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v3.19.1

Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Notes (see Note 11 — 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, 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. For the three months ended March 31, 2018, the Company has revised the condensed consolidating financial statements to reflect the correction of errors, which had no effect on the Company’s net income. All impacts of the revision are included in the Combined Guarantor Subsidiaries financial information. Please see Note 2 — Summary of Significant Accounting Policies for more information related to the revision. Condensed Consolidating Balance Sheet
| March 31, 2019
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 144 |  |  | $ | 10,039 |  |  | $ | 5,259 |  |  | $ | — |  |  | $ | 15,442 |
Accounts receivable, net | — |  |  | 453,220 |  |  | 3,419 |  |  | — |  |  | 456,639 |
Accounts receivable - affiliates | 597,551 |  |  | 80,273 |  |  | 79,659 |  |  | (757,483 | ) |  | — |
Inventory | — |  |  | 35,997 |  |  | 272 |  |  | — |  |  | 36,269 |
Prepaid expenses | 503 |  |  | 6,535 |  |  | 1,366 |  |  | — |  |  | 8,404 |
Derivative instruments | — |  |  | 4,467 |  |  | — |  |  | — |  |  | 4,467 |
Other current assets | — |  |  | 309 |  |  | — |  |  | — |  |  | 309 |
Total current assets | 598,198 |  |  | 590,840 |  |  | 89,975 |  |  | (757,483 | ) |  | 521,530 |
Property, plant and equipment |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 9,085,886 |  |  | — |  |  | (12,801 | ) |  | 9,073,085 |
Other property and equipment | — |  |  | 233,131 |  |  | 983,632 |  |  | — |  |  | 1,216,763 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (3,161,469 | ) |  | (71,637 | ) |  | — |  |  | (3,233,106 | )
Total property, plant and equipment, net | — |  |  | 6,157,548 |  |  | 911,995 |  |  | (12,801 | ) |  | 7,056,742 |
Investments in and advances to subsidiaries | 4,824,586 |  |  | 373,669 |  |  | — |  |  | (5,198,255 | ) |  | — |
Derivative instruments | — |  |  | 181 |  |  | — |  |  | — |  |  | 181 |
Deferred income taxes | 236,242 |  |  | — |  |  | — |  |  | (236,242 | ) |  | — |
Long-term inventory | — |  |  | 13,767 |  |  | — |  |  | — |  |  | 13,767 |
Operating right-of-use assets | — |  |  | 21,639 |  |  | 3,102 |  |  | — |  |  | 24,741 |
Other assets | — |  |  | 26,705 |  |  | 2,680 |  |  | — |  |  | 29,385 |
Total assets | $ | 5,659,026 |  |  | $ | 7,184,349 |  |  | $ | 1,007,752 |  |  | $ | (6,204,781 | ) |  | $ | 7,646,346 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 10,024 |  |  | $ | 148 |  |  | $ | — |  |  | $ | 10,172 |
Accounts payable - affiliates | 47,402 |  |  | 677,210 |  |  | 32,871 |  |  | (757,483 | ) |  | — |
Revenues and production taxes payable | — |  |  | 249,160 |  |  | 409 |  |  | — |  |  | 249,569 |
Accrued liabilities | 211 |  |  | 274,910 |  |  | 63,698 |  |  | — |  |  | 338,819 |
Accrued interest payable | 20,758 |  |  | 549 |  |  | 624 |  |  | — |  |  | 21,931 |
Derivative instruments | — |  |  | 27,663 |  |  | — |  |  | — |  |  | 27,663 |
Advances from joint interest partners | — |  |  | 5,072 |  |  | — |  |  | — |  |  | 5,072 |
Current operating lease liabilities | — |  |  | 10,796 |  |  | 2,339 |  |  | — |  |  | 13,135 |
Other current liabilities | — |  |  | 2,469 |  |  | 16 |  |  | — |  |  | 2,485 |
Total current liabilities | 68,371 |  |  | 1,257,853 |  |  | 100,105 |  |  | (757,483 | ) |  | 668,846 |
Long-term debt | 1,953,333 |  |  | 493,000 |  |  | 345,000 |  |  | — |  |  | 2,791,333 |
Deferred income taxes | — |  |  | 532,750 |  |  | — |  |  | (236,242 | ) |  | 296,508 |
Asset retirement obligations | — |  |  | 51,871 |  |  | 1,533 |  |  | — |  |  | 53,404 |
Derivative instruments | — |  |  | 1,271 |  |  | — |  |  | — |  |  | 1,271 |
Operating lease liabilities | — |  |  | 16,825 |  |  | 785 |  |  | — |  |  | 17,610 |
Other liabilities | — |  |  | 5,928 |  |  | 311 |  |  | — |  |  | 6,239 |
Total liabilities | 2,021,704 |  |  | 2,359,498 |  |  | 447,734 |  |  | (993,725 | ) |  | 3,835,211 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,225,865 |  |  | 164,887 |  |  | (3,390,752 | ) |  | — |
Common stock, $0.01 par value: 900,000,000 shares authorized; 324,829,258 shares issued and 322,051,268 shares outstanding | 3,182 |  |  | — |  |  | — |  |  | — |  |  | 3,182 |
Treasury stock, at cost: 2,777,990 shares | (33,286 | ) |  | — |  |  | — |  |  | — |  |  | (33,286 | )
Additional paid-in-capital | 3,087,592 |  |  | 8,234 |  |  | — |  |  | (8,743 | ) |  | 3,087,083 |
Retained earnings | 579,834 |  |  | 1,404,403 |  |  | 82,887 |  |  | (1,499,317 | ) |  | 567,807 |
Oasis share of stockholders’ equity | 3,637,322 |  |  | 4,638,502 |  |  | 247,774 |  |  | (4,898,812 | ) |  | 3,624,786 |
Non-controlling interests | — |  |  | 186,349 |  |  | 312,244 |  |  | (312,244 | ) |  | 186,349 |
Total stockholders’ equity | 3,637,322 |  |  | 4,824,851 |  |  | 560,018 |  |  | (5,211,056 | ) |  | 3,811,135 |
Total liabilities and stockholders’ equity | $ | 5,659,026 |  |  | $ | 7,184,349 |  |  | $ | 1,007,752 |  |  | $ | (6,204,781 | ) |  | $ | 7,646,346 |
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 Statement of Operations
| Three Months Ended March 31, 2019
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 368,782 |  |  | $ | — |  |  | $ | — |  |  | $ | 368,782 |
Purchased oil and gas sales | — |  |  | 148,471 |  |  | — |  |  | — |  |  | 148,471 |
Midstream revenues | — |  |  | 3,070 |  |  | 91,651 |  |  | (46,700 | ) |  | 48,021 |
Well services revenues | — |  |  | 10,458 |  |  | — |  |  | — |  |  | 10,458 |
Total revenues | — |  |  | 530,781 |  |  | 91,651 |  |  | (46,700 | ) |  | 575,732 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 71,785 |  |  | — |  |  | (13,341 | ) |  | 58,444 |
Midstream expenses | — |  |  | 1,848 |  |  | 26,915 |  |  | (12,034 | ) |  | 16,729 |
Well services expenses | — |  |  | 6,970 |  |  | — |  |  | — |  |  | 6,970 |
Marketing, transportation and gathering expenses | — |  |  | 45,237 |  |  | — |  |  | (10,287 | ) |  | 34,950 |
Purchased oil and gas expenses | — |  |  | 149,904 |  |  | — |  |  | — |  |  | 149,904 |
Production taxes | — |  |  | 29,618 |  |  | — |  |  | — |  |  | 29,618 |
Depreciation, depletion and amortization | — |  |  | 186,069 |  |  | 8,929 |  |  | (5,165 | ) |  | 189,833 |
Exploration expenses | — |  |  | 830 |  |  | — |  |  | — |  |  | 830 |
Impairment | — |  |  | 629 |  |  | — |  |  | — |  |  | 629 |
General and administrative expenses | 9,087 |  |  | 20,825 |  |  | 8,720 |  |  | (4,173 | ) |  | 34,459 |
Total operating expenses | 9,087 |  |  | 513,715 |  |  | 44,564 |  |  | (45,000 | ) |  | 522,366 |
Loss on sale of properties | — |  |  | (2,922 | ) |  | — |  |  | — |  |  | (2,922 | )
