Profile: Oasis Petroleum Inc (OAS)
19 Jul 2019
Oasis Petroleum Inc., incorporated on February 25, 2010, is an independent exploration and production company. The Company is focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. The Company's segments include Exploration and Production, Well Services, and Midstream Services. The exploration and production segment is engaged in the acquisition and development of oil and natural gas properties. The well services business segment (OWS) performs completion services for the Company's oil and natural gas wells operated by Oasis Petroleum North America LLC (OPNA). The midstream services business segment (OMS) performs salt water gathering and disposal services, fresh water services, natural gas gathering and processing and crude oil gathering and transportation and other midstream services for the Company's oil and natural gas wells operated by OPNA. The Company also operates a well services business through Oasis Well Services LLC (OWS) and a midstream services business through Oasis Midstream Services LLC (OMS).
The Company's operations are focused in the North Dakota and Montana areas of the Williston Basin. While it has interests in various wells in the Williston Basin that target different zones, its exploration and development activities are concentrated in the Bakken and Three Forks formations. The Williston Basin is spread across North Dakota, South Dakota, Montana and parts of southern Canada. The basin produces oil and natural gas from various producing horizons, including the Bakken, Three Forks, Madison and Red River formations. The Devonian-age Bakken formation is found within the Williston Basin underlying portions of North Dakota and Montana and consists of over three lithologic members, including the upper shale, middle Bakken and lower shale. The upper and lower shales are organic and can act as both a source and reservoir for the oil. The middle Bakken, which varies in composition from a silty dolomite to shaley limestone or sand, also serves as a reservoir.
The Three Forks formation found under the Bakken formation consists of interbedded dolomites and shale with local development of a discontinuous sandy member at the top, known as Sanish sand. The Three Forks formation is an unconventional carbonate play. As of December 31, 2016, the Company had a total of 811 net operated and non-operated producing wells and 745.1 net operated producing wells in the Williston Basin. As of December 31, 2016, it had an average daily production of 50,372 net barrels of oil equivalent per day (Boe/d) in the Williston Basin. Its Bakken and Three Forks wells produced a daily average of 50,131 net Boe per day with 756.5 net producing wells, as of December 31, 2016.
Oasis Petroleum Inc
1001 Fannin St Ste 1500
HOUSTON TX 77002-6739