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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| June 30, 2018
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 175 |  |  | $ | 14,148 |  |  | $ | 2,749 |  |  | $ | — |  |  | $ | 17,072 |
Accounts receivable, net | — |  |  | 375,323 |  |  | 2,757 |  |  | — |  |  | 378,080 |
Accounts receivable - affiliates | 328,675 |  |  | 50,210 |  |  | 54,533 |  |  | (433,418 | ) |  | — |
Inventory | — |  |  | 23,130 |  |  | 92 |  |  | — |  |  | 23,222 |
Prepaid expenses | 209 |  |  | 5,307 |  |  | 358 |  |  | — |  |  | 5,874 |
Intangible assets, net | — |  |  | 625 |  |  | — |  |  | — |  |  | 625 |
Other current assets | — |  |  | 82 |  |  | — |  |  | — |  |  | 82 |
Total current assets | 329,059 |  |  | 468,825 |  |  | 60,489 |  |  | (433,418 | ) |  | 424,955 |
Property, plant and equipment |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 8,431,500 |  |  | — |  |  | (6,666 | ) |  | 8,424,834 |
Other property and equipment | — |  |  | 210,233 |  |  | 813,881 |  |  | (10 | ) |  | 1,024,104 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (2,644,313 | ) |  | (47,384 | ) |  | — |  |  | (2,691,697 | )
Total property, plant and equipment, net | — |  |  | 5,997,420 |  |  | 766,497 |  |  | (6,676 | ) |  | 6,757,241 |
Assets held for sale, net | — |  |  | 250,118 |  |  | — |  |  | — |  |  | 250,118 |
Investments in and advances to subsidiaries | 4,925,931 |  |  | 453,075 |  |  | — |  |  | (5,379,006 | ) |  | — |
Derivative instruments | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |
Deferred income taxes | 203,764 |  |  | — |  |  | — |  |  | (203,764 | ) |  | — |
Long-term inventory | — |  |  | 12,505 |  |  | — |  |  | — |  |  | 12,505 |
Other assets | — |  |  | 18,710 |  |  | 1,781 |  |  | — |  |  | 20,491 |
Total assets | $ | 5,458,754 |  |  | $ | 7,200,678 |  |  | $ | 828,767 |  |  | $ | (6,022,864 | ) |  | $ | 7,465,335 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 26,861 |  |  | $ | 3,127 |  |  | $ | — |  |  | $ | 29,988 |
Accounts payable - affiliates | 40,469 |  |  | 383,208 |  |  | 9,741 |  |  | (433,418 | ) |  | — |
Revenues and production taxes payable | — |  |  | 245,924 |  |  | 291 |  |  | — |  |  | 246,215 |
Accrued liabilities | 68 |  |  | 262,553 |  |  | 57,887 |  |  | — |  |  | 320,508 |
Accrued interest payable | 36,192 |  |  | 674 |  |  | 105 |  |  | — |  |  | 36,971 |
Derivative instruments | — |  |  | 194,810 |  |  | — |  |  | — |  |  | 194,810 |
Advances from joint interest partners | — |  |  | 3,983 |  |  | — |  |  | — |  |  | 3,983 |
Other current liabilities | — |  |  | 40 |  |  | — |  |  | — |  |  | 40 |
Total current liabilities | 76,729 |  |  | 1,118,053 |  |  | 71,151 |  |  | (433,418 | ) |  | 832,515 |
Long-term debt | 1,941,481 |  |  | 651,000 |  |  | 165,000 |  |  | — |  |  | 2,757,481 |
Deferred income taxes | — |  |  | 409,392 |  |  | — |  |  | (203,764 | ) |  | 205,628 |
Asset retirement obligations | — |  |  | 48,310 |  |  | 1,433 |  |  | — |  |  | 49,743 |
Liabilities held for sale | — |  |  | 4,181 |  |  | — |  |  | — |  |  | 4,181 |
Derivative instruments | — |  |  | 35,007 |  |  | — |  |  | — |  |  | 35,007 |
Other liabilities | — |  |  | 6,529 |  |  | — |  |  | — |  |  | 6,529 |
Total liabilities | 2,018,210 |  |  | 2,272,472 |  |  | 237,584 |  |  | (637,182 | ) |  | 3,891,084 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,642,698 |  |  | 213,179 |  |  | (3,855,877 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 320,010,534 shares issued and 317,985,056 shares outstanding | 3,154 |  |  | — |  |  | — |  |  | — |  |  | 3,154 |
