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Oasis Petroleum's Q2 adjusted results stumble YOY but match estimates

Independent exploration and production company Oasis Petroleum Inc. on Aug. 6 reported an adjusted second-quarter net income attributable to the company of $11 million, or 3 cents per share, down from the adjusted net income of $28.9 million, or 9 cents per share, posted during the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 3 cents per share.

GAAP net income attributable to the company was pegged at $42.8 million, up from the net loss of $320.2 million posted a year ago.

Total revenues for the quarter came in at $529.4 million, down from the $573.8 million reported during the same quarter in 2018.

Average daily production came in at 84,454 barrels of oil equivalent per day, compared to the 79,437 boe/d posted a year ago.

Oasis also updated its guidance and expects full-year production to come in at 86,800 boe/d to 88,500 boe/d compared to the previous guidance of 86,000 boe/d to 91,000 boe/d.