On Thursday, Shares of Oasis Petroleum Inc. (NYSE:OAS), surged 20.12% to $10.03.
Oasis Petroleum declared financial results for the quarter ended June 30, 2015 and offered an operational update.
Operational and Financial Update
Total revenues for the second quarter of 2015 raised by 28% contrast to the first quarter of 2015, primarily due to higher oil prices in the second quarter of 2015. In the second quarter of 2015, as NYMEX West Texas Intermediate crude oil index prices (“WTI”) improved, the Company’s price differentials returned to about 10% as a percentage of WTI and continued to decrease in terms of the dollar per barrel discount to WTI to an average of $5.90 per barrel of oil contrast to $7.85 per barrel of oil during the first quarter of 2015. The Company anticipates its price differential to WTI to range between $5.50 and $6.50 per Boe in the third quarter of 2015.
Well services revenues raised $6.5 million to $9.2 million for the second quarter of 2015 as contrast to first quarter of 2015 primarily due to an enhance in well completion activity as a result of concluding over 50% more stages in the second quarter of 2015. Midstream revenues were $6.7 million for the three months ended June 30, 2015, which was a $2.9 million sequential quarter enhance, primarily due to raised fresh water sales and raised water volumes flowing through OMS salt water disposal systems.
Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin.
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN), inclined 7.29% to $17.95, during its last trading session.
Patterson-UTI Energy stated that for the month of July 2015, the Company had an average of 111 drilling rigs operating in the United States and four rigs in Canada.
Average drilling rigs operating stated in the Company’s monthly declarations represent the average number of the Company’s drilling rigs that were operating under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company’s operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company’s financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
Patterson-UTI Energy, Inc., through its auxiliaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company operates through three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas.
Finally, Quanta Services, Inc. (NYSE:PWR), ended its last trade with 1% gain, and closed at $23.34, hitting its lowest level.
Quanta Services, declared that its board of directors has authorized the company to repurchase, from time to time through February 28, 2017, up to $1.25 billion in shares of its outstanding common stock. To implement a portion of this program, the company intends to enter into a $750 million accelerated stock repurchase (“ASR”) arrangement in the near term. The newly declared program follows completion of Quanta’s formerly authorized stock repurchase program, under which Quanta repurchased about 14.4 million shares of its common stock in the open market for a total cost of about $406 million in 2015.
The new repurchase program may be implemented through open market repurchases or privately negotiated transactions, at administration’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. Subject to Quanta entering into the contemplated ASR arrangement and the requirements thereof, the new stock repurchase program does not obligate Quanta to acquire any specific amount of common stock authorized and may be modified or terminated by Quanta’s board at any time at its sole discretion and without notice.
Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and internationally. The company’s Electric Power Infrastructure Services segment provides network solutions comprising design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities. It also provides emergency restoration services, counting the repair of infrastructure.
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