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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements The Notes (see Note 10 — Long-Term Debt) 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 operating units, including OMP (see Note 3 – Oasis Midstream Partners LP), which is accounted for on a consolidated basis, do not guarantee the Notes (“Non-Guarantor Subsidiaries”). The following financial information reflects consolidating financial information of the parent company, Oasis Petroleum Inc. (“Issuer”), its Guarantors on a combined basis and the Non-Guarantor Subsidiaries on a combined basis, prepared on the equity basis of accounting. 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
| December 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 178 |  |  | $ | 15,659 |  |  | $ | 883 |  |  | $ | — |  |  | $ | 16,720 |
Accounts receivable, net | — |  |  | 362,746 |  |  | 834 |  |  | — |  |  | 363,580 |
Accounts receivable - affiliates | 425,668 |  |  | 46,020 |  |  | 85,818 |  |  | (557,506 | ) |  | — |
Inventory | — |  |  | 19,367 |  |  | — |  |  | — |  |  | 19,367 |
Prepaid expenses | 267 |  |  | 6,586 |  |  | 778 |  |  | — |  |  | 7,631 |
Derivative instruments | — |  |  | 344 |  |  | — |  |  | — |  |  | 344 |
Other current assets | — |  |  | 193 |  |  | — |  |  | — |  |  | 193 |
Total current assets | 426,113 |  |  | 450,915 |  |  | 88,313 |  |  | (557,506 | ) |  | 407,835 |
Property, plant and equipment |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 7,840,921 |  |  | — |  |  | (1,966 | ) |  | 7,838,955 |
Other property and equipment | — |  |  | 214,818 |  |  | 653,928 |  |  | — |  |  | 868,746 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (2,499,867 | ) |  | (34,348 | ) |  | — |  |  | (2,534,215 | )
Total property, plant and equipment, net | — |  |  | 5,555,872 |  |  | 619,580 |  |  | (1,966 | ) |  | 6,173,486 |
Investments in and advances to subsidiaries | 4,790,976 |  |  | 422,132 |  |  | — |  |  | (5,213,108 | ) |  | — |
Derivative instruments | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Deferred income taxes | 183,568 |  |  | — |  |  | — |  |  | (183,568 | ) |  | — |
Long-term inventory | — |  |  | 12,200 |  |  | — |  |  | — |  |  | 12,200 |
Other assets | — |  |  | 19,587 |  |  | 2,013 |  |  | — |  |  | 21,600 |
Total assets | $ | 5,400,657 |  |  | $ | 6,460,715 |  |  | $ | 709,906 |  |  | $ | (5,956,148 | ) |  | $ | 6,615,130 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 13,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,370 |
Accounts payable - affiliates | 34,382 |  |  | 511,486 |  |  | 11,638 |  |  | (557,506 | ) |  | — |
Revenues and production taxes payable | — |  |  | 213,995 |  |  | — |  |  | — |  |  | 213,995 |
Accrued liabilities | 216 |  |  | 177,446 |  |  | 58,818 |  |  | — |  |  | 236,480 |
Accrued interest payable | 38,796 |  |  | 53 |  |  | 114 |  |  | — |  |  | 38,963 |
Derivative instruments | — |  |  | 115,716 |  |  | — |  |  | — |  |  | 115,716 |
Advances from joint interest partners | — |  |  | 4,916 |  |  | — |  |  | — |  |  | 4,916 |
Other current liabilities | — |  |  | 40 |  |  | — |  |  | — |  |  | 40 |
Total current liabilities | 73,394 |  |  | 1,037,022 |  |  | 70,570 |  |  | (557,506 | ) |  | 623,480 |
Long-term debt | 1,949,606 |  |  | 70,000 |  |  | 78,000 |  |  | — |  |  | 2,097,606 |
Deferred income taxes | — |  |  | 489,489 |  |  | — |  |  | (183,568 | ) |  | 305,921 |
Asset retirement obligations | — |  |  | 47,195 |  |  | 1,316 |  |  | — |  |  | 48,511 |
Derivative instruments | — |  |  | 19,851 |  |  | — |  |  | — |  |  | 19,851 |
Other liabilities | — |  |  | 6,182 |  |  | — |  |  | — |  |  | 6,182 |
Total liabilities | 2,023,000 |  |  | 1,669,739 |  |  | 149,886 |  |  | (741,074 | ) |  | 3,101,551 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,264,691 |  |  | 234,935 |  |  | (3,499,626 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 270,627,014 shares issued and 269,295,466 shares outstanding | 2,668 |  |  | — |  |  | — |  |  | — |  |  | 2,668 |
Treasury stock, at cost: 1,331,548 shares | (22,179 | ) |  | — |  |  | — |  |  | — |  |  | (22,179 | )
Additional paid-in-capital | 2,677,217 |  |  | 8,922 |  |  | — |  |  | (8,922 | ) |  | 2,677,217 |
Retained earnings | 719,951 |  |  | 1,379,475 |  |  | 11,639 |  |  | (1,393,080 | ) |  | 717,985 |
Oasis share of stockholders’ equity | 3,377,657 |  |  | 4,653,088 |  |  | 246,574 |  |  | (4,901,628 | ) |  | 3,375,691 |
Non-controlling interests | — |  |  | 137,888 |  |  | 313,446 |  |  | (313,446 | ) |  | 137,888 |
Total stockholders’ equity | 3,377,657 |  |  | 4,790,976 |  |  | 560,020 |  |  | (5,215,074 | ) |  | 3,513,579 |
Total liabilities and stockholders’ equity | $ | 5,400,657 |  |  | $ | 6,460,715 |  |  | $ | 709,906 |  |  | $ | (5,956,148 | ) |  | $ | 6,615,130 |
Condensed Consolidating Balance Sheet
| December 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 166 |  |  | $ | 11,060 |  |  | $ | — |  |  | $ | 11,226 |
Accounts receivable, net | — |  |  | 204,335 |  |  | — |  |  | 204,335 |
Accounts receivable - affiliates | 252,000 |  |  | 27,619 |  |  | (279,619 | ) |  | — |
Inventory | — |  |  | 10,648 |  |  | — |  |  | 10,648 |
Prepaid expenses | 275 |  |  | 7,348 |  |  | — |  |  | 7,623 |
Derivative instruments | — |  |  | 362 |  |  | — |  |  | 362 |
Other current assets | — |  |  | 4,355 |  |  | — |  |  | 4,355 |
Total current assets | 252,441 |  |  | 265,727 |  |  | (279,619 | ) |  | 238,549 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 7,296,568 |  |  | — |  |  | 7,296,568 |
Other property and equipment | — |  |  | 618,790 |  |  | — |  |  | 618,790 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,995,791 | ) |  | — |  |  | (1,995,791 | )
Total property, plant and equipment, net | — |  |  | 5,919,567 |  |  | — |  |  | 5,919,567 |
Investments in and advances to subsidiaries | 4,451,192 |  |  | — |  |  | (4,451,192 | ) |  | — |
Deferred income taxes | 220,058 |  |  | — |  |  | (220,058 | ) |  | — |
Other assets | — |  |  | 20,516 |  |  | — |  |  | 20,516 |
Total assets | $ | 4,923,691 |  |  | $ | 6,205,810 |  |  | $ | (4,950,869 | ) |  | $ | 6,178,632 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 4,645 |  |  | $ | — |  |  | $ | 4,645 |
Accounts payable - affiliates | 27,619 |  |  | 252,000 |  |  | (279,619 | ) |  | — |
Revenues and production taxes payable | — |  |  | 139,737 |  |  | — |  |  | 139,737 |
Accrued liabilities | 12 |  |  | 119,161 |  |  | — |  |  | 119,173 |
Accrued interest payable | 38,689 |  |  | 315 |  |  | — |  |  | 39,004 |
Derivative instruments | — |  |  | 60,469 |  |  | — |  |  | 60,469 |
Advances from joint interest partners | — |  |  | 7,597 |  |  | — |  |  | 7,597 |
Other current liabilities | — |  |  | 10,490 |  |  | — |  |  | 10,490 |
Total current liabilities | 66,320 |  |  | 594,414 |  |  | (279,619 | ) |  | 381,115 |
Long-term debt | 1,934,214 |  |  | 363,000 |  |  | — |  |  | 2,297,214 |
Deferred income taxes | — |  |  | 733,587 |  |  | (220,058 | ) |  | 513,529 |
Asset retirement obligations | — |  |  | 48,985 |  |  | — |  |  | 48,985 |
Derivative instruments | — |  |  | 11,714 |  |  | — |  |  | 11,714 |
Other liabilities | — |  |  | 2,918 |  |  | — |  |  | 2,918 |
