Oasis Petroleum Inc., Houston, plans to spend $295 million in 2022 without accelerating activity on current assets.
The Williston basin producer said it is committed to returning $70 million per quarter to shareholders through base dividend, variable dividends, and share repurchases.
With a reinvestment rate below 40%, the company said it expects volumes of 65,000-70,000 boe/d (64% oil cut) with a focus on South Nesson, Indian Hills/City of Willison, and Fort Berthold Indian Reservation areas in North Dakota.
Its 2022 program envisions drilling 40-42 gross operated wells (about 72% working interest) with about 25% 3-mile laterals and 9 completions in first-half 2022.
Oasis produced 68,800 boe/d in fourth-quarter 2021 with oil volumes of 44,400 b/d. Exploration and production capital expenditure was $45.3 million in the quarter and $168.2 million for full-year 2021.
Net cash provided by operating activities was $269.4 million, net income was $225.9 million, and net income from continuing operations was $188.2 million.
For fourth-quarter 2021 and full-year 2021, the company had net income from continuing operations of $188.2 million and $189 million, respectively. Excluding certain non-cash items and their tax effect, adjusted net income attributable to Oasis from continuing operations was $89.3 million in the fourth quarter, and $196.4MM million in full-year 2021.
