Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet



	December 31, 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	$	179		$	15,362		$	6,649		$	—		$	22,190
Accounts receivable, net	—			385,121			2,481			—			387,602
Accounts receivable - affiliates	643,382			76,127			80,805			(800,314		)	—
Inventory	—			33,106			22			—			33,128
Prepaid expenses	373			9,206			1,418			—			10,997
Derivative instruments	—			99,930			—			—			99,930
Intangible assets, net	—			125			—			—			125
Other current assets	—			183			—			—			183
Total current assets	643,934			619,160			91,375			(800,314		)	554,155
Property, plant and equipment
Oil and gas properties (successful efforts method)	—			8,923,291			—			(11,102		)	8,912,189
Other property and equipment	—			218,617			933,155			—			1,151,772
Less: accumulated depreciation, depletion, amortization and impairment	—			(2,974,122		)	(62,730		)	—			(3,036,852		)
Total property, plant and equipment, net	—			6,167,786			870,425			(11,102		)	7,027,109
Investments in and advances to subsidiaries	4,910,111			367,141			—			(5,277,252		)	—
Derivative instruments	—			6,945			—			—			6,945
Deferred income taxes	219,670			—			—			(219,670		)	—
Long-term inventory	—			12,260			—			—			12,260
Other assets	—			23,221			2,452			—			25,673
Total assets	$	5,773,715		$	7,196,513		$	964,252		$	(6,308,338	)	$	7,626,142
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	—		$	18,567		$	1,599		$	—		$	20,166
Accounts payable - affiliates	43,113			724,187			33,014			(800,314		)	—
Revenues and production taxes payable	—			216,114			581			—			216,695
Accrued liabilities	71			273,923			57,657			—			331,651
Accrued interest payable	37,096			502			442			—			38,040
Derivative instruments	—			84			—			—			84
Advances from joint interest partners	—			5,140			—			—			5,140
Total current liabilities	80,280			1,238,517			93,293			(800,314		)	611,776
Long-term debt	1,949,276			468,000			318,000			—			2,735,276
Deferred income taxes	—			519,725			—			(219,670		)	300,055
Asset retirement obligations	—			50,870			1,514			—			52,384
Derivative instruments	—			20			—			—			20
Other liabilities	—			7,751			—			—			7,751
Total liabilities	2,029,556			2,284,883			412,807			(1,019,984		)	3,707,262
Stockholders’ equity
Capital contributions from affiliates	—			3,226,837			177,049			(3,403,886		)	—
Common stock, $0.01 par value: 900,000,000 shares authorized; 320,469,049 shares issued and 318,377,161 shares outstanding	3,157			—			—			—			3,157
Treasury stock, at cost: 2,091,888 shares	(29,025		)	—			—			—			(29,025		)
Additional paid-in-capital	3,078,203			8,295			—			(8,743		)	3,077,755
Retained earnings	691,824			1,492,194			61,581			(1,562,910		)	682,689
Oasis share of stockholders’ equity	3,744,159			4,727,326			238,630			(4,975,539		)	3,734,576
Non-controlling interests	—			184,304			312,815			(312,815		)	184,304
Total stockholders’ equity	3,744,159			4,911,630			551,445			(5,288,354		)	3,918,880
Total liabilities and stockholders’ equity	$	5,773,715		$	7,196,513		$	964,252		$	(6,308,338	)	$	7,626,142

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	—			370,545			834			—			371,379
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			458,714			88,313			(557,506		)	415,634
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		$	6,468,514		$	709,906		$	(5,956,148	)	$	6,622,929
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			185,245			58,818			—			244,279
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			1,044,821			70,570			(557,506		)	631,279
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			1,677,538			149,886			(741,074		)	3,109,350
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		$	6,468,514		$	709,906		$	(5,956,148	)	$	6,622,929

Schedule of Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations



	Year Ended December 31, 2018
	Parent/ Issuer			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Revenues
Oil and gas revenues	$	—		$	1,590,024		$	—		$	—		$	1,590,024
Purchased oil and gas sales	—			550,363			1,445			—			551,808
Midstream revenues	—			3,156			270,178			(154,294		)	119,040
Well services revenues	—			61,075			—			—			61,075
Total revenues	—			2,204,618			271,623			(154,294		)	2,321,947
Operating expenses
Lease operating expenses	—			246,672			—			(52,760		)	193,912
Midstream operating expenses	—			2,636			69,710			(40,434		)	31,912
Well services operating expenses	—			41,200			—			—			41,200
Marketing, transportation and gathering expenses	—			131,340			—			(24,147		)	107,193
Purchased oil and gas expenses	—			553,521			846			(60		)	554,307
Production taxes	—			133,696			—			—			133,696
Depreciation, depletion and amortization	—			623,354			28,404			(15,462		)	636,296
Exploration expenses	—			27,432			—			—			27,432
Impairment	—			384,228			—			—			384,228
General and administrative expenses	30,003			79,742			23,897			(12,296		)	121,346
Total operating expenses	30,003			2,223,821			122,857			(145,159		)	2,231,522
Gain on sale of properties	—			28,587			—			—			28,587
Operating income (loss)	(30,003		)	9,384			148,766			(9,135		)	119,012
Other income (expense)
Equity in earnings of subsidiaries	103,586			146,409			—			(249,995		)	—
Net gain on derivative instruments	—			28,457			—			—			28,457
Interest expense, net of capitalized interest	(131,134		)	(25,608		)	(2,343		)	—			(159,085		)
Loss on extinguishment of debt	(13,848		)	—			—			—			(13,848		)
Other income (expense)	1			134			(14		)	—			121
Total other income (expense)	(41,395		)	149,392			(2,357		)	(249,995		)	(144,355		)
Income (loss) before income taxes	(71,398		)	158,776			146,409			(259,130		)	(25,343		)
Income tax benefit (expense)	36,102			(30,259		)	—			—			5,843
Net income (loss) including non-controlling interests	(35,296		)	128,517			146,409			(259,130		)	(19,500		)
Less: Net income attributable to non-controlling interests	—			15,796			96,354			(96,354		)	15,796
Net income (loss) attributable to Oasis	$	(35,296	)	$	112,721		$	50,055		$	(162,776	)	$	(35,296	)