Total liabilities | 2,000,534 |  |  | 1,754,618 |  |  | (499,677 | ) |  | 3,255,475 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,388,893 |  |  | (3,388,893 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 237,201,064 shares issued and 236,344,172 shares outstanding | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
Treasury stock, at cost: 856,892 shares | (15,950 | ) |  | — |  |  | — |  |  | (15,950 | )
Additional paid-in-capital | 2,345,271 |  |  | 8,743 |  |  | (8,743 | ) |  | 2,345,271 |
Retained earnings | 591,505 |  |  | 1,053,556 |  |  | (1,053,556 | ) |  | 591,505 |
Total stockholders’ equity | 2,923,157 |  |  | 4,451,192 |  |  | (4,451,192 | ) |  | 2,923,157 |
Total liabilities and stockholders’ equity | $ | 4,923,691 |  |  | $ | 6,205,810 |  |  | $ | (4,950,869 | ) |  | $ | 6,178,632 |
Condensed Consolidating Statement of Operations
| Year Ended December 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,034,892 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,034,892 |
Purchased oil and gas sales | — |  |  | 87,989 |  |  | — |  |  | — |  |  | 87,989 |
Midstream revenues | — |  |  | 46,649 |  |  | 59,821 |  |  | (33,718 | ) |  | 72,752 |
Well services revenues | — |  |  | 52,791 |  |  | — |  |  | — |  |  | 52,791 |
Total revenues | — |  |  | 1,222,321 |  |  | 59,821 |  |  | (33,718 | ) |  | 1,248,424 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 189,548 |  |  | — |  |  | (12,414 | ) |  | 177,134 |
Midstream operating expenses | — |  |  | 11,117 |  |  | 15,098 |  |  | (8,626 | ) |  | 17,589 |
Well services operating expenses | — |  |  | 37,228 |  |  | — |  |  | — |  |  | 37,228 |
Marketing, transportation and gathering expenses | — |  |  | 61,571 |  |  | — |  |  | (5,831 | ) |  | 55,740 |
Purchased oil and gas expenses | — |  |  | 89,320 |  |  | — |  |  | — |  |  | 89,320 |
Production taxes | — |  |  | 88,133 |  |  | — |  |  | — |  |  | 88,133 |
Depreciation, depletion and amortization | — |  |  | 528,615 |  |  | 4,626 |  |  | (2,439 | ) |  | 530,802 |
Exploration expenses | — |  |  | 11,600 |  |  | — |  |  | — |  |  | 11,600 |
Impairment | — |  |  | 6,887 |  |  | — |  |  | — |  |  | 6,887 |
General and administrative expenses | 27,616 |  |  | 61,513 |  |  | 5,110 |  |  | (2,442 | ) |  | 91,797 |
Total operating expenses | 27,616 |  |  | 1,085,532 |  |  | 24,834 |  |  | (31,752 | ) |  | 1,106,230 |
Gain on sale of properties | — |  |  | 1,774 |  |  | — |  |  | — |  |  | 1,774 |
Operating income (loss) | (27,616 | ) |  | 138,563 |  |  | 34,987 |  |  | (1,966 | ) |  | 143,968 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 323,953 |  |  | 34,968 |  |  | — |  |  | (358,921 | ) |  | — |
Net loss on derivative instruments | — |  |  | (71,657 | ) |  | — |  |  | — |  |  | (71,657 | )
Interest expense, net of capitalized interest | (131,329 | ) |  | (15,489 | ) |  | (19 | ) |  | — |  |  | (146,837 | )
Other income (expense) | 1 |  |  | (1,333 | ) |  | — |  |  | — |  |  | (1,332 | )
Total other income (expense) | 192,625 |  |  | (53,511 | ) |  | (19 | ) |  | (358,921 | ) |  | (219,826 | )
Income (loss) before income taxes | 165,009 |  |  | 85,052 |  |  | 34,968 |  |  | (360,887 | ) |  | (75,858 | )
Income tax benefit (expense) | (41,213 | ) |  | 244,517 |  |  | — |  |  | — |  |  | 203,304 |
Net income including non-controlling interests | 123,796 |  |  | 329,569 |  |  | 34,968 |  |  | (360,887 | ) |  | 127,446 |
Less: Net income attributable to non-controlling interests | — |  |  | 3,650 |  |  | 23,329 |  |  | (23,329 | ) |  | 3,650 |