Treasury stock, at cost: 2,025,478 shares | (28,243 | ) |  | — |  |  | — |  |  | — |  |  | (28,243 | )
Additional paid-in-capital | 3,062,861 |  |  | 9,067 |  |  | — |  |  | (9,067 | ) |  | 3,062,861 |
Retained earnings | 402,772 |  |  | 1,138,333 |  |  | 34,037 |  |  | (1,176,771 | ) |  | 398,371 |
Oasis share of stockholders’ equity | 3,440,544 |  |  | 4,790,098 |  |  | 247,216 |  |  | (5,041,715 | ) |  | 3,436,143 |
Non-controlling interests | — |  |  | 138,108 |  |  | 343,967 |  |  | (343,967 | ) |  | 138,108 |
Total stockholders’ equity | 3,440,544 |  |  | 4,928,206 |  |  | 591,183 |  |  | (5,385,682 | ) |  | 3,574,251 |
Total liabilities and stockholders’ equity | $ | 5,458,754 |  |  | $ | 7,200,678 |  |  | $ | 828,767 |  |  | $ | (6,022,864 | ) |  | $ | 7,465,335 |
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 Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended June 30, 2018
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 395,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 395,921 |
Purchased oil and gas sales | — |  |  | 57,578 |  |  | — |  |  | — |  |  | 57,578 |
Midstream revenues | — |  |  | 917 |  |  | 66,558 |  |  | (38,133 | ) |  | 29,342 |
Well services revenues | — |  |  | 18,496 |  |  | — |  |  | — |  |  | 18,496 |
Total revenues | — |  |  | 472,912 |  |  | 66,558 |  |  | (38,133 | ) |  | 501,337 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 57,615 |  |  | — |  |  | (13,474 | ) |  | 44,141 |
Midstream operating expenses | — |  |  | 780 |  |  | 16,334 |  |  | (9,426 | ) |  | 7,688 |
Well services operating expenses | — |  |  | 13,560 |  |  | — |  |  | — |  |  | 13,560 |
Marketing, transportation and gathering expenses | — |  |  | 28,653 |  |  | — |  |  | (5,820 | ) |  | 22,833 |
Purchased oil and gas expenses | — |  |  | 57,165 |  |  | — |  |  | — |  |  | 57,165 |
Production taxes | — |  |  | 34,026 |  |  | — |  |  | — |  |  | 34,026 |
Depreciation, depletion and amortization | — |  |  | 150,554 |  |  | 6,659 |  |  | (3,643 | ) |  | 153,570 |
Exploration expenses | — |  |  | 617 |  |  | — |  |  | — |  |  | 617 |
Impairment | — |  |  | 384,135 |  |  | — |  |  | — |  |  | 384,135 |
General and administrative expenses | 7,496 |  |  | 17,954 |  |  | 5,897 |  |  | (3,117 | ) |  | 28,230 |
Total operating expenses | 7,496 |  |  | 745,059 |  |  | 28,890 |  |  | (35,480 | ) |  | 745,965 |
Gain on sale of properties | — |  |  | 1,954 |  |  | — |  |  | — |  |  | 1,954 |
Operating income (loss) | (7,496 | ) |  | (270,193 | ) |  | 37,668 |  |  | (2,653 | ) |  | (242,674 | )
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | (278,014 | ) |  | 37,485 |  |  | — |  |  | 240,529 |  |  | — |
Net loss on derivative instruments | — |  |  | (120,285 | ) |  | — |  |  | — |  |  | (120,285 | )
Interest expense, net of capitalized interest | (33,135 | ) |  | (7,592 | ) |  | (183 | ) |  | — |  |  | (40,910 | )
Loss on extinguishment of debt | (13,651 | ) |  | — |  |  | — |  |  | — |  |  | (13,651 | )
Other income | — |  |  | 218 |  |  | — |  |  | — |  |  | 218 |
Total other expense | (324,800 | ) |  | (90,174 | ) |  | (183 | ) |  | 240,529 |  |  | (174,628 | )
Income (loss) before income taxes | (332,296 | ) |  | (360,367 | ) |  | 37,485 |  |  | 237,876 |  |  | (417,302 | )
Income tax benefit | 12,092 |  |  | 88,909 |  |  | — |  |  | — |  |  | 101,001 |
Net income (loss) including non-controlling interests | (320,204 | ) |  | (271,458 | ) |  | 37,485 |  |  | 237,876 |  |  | (316,301 | )
