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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| September 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 | $ | 145 |  |  | $ | 14,608 |  |  | $ | 4,672 |  |  | $ | — |  |  | $ | 19,425 |
Accounts receivable, net | — |  |  | 373,824 |  |  | 7,793 |  |  | — |  |  | 381,617 |
Accounts receivable - affiliates | 549,167 |  |  | 72,492 |  |  | 77,393 |  |  | (699,052) |  |  | — |
Inventory | — |  |  | 35,085 |  |  | 1,673 |  |  | — |  |  | 36,758 |
Prepaid expenses | 90 |  |  | 4,248 |  |  | 964 |  |  | — |  |  | 5,302 |
Derivative instruments | — |  |  | 52,180 |  |  | — |  |  | — |  |  | 52,180 |
Other current assets | — |  |  | 195 |  |  | 137 |  |  | — |  |  | 332 |
Total current assets | 549,402 |  |  | 552,632 |  |  | 92,632 |  |  | (699,052) |  |  | 495,614 |
Property, plant and equipment |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 9,393,370 |  |  | — |  |  | (18,864) |  |  | 9,374,506 |
Other property and equipment | — |  |  | 249,572 |  |  | 1,089,696 |  |  | — |  |  | 1,339,268 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (3,535,035) |  |  | (89,129) |  |  | — |  |  | (3,624,164) |
Total property, plant and equipment, net | — |  |  | 6,107,907 |  |  | 1,000,567 |  |  | (18,864) |  |  | 7,089,610 |
Assets held for sale, net | — |  |  | 6,700 |  |  | — |  |  | — |  |  | 6,700 |
Investments in and advances to subsidiaries | 4,941,278 |  |  | 372,784 |  |  | — |  |  | (5,314,062) |  |  | — |
Derivative instruments | — |  |  | 9,729 |  |  | — |  |  | — |  |  | 9,729 |
Deferred income taxes | 243,100 |  |  | — |  |  | — |  |  | (243,100) |  |  | — |
Long-term inventory | — |  |  | 14,395 |  |  | — |  |  | — |  |  | 14,395 |
Operating right-of-use assets | — |  |  | 15,310 |  |  | 5,945 |  |  | — |  |  | 21,255 |
Other assets | — |  |  | 26,291 |  |  | 3,383 |  |  | — |  |  | 29,674 |
Total assets | $ | 5,733,780 |  |  | $ | 7,105,748 |  |  | $ | 1,102,527 |  |  | $ | (6,275,078) |  |  | $ | 7,666,977 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 16,319 |  |  | $ | 1,684 |  |  | $ | — |  |  | $ | 18,003 |
Accounts payable - affiliates | 45,723 |  |  | 626,561 |  |  | 26,769 |  |  | (699,053) |  |  | — |
Revenues and production taxes payable | — |  |  | 212,602 |  |  | 1,171 |  |  | — |  |  | 213,773 |
Accrued liabilities | 115 |  |  | 277,797 |  |  | 47,533 |  |  | — |  |  | 325,445 |
Accrued interest payable | 20,758 |  |  | 298 |  |  | 273 |  |  | — |  |  | 21,329 |
Derivative instruments | — |  |  | 830 |  |  | — |  |  | — |  |  | 830 |
Advances from joint interest partners | — |  |  | 3,649 |  |  | — |  |  | — |  |  | 3,649 |
Current operating lease liabilities | — |  |  | 5,077 |  |  | 2,973 |  |  | — |  |  | 8,050 |
Other current liabilities | — |  |  | 2,773 |  |  | 9 |  |  | — |  |  | 2,782 |
Total current liabilities | 66,596 |  |  | 1,145,906 |  |  | 80,412 |  |  | (699,053) |  |  | 593,861 |
Long-term debt | 1,961,859 |  |  | 406,000 |  |  | 431,000 |  |  | — |  |  | 2,798,859 |
Deferred income taxes | — |  |  | 534,315 |  |  | — |  |  | (243,100) |  |  | 291,215 |
Asset retirement obligations | — |  |  | 53,906 |  |  | 1,596 |  |  | — |  |  | 55,502 |
Liabilities held for sale | — |  |  | 6,700 |  |  | — |  |  | — |  |  | 6,700 |
Operating lease liabilities | — |  |  | 16,116 |  |  | 2,979 |  |  | — |  |  | 19,095 |
Other liabilities | — |  |  | 1,527 |  |  | 557 |  |  | — |  |  | 2,084 |
