Oasis Petroleum
Oasis Petroleum is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota.
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Type | Public company |
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Nasdaq: OAS | |
Industry | Petroleum industry |
Founded | 2007 |
Founder | Thomas B. Nusz Taylor L. Reid |
Headquarters | Houston, Texas, U.S. |
Key people | Douglas E. Brooks, Chairman Daniel E. Brown, CEO Michael H. Lou, CFO |
Products | Petroleum Natural gas |
Production output | 58 thousand barrels of oil equivalent (350,000 GJ) per day (2021) |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 255 (2022) |
Website | oasispetroleum |
Footnotes / references [1] |
As of December 31, 2021, the company had 250.9 million barrels of oil equivalent (1.535×109 GJ) of estimated proved reserves of which 69% was petroleum and 31% was 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.[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 the corporate spin-off 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] It sold these assets in 2021.[13]
In September 2020, the company filed for Chapter 11 bankruptcy; it emerged from bankruptcy in November 2020.[14][15]
References
- "Oasis Petroleum Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares". U.S. Securities and Exchange Commission. June 16, 2010.
- "Oasis Petroleum prices IPO at $14/shr". Reuters. June 24, 2010.
- Donovan, Lauren (September 16, 2011). "Two dead, two injured in oil well explosion near Williston". The Bismarck Tribune.
- "US Department of Labor's OSHA cites Carlson Well Service in Powers Lake, ND, for exposing workers to unsafe conditions at oil service rig" (Press release). Occupational Safety and Health Administration. March 13, 2012.
- "Oasis Petroleum adding to its Williston basin assets". Oil & Gas Journal. September 5, 2013.
- Zborowski, Matt (October 18, 2016). "Oasis to buy Williston assets from SM Energy for $785 million". Oil & Gas Journal.
- "Oasis Midstream Partners LP Launches Initial Public Offering" (Press release). PR Newswire. September 11, 2017.
- Pulsinelli, Olivia (September 21, 2017). "Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below expected range". American City Business Journals.
- "Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates" (Press release). PR Newswire. December 11, 2017.
- Eaton, Collin (December 12, 2017). "Oasis Petroleum in $946 million deal for Delaware Basin land". Houston Chronicle.
- Para, Jen (December 12, 2017). "Oasis Petroleum acquires Delaware Basin acreage for nearly $1B". American City Business Journals.
- Jean, Renée (May 21, 2021). "Oasis Petroleum is selling its Permian Assets for half what it paid for them in 2017". Williston Herald.
- "Oasis Petroleum Successfully Completes Financial Restructuring" (Press release). PR Newswire. November 19, 2020.
- Jumchai, Stephen Cedric (November 19, 2020). "Oasis Petroleum emerges from Chapter 11 bankruptcy". S&P Global.
External links
- Business data for Oasis Petroleum Inc.: