XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.19.2

Condensed Consolidating Financial Information | 6 Months Ended
--- | ---
Jun. 30, 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. During the preparation of the condensed consolidating financial information as of and for the three and six months ended June 30, 2019, the Company identified errors primarily relating to the presentation of non-controlling interests and equity in earnings of subsidiaries in the financial information of the Combined Guarantor Subsidiaries and the related intercompany eliminations. •Condensed Consolidating Balance Sheet. As of December 31, 2018, it was determined that (1) in the Issuer's financial information, investment in and advances to subsidiaries and Oasis share of stockholders’ equity were both overstated by $9.6 million, (2) in the Combined Guarantor Subsidiaries financial information, investment in and advances to subsidiaries and non-controlling interests were overstated by $11.1 million and $184.3 million, respectively, and Oasis share of stockholders’ equity was understated by $173.2 million and (3) in the intercompany eliminations financial information, investments in and advances to subsidiaries and non-controlling interests were understated by $20.7 million and $184.3 million, respectively, and Oasis share of stockholders’ equity was overstated by $163.6 million. •Condensed Consolidated Statements of Operations. For the three months ended June 30, 2018, it was determined that equity in earnings of subsidiaries and net income attributable to non-controlling interests were overstated by $6.6 million and $3.9 million, respectively, in the Combined Guarantor Subsidiaries financial information and understated by $6.6 million and $3.9 million, respectively, in the intercompany eliminations financial information. For the six months ended June 30, 2018, it was determined that equity in earnings of subsidiaries and net income attributable to non-controlling interests were overstated by $11.4 million and $7.0 million, respectively, in the Combined Guarantor Subsidiaries financial information and understated by $11.4 million and $7.0 million, respectively, in the intercompany eliminations financial information. •Condensed Consolidated Statement of Cash Flows. For the six months ended June 30, 2018, it was determined that cash paid for distributions to non-controlling interests was understated by $48.9 million in the Combined Guarantor Subsidiaries financial information and overstated by $48.9 million in the intercompany eliminations financial information, with the offsetting impacts in investment in subsidiaries / capital contributions from parent. These errors in the condensed consolidated financial information, which the Company has determined are not material to this disclosure, were all eliminated in consolidation and therefore have no impact on the Company's consolidated financial position, results of operations or cash flows. The Company has revised the condensed consolidating financial information as of December 31, 2018 and for the three and six months ended June 30, 2018 to reflect the correction of these errors. In addition, for the three and six months ended June 30, 2018, the Company has revised the condensed consolidating financial information to reflect the correction of errors related to the manner in which it accounted for certain crude oil purchase and sale arrangements, which had no effect on the Company’s or any of its subsidiaries’ net income (loss). All impacts of this revision are included in the Combined Guarantor Subsidiaries financial information. Please see Note 2 — Summary of Significant Accounting Policies for more information related to this revision.
Condensed Consolidated Financial Information | Condensed Consolidating Balance Sheet
| June 30, 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 |  | $ | 13,868 |  | $ | 6,246 |  | $ | — |  | $ | 20,258
Accounts receivable, net | — |  | 390,094 |  | 6,010 |  | — |  | 396,104
Accounts receivable - affiliates | 585,473 |  | 79,516 |  | 80,088 |  | (745,077) |  | —
Inventory | — |  | 30,056 |  | — |  | — |  | 30,056
Prepaid expenses | 273 |  | 4,478 |  | 1,267 |  | — |  | 6,018
