Oasis Petroleum Inc. (OAS)

[eFinanceMarkets]

Oasis Petroleum posts Q1 beat, plans for IPO of some midstream assets

Oasis Petroleum (NYSE:OAS) +1.9% AH after reporting better than expected Q1 earnings and revenues, and plans contribute some of its midstream assets to an MLP, in which it would sell a minority interest via an IPO.

The midstream assets that are expected to be part of the MLP are located in the Williston Basin and include part of OAS's crude oil gathering and transportation system, natural gas gathering and processing system, and water handling systems.

OAS also says it increased Q1 production 19% Q/Q to 63,192 boe/day from 53,150 boe/day.