Operating income (loss) | (9,087 | ) |  | 14,144 |  |  | 47,087 |  |  | (1,700 | ) |  | 50,444 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | (89,492 | ) |  | 43,339 |  |  | — |  |  | 46,153 |  |  | — |
Net loss on derivative instruments | — |  |  | (117,611 | ) |  | — |  |  | — |  |  | (117,611 | )
Interest expense, net of capitalized interest | (32,876 | ) |  | (7,844 | ) |  | (3,748 | ) |  | — |  |  | (44,468 | )
Other expense | — |  |  | (46 | ) |  | — |  |  | — |  |  | (46 | )
Total other expense | (122,368 | ) |  | (82,162 | ) |  | (3,748 | ) |  | 46,153 |  |  | (162,125 | )
Income (loss) before income taxes | (131,455 | ) |  | (68,018 | ) |  | 43,339 |  |  | 44,453 |  |  | (111,681 | )
Income tax benefit (expense) | 16,573 |  |  | (12,870 | ) |  | — |  |  | — |  |  | 3,703 |
Net income (loss) including non-controlling interests | (114,882 | ) |  | (80,888 | ) |  | 43,339 |  |  | 44,453 |  |  | (107,978 | )
Less: Net income attributable to non-controlling interests | — |  |  | 6,904 |  |  | 21,796 |  |  | (21,796 | ) |  | 6,904 |
Net income (loss) attributable to Oasis | $ | (114,882 | ) |  | $ | (87,792 | ) |  | $ | 21,543 |  |  | $ | 66,249 |  |  | $ | (114,882 | )
Condensed Consolidating Statement of Operations
| Three Months Ended March 31, 2018
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 366,595 |  |  | $ | — |  |  | $ | — |  |  | $ | 366,595 |
Purchased oil and gas sales | — |  |  | 67,709 |  |  | — |  |  | — |  |  | 67,709 |
Midstream revenues | — |  |  | 1,150 |  |  | 61,421 |  |  | (34,649 | ) |  | 27,922 |
Well services revenues | — |  |  | 11,586 |  |  | — |  |  | — |  |  | 11,586 |
Total revenues | — |  |  | 447,040 |  |  | 61,421 |  |  | (34,649 | ) |  | 473,812 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 55,699 |  |  | — |  |  | (10,918 | ) |  | 44,781 |
Midstream expenses | — |  |  | 746 |  |  | 17,116 |  |  | (9,877 | ) |  | 7,985 |
Well services expenses | — |  |  | 7,387 |  |  | — |  |  | — |  |  | 7,387 |
Marketing, transportation and gathering expenses | — |  |  | 26,672 |  |  | — |  |  | (5,659 | ) |  | 21,013 |
Purchased oil and gas expenses | — |  |  | 70,594 |  |  | — |  |  | — |  |  | 70,594 |
Production taxes | — |  |  | 31,000 |  |  | — |  |  | — |  |  | 31,000 |
Depreciation, depletion and amortization | — |  |  | 146,227 |  |  | 6,364 |  |  | (3,326 | ) |  | 149,265 |
Exploration expenses | — |  |  | 769 |  |  | — |  |  | — |  |  | 769 |
Impairment | — |  |  | 93 |  |  | — |  |  | — |  |  | 93 |
General and administrative expenses | 7,232 |  |  | 17,678 |  |  | 6,150 |  |  | (3,120 | ) |  | 27,940 |
Total operating expenses | 7,232 |  |  | 356,865 |  |  | 29,630 |  |  | (32,900 | ) |  | 360,827 |
Operating income (loss) | (7,232 | ) |  | 90,175 |  |  | 31,791 |  |  | (1,749 | ) |  | 112,985 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 32,164 |  |  | 31,529 |  |  | — |  |  | (63,693 | ) |  | — |
Net loss on derivative instruments | — |  |  | (71,116 | ) |  | — |  |  | — |  |  | (71,116 | )
Interest expense, net of capitalized interest | (32,446 | ) |  | (4,438 | ) |  | (262 | ) |  | — |  |  | (37,146 | )
Other expense | — |  |  | (183 | ) |  | — |  |  | — |  |  | (183 | )
Total other expense | (282 | ) |  | (44,208 | ) |  | (262 | ) |  | (63,693 | ) |  | (108,445 | )
