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Condensed Consolidating Financial Information | 9 Months Ended
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Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Notes (see Note 7) are guaranteed on a senior unsecured basis by the Guarantors, which are 100% owned by the Company. These guarantees are full and unconditional and joint and several among the Guarantors. Certain of the Company’s immaterial wholly-owned subsidiaries do not guarantee the Notes (“Non-Guarantor Subsidiaries”). The following financial information reflects consolidating financial information of the parent company, Oasis Petroleum Inc. (“Issuer”), and its Guarantors on a combined basis, prepared on the equity basis of accounting. The Non-Guarantor Subsidiaries are immaterial and, therefore, not presented separately. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantors operated as independent entities. The Company has not presented separate financial and narrative information for each of the Guarantors because it believes such financial and narrative information would not provide any additional information that would be material in evaluating the sufficiency of the Guarantors. Condensed Consolidating Balance Sheet
| September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 757 |  |  | $ | 11,508 |  |  | $ | — |  |  | $ | 12,265 |
Accounts receivable | 16 |  |  | 198,166 |  |  | — |  |  | 198,182 |
Accounts receivable – affiliates | 1,258 |  |  | 221,784 |  |  | (223,042 | ) |  | — |
Inventory | — |  |  | 12,929 |  |  | — |  |  | 12,929 |
Prepaid expenses | 417 |  |  | 8,100 |  |  |  |  |  | 8,517 |
Other current assets | — |  |  | 131,757 |  |  | — |  |  | 131,757 |
Oil and gas properties (successful efforts method) | — |  |  | 6,337,945 |  |  | — |  |  | 6,337,945 |
Other property and equipment | — |  |  | 436,052 |  |  | — |  |  | 436,052 |
Accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,466,422 | ) |  | — |  |  | (1,466,422 | )
Investments in and advances to subsidiaries | 4,526,226 |  |  | — |  |  | (4,526,226 | ) |  | — |
Other long-term assets | 227,143 |  |  | 27,849 |  |  | (201,109 | ) |  | 53,883 |
Total assets | $ | 4,755,817 |  |  | $ | 5,919,668 |  |  | $ | (4,950,377 | ) |  | $ | 5,725,108 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Accounts payable – affiliates | 221,784 |  |  | 1,258 |  |  | (223,042 | ) |  | — |
Other current liabilities | 24,551 |  |  | 391,382 |  |  | — |  |  | 415,933 |
Long-term debt | 2,200,000 |  |  | 180,000 |  |  | — |  |  | 2,380,000 |
Other long-term liabilities | — |  |  | 820,802 |  |  | (201,109 | ) |  | 619,693 |
Common stock | 1,376 |  |  | — |  |  | — |  |  | 1,376 |
Other stockholders’ equity | 2,308,106 |  |  | 4,526,226 |  |  | (4,526,226 | ) |  | 2,308,106 |
Total liabilities and stockholders’ equity | $ | 4,755,817 |  |  | $ | 5,919,668 |  |  | $ | (4,950,377 | ) |  | $ | 5,725,108 |
Condensed Consolidating Balance Sheet
| December 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 776 |  |  | $ | 45,035 |  |  | $ | — |  |  | $ | 45,811 |
Accounts receivable | — |  |  | 306,471 |  |  | — |  |  | 306,471 |
Accounts receivable – affiliates | 781 |  |  | 91,459 |  |  | (92,240 | ) |  | — |
Prepaid expenses | 297 |  |  | 13,976 |  |  | — |  |  | 14,273 |
Other current assets | — |  |  | 330,052 |  |  | — |  |  | 330,052 |
Oil and gas properties (successful efforts method) | — |  |  | 5,966,140 |  |  | — |  |  | 5,966,140 |
Other property and equipment | — |  |  | 313,439 |  |  | — |  |  | 313,439 |
Accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,092,793 | ) |  | — |  |  | (1,092,793 | )
Investments in and advances to subsidiaries | 4,032,494 |  |  | — |  |  | (4,032,494 | ) |  | — |
Other long-term assets | 178,752 |  |  | 25,584 |  |  | (149,317 | ) |  | 55,019 |
Total assets | $ | 4,213,100 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,938,412 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 20,958 |  |  | $ | — |  |  | $ | 20,958 |
Accounts payable – affiliates | 91,459 |  |  | 781 |  |  | (92,240 | ) |  | — |
Other current liabilities | 49,340 |  |  | 724,830 |  |  | — |  |  | 774,170 |
Long-term debt | 2,200,000 |  |  | 500,000 |  |  | — |  |  | 2,700,000 |
Other long-term liabilities | — |  |  | 720,300 |  |  | (149,317 | ) |  | 570,983 |
Total stockholders’ equity | 1,872,301 |  |  | 4,032,494 |  |  | (4,032,494 | ) |  | 1,872,301 |
Total liabilities and stockholders’ equity | $ | 4,213,100 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,938,412 |
Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 197,235 |  |  | $ | — |  |  | $ | 197,235 |
Total operating expenses | (5,903 | ) |  | (211,430 | ) |  | — |  |  | (217,333 | )
Gain on sale of properties | — |  |  | 172 |  |  | — |  |  | 172 |
Operating loss | (5,903 | ) |  | (14,023 | ) |  | — |  |  | (19,926 | )
Equity in earnings of subsidiaries | 49,899 |  |  | — |  |  | (49,899 | ) |  | — |
Interest expense, net of capitalized interest | (34,020 | ) |  | (2,493 | ) |  | — |  |  | (36,513 | )
Other income (expense) | 1 |  |  | 103,885 |  |  | — |  |  | 103,886 |
Income before income taxes | 9,977 |  |  | 87,369 |  |  | (49,899 | ) |  | 47,447 |
Income tax benefit (expense) | 17,078 |  |  | (37,470 | ) |  | — |  |  | (20,392 | )
Net income | $ | 27,055 |  |  | $ | 49,899 |  |  | $ | (49,899 | ) |  | $ | 27,055 |
Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 368,659 |  |  | $ | — |  |  | $ | 368,659 |
General and administrative expenses | (6,373 | ) |  | (17,542 | ) |  | — |  |  | (23,915 | )
Other operating expenses | — |  |  | (210,684 | ) |  | — |  |  | (210,684 | )
Gain on sale of properties | — |  |  | 43 |  |  | — |  |  | 43 |
Operating income (loss) | (6,373 | ) |  | 140,476 |  |  | — |  |  | 134,103 |
Equity in earnings of subsidiaries | 148,357 |  |  | — |  |  | (148,357 | ) |  | — |
Interest expense, net of capitalized interest | (36,724 | ) |  | (2,696 | ) |  | — |  |  | (39,420 | )
Other income (expense) | — |  |  | 103,388 |  |  | — |  |  | 103,388 |
Income before income taxes | 105,260 |  |  | 241,168 |  |  | (148,357 | ) |  | 198,071 |
Income tax benefit (expense) | 16,327 |  |  | (92,811 | ) |  | — |  |  | (76,484 | )
Net income | $ | 121,587 |  |  | $ | 148,357 |  |  | $ | (148,357 | ) |  | $ | 121,587 |
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 607,668 |  |  | $ | — |  |  | $ | 607,668 |
General and administrative expenses | (20,847 | ) |  | (46,343 | ) |  | — |  |  | (67,190 | )
Other operating expenses | — |  |  | (601,648 | ) |  | — |  |  | (601,648 | )
Gain on sale of properties | — |  |  | 172 |  |  | — |  |  | 172 |
Operating loss | (20,847 | ) |  | (40,151 | ) |  | — |  |  | (60,998 | )
Equity in earnings of subsidiaries | 28,269 |  |  | — |  |  | (28,269 | ) |  | — |
Interest expense, net of capitalized interest | (103,435 | ) |  | (9,267 | ) |  | — |  |  | (112,702 | )
Other income (expense) | 5 |  |  | 111,650 |  |  | — |  |  | 111,655 |
Income (loss) before income taxes | (96,008 | ) |  | 62,232 |  |  | (28,269 | ) |  | (62,045 | )
Income tax benefit (expense) | 51,792 |  |  | (33,963 | ) |  | — |  |  | 17,829 |