Less: Net income attributable to non-controlling interests | — |  |  | 3,903 |  |  | 25,042 |  |  | (25,042 | ) |  | 3,903 |
Net income (loss) attributable to Oasis | $ | (320,204 | ) |  | $ | (275,361 | ) |  | $ | 12,443 |  |  | $ | 262,918 |  |  | $ | (320,204 | )
Condensed Consolidating Statement of Operations
| Three Months Ended June 30, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 218,633 |  |  | $ | — |  |  | $ | 218,633 |
Purchased oil and gas sales | — |  |  | 8,091 |  |  | — |  |  | 8,091 |
Midstream revenues | — |  |  | 15,566 |  |  | — |  |  | 15,566 |
Well services revenues | — |  |  | 11,801 |  |  | — |  |  | 11,801 |
Total revenues | — |  |  | 254,091 |  |  | — |  |  | 254,091 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 44,665 |  |  | — |  |  | 44,665 |
Midstream operating expenses | — |  |  | 3,263 |  |  | — |  |  | 3,263 |
Well services operating expenses | — |  |  | 9,010 |  |  | — |  |  | 9,010 |
Marketing, transportation and gathering expenses | — |  |  | 12,039 |  |  | — |  |  | 12,039 |
Purchased oil and gas expenses | — |  |  | 7,980 |  |  | — |  |  | 7,980 |
Production taxes | — |  |  | 18,971 |  |  | — |  |  | 18,971 |
Depreciation, depletion and amortization | — |  |  | 125,291 |  |  | — |  |  | 125,291 |
Exploration expenses | — |  |  | 1,667 |  |  | — |  |  | 1,667 |
Impairment | — |  |  | 3,200 |  |  | — |  |  | 3,200 |
General and administrative expenses | 7,534 |  |  | 15,092 |  |  | — |  |  | 22,626 |
Total operating expenses | 7,534 |  |  | 241,178 |  |  | — |  |  | 248,712 |
Operating income (loss) | (7,534 | ) |  | 12,913 |  |  | — |  |  | 5,379 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 38,875 |  |  | — |  |  | (38,875 | ) |  | — |
Net gain on derivative instruments | — |  |  | 50,532 |  |  | — |  |  | 50,532 |
Interest expense, net of capitalized interest | (33,006 | ) |  | (3,832 | ) |  | — |  |  | (36,838 | )
Other expense | — |  |  | (166 | ) |  | — |  |  | (166 | )
Total other income | 5,869 |  |  | 46,534 |  |  | (38,875 | ) |  | 13,528 |
Income (loss) before income taxes | (1,665 | ) |  | 59,447 |  |  | (38,875 | ) |  | 18,907 |
Income tax benefit (expense) | 18,233 |  |  | (20,572 | ) |  | — |  |  | (2,339 | )
Net income | $ | 16,568 |  |  | $ | 38,875 |  |  | $ | (38,875 | ) |  | $ | 16,568 |
Condensed Consolidating Statement of Operations
| Six Months Ended June 30, 2018
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 759,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 759,592 |
Purchased oil and gas sales | — |  |  | 75,615 |  |  | — |  |  | — |  |  | 75,615 |
Midstream revenues | — |  |  | 2,067 |  |  | 127,979 |  |  | (72,782 | ) |  | 57,264 |
Well services revenues | — |  |  | 30,082 |  |  | — |  |  | — |  |  | 30,082 |
Total revenues | — |  |  | 867,356 |  |  | 127,979 |  |  | (72,782 | ) |  | 922,553 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 113,314 |  |  | — |  |  | (24,392 | ) |  | 88,922 |
Midstream operating expenses | — |  |  | 1,526 |  |  | 33,450 |  |  | (19,303 | ) |  | 15,673 |
Well services operating expenses | — |  |  | 20,947 |  |  | — |  |  | — |  |  | 20,947 |
Marketing, transportation and gathering expenses | — |  |  | 55,325 |  |  | — |  |  | (11,479 | ) |  | 43,846 |
Purchased oil and gas expenses | — |  |  | 75,163 |  |  | — |  |  | — |  |  | 75,163 |
Production taxes | — |  |  | 65,026 |  |  | — |  |  | — |  |  | 65,026 |