Income (loss) before income taxes | (7,514 | ) |  | 45,967 |  |  | 31,529 |  |  | (65,442 | ) |  | 4,540 |
Income tax benefit (expense) | 8,104 |  |  | (8,932 | ) |  | — |  |  | — |  |  | (828 | )
Net income including non-controlling interests | 590 |  |  | 37,035 |  |  | 31,529 |  |  | (65,442 | ) |  | 3,712 |
Less: Net income attributable to non-controlling interests | — |  |  | 3,122 |  |  | 21,574 |  |  | (21,574 | ) |  | 3,122 |
Net income attributable to Oasis | $ | 590 |  |  | $ | 33,913 |  |  | $ | 9,955 |  |  | $ | (43,868 | ) |  | $ | 590 |
Condensed Consolidating Statement of Cash Flows
| Three Months Ended March 31, 2019
| 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 | $ | (114,882 | ) |  | $ | (80,888 | ) |  | $ | 43,339 |  |  | $ | 44,453 |  |  | $ | (107,978 | )
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | 89,492 |  |  | (43,339 | ) |  | — |  |  | (46,153 | ) |  | — |
Depreciation, depletion and amortization | — |  |  | 186,069 |  |  | 8,929 |  |  | (5,165 | ) |  | 189,833 |
Loss on sale of properties | — |  |  | 2,922 |  |  | — |  |  | — |  |  | 2,922 |
Impairment | — |  |  | 629 |  |  | — |  |  | — |  |  | 629 |
Deferred income taxes | (16,573 | ) |  | 13,026 |  |  | — |  |  | — |  |  | (3,547 | )
Derivative instruments | — |  |  | 117,611 |  |  | — |  |  | — |  |  | 117,611 |
Equity-based compensation expenses | 8,339 |  |  | 555 |  |  | 119 |  |  | — |  |  | 9,013 |
Deferred financing costs amortization and other | 4,058 |  |  | 2,681 |  |  | 191 |  |  | — |  |  | 6,930 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable, net | 45,831 |  |  | (74,291 | ) |  | 208 |  |  | (42,831 | ) |  | (71,083 | )
Change in inventory | — |  |  | (3,184 | ) |  | — |  |  | — |  |  | (3,184 | )
Change in prepaid expenses | (130 | ) |  | 1,583 |  |  | 52 |  |  | — |  |  | 1,505 |
Change in accounts payable, interest payable and accrued liabilities | (11,909 | ) |  | 2,306 |  |  | 3,438 |  |  | 42,831 |  |  | 36,666 |
Change in other assets and liabilities, net | — |  |  | (4,165 | ) |  | (226 | ) |  | — |  |  | (4,391 | )
Net cash provided by operating activities | 4,226 |  |  | 121,515 |  |  | 56,050 |  |  | (6,865 | ) |  | 174,926 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (187,990 | ) |  | (49,458 | ) |  | — |  |  | (237,448 | )
Derivative settlements | — |  |  | 13,446 |  |  | — |  |  | — |  |  | 13,446 |
Net cash used in investing activities | — |  |  | (174,544 | ) |  | (49,458 | ) |  | — |  |  | (224,002 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 388,000 |  |  | 32,000 |  |  | — |  |  | 420,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (363,000 | ) |  | (5,000 | ) |  | — |  |  | (368,000 | )
Deferred financing costs | — |  |  | — |  |  | (43 | ) |  | — |  |  | (43 | )
Purchases of treasury stock | (4,261 | ) |  | — |  |  | — |  |  | — |  |  | (4,261 | )
Distributions to non-controlling interests | — |  |  | 16,985 |  |  | (21,922 | ) |  | — |  |  | (4,937 | )
Investment in subsidiaries / capital contributions from parent | — |  |  | 5,923 |  |  | (12,788 | ) |  | 6,865 |  |  | — |
Other | — |  |  | (202 | ) |  | (229 | ) |  | — |  |  | (431 | )
Net cash provided by (used in) financing activities | (4,261 | ) |  | 47,706 |  |  | (7,982 | ) |  | 6,865 |  |  | 42,328 |
Decrease in cash and cash equivalents | (35 | ) |  | (5,323 | ) |  | (1,390 | ) |  | — |  |  | (6,748 | )