Net income attributable to Oasis | $ | 123,796 |  |  | $ | 325,919 |  |  | $ | 11,639 |  |  | $ | (337,558 | ) |  | $ | 123,796 |
Condensed Consolidating Statement of Operations
| Year Ended December 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 625,233 |  |  | $ | — |  |  | $ | 625,233 |
Purchased oil and gas sales | — |  |  | 10,272 |  |  | — |  |  | 10,272 |
Midstream revenues | — |  |  | 35,406 |  |  | — |  |  | 35,406 |
Well services revenues | — |  |  | 33,754 |  |  | — |  |  | 33,754 |
Total revenues | — |  |  | 704,665 |  |  | — |  |  | 704,665 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 135,444 |  |  | — |  |  | 135,444 |
Midstream operating expenses | — |  |  | 9,003 |  |  | — |  |  | 9,003 |
Well services operating expenses | — |  |  | 20,675 |  |  | — |  |  | 20,675 |
Marketing, transportation and gathering expenses | — |  |  | 30,108 |  |  | — |  |  | 30,108 |
Purchased oil and gas expenses | — |  |  | 10,258 |  |  | — |  |  | 10,258 |
Production taxes | — |  |  | 56,565 |  |  | — |  |  | 56,565 |
Depreciation, depletion and amortization | — |  |  | 476,331 |  |  | — |  |  | 476,331 |
Exploration expenses | — |  |  | 1,785 |  |  | — |  |  | 1,785 |
Impairment | — |  |  | 4,684 |  |  | — |  |  | 4,684 |
General and administrative expenses | 25,356 |  |  | 63,986 |  |  | — |  |  | 89,342 |
Total operating expenses | 25,356 |  |  | 808,839 |  |  | — |  |  | 834,195 |
Loss on sale of properties | — |  |  | (1,303 | ) |  | — |  |  | (1,303 | )
Operating loss | (25,356 | ) |  | (105,477 | ) |  | — |  |  | (130,833 | )
Other income (expense) |  |  |  |  |  |  |
Equity in loss of subsidiaries | (140,978 | ) |  | — |  |  | 140,978 |  |  | — |
Net loss on derivative instruments | — |  |  | (105,317 | ) |  | — |  |  | (105,317 | )
Interest expense, net of capitalized interest | (130,356 | ) |  | (9,949 | ) |  | — |  |  | (140,305 | )
Gain on extinguishment of debt | 4,741 |  |  | — |  |  | — |  |  | 4,741 |
Other income | 137 |  |  | 23 |  |  | — |  |  | 160 |
Total other expense | (266,456 | ) |  | (115,243 | ) |  | 140,978 |  |  | (240,721 | )
Loss before income taxes | (291,812 | ) |  | (220,720 | ) |  | 140,978 |  |  | (371,554 | )
Income tax benefit | 48,796 |  |  | 79,742 |  |  | — |  |  | 128,538 |
Net loss | $ | (243,016 | ) |  | $ | (140,978 | ) |  | $ | 140,978 |  |  | $ | (243,016 | )
Condensed Consolidating Statement of Operations
| Year Ended December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 721,672 |  |  | $ | — |  |  | $ | 721,672 |
Midstream revenues | — |  |  | 23,769 |  |  | — |  |  | 23,769 |
Well services revenues | — |  |  | 44,294 |  |  | — |  |  | 44,294 |
Total revenues | — |  |  | 789,735 |  |  | — |  |  | 789,735 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 144,481 |  |  | — |  |  | 144,481 |
Midstream operating expenses | — |  |  | 6,198 |  |  | — |  |  | 6,198 |
Well services operating expenses | — |  |  | 24,782 |  |  | — |  |  | 24,782 |
Marketing, transportation and gathering expenses | — |  |  | 31,610 |  |  | — |  |  | 31,610 |
Production taxes | — |  |  | 69,584 |  |  | — |  |  | 69,584 |
Depreciation, depletion and amortization | — |  |  | 485,322 |  |  | — |  |  | 485,322 |
Exploration expenses | — |  |  | 2,369 |  |  | — |  |  | 2,369 |
Rig termination | — |  |  | 3,895 |  |  | — |  |  | 3,895 |
Impairment | — |  |  | 46,109 |  |  | — |  |  | 46,109 |
General and administrative expenses | 27,930 |  |  | 61,619 |  |  | — |  |  | 89,549 |
Total operating expenses | 27,930 |  |  | 875,969 |  |  | — |  |  | 903,899 |
Operating loss | (27,930 | ) |  | (86,234 | ) |  | — |  |  | (114,164 | )
