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Title : What Don't You Want? -- July 23, 2018
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What Don't You Want? -- July 23, 2018

Folks following this story might read between the lines: Oasis, having sold some of its non-core assets in North Dakota to raise cash to buy very expensive acreage in the Permian now says "Bakken is still the company's focus."

It will be interesting for the next twelve months or so to see how the Permian plays out for Oasis, what with the takeaway issues; high cost of completions; and, lack of infrastructure.

From The Williston Herald

Earlier this year, Oasis sold some of its Williston acreage and bought a $946 million position in the Permian’s Delaware Basin.

That works out to a pricey $46,600 per acre, and, at the time, was the most expensive entry yet to the Permian on a per-acre basis, according to analysts. One question that company’s officials heard a lot since acquiring that costly acreage is: What does it mean for the Bakken?

Vice President of Operations for Oasis Petroleum, Jason Swaren, had an answer for that question during the Bakken Conference and Oil Expo.

“Ninety-five percent of our total hydrocarbon production comes from Bakken assets, and only 5 percent comes from the Permian,” he said. “From our company perspective, I cannot stress enough how important the Bakken is to our company.”

At upwards of $50K/acre in the Permian, I would think investors might want to know what they are getting for their money. A billion dollars and only 5% of their production comes from the Permian. Wow. A billion dollars would go a long way in the Bakken these days.

WTI-Permian spread has been as much as a $15 deficit for Permian oil, while Bakken has been commanding a slight premium.

Well, time will tell.

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