Oasis Petroleu. (OAS) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $33.94 million, or $ 0.19 a share in the quarter, against a net profit of $27.06 million, or $0.20 a share in the last year period. On adjusted basis, net loss for the quarter stood at $29.26 million, or $0.17 a share compared with a net profit of $12.55 million, or $0.09 a share in the last year period.
Revenue during the quarter dropped 10.10 percent to $177.31 million from $197.24 million in the previous year period. Gross margin for the quarter expanded 48 basis points over the previous year period to 95.40 percent. Operating margin for the quarter stood at negative 14.50 percent as compared to a negative 10.10 percent for the previous year period.
Operating loss for the quarter was $25.70 million, compared with an operating loss of $19.93 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $104.39 million compared with $189.24 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3707 basis points in the quarter to 58.88 percent from 95.95 percent in the last year period.
"Oasis continues to increase shareholder value by further improving capital efficiency and acquiring assets that allow us to best leverage our operating expertise," said Thomas B. Nusz, Oasis' chairman and chief executive officer. "With well costs of $5.2 million and Wild Basin type curves of 1,550 Mboe, we are positioned to grow volumes considerably across 2017 and 2018."
Operating cash flow drops significantly
Oasis Petroleum has generated cash of $123.42 million from operating activities during the nine month period, down 55.97 percent or $156.92 million, when compared with the last year period. The company has spent $212.17 million cash to meet investing activities during the nine month period as against cash outgo of $450.36 million in the last year period.
Cash flow from financing activities was $92.80 million for the nine month period, down 32 percent or $43.68 million, when compared with the last year period.
Cash and cash equivalents stood at $13.78 million as on Sep. 30, 2016, up 12.32 percent or $1.51 million from $12.26 million on Sep. 30, 2015.
Working capital remains negative
Working capital of Oasis Petroleum was negative $68.30 million on Sep. 30, 2016 compared with negative $52.28 million on Sep. 30, 2015. Current ratio was at 0.77 as on Sep. 30, 2016, down from 0.87 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 51 days for the quarter from 103 days for the last year period. Days sales outstanding went up to 107 days for the quarter compared with 100 days for the same period last year.
Days inventory outstanding has decreased to 48 days for the quarter compared with 140 days for the previous year period. At the same time, days payable outstanding went down to 104 days for the quarter from 137 for the same period last year.
Debt comes downOasis Petroleum has recorded a decline in total debt over the last one year. It stood at $2,125.57 million as on Sep. 30, 2016, down 10.69 percent or $254.43 million from $2,380 million on Sep. 30, 2015. Oasis Petroleum has recorded a decline in long-term debt over the last one year. It stood at $2,125.57 million as on Sep. 30, 2016, down 10.69 percent or $254.43 million from $2,380 million on Sep. 30, 2015. Total debt was 39.38 percent of total assets as on Sep. 30, 2016, compared with 41.57 percent on Sep. 30, 2015. Debt to equity ratio was at 0.89 as on Sep. 30, 2016, down from 1.03 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