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 69,986 |  |  | — |  |  | (69,986 | ) |  | — |
Net gain on derivative instruments | — |  |  | 210,376 |  |  | — |  |  | 210,376 |
Interest expense, net of capitalized interest | (138,166 | ) |  | (11,482 | ) |  | — |  |  | (149,648 | )
Other income (expense) | 5 |  |  | (2,940 | ) |  | — |  |  | (2,935 | )
Total other income (expense) | (68,175 | ) |  | 195,954 |  |  | (69,986 | ) |  | 57,793 |
Income (loss) before income taxes | (96,105 | ) |  | 109,720 |  |  | (69,986 | ) |  | (56,371 | )
Income tax benefit (expense) | 55,857 |  |  | (39,734 | ) |  | — |  |  | 16,123 |
Net income (loss) | $ | (40,248 | ) |  | $ | 69,986 |  |  | $ | (69,986 | ) |  | $ | (40,248 | )
Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income including non-controlling interests | $ | 123,796 |  |  | $ | 329,569 |  |  | $ | 34,968 |  |  | $ | (360,887 | ) |  | $ | 127,446 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (323,953 | ) |  | (34,968 | ) |  | — |  |  | 358,921 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 528,615 |  |  | 4,626 |  |  | (2,439 | ) |  | 530,802 |
Gain on sale of properties | — |  |  | (1,774 | ) |  | — |  |  | — |  |  | (1,774 | )
Impairment | — |  |  | 6,887 |  |  | — |  |  | — |  |  | 6,887 |
Deferred income taxes | 41,213 |  |  | (244,097 | ) |  | — |  |  | — |  |  | (202,884 | )
Derivative instruments | — |  |  | 71,657 |  |  | — |  |  | — |  |  | 71,657 |
Equity-based compensation expenses | 25,436 |  |  | 1,045 |  |  | 53 |  |  | — |  |  | 26,534 |
Deferred financing costs amortization and other | 15,392 |  |  | 2,794 |  |  | 125 |  |  | — |  |  | 18,311 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable | (173,668 | ) |  | (209,183 | ) |  | (53,623 | ) |  | 277,887 |  |  | (158,587 | )
Change in inventory | — |  |  | (2,501 | ) |  | — |  |  | — |  |  | (2,501 | )
Change in prepaid expenses | 9 |  |  | (98 | ) |  | (749 | ) |  | — |  |  | (838 | )
Change in other current assets | — |  |  | 148 |  |  | — |  |  | — |  |  | 148 |
Change in long-term inventory and other assets | — |  |  | (12,143 | ) |  | — |  |  | — |  |  | (12,143 | )
Change in accounts payable, interest payable and accrued liabilities | 7,074 |  |  | 329,520 |  |  | 56,601 |  |  | (277,887 | ) |  | 115,308 |
Change in other current liabilities | — |  |  | (10,450 | ) |  | — |  |  | — |  |  | (10,450 | )
Change in other liabilities | — |  |  | (40 | ) |  | — |  |  | — |  |  | (40 | )
Net cash provided by (used in) operating activities | (284,701 | ) |  | 754,981 |  |  | 42,001 |  |  | (4,405 | ) |  | 507,876 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (594,945 | ) |  | (52,404 | ) |  | — |  |  | (647,349 | )
Acquisitions | — |  |  | (61,874 | ) |  | (66,679 | ) |  | 66,679 |  |  | (61,874 | )
Proceeds from sale of properties | — |  |  | 72,453 |  |  | — |  |  | (66,679 | ) |  | 5,774 |
Costs related to sale of properties | — |  |  | (366 | ) |  | — |  |  | — |  |  | (366 | )
Derivative settlements | — |  |  | (8,264 | ) |  | — |  |  | — |  |  | (8,264 | )
Advances from joint interest partners | — |  |  | (2,681 | ) |  | — |  |  | — |  |  | (2,681 | )
Net cash used in investing activities | — |  |  | (595,677 | ) |  | (119,083 | ) |  | — |  |  | (714,760 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 1,084,000 |  |  | 78,000 |  |  | — |  |  | 1,162,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (1,377,000 | ) |  | — |  |  | — |  |  | (1,377,000 | )
Deferred financing costs | — |  |  | (577 | ) |  | (2,137 | ) |  | — |  |  | (2,714 | )
Proceeds from sale of common stock | 302,191 |  |  | — |  |  | — |  |  | — |  |  | 302,191 |