Depreciation, depletion and amortization | — |  |  | 296,781 |  |  | 13,023 |  |  | (6,969 | ) |  | 302,835 |
Exploration expenses | — |  |  | 1,386 |  |  | — |  |  | — |  |  | 1,386 |
Impairment | — |  |  | 384,228 |  |  | — |  |  | — |  |  | 384,228 |
General and administrative expenses | 14,728 |  |  | 35,632 |  |  | 12,047 |  |  | (6,237 | ) |  | 56,170 |
Total operating expenses | 14,728 |  |  | 1,049,328 |  |  | 58,520 |  |  | (68,380 | ) |  | 1,054,196 |
Gain on sale of properties | — |  |  | 1,954 |  |  | — |  |  | — |  |  | 1,954 |
Operating income (loss) | (14,728 | ) |  | (180,018 | ) |  | 69,459 |  |  | (4,402 | ) |  | (129,689 | )
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | (245,850 | ) |  | 69,014 |  |  | — |  |  | 176,836 |  |  | — |
Net loss on derivative instruments | — |  |  | (191,401 | ) |  | — |  |  | — |  |  | (191,401 | )
Interest expense, net of capitalized interest | (65,581 | ) |  | (12,030 | ) |  | (445 | ) |  | — |  |  | (78,056 | )
Loss on extinguishment of debt | (13,651 | ) |  | — |  |  | — |  |  | — |  |  | (13,651 | )
Other income | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Total other expense | (325,082 | ) |  | (134,382 | ) |  | (445 | ) |  | 176,836 |  |  | (283,073 | )
Income (loss) before income taxes | (339,810 | ) |  | (314,400 | ) |  | 69,014 |  |  | 172,434 |  |  | (412,762 | )
Income tax benefit | 20,196 |  |  | 79,977 |  |  | — |  |  | — |  |  | 100,173 |
Net income (loss) including non-controlling interests | (319,614 | ) |  | (234,423 | ) |  | 69,014 |  |  | 172,434 |  |  | (312,589 | )
Less: Net income attributable to non-controlling interests | — |  |  | 7,025 |  |  | 46,616 |  |  | (46,616 | ) |  | 7,025 |
Net income (loss) attributable to Oasis | $ | (319,614 | ) |  | $ | (241,448 | ) |  | $ | 22,398 |  |  | $ | 219,050 |  |  | $ | (319,614 | )
Condensed Consolidating Statement of Operations
| Six Months Ended June 30, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 455,885 |  |  | $ | — |  |  | $ | 455,885 |
Purchased oil and gas sales | — |  |  | 35,722 |  |  | — |  |  | 35,722 |
Midstream revenues | — |  |  | 30,172 |  |  | — |  |  | 30,172 |
Well services revenues | — |  |  | 17,428 |  |  | — |  |  | 17,428 |
Total revenues | — |  |  | 539,207 |  |  | — |  |  | 539,207 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 88,537 |  |  | — |  |  | 88,537 |
Midstream operating expenses | — |  |  | 6,590 |  |  | — |  |  | 6,590 |
Well services operating expenses | — |  |  | 13,570 |  |  | — |  |  | 13,570 |
Marketing, transportation and gathering expenses | — |  |  | 22,990 |  |  | — |  |  | 22,990 |
Purchased oil and gas expenses | — |  |  | 35,982 |  |  | — |  |  | 35,982 |
Production taxes | — |  |  | 39,270 |  |  | — |  |  | 39,270 |
Depreciation, depletion and amortization | — |  |  | 251,957 |  |  | — |  |  | 251,957 |
Exploration expenses | — |  |  | 3,156 |  |  | — |  |  | 3,156 |
Impairment | — |  |  | 5,882 |  |  | — |  |  | 5,882 |
General and administrative expenses | 14,599 |  |  | 31,203 |  |  | — |  |  | 45,802 |
Total operating expenses | 14,599 |  |  | 499,137 |  |  | — |  |  | 513,736 |
Operating income (loss) | (14,599 | ) |  | 40,070 |  |  | — |  |  | 25,471 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 87,978 |  |  | — |  |  | (87,978 | ) |  | — |
Net gain on derivative instruments | — |  |  | 106,607 |  |  | — |  |  | 106,607 |
Interest expense, net of capitalized interest | (65,857 | ) |  | (7,302 | ) |  | — |  |  | (73,159 | )
Other expense | — |  |  | (150 | ) |  | — |  |  | (150 | )
