S&P upgrades Oasis

Standard & Poor's said it raised its corporate credit rating on Oasis Petroleum Inc. to B+ from B. The outlook is stable.

At the same time, the agency said it raised the rating on the company's senior unsecured debt to B from B-.

"The rating actions reflect our assessment of Oasis' improved business risk profile," said S&P credit analyst Lawrence Wilkinson in a news release.

This action follows the company's announcement that it almost doubled its proved reserve base in 2011 and increased production by over 30% in the fourth quarter, S&P said.

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