2020-09-30. Retrieved 2020-09-30. {{cite news}}: Cite has empty unknown parameter: |1= (help)
  • Business data for Oasis Petroleum Inc.:
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