Williston Basin-focused oil and gas producer Oasis Petroleum OAS reported second-quarter 2021 adjusted earnings per share of $2.76, comfortably beating the Zacks Consensus Estimate of $2.29 and improving from the year-ago profit of 23 cents. The outperformance can be attributed to higher commodity prices and better-than-expected production.The company’s total operating revenues of $393.1 million beat the Zacks Consensus Estimate of $271 million. The top line also more than doubled from the year-ago figure of $166.4 million.Among other encouraging metrics for Oasis Petroleum, adjusted EBITDA, and exploration and production (E&P) free cash flow totaled $107 million and $54.8 million, respectively. The company, which currently pays a quarterly dividend of 37.5 cents ($1.50 annualized), reiterated its plan to hike it to 50 cents, following the completion of the previously announced Williston Basin acquisition.Production & Price RealizationsTotal production (comprising 64% oil) edged up 0.3% from the year-ago level to 54.271 thousand oil-equivalent barrels per day (MBOE/d) and surpassed the Zacks Consensus Estimate of 53.3 MBOE/d. While oil volume came in at 34.668 thousand barrels per day (down 4.8% year over year), natural gas totaled 117,617 thousand cubic feet per day (up 10.9%).The average realized crude oil price during the second quarter was $65.52 per barrel, reflecting a 168% increase from the prior-year realization of $24.45. The average realized natural gas price was $4.53 per thousand cubic feet, surging 243.2% from the year-earlier period.Total ExpensesTotal operating expenses in the quarter climbed to $240.5 million from the year-ago quarter’s $176.5 million. This was mainly on account of a jump in midstream outlays, and purchased oil and gas expenses, which were up 188.5% and 157.5%, respectively, from the corresponding quarter of last year. The company’s lease operating expenses also rose to $10.21 per barrel of oil equivalent (Boe) from the year-ago figure of $6.01 per Boe.Financial PositionCapital spending totaled $53 million in the quarter. Oasis Petroleum recorded $160 million in net cash flow used in operations.As of Jun 30, this Bakken-focused operator had $388.9 million in cash and cash equivalents. The company had long-term debt of $1 billion, representing a debt-to-capitalization of 50.5%.GuidanceFor the third and fourth quarters of 2021, Oasis Petroleum estimates its E&P capex in the $50-$60 and $65-$65 million range, respectively. Oasis Petroleum revised its current-year E&P capex outlook downward from its previous guidance, and now projects it in the $200-$215 million band.Further, management has given its production guidance for the next two quarters of 2021. They stand at 49-52 MBOE/d for the third quarter and 74.5-77.5 MBOE/d for the fourth quarter.Zacks Rank & Stock PickOasis Petroleum currently carries a Zacks Rank #3 (Hold).Some better-ranked players in the energy space are Ovintiv OVV, EOG Resources EOG and Suncor Energy SU, each presently flaunting a Zacks Rank of 1.You can see the complete list of today’s Zacks #1 Rank stocks here.Ovintiv has an expected earnings growth rate of 1,177.14% for the current year.EOG Resources has an expected earnings growth rate of 397.95% for the current year.Suncor Energy has an expected earnings growth rate of 281.82% for the current year. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG): Free Stock Analysis Report Suncor Energy Inc. (SU): Free Stock Analysis Report Oasis Petroleum Inc. (OAS): Free Stock Analysis Report Ovintiv Inc. (OVV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research