Derivative instruments | — |  | 19,089 |  | — |  | — |  | 19,089
Other current assets | — |  | 195 |  | — |  | — |  | 195
Total current assets | 585,890 |  | 537,296 |  | 93,611 |  | (745,077) |  | 471,720
Property, plant and equipment |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  | 9,299,365 |  | — |  | (15,903) |  | 9,283,462
Other property and equipment | — |  | 241,456 |  | 1,060,379 |  | — |  | 1,301,835
Less: accumulated depreciation, depletion, amortization and impairment | — |  | (3,336,023) |  | (80,160) |  | — |  | (3,416,183)
Total property, plant and equipment, net | — |  | 6,204,798 |  | 980,219 |  | (15,903) |  | 7,169,114
Investments in and advances to subsidiaries | 4,886,462 |  | 367,275 |  | — |  | (5,253,737) |  | —
Derivative instruments | — |  | 5,636 |  | — |  | — |  | 5,636
Deferred income taxes | 243,866 |  | — |  | — |  | (243,866) |  | —
Long-term inventory | — |  | 13,286 |  | — |  | — |  | 13,286
Operating right-of-use assets | — |  | 16,412 |  | 3,642 |  | — |  | 20,054
Other assets | — |  | 27,093 |  | 3,385 |  | — |  | 30,478
Total assets | $ | 5,716,218 |  | $ | 7,171,796 |  | $ | 1,080,857 |  | $ | (6,258,583) |  | $ | 7,710,288
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  | $ | 14,381 |  | $ | 774 |  | $ | — |  | $ | 15,155
Accounts payable - affiliates | 44,643 |  | 665,561 |  | 34,873 |  | (745,077) |  | —
Revenues and production taxes payable | — |  | 169,786 |  | 748 |  | — |  | 170,534
Accrued liabilities | 183 |  | 258,337 |  | 56,930 |  | — |  | 315,450
Accrued interest payable | 37,096 |  | 312 |  | 293 |  | — |  | 37,701
Derivative instruments | — |  | 4,445 |  | — |  | — |  | 4,445
Advances from joint interest partners | — |  | 4,076 |  | — |  | — |  | 4,076
Current operating lease liabilities | — |  | 5,786 |  | 2,051 |  | — |  | 7,837
Other current liabilities | — |  | 2,620 |  | 610 |  | — |  | 3,230
Total current liabilities | 81,922 |  | 1,125,304 |  | 96,279 |  | (745,077) |  | 558,428
Long-term debt | 1,957,524 |  | 531,000 |  | 408,000 |  | — |  | 2,896,524
Deferred income taxes | — |  | 552,538 |  | — |  | (243,866) |  | 308,672
Asset retirement obligations | — |  | 53,664 |  | 1,564 |  | — |  | 55,228
Operating lease liabilities | — |  | 16,424 |  | 1,597 |  | — |  | 18,021
Other liabilities | — |  | 6,404 |  | 553 |  | — |  | 6,957
Total liabilities | 2,039,446 |  | 2,285,334 |  | 507,993 |  | (988,943) |  | 3,843,830
Stockholders’ equity |  |  |  |  |  |  |  |  |
Oasis share of stockholders’ equity | 3,676,772 |  | 4,886,462 |  | 257,733 |  | (5,144,195) |  | 3,676,772
Non-controlling interests | — |  | — |  | 315,131 |  | (125,445) |  | 189,686
Total stockholders’ equity | 3,676,772 |  | 4,886,462 |  | 572,864 |  | (5,269,640) |  | 3,866,458
Total liabilities and stockholders’ equity | $ | 5,716,218 |  | $ | 7,171,796 |  | $ | 1,080,857 |  | $ | (6,258,583) |  | $ | 7,710,288
Condensed Consolidated Financial Information | 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 | 4,900,528 |  | 356,039 |  | — |  | (5,256,567) |  | —
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 | $ | 5,764,132 |  | $ | 7,185,411 |  | $ | 964,252 |  | $ | (6,287,653) |  | $ | 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 |  |  |  |  |  |  |  |  |
Oasis share of stockholders’ equity | 3,734,576 |  | 4,900,528 |  | 238,630 |  | (5,139,158) |  | 3,734,576
Non-controlling interests | — |  | — |  | 312,815 |  | (128,511) |  | 184,304
Total stockholders’ equity | 3,734,576 |  | 4,900,528 |  | 551,445 |  | (5,267,669) |  | 3,918,880
Total liabilities and stockholders’ equity | $ | 5,764,132 |  | $ | 7,185,411 |  | $ | 964,252 |  | $ | (6,287,653) |  | $ | 7,626,142
Condensed Consolidated Financial Information | Condensed Consolidating Statement of Operations
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  | $ | 357,004 |  | $ | — |  | $ | — |  | $ | 357,004
Purchased oil and gas sales | — |  | 109,389 |  | — |  | — |  | 109,389
Midstream revenues | — |  | 1,082 |  | 97,644 |  | (47,153) |  | 51,573
Well services revenues | — |  | 11,439 |  | — |  | — |  | 11,439
Total revenues | — |  | 478,914 |  | 97,644 |  | (47,153) |  | 529,405