Proceeds from issuance of Oasis Midstream common units, net of offering costs | — |  |  | — |  |  | 134,185 |  |  | — |  |  | 134,185 |
Purchases of treasury stock | (6,229 | ) |  | — |  |  | — |  |  | — |  |  | (6,229 | )
Investment in subsidiaries / capital contributions from parent | (11,194 | ) |  | 138,872 |  |  | (132,083 | ) |  | 4,405 |  |  | — |
Other | (55 | ) |  | — |  |  | — |  |  | — |  |  | (55 | )
Net cash provided by (used in) financing activities | 284,713 |  |  | (154,705 | ) |  | 77,965 |  |  | 4,405 |  |  | 212,378 |
Increase in cash and cash equivalents | 12 |  |  | 4,599 |  |  | 883 |  |  | — |  |  | 5,494 |
Cash and cash equivalents at beginning of period | 166 |  |  | 11,060 |  |  | — |  |  | — |  |  | 11,226 |
Cash and cash equivalents at end of period | $ | 178 |  |  | $ | 15,659 |  |  | $ | 883 |  |  | $ | — |  |  | $ | 16,720 |
Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (243,016 | ) |  | $ | (140,978 | ) |  | $ | 140,978 |  |  | $ | (243,016 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in loss of subsidiaries | 140,978 |  |  | — |  |  | (140,978 | ) |  | — |
Depreciation, depletion and amortization | — |  |  | 476,331 |  |  | — |  |  | 476,331 |
Gain on extinguishment of debt | (4,741 | ) |  | — |  |  | — |  |  | (4,741 | )
Loss on sale of properties | — |  |  | 1,303 |  |  | — |  |  | 1,303 |
Impairment | — |  |  | 4,684 |  |  | — |  |  | 4,684 |
Deferred income taxes | (48,796 | ) |  | (79,742 | ) |  | — |  |  | (128,538 | )
Derivative instruments | — |  |  | 105,317 |  |  | — |  |  | 105,317 |
Equity-based compensation expenses | 23,346 |  |  | 757 |  |  | — |  |  | 24,103 |
Deferred financing costs amortization and other | 9,107 |  |  | 5,227 |  |  | — |  |  | 14,334 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (250,737 | ) |  | 207,931 |  |  | 30,883 |  |  | (11,923 | )
Change in inventory | — |  |  | 254 |  |  | — |  |  | 254 |
Change in prepaid expenses | 3 |  |  | (298 | ) |  | — |  |  | (295 | )
Change in other current assets | — |  |  | (305 | ) |  | — |  |  | (305 | )
Change in long-term inventory and other assets | 100 |  |  | (251 | ) |  | — |  |  | (151 | )
Change in accounts payable, interest payable and accrued liabilities | (230,518 | ) |  | 247,562 |  |  | (30,883 | ) |  | (13,839 | )
Change in other current liabilities | — |  |  | 4,490 |  |  | — |  |  | 4,490 |
Change in other liabilities | — |  |  | 10 |  |  | — |  |  | 10 |
Net cash provided by (used in) operating activities | (604,274 | ) |  | 832,292 |  |  | — |  |  | 228,018 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (426,256 | ) |  | — |  |  | (426,256 | )
Acquisitions | — |  |  | (781,522 | ) |  | — |  |  | (781,522 | )
Proceeds from sale of properties | — |  |  | 12,333 |  |  | — |  |  | 12,333 |
Costs related to sale of properties | — |  |  | (310 | ) |  | — |  |  | (310 | )
Derivative settlements | — |  |  | 121,977 |  |  | — |  |  | 121,977 |
Advances from joint interest partners | — |  |  | 2,950 |  |  | — |  |  | 2,950 |
Net cash used in investing activities | — |  |  | (1,070,828 | ) |  | — |  |  | (1,070,828 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Oasis Credit Facility | — |  |  | 1,407,000 |  |  | — |  |  | 1,407,000 |
Principal payments on Oasis Credit Facility | — |  |  | (1,182,000 | ) |  | — |  |  | (1,182,000 | )
Repurchase of senior unsecured notes | (435,907 | ) |  | — |  |  | — |  |  | (435,907 | )
Proceeds from issuance of senior unsecured convertible notes | 300,000 |  |  | — |  |  | — |  |  | 300,000 |
