Oasis Petroleum Expects to Cut Spending if Oil Stays below $80/brl

North Dakota oil producer Oasis Petroleum Inc will cut capital spending and limit spending to core wells if crude oil prices stay below $80 per barrel for an extended time, executives said on Wednesday.

The company, considered a "pure-play" investment the second-largest oil producing state by Wall Street, posted lower-than-expected quarterly profit on Tuesday evening, citing performance challenges and weak weather.

The results added to investor concern about the company amidst falling oil prices, down more than 25 percent in the past three months. Prices were up slightly on Wednesday, trading at around $78 per barrel.

If prices stay below $80 for an extended period of time, the company will pull back on spending except for wells that "have the most price resiliency and where we have the most mature infrastructure," Chief Financial Officer Michael Lou said on a conference call with investors.

Prices below $70 would further affect production, Lou said.

"Given the uncertainty on oil prices, it is a bit too early to discuss specific spending for 2015," Chief Executive Officer Tommy Nusz told investors. "However, protecting our balance sheet by executing on our plan is very important to us and we can manage that to our capital plan on our hedged profile."

Shares of Oasis fell 4.1 percent to $25.82 in afternoon trading. The stock has fallen 45 percent so far this year.

(Reporting by Ernest Scheyder in Williston, North Dakota; Editing by Jeffrey Benkoe)