Net income (loss) | $ | (44,216 | ) |  | $ | 28,269 |  |  | $ | (28,269 | ) |  | $ | (44,216 | )
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 1,090,556 |  |  | $ | — |  |  | $ | 1,090,556 |
General and administrative expenses | (17,790 | ) |  | (50,396 | ) |  | — |  |  | (68,186 | )
Other operating expenses | — |  |  | (579,718 | ) |  | — |  |  | (579,718 | )
Gain on sale of properties | — |  |  | 187,076 |  |  | — |  |  | 187,076 |
Operating income (loss) | (17,790 | ) |  | 647,518 |  |  | — |  |  | 629,728 |
Equity in earnings of subsidiaries | 410,775 |  |  | — |  |  | (410,775 | ) |  | — |
Interest expense, net of capitalized interest | (110,853 | ) |  | (7,715 | ) |  | — |  |  | (118,568 | )
Other income (expense) | 3 |  |  | 20,500 |  |  | — |  |  | 20,503 |
Income before income taxes | 282,135 |  |  | 660,303 |  |  | (410,775 | ) |  | 531,663 |
Income tax benefit (expense) | 48,238 |  |  | (249,528 | ) |  | — |  |  | (201,290 | )
Net income | $ | 330,373 |  |  | $ | 410,775 |  |  | $ | (410,775 | ) |  | $ | 330,373 |
Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Net cash provided by operating activities | $ | 3,323 |  |  | $ | 277,014 |  |  | $ | — |  |  | $ | 280,337 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (740,633 | ) |  | — |  |  | (740,633 | )
Derivative settlements | — |  |  | 291,436 |  |  | — |  |  | 291,436 |
Other investing activities | — |  |  | (1,161 | ) |  | — |  |  | (1,161 | )
Net cash used in investing activities | — |  |  | (450,358 | ) |  | — |  |  | (450,358 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from sale of common stock | 462,833 |  |  | — |  |  | — |  |  | 462,833 |
Proceeds from revolving credit facility | — |  |  | 618,000 |  |  | — |  |  | 618,000 |
Principal payments on revolving credit facility | — |  |  | (938,000 | ) |  | — |  |  | (938,000 | )
Other financing activities | (466,175 | ) |  | 459,817 |  |  | — |  |  | (6,358 | )
Net cash provided by (used in) financing activities | (3,342 | ) |  | 139,817 |  |  | — |  |  | 136,475 |
Decrease in cash and cash equivalents | (19 | ) |  | (33,527 | ) |  | — |  |  | (33,546 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 757 |  |  | $ | 11,508 |  |  | $ | — |  |  | $ | 12,265 |
Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Net cash provided by (used in) operating activities | $ | (64,099 | ) |  | $ | 737,591 |  |  | $ | — |  |  | $ | 673,492 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (998,889 | ) |  | — |  |  | (998,889 | )
Proceeds from sale of properties | — |  |  | 324,938 |  |  | — |  |  | 324,938 |
Other investing activities | — |  |  | (33,163 | ) |  | — |  |  | (33,163 | )
Net cash used in investing activities | — |  |  | (707,114 | ) |  | — |  |  | (707,114 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 370,000 |  |  | — |  |  | 370,000 |
Principal payments on revolving credit facility | — |  |  | (355,570 | ) |  | — |  |  | (355,570 | )
Other financing activities | 30,599 |  |  | (36,114 | ) |  | — |  |  | (5,515 | )
Net cash provided by (used in) financing activities | 30,599 |  |  | (21,684 | ) |  | — |  |  | 8,915 |
Increase (decrease) in cash and cash equivalents | (33,500 | ) |  | 8,793 |  |  | — |  |  | (24,707 | )
Cash and cash equivalents at beginning of period | 34,277 |  |  | 57,624 |  |  | — |  |  | 91,901 |
Cash and cash equivalents at end of period | $ | 777 |  |  | $ | 66,417 |  |  | $ | — |  |  | $ | 67,194 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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