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  | 69,362 |  | — |  | (13,134) |  | 56,228
Midstream expenses | — |  | 675 |  | 28,025 |  | (11,332) |  | 17,368
Well services expenses | — |  | 8,474 |  | — |  | — |  | 8,474
Marketing, transportation and gathering expenses | — |  | 38,574 |  | — |  | (10,086) |  | 28,488
Purchased oil and gas expenses | — |  | 109,662 |  | — |  | — |  | 109,662
Production taxes | — |  | 28,142 |  | — |  | — |  | 28,142
Depreciation, depletion and amortization | — |  | 173,754 |  | 8,562 |  | (4,958) |  | 177,358
Exploration expenses | — |  | 887 |  | — |  | — |  | 887
Impairment | — |  | 24 |  | — |  | — |  | 24
General and administrative expenses | 6,308 |  | 21,352 |  | 7,809 |  | (4,543) |  | 30,926
Total operating expenses | 6,308 |  | 450,906 |  | 44,396 |  | (44,053) |  | 457,557
Loss on sale of properties | — |  | (276) |  | — |  | — |  | (276)
Operating income (loss) | (6,308) |  | 27,732 |  | 53,248 |  | (3,100) |  | 71,572
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 73,855 |  | 37,518 |  | — |  | (111,373) |  | —
Net gain on derivative instruments | — |  | 34,749 |  | — |  | — |  | 34,749
Interest expense, net of capitalized interest | (32,415) |  | (6,562) |  | (4,209) |  | — |  | (43,186)
Other income (expense) | 1 |  | 282 |  | (4) |  | — |  | 279
Total other income (expense), net | 41,441 |  | 65,987 |  | (4,213) |  | (111,373) |  | (8,158)
Income before income taxes | 35,133 |  | 93,719 |  | 49,035 |  | (114,473) |  | 63,414
Income tax benefit (expense) | 7,624 |  | (19,864) |  | — |  | — |  | (12,240)
Net income including non-controlling interests | 42,757 |  | 73,855 |  | 49,035 |  | (114,473) |  | 51,174
Less: Net income attributable to non-controlling interests | — |  | — |  | 22,837 |  | (14,420) |  | 8,417
Net income attributable to Oasis | $ | 42,757 |  | $ | 73,855 |  | $ | 26,198 |  | $ | (100,053) |  | $ | 42,757
Condensed Consolidated Financial Information | 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 | $ | — |  | $ | 397,849 |  | $ | — |  | $ | — |  | $ | 397,849
Purchased oil and gas sales | — |  | 128,064 |  | — |  | — |  | 128,064
Midstream revenues | — |  | 917 |  | 66,558 |  | (38,133) |  | 29,342
Well services revenues | — |  | 18,496 |  | — |  | — |  | 18,496
Total revenues | — |  | 545,326 |  | 66,558 |  | (38,133) |  | 573,751
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  | 57,615 |  | — |  | (13,474) |  | 44,141
Midstream expenses | — |  | 780 |  | 16,334 |  | (9,426) |  | 7,688
Well services expenses | — |  | 13,560 |  | — |  | — |  | 13,560
Marketing, transportation and gathering expenses | — |  | 28,653 |  | — |  | (5,820) |  | 22,833
Purchased oil and gas expenses | — |  | 129,579 |  | — |  | — |  | 129,579
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 |  | 817,473 |  | 28,890 |  | (35,480) |  | 818,379
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) |  | 30,929 |  | — |  | 247,085 |  | —
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, net | (324,800) |  | (96,730) |  | (183) |  | 247,085 |  | (174,628)
Income (loss) before income taxes | (332,296) |  | (366,923) |  | 37,485 |  | 244,432 |  | (417,302)
Income tax benefit | 12,092 |  | 88,909 |  | — |  | — |  | 101,001
Net income (loss) including non-controlling interests | (320,204) |  | (278,014) |  | 37,485 |  | 244,432 |  | (316,301)
Less: Net income attributable to non-controlling interests | — |  | — |  | 25,042 |  | (21,139) |  | 3,903
Net income (loss) attributable to Oasis | $ | (320,204) |  | $ | (278,014) |  | $ | 12,443 |  | $ | 265,571 |  | $ | (320,204)
Condensed Consolidated Financial Information | Condensed Consolidating Statement of Operations
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  | $ | 725,786 |  | $ | — |  | $ | — |  | $ | 725,786
Purchased oil and gas sales | — |  | 257,860 |  | — |  | — |  | 257,860
Midstream revenues | — |  | 4,152 |  | 189,295 |  | (93,853) |  | 99,594
Well services revenues | — |  | 21,897 |  | — |  | — |  | 21,897
Total revenues | — |  | 1,009,695 |  | 189,295 |  | (93,853) |  | 1,105,137
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  | 141,147 |  | — |  | (26,475) |  | 114,672
Midstream expenses | — |  | 2,523 |  | 54,940 |  | (23,366) |  | 34,097