Total other income | 22,121 |  |  | 99,155 |  |  | (87,978 | ) |  | 33,298 |
Income before income taxes | 7,522 |  |  | 139,225 |  |  | (87,978 | ) |  | 58,769 |
Income tax benefit (expense) | 32,871 |  |  | (51,247 | ) |  | — |  |  | (18,376 | )
Net income | $ | 40,393 |  |  | $ | 87,978 |  |  | $ | (87,978 | ) |  | $ | 40,393 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Six Months Ended June 30, 2018
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) including non-controlling interests | $ | (319,614 | ) |  | $ | (234,423 | ) |  | $ | 69,014 |  |  | $ | 172,434 |  |  | $ | (312,589 | )
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | 245,850 |  |  | (69,014 | ) |  | — |  |  | (176,836 | ) |  | — |
Depreciation, depletion and amortization | — |  |  | 296,781 |  |  | 13,023 |  |  | (6,969 | ) |  | 302,835 |
Loss on extinguishment of debt | 13,651 |  |  | — |  |  | — |  |  | — |  |  | 13,651 |
Gain on sale of properties | — |  |  | (1,954 | ) |  | — |  |  | — |  |  | (1,954 | )
Impairment | — |  |  | 384,228 |  |  | — |  |  | — |  |  | 384,228 |
Deferred income taxes | (20,196 | ) |  | (80,097 | ) |  | — |  |  | — |  |  | (100,293 | )
Derivative instruments | — |  |  | 191,401 |  |  | — |  |  | — |  |  | 191,401 |
Equity-based compensation expenses | 13,340 |  |  | 624 |  |  | 166 |  |  | — |  |  | 14,130 |
Deferred financing costs amortization and other | 7,892 |  |  | 2,522 |  |  | 104 |  |  | — |  |  | 10,518 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable | 96,993 |  |  | (8,178 | ) |  | 29,407 |  |  | (124,088 | ) |  | (5,866 | )
Change in inventory | — |  |  | (4,629 | ) |  | (92 | ) |  | — |  |  | (4,721 | )
Change in prepaid expenses | 58 |  |  | 95 |  |  | 420 |  |  | — |  |  | 573 |
Change in other current assets | — |  |  | 111 |  |  | — |  |  | — |  |  | 111 |
Change in long-term inventory and other assets | — |  |  | (381 | ) |  | — |  |  | — |  |  | (381 | )
Change in accounts payable, interest payable and accrued liabilities | 3,335 |  |  | (90,679 | ) |  | 4,105 |  |  | 124,088 |  |  | 40,849 |
Change in other liabilities | — |  |  | (476 | ) |  | — |  |  | — |  |  | (476 | )
Net cash provided by operating activities | 41,309 |  |  | 385,931 |  |  | 116,147 |  |  | (11,371 | ) |  | 532,016 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (381,971 | ) |  | (154,988 | ) |  | — |  |  | (536,959 | )
Acquisitions | — |  |  | (524,255 | ) |  | — |  |  | — |  |  | (524,255 | )
Proceeds from sale of properties | — |  |  | 2,236 |  |  | — |  |  | — |  |  | 2,236 |
Derivative settlements | — |  |  | (96,823 | ) |  | — |  |  | — |  |  | (96,823 | )
Advances from joint interest partners | — |  |  | (933 | ) |  | — |  |  | — |  |  | (933 | )
Net cash used in investing activities | — |  |  | (1,001,746 | ) |  | (154,988 | ) |  | — |  |  | (1,156,734 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 1,820,000 |  |  | 113,000 |  |  | — |  |  | 1,933,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (1,239,000 | ) |  | (26,000 | ) |  | — |  |  | (1,265,000 | )
Repurchase of senior unsecured notes | (423,143 | ) |  | — |  |  | — |  |  | — |  |  | (423,143 | )
Proceeds from issuance of senior unsecured convertible notes | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Deferred financing costs | (6,524 | ) |  | (266 | ) |  | — |  |  | — |  |  | (6,790 | )
Purchases of treasury stock | (6,064 | ) |  | — |  |  | — |  |  | — |  |  | (6,064 | )
Distributions to non-controlling interests | — |  |  | 48,911 |  |  | (55,757 | ) |  | — |  |  | (6,846 | )
