Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]



	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



	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



	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