Deferred financing costs | (8,197 | ) |  | (930 | ) |  | — |  |  | (9,127 | )
Proceeds from sale of common stock | 766,670 |  |  | — |  |  | — |  |  | 766,670 |
Purchases of treasury stock | (2,330 | ) |  | — |  |  | — |  |  | (2,330 | )
Investment in subsidiaries / capital contributions from parent | (16,573 | ) |  | 16,573 |  |  | — |  |  | — |
Net cash provided by financing activities | 603,663 |  |  | 240,643 |  |  | — |  |  | 844,306 |
Increase (decrease) in cash and cash equivalents | (611 | ) |  | 2,107 |  |  | — |  |  | 1,496 |
Cash and cash equivalents at beginning of period | 777 |  |  | 8,953 |  |  | — |  |  | 9,730 |
Cash and cash equivalents at end of period | $ | 166 |  |  | $ | 11,060 |  |  | $ | — |  |  | $ | 11,226 |
Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) | $ | (40,248 | ) |  | $ | 69,986 |  |  | $ | (69,986 | ) |  | $ | (40,248 | )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (69,986 | ) |  | — |  |  | 69,986 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 485,322 |  |  | — |  |  | 485,322 |
Impairment | — |  |  | 46,109 |  |  | — |  |  | 46,109 |
Deferred income taxes | (55,857 | ) |  | 39,743 |  |  | — |  |  | (16,114 | )
Derivative instruments | — |  |  | (210,376 | ) |  | — |  |  | (210,376 | )
Equity-based compensation expenses | 24,762 |  |  | 510 |  |  | — |  |  | 25,272 |
Deferred financing costs amortization and other | 4,964 |  |  | 7,335 |  |  | — |  |  | 12,299 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (482 | ) |  | (47,553 | ) |  | 156,496 |  |  | 108,461 |
Change in inventory | — |  |  | 6,873 |  |  | — |  |  | 6,873 |
Change in prepaid expenses | 19 |  |  | 1,809 |  |  | — |  |  | 1,828 |
Change in other current assets | — |  |  | 6,489 |  |  | — |  |  | 6,489 |
Change in long-term inventory and other assets | — |  |  | (950 | ) |  | — |  |  | (950 | )
Change in accounts payable, interest payable and accrued liabilities | 156,039 |  |  | (71,160 | ) |  | (156,496 | ) |  | (71,617 | )
Change in other current liabilities | — |  |  | 6,500 |  |  | — |  |  | 6,500 |
Change in other liabilities | — |  |  | (33 | ) |  | — |  |  | (33 | )
Net cash provided by operating activities | 19,211 |  |  | 340,604 |  |  | — |  |  | 359,815 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (819,847 | ) |  | — |  |  | (819,847 | )
Acquisitions | — |  |  | (28,817 | ) |  | — |  |  | (28,817 | )
Proceeds from sale of properties | — |  |  | 1,075 |  |  | — |  |  | 1,075 |
Derivative settlements | — |  |  | 370,410 |  |  | — |  |  | 370,410 |
Advances from joint interest partners | — |  |  | (1,969 | ) |  | — |  |  | (1,969 | )
Net cash used in investing activities | — |  |  | (479,148 | ) |  | — |  |  | (479,148 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Oasis Credit Facility | — |  |  | 630,000 |  |  | — |  |  | 630,000 |
Principal payments on Oasis Credit Facility | — |  |  | (992,000 | ) |  | — |  |  | (992,000 | )
Deferred financing costs | (11,045 | ) |  | (3,587 | ) |  | — |  |  | (14,632 | )
Proceeds from sale of common stock | 462,833 |  |  | — |  |  | — |  |  | 462,833 |
Purchases of treasury stock | (2,949 | ) |  | — |  |  | — |  |  | (2,949 | )
Investment in subsidiaries / capital contributions from parent | (468,049 | ) |  | 468,049 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (19,210 | ) |  | 102,462 |  |  | — |  |  | 83,252 |
Increase (decrease) in cash and cash equivalents | 1 |  |  | (36,082 | ) |  | — |  |  | (36,081 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 777 |  |  | $ | 8,953 |  |  | $ | — |  |  | $ | 9,730 |

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