Well services expenses | — |  | 15,444 |  | — |  | — |  | 15,444
Marketing, transportation and gathering expenses | — |  | 83,811 |  | — |  | (20,373) |  | 63,438
Purchased oil and gas expenses | — |  | 259,566 |  | — |  | — |  | 259,566
Production taxes | — |  | 57,760 |  | — |  | — |  | 57,760
Depreciation, depletion and amortization | — |  | 359,823 |  | 17,491 |  | (10,123) |  | 367,191
Exploration expenses | — |  | 1,717 |  | — |  | — |  | 1,717
Impairment | — |  | 653 |  | — |  | — |  | 653
General and administrative expenses | 15,395 |  | 42,177 |  | 16,529 |  | (8,716) |  | 65,385
Total operating expenses | 15,395 |  | 964,621 |  | 88,960 |  | (89,053) |  | 979,923
Loss on sale of properties | — |  | (3,198) |  | — |  | — |  | (3,198)
Operating income (loss) | (15,395) |  | 41,876 |  | 100,335 |  | (4,800) |  | 122,016
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | (15,637) |  | 72,253 |  | — |  | (56,616) |  | —
Net loss on derivative instruments | — |  | (82,862) |  | — |  | — |  | (82,862)
Interest expense, net of capitalized interest | (65,291) |  | (14,406) |  | (7,957) |  | — |  | (87,654)
Other income (expense) | 1 |  | 236 |  | (4) |  | — |  | 233
Total other expense, net | (80,927) |  | (24,779) |  | (7,961) |  | (56,616) |  | (170,283)
Income (loss) before income taxes | (96,322) |  | 17,097 |  | 92,374 |  | (61,416) |  | (48,267)
Income tax benefit (expense) | 24,197 |  | (32,734) |  | — |  | — |  | (8,537)
Net income (loss) including non-controlling interests | (72,125) |  | (15,637) |  | 92,374 |  | (61,416) |  | (56,804)
Less: Net income attributable to non-controlling interests | — |  | — |  | 44,633 |  | (29,312) |  | 15,321
Net income (loss) attributable to Oasis | $ | (72,125) |  | $ | (15,637) |  | $ | 47,741 |  | $ | (32,104) |  | $ | (72,125)
Condensed Consolidated Financial Information | 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 | $ | — |  | $ | 764,444 |  | $ | — |  | $ | — |  | $ | 764,444
Purchased oil and gas sales | — |  | 195,773 |  | — |  | — |  | 195,773
Midstream revenues | — |  | 2,067 |  | 127,979 |  | (72,782) |  | 57,264
Well services revenues | — |  | 30,082 |  | — |  | — |  | 30,082
Total revenues | — |  | 992,366 |  | 127,979 |  | (72,782) |  | 1,047,563
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  | 113,314 |  | — |  | (24,392) |  | 88,922
Midstream expenses | — |  | 1,526 |  | 33,450 |  | (19,303) |  | 15,673
Well services expenses | — |  | 20,947 |  | — |  | — |  | 20,947
Marketing, transportation and gathering expenses | — |  | 55,325 |  | — |  | (11,479) |  | 43,846
Purchased oil and gas expenses | — |  | 200,173 |  | — |  | — |  | 200,173
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 |  | 1,174,338 |  | 58,520 |  | (68,380) |  | 1,179,206
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) |  | 57,587 |  | — |  | 188,263 |  | —
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, net | (325,082) |  | (145,809) |  | (445) |  | 188,263 |  | (283,073)
Income (loss) before income taxes | (339,810) |  | (325,827) |  | 69,014 |  | 183,861 |  | (412,762)
Income tax benefit | 20,196 |  | 79,977 |  | — |  | — |  | 100,173
Net income (loss) including non-controlling interests | (319,614) |  | (245,850) |  | 69,014 |  | 183,861 |  | (312,589)
Less: Net income attributable to non-controlling interests | — |  | — |  | 46,616 |  | (39,591) |  | 7,025
Net income (loss) attributable to Oasis | $ | (319,614) |  | $ | (245,850) |  | $ | 22,398 |  | $ | 223,452 |  | $ | (319,614)
Condensed Consolidated Financial Information | Condensed Consolidating Statement of Cash Flows
| Six Months Ended June 30, 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 | $ | (72,125) |  | $ | (15,637) |  | $ | 92,374 |  | $ | (61,416) |  | $ | (56,804)
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | 15,637 |  | (72,253) |  | — |  | 56,616 |  | —
Depreciation, depletion and amortization | — |  | 359,823 |  | 17,491 |  | (10,123) |  | 367,191
Loss on sale of properties | — |  | 3,198 |  | — |  | — |  | 3,198
Impairment | — |  | 653 |  | — |  | — |  | 653
Deferred income taxes | (24,197) |  | 32,814 |  | — |  | — |  | 8,617
Derivative instruments | — |  | 82,862 |  | — |  | — |  | 82,862