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	$	—		$	1,034,634		$	—		$	—		$	1,034,634
Purchased oil and gas sales	—			133,542			—			—			133,542
Midstream revenues	—			46,649			59,821			(33,718		)	72,752
Well services revenues	—			52,791			—			—			52,791
Total revenues	—			1,267,616			59,821			(33,718		)	1,293,719
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	—			134,615			—			—			134,615
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			1,130,827			24,834			(31,752		)	1,151,525
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	)

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows



	Year Ended December 31, 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	$	(35,296	)	$	128,517		$	146,409		$	(259,130	)	$	(19,500	)
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(103,586		)	(146,409		)	—			249,995			—
Depreciation, depletion and amortization	—			623,354			28,404			(15,462		)	636,296
Loss on extinguishment of debt	13,848			—			—			—			13,848
Gain on sale of properties	—			(28,587		)	—			—			(28,587		)
Impairment	—			384,228			—			—			384,228
Deferred income taxes	(36,102		)	30,236			—			—			(5,866		)
Derivative instruments	—			(28,457		)	—			—			(28,457		)
Equity-based compensation expenses	27,456			1,461			356			—			29,273
Deferred financing costs amortization and other	16,069			13,507			(519		)	—			29,057
Working capital and other changes:
Change in accounts receivable	(217,714		)	(52,013		)	3,411			242,808			(23,508		)
Change in inventory	—			(14,324		)	(22		)	—			(14,346		)
Change in prepaid expenses	(106		)	(1,608		)	(640		)	—			(2,354		)
Change in other current assets	—			10			—			—			10
Change in long-term inventory and other assets	—			(144		)	—			—			(144		)
Change in accounts payable, interest payable and accrued liabilities	6,886			234,425			27,613			(242,808		)	26,116
Change in other current liabilities	—			(40		)	—			—			(40		)
Change in other liabilities	—			395			—			—			395
Net cash provided by (used in) operating activities	(328,545		)	1,144,551			205,012			(24,597		)	996,421
Cash flows from investing activities:
Capital expenditures	—			(872,151		)	(276,810		)	—			(1,148,961		)
Acquisitions	—			(581,650		)	—			—			(581,650		)
Proceeds from sale of properties	—			333,229			—			—			333,229
Costs related to sale of properties	—			(2,850		)	—			—			(2,850		)
Derivative settlements	—			(213,528		)	—			—			(213,528		)
Advances from joint interest partners	—			224			—			—			224
Net cash used in investing activities	—			(1,336,726		)	(276,810		)	—			(1,613,536		)
Cash flows from financing activities:
Proceeds from Revolving Credit Facilities	—			2,949,000			275,000			—			3,224,000
Principal payments on Revolving Credit Facilities	—			(2,551,000		)	(35,000		)	—			(2,586,000		)
Repurchase of senior unsecured notes	(423,340		)	—			—			—			(423,340		)
Proceeds from issuance of senior unsecured convertible notes	400,000			—			—			—			400,000
Deferred financing costs	(6,908		)	(5,988		)	(966		)	—			(13,862		)
Proceeds from issuance of Oasis Midstream common units, net of offering costs	—			—			44,503			—			44,503
Purchases of treasury stock	(6,846		)	—			—			—			(6,846		)
Distributions to non-controlling interests	—			114,789			(128,903		)	—			(14,114		)
Investment in subsidiaries / capital contributions from parent	365,602			(313,129		)	(77,070		)	24,597			—
Other	38			(1,794		)	—			—			(1,756		)
Net cash provided by financing activities	328,546			191,878			77,564			24,597			622,585
Increase (decrease) in cash and cash equivalents	1			(297		)	5,766			—			5,470
Cash and cash equivalents at beginning of period	178			15,659			883			—			16,720
Cash and cash equivalents at end of period	$	179		$	15,362		$	6,649		$	—		$	22,190

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 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		)	(216,982		)	(53,623		)	277,887			(166,386		)
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			337,319			56,601			(277,887		)	123,107
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, net of offering costs	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, net of offering costs	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