Cash and cash equivalents at beginning of period | 179 |  |  | 15,362 |  |  | 6,649 |  |  | — |  |  | 22,190 |
Cash and cash equivalents at end of period | $ | 144 |  |  | $ | 10,039 |  |  | $ | 5,259 |  |  | $ | — |  |  | $ | 15,442 |
Condensed Consolidating Statement of Cash Flows
| Three Months Ended March 31, 2018
| 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 | $ | 590 |  |  | $ | 37,035 |  |  | $ | 31,529 |  |  | $ | (65,442 | ) |  | $ | 3,712 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (32,164 | ) |  | (31,529 | ) |  | — |  |  | 63,693 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 146,227 |  |  | 6,364 |  |  | (3,326 | ) |  | 149,265 |
Impairment | — |  |  | 93 |  |  | — |  |  | — |  |  | 93 |
Deferred income taxes | (8,104 | ) |  | 8,932 |  |  | — |  |  | — |  |  | 828 |
Derivative instruments | — |  |  | 71,116 |  |  | — |  |  | — |  |  | 71,116 |
Equity-based compensation expenses | 6,418 |  |  | 273 |  |  | 63 |  |  | — |  |  | 6,754 |
Deferred financing costs amortization and other | 3,929 |  |  | 1,432 |  |  | 114 |  |  | — |  |  | 5,475 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable, net | 51,714 |  |  | (23,888 | ) |  | 36,992 |  |  | (70,526 | ) |  | (5,708 | )
Change in inventory | — |  |  | (3,672 | ) |  | — |  |  | — |  |  | (3,672 | )
Change in prepaid expenses | (180 | ) |  | 641 |  |  | 31 |  |  | — |  |  | 492 |
Change in accounts payable, interest payable and accrued liabilities | (12,832 | ) |  | (66,000 | ) |  | 8,062 |  |  | 70,526 |  |  | (244 | )
Change in other assets and liabilities, net | — |  |  | 248 |  |  | — |  |  | — |  |  | 248 |
Net cash provided by operating activities | 9,371 |  |  | 140,908 |  |  | 83,155 |  |  | (5,075 | ) |  | 228,359 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (169,994 | ) |  | (84,844 | ) |  | — |  |  | (254,838 | )
Acquisitions | — |  |  | (520,728 | ) |  | — |  |  | — |  |  | (520,728 | )
Derivative settlements | — |  |  | (36,974 | ) |  | — |  |  | — |  |  | (36,974 | )
Other | — |  |  | (28 | ) |  | — |  |  | — |  |  | (28 | )
Net cash used in investing activities | — |  |  | (727,724 | ) |  | (84,844 | ) |  | — |  |  | (812,568 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 1,413,000 |  |  | 57,000 |  |  | — |  |  | 1,470,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (857,000 | ) |  | (18,000 | ) |  | — |  |  | (875,000 | )
Deferred financing costs | — |  |  | (215 | ) |  | — |  |  | — |  |  | (215 | )
Purchases of treasury stock | (6,021 | ) |  | — |  |  | — |  |  | — |  |  | (6,021 | )
Distributions to non-controlling interests | — |  |  | 34,866 |  |  | (38,316 | ) |  | — |  |  | (3,450 | )
Investment in subsidiaries / capital contributions from parent | (3,259 | ) |  | (5,986 | ) |  | 4,170 |  |  | 5,075 |  |  | — |
Other | (90 | ) |  | — |  |  | — |  |  | — |  |  | (90 | )
Net cash provided by (used in) financing activities | (9,370 | ) |  | 584,665 |  |  | 4,854 |  |  | 5,075 |  |  | 585,224 |
Increase (decrease) in cash and cash equivalents | 1 |  |  | (2,151 | ) |  | 3,165 |  |  | — |  |  | 1,015 |
Cash and cash equivalents at beginning of period | 178 |  |  | 15,659 |  |  | 883 |  |  | — |  |  | 16,720 |
Cash and cash equivalents at end of period | $ | 179 |  |  | $ | 13,508 |  |  | $ | 4,048 |  |  | $ | — |  |  | $ | 17,735 |

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