Investment in subsidiaries / capital contributions from parent | (5,619 | ) |  | (15,216 | ) |  | 9,464 |  |  | 11,371 |  |  | — |
Other | 38 |  |  | (125 | ) |  | — |  |  | — |  |  | (87 | )
Net cash provided by (used in) financing activities | (41,312 | ) |  | 614,304 |  |  | 40,707 |  |  | 11,371 |  |  | 625,070 |
Increase (decrease) in cash and cash equivalents | (3 | ) |  | (1,511 | ) |  | 1,866 |  |  | — |  |  | 352 |
Cash and cash equivalents at beginning of period | 178 |  |  | 15,659 |  |  | 883 |  |  | — |  |  | 16,720 |
Cash and cash equivalents at end of period | $ | 175 |  |  | $ | 14,148 |  |  | $ | 2,749 |  |  | $ | — |  |  | $ | 17,072 |
Condensed Consolidating Statement of Cash Flows
| Six Months Ended June 30, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 40,393 |  |  | $ | 87,978 |  |  | $ | (87,978 | ) |  | $ | 40,393 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (87,978 | ) |  | — |  |  | 87,978 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 251,957 |  |  | — |  |  | 251,957 |
Impairment | — |  |  | 5,882 |  |  | — |  |  | 5,882 |
Deferred income taxes | (32,871 | ) |  | 51,247 |  |  | — |  |  | 18,376 |
Derivative instruments | — |  |  | (106,607 | ) |  | — |  |  | (106,607 | )
Equity-based compensation expenses | 13,395 |  |  | 428 |  |  | — |  |  | 13,823 |
Deferred financing costs amortization and other | 7,470 |  |  | 1,401 |  |  | — |  |  | 8,871 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | 64,504 |  |  | (19,833 | ) |  | (58,414 | ) |  | (13,743 | )
Change in inventory | — |  |  | (1,007 | ) |  | — |  |  | (1,007 | )
Change in prepaid expenses | (389 | ) |  | 125 |  |  | — |  |  | (264 | )
Change in other current assets | (3 | ) |  | 283 |  |  | — |  |  | 280 |
Change in long-term inventory and other assets | — |  |  | (8,768 | ) |  | — |  |  | (8,768 | )
Change in accounts payable, interest payable and accrued liabilities | 6,185 |  |  | (53,441 | ) |  | 58,414 |  |  | 11,158 |
Change in other current liabilities | — |  |  | (10,490 | ) |  | — |  |  | (10,490 | )
Net cash provided by operating activities | 10,706 |  |  | 199,155 |  |  | — |  |  | 209,861 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (252,461 | ) |  | — |  |  | (252,461 | )
Proceeds from sale of properties | — |  |  | 4,000 |  |  | — |  |  | 4,000 |
Derivative settlements | — |  |  | (8,899 | ) |  | — |  |  | (8,899 | )
Advances from joint interest partners | — |  |  | (1,781 | ) |  | — |  |  | (1,781 | )
Net cash used in investing activities | — |  |  | (259,141 | ) |  | — |  |  | (259,141 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from Oasis Credit Facility | — |  |  | 484,000 |  |  | — |  |  | 484,000 |
Principal payments on Oasis Credit Facility | — |  |  | (429,000 | ) |  | — |  |  | (429,000 | )
Purchases of treasury stock | (5,451 | ) |  | — |  |  | — |  |  | (5,451 | )
Investment in subsidiaries / capital contributions from parent | (5,188 | ) |  | 5,188 |  |  | — |  |  | — |
Other | (55 | ) |  | — |  |  | — |  |  | (55 | )
Net cash provided by (used in) financing activities | (10,694 | ) |  | 60,188 |  |  | — |  |  | 49,494 |
Increase in cash and cash equivalents | 12 |  |  | 202 |  |  | — |  |  | 214 |
Cash and cash equivalents at beginning of period | 166 |  |  | 11,060 |  |  | — |  |  | 11,226 |
Cash and cash equivalents at end of period | $ | 178 |  |  | $ | 11,262 |  |  | $ | — |  |  | $ | 11,440 |

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