Equity-based compensation expenses | 13,933 |  | 3,772 |  | 219 |  | — |  | 17,924
Deferred financing costs amortization and other | 8,246 |  | 3,582 |  | 417 |  | — |  | 12,245
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable, net | 57,909 |  | (13,500) |  | (2,086) |  | (55,237) |  | (12,914)
Change in inventory | — |  | 3,029 |  | — |  | — |  | 3,029
Change in prepaid expenses | 100 |  | 3,668 |  | 150 |  | — |  | 3,918
Change in accounts payable, interest payable and accrued liabilities | 1,643 |  | (97,321) |  | 3,927 |  | 55,237 |  | (36,514)
Change in other assets and liabilities, net | — |  | (4,074) |  | (399) |  | — |  | (4,473)
Net cash provided by operating activities | 1,146 |  | 290,616 |  | 112,093 |  | (14,923) |  | 388,932
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  | (394,675) |  | (130,826) |  | — |  | (525,501)
Acquisitions | — |  | (5,781) |  | — |  | — |  | (5,781)
Derivative settlements | — |  | 3,629 |  | — |  | — |  | 3,629
Net cash used in investing activities | — |  | (396,827) |  | (130,826) |  | — |  | (527,653)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  | 1,083,000 |  | 95,000 |  | — |  | 1,178,000
Principal payments on Revolving Credit Facilities | — |  | (1,020,000) |  | (5,000) |  | — |  | (1,025,000)
Deferred financing costs | — |  | (42) |  | (440) |  | — |  | (482)
Purchases of treasury stock | (4,305) |  | — |  | — |  | — |  | (4,305)
Distributions to non-controlling interests | — |  | — |  | (43,581) |  | 33,488 |  | (10,093)
Investment in subsidiaries / capital contributions from parent | 3,124 |  | 42,642 |  | (27,201) |  | (18,565) |  | —
Other | — |  | (883) |  | (448) |  | — |  | (1,331)
Net cash provided by (used in) financing activities | (1,181) |  | 104,717 |  | 18,330 |  | 14,923 |  | 136,789
Decrease in cash and cash equivalents | (35) |  | (1,494) |  | (403) |  | — |  | (1,932)
Cash and cash equivalents at beginning of period | 179 |  | 15,362 |  | 6,649 |  | — |  | 22,190
Cash and cash equivalents at end of period | $ | 144 |  | $ | 13,868 |  | $ | 6,246 |  | $ | — |  | $ | 20,258
Condensed Consolidated Financial Information | 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) |  | $ | (245,850) |  | $ | 69,014 |  | $ | 183,861 |  | $ | (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 |  | (57,587) |  | — |  | (188,263) |  | —
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, net | 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 accounts payable, interest payable and accrued liabilities | 3,335 |  | (90,679) |  | 4,105 |  | 124,088 |  | 40,849
Change in other assets and liabilities, net | — |  | (746) |  | — |  | — |  | (746)
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)
Other | — |  | (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 | — |  | — |  | (55,757) |  | 48,911 |  | (6,846)
Investment in subsidiaries / capital contributions from parent | (5,619) |  | 33,695 |  | 9,464 |  | (37,540) |  | —
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

X
- Definition Condensed Financial Statements 1 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements1TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 2 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements2TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 3 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements3TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 4 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements4TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 5 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements5TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 6 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements6TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 7 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements7TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Condensed Financial Statements 8 + References No definition available. + Details
Name: | oas_CondensedFinancialStatements8TextBlock
Namespace Prefix: | oas_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
Name: | srt_CondensedFinancialStatementsTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration