Oasis: 2Q Earnings Snapshot
HOUSTON (AP) _ Oasis Petroleum Inc. (OAS) on Tuesday reported second-quarter net income of $42.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of 14 cents. Earnings, adjusted for non-recurring gains, came to 3 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The oil and gas exploration and production company posted revenue of $529.4 million in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $504.3 million.
In the final minutes of trading on Tuesday, the company’s shares hit $3.83. A year ago, they were trading at $12.60.