Oasis Petroleum Stock Drops 26% on Updated Guidance
Shares of oil and gas producer Oasis Petroleum (NYSE: OAS) are down 26.3% as of 11:30 a.m. EDT today. Even though the company reported second-quarter adjusted earnings that were more or less in line with Wall Street's expectations, management's decision to increase capital spending has some investors concerned.
On paper, Oasis Petroleum's results don't look like something that would merit a large stock drop. Earnings for the quarter, adjusted for some one-time noncash gains, came in at $0.03 per share. That result missed analyst expectations by a penny.
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