Total liabilities | 2,028,455 |  |  | 2,164,470 |  |  | 516,544 |  |  | (942,153) |  |  | 3,767,316 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Oasis share of stockholders’ equity | 3,705,325 |  |  | 4,941,278 |  |  | 272,202 |  |  | (5,213,479) |  |  | 3,705,326 |
Non-controlling interests | — |  |  | — |  |  | 313,781 |  |  | (119,446) |  |  | 194,335 |
Total stockholders’ equity | 3,705,325 |  |  | 4,941,278 |  |  | 585,983 |  |  | (5,332,925) |  |  | 3,899,661 |
Total liabilities and stockholders’ equity | $ | 5,733,780 |  |  | $ | 7,105,748 |  |  | $ | 1,102,527 |  |  | $ | (6,275,078) |  |  | $ | 7,666,977 |
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 | 4,900,528 |  |  | 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 Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 344,102 |  |  | $ | — |  |  | $ | 368 |  |  | $ | 344,470 |
Purchased oil and gas sales | — |  |  | 79,352 |  |  | — |  |  | — |  |  | 79,352 |
Midstream revenues | — |  |  | 2,190 |  |  | 100,693 |  |  | (52,860) |  |  | 50,023 |
Well services revenues | — |  |  | 8,898 |  |  | — |  |  | — |  |  | 8,898 |
Total revenues | — |  |  | 434,542 |  |  | 100,693 |  |  | (52,492) |  |  | 482,743 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 67,367 |  |  | — |  |  | (17,054) |  |  | 50,313 |
Midstream expenses | — |  |  | 4 |  |  | 24,317 |  |  | (11,354) |  |  | 12,967 |
Well services expenses | — |  |  | 6,151 |  |  | — |  |  | — |  |  | 6,151 |
Marketing, transportation and gathering expenses | — |  |  | 44,409 |  |  | — |  |  | (11,750) |  |  | 32,659 |
Purchased oil and gas expenses | — |  |  | 78,655 |  |  | — |  |  | — |  |  | 78,655 |
Production taxes | — |  |  | 28,461 |  |  | — |  |  | — |  |  | 28,461 |
Depreciation, depletion and amortization | — |  |  | 206,989 |  |  | 8,983 |  |  | (5,140) |  |  | 210,832 |
Exploration expenses | — |  |  | 652 |  |  | — |  |  | — |  |  | 652 |
General and administrative expenses | 569 |  |  | 48,944 |  |  | 7,579 |  |  | (4,232) |  |  | 52,860 |
Total operating expenses | 569 |  |  | 481,632 |  |  | 40,879 |  |  | (49,530) |  |  | 473,550 |
Loss on sale of properties | — |  |  | (752) |  |  | — |  |  | — |  |  | (752) |
Operating income (loss) | (569) |  |  | (47,842) |  |  | 59,814 |  |  | (2,962) |  |  | 8,441 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 54,755 |  |  | 42,317 |  |  | — |  |  | (97,072) |  |  | — |
Net gain on derivative instruments | — |  |  | 47,922 |  |  | — |  |  | — |  |  | 47,922 |
Interest expense, net of capitalized interest | (33,133) |  |  | (6,252) |  |  | (4,512) |  |  | — |  |  | (43,897) |
Other income | 1 |  |  | 472 |  |  | — |  |  | — |  |  | 473 |
Total other income (expense), net | 21,623 |  |  | 84,459 |  |  | (4,512) |  |  | (97,072) |  |  | 4,498 |
Income before income taxes | 21,054 |  |  | 36,617 |  |  | 55,302 |  |  | (100,034) |  |  | 12,939 |
Income tax benefit (expense) | (766) |  |  | 18,138 |  |  | — |  |  | — |  |  | 17,372 |
Net income including non-controlling interests | 20,288 |  |  | 54,755 |  |  | 55,302 |  |  | (100,034) |  |  | 30,311 |
Less: Net income attributable to non-controlling interests | — |  |  | — |  |  | 23,866 |  |  | (13,843) |  |  | 10,023 |
Net income attributable to Oasis | $ | 20,288 |  |  | $ | 54,755 |  |  | $ | 31,436 |  |  | $ | (86,191) |  |  | $ | 20,288 |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 454,195 |  |  | $ | — |  |  | $ | — |  |  | $ | 454,195 |
Purchased oil and gas sales | — |  |  | 172,985 |  |  | — |  |  | — |  |  | 172,985 |
Midstream revenues | — |  |  | 765 |  |  | 71,467 |  |  | (41,045) |  |  | 31,187 |
Well services revenues | — |  |  | 16,262 |  |  | — |  |  | — |  |  | 16,262 |
Total revenues | — |  |  | 644,207 |  |  | 71,467 |  |  | (41,045) |  |  | 674,629 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 63,099 |  |  | — |  |  | (14,565) |  |  | 48,534 |
Midstream expenses | — |  |  | 528 |  |  | 19,816 |  |  | (11,692) |  |  | 8,652 |
Well services expenses | — |  |  | 11,405 |  |  | — |  |  | — |  |  | 11,405 |
Marketing, transportation and gathering expenses | — |  |  | 36,839 |  |  | — |  |  | (6,126) |  |  | 30,713 |
Purchased oil and gas expenses | — |  |  | 174,329 |  |  | — |  |  | (60) |  |  | 174,269 |
Production taxes | — |  |  | 38,722 |  |  | — |  |  | — |  |  | 38,722 |
Depreciation, depletion and amortization | — |  |  | 159,843 |  |  | 7,189 |  |  | (4,048) |  |  | 162,984 |
Exploration expenses | — |  |  | 22,315 |  |  | — |  |  | — |  |  | 22,315 |
General and administrative expenses | 7,486 |  |  | 24,627 |  |  | 5,449 |  |  | (2,703) |  |  | 34,859 |
Total operating expenses | 7,486 |  |  | 531,707 |  |  | 32,454 |  |  | (39,194) |  |  | 532,453 |
Gain on sale of properties | — |  |  | 36,869 |  |  | — |  |  | — |  |  | 36,869 |
Operating income (loss) | (7,486) |  |  | 149,369 |  |  | 39,013 |  |  | (1,851) |  |  | 179,045 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 96,555 |  |  | 33,102 |  |  | — |  |  | (129,657) |  |  | — |
Net loss on derivative instruments | — |  |  | (48,544) |  |  | — |  |  | — |  |  | (48,544) |
Interest expense, net of capitalized interest | (32,836) |  |  | (6,561) |  |  | (163) |  |  | — |  |  | (39,560) |
Loss on extinguishment of debt | (47) |  |  | — |  |  | — |  |  | — |  |  | (47) |
Other income (expense) | — |  |  | 126 |  |  | (15) |  |  | — |  |  | 111 |
Total other income (expense), net | 63,672 |  |  | (21,877) |  |  | (178) |  |  | (129,657) |  |  | (88,040) |
Income before income taxes | 56,186 |  |  | 127,492 |  |  | 38,835 |  |  | (131,508) |  |  | 91,005 |
Income tax benefit (expense) | 6,155 |  |  | (30,937) |  |  | — |  |  | — |  |  | (24,782) |
Net income including non-controlling interests | 62,341 |  |  | 96,555 |  |  | 38,835 |  |  | (131,508) |  |  | 66,223 |
Less: Net income attributable to non-controlling interests | — |  |  | — |  |  | 26,459 |  |  | (22,577) |  |  | 3,882 |
Net income attributable to Oasis | $ | 62,341 |  |  | $ | 96,555 |  |  | $ | 12,376 |  |  | $ | (108,931) |  |  | $ | 62,341 |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,069,888 |  |  | $ | — |  |  | $ | 368 |  |  | $ | 1,070,256 |
Purchased oil and gas sales | — |  |  | 337,212 |  |  | — |  |  | — |  |  | 337,212 |
Midstream revenues | — |  |  | 6,342 |  |  | 289,988 |  |  | (146,713) |  |  | 149,617 |
Well services revenues | — |  |  | 30,795 |  |  | — |  |  | — |  |  | 30,795 |
Total revenues | — |  |  | 1,444,237 |  |  | 289,988 |  |  | (146,345) |  |  | 1,587,880 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 208,514 |  |  | — |  |  | (43,529) |  |  | 164,985 |
Midstream expenses | — |  |  | 2,527 |  |  | 79,257 |  |  | (34,720) |  |  | 47,064 |
Well services expenses | — |  |  | 21,595 |  |  | — |  |  | — |  |  | 21,595 |
Marketing, transportation and gathering expenses | — |  |  | 128,220 |  |  | — |  |  | (32,123) |  |  | 96,097 |
Purchased oil and gas expenses | — |  |  | 338,221 |  |  | — |  |  | — |  |  | 338,221 |
Production taxes | — |  |  | 86,221 |  |  | — |  |  | — |  |  | 86,221 |
Depreciation, depletion and amortization | — |  |  | 566,812 |  |  | 26,474 |  |  | (15,263) |  |  | 578,023 |
Exploration expenses | — |  |  | 2,369 |  |  | — |  |  | — |  |  | 2,369 |
Impairment | — |  |  | 653 |  |  | — |  |  | — |  |  | 653 |
General and administrative expenses | 15,964 |  |  | 91,121 |  |  | 24,108 |  |  | (12,948) |  |  | 118,245 |
Total operating expenses | 15,964 |  |  | 1,446,253 |  |  | 129,839 |  |  | (138,583) |  |  | 1,453,473 |
Loss on sale of properties | — |  |  | (3,950) |  |  | — |  |  | — |  |  | (3,950) |
Operating income (loss) | (15,964) |  |  | (5,966) |  |  | 160,149 |  |  | (7,762) |  |  | 130,457 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 39,118 |  |  | 114,570 |  |  | — |  |  | (153,688) |  |  | — |
Net loss on derivative instruments | — |  |  | (34,940) |  |  | — |  |  | — |  |  | (34,940) |
Interest expense, net of capitalized interest | (98,424) |  |  | (20,658) |  |  | (12,469) |  |  | — |  |  | (131,551) |
Other income (expense) | 2 |  |  | 708 |  |  | (4) |  |  | — |  |  | 706 |
Total other income (expense), net | (59,304) |  |  | 59,680 |  |  | (12,473) |  |  | (153,688) |  |  | (165,785) |
Income (loss) before income taxes | (75,268) |  |  | 53,714 |  |  | 147,676 |  |  | (161,450) |  |  | (35,328) |
Income tax benefit (expense) | 23,431 |  |  | (14,596) |  |  | — |  |  | — |  |  | 8,835 |
Net income (loss) including non-controlling interests | (51,837) |  |  | 39,118 |  |  | 147,676 |  |  | (161,450) |  |  | (26,493) |
Less: Net income attributable to non-controlling interests | — |  |  | — |  |  | 68,499 |  |  | (43,155) |  |  | 25,344 |
Net income (loss) attributable to Oasis | $ | (51,837) |  |  | $ | 39,118 |  |  | $ | 79,177 |  |  | $ | (118,295) |  |  | $ | (51,837) |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands) |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,218,639 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,218,639 |
Purchased oil and gas sales | — |  |  | 368,758 |  |  | — |  |  | — |  |  | 368,758 |
Midstream revenues | — |  |  | 2,832 |  |  | 199,446 |  |  | (113,827) |  |  | 88,451 |
Well services revenues | — |  |  | 46,344 |  |  | — |  |  | — |  |  | 46,344 |
Total revenues | — |  |  | 1,636,573 |  |  | 199,446 |  |  | (113,827) |  |  | 1,722,192 |
Operating expenses |  |  |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 176,413 |  |  | — |  |  | (38,957) |  |  | 137,456 |
Midstream expenses | — |  |  | 2,054 |  |  | 53,266 |  |  | (30,995) |  |  | 24,325 |
Well services expenses | — |  |  | 32,352 |  |  | — |  |  | — |  |  | 32,352 |
Marketing, transportation and gathering expenses | — |  |  | 92,164 |  |  | — |  |  | (17,605) |  |  | 74,559 |
Purchased oil and gas expenses | — |  |  | 374,502 |  |  | — |  |  | (60) |  |  | 374,442 |
Production taxes | — |  |  | 103,748 |  |  | — |  |  | — |  |  | 103,748 |
Depreciation, depletion and amortization | — |  |  | 456,624 |  |  | 20,212 |  |  | (11,017) |  |  | 465,819 |
Exploration expenses | — |  |  | 23,701 |  |  | — |  |  | — |  |  | 23,701 |
Impairment | — |  |  | 384,228 |  |  | — |  |  | — |  |  | 384,228 |
General and administrative expenses | 22,214 |  |  | 60,259 |  |  | 17,496 |  |  | (8,940) |  |  | 91,029 |
Total operating expenses | 22,214 |  |  | 1,706,045 |  |  | 90,974 |  |  | (107,574) |  |  | 1,711,659 |
Gain on sale of properties | — |  |  | 38,823 |  |  | — |  |  | — |  |  | 38,823 |
Operating income (loss) | (22,214) |  |  | (30,649) |  |  | 108,472 |  |  | (6,253) |  |  | 49,356 |
Other income (expense) |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | (149,295) |  |  | 90,689 |  |  | — |  |  | 58,606 |  |  | — |
Net loss on derivative instruments | — |  |  | (239,945) |  |  | — |  |  | — |  |  | (239,945) |
Interest expense, net of capitalized interest | (98,417) |  |  | (18,591) |  |  | (608) |  |  | — |  |  | (117,616) |
Loss on extinguishment of debt | (13,698) |  |  | — |  |  | — |  |  | — |  |  | (13,698) |
Other income (expense) | — |  |  | 161 |  |  | (15) |  |  | — |  |  | 146 |
Total other expense, net | (261,410) |  |  | (167,686) |  |  | (623) |  |  | 58,606 |  |  | (371,113) |
Income (loss) before income taxes | (283,624) |  |  | (198,335) |  |  | 107,849 |  |  | 52,353 |  |  | (321,757) |
Income tax benefit | 26,351 |  |  | 49,040 |  |  | — |  |  | — |  |  | 75,391 |
Net income (loss) including non-controlling interests | (257,273) |  |  | (149,295) |  |  | 107,849 |  |  | 52,353 |  |  | (246,366) |
Less: Net income attributable to non-controlling interests | — |  |  | — |  |  | 73,075 |  |  | (62,168) |  |  | 10,907 |
Net income (loss) attributable to Oasis | $ | (257,273) |  |  | $ | (149,295) |  |  | $ | 34,774 |  |  | $ | 114,521 |  |  | $ | (257,273) |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 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 | $ | (51,837) |  |  | $ | 39,118 |  |  | $ | 147,676 |  |  | $ | (161,450) |  |  | $ | (26,493) |
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (39,118) |  |  | (114,570) |  |  | — |  |  | 153,688 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 566,812 |  |  | 26,474 |  |  | (15,263) |  |  | 578,023 |
Loss on sale of properties | — |  |  | 3,950 |  |  | — |  |  | — |  |  | 3,950 |
Impairment | — |  |  | 653 |  |  | — |  |  | — |  |  | 653 |
Deferred income taxes | (23,431) |  |  | 14,591 |  |  | — |  |  | — |  |  | (8,840) |
Derivative instruments | — |  |  | 34,940 |  |  | — |  |  | — |  |  | 34,940 |
Equity-based compensation expenses | 13,933 |  |  | 12,134 |  |  | 303 |  |  | — |  |  | 26,370 |
Deferred financing costs amortization and other | 12,582 |  |  | 4,948 |  |  | 660 |  |  | — |  |  | 18,190 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable, net | 94,214 |  |  | 9,858 |  |  | (1,255) |  |  | (101,262) |  |  | 1,555 |
Change in inventory | — |  |  | (3,676) |  |  | — |  |  | — |  |  | (3,676) |
Change in prepaid expenses | 283 |  |  | 3,416 |  |  | 454 |  |  | — |  |  | 4,153 |
Change in accounts payable, interest payable and accrued liabilities | (13,684) |  |  | (63,125) |  |  | (2,173) |  |  | 101,262 |  |  | 22,280 |
Change in other assets and liabilities, net | — |  |  | (9,258) |  |  | (1,953) |  |  | — |  |  | (11,211) |
Net cash provided by (used in) operating activities | (7,058) |  |  | 499,791 |  |  | 170,186 |  |  | (23,025) |  |  | 639,894 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (543,420) |  |  | (170,850) |  |  | — |  |  | (714,270) |
Acquisitions | — |  |  | (8,337) |  |  | — |  |  | — |  |  | (8,337) |
Proceeds from sale of properties | — |  |  | 41,039 |  |  | — |  |  | — |  |  | 41,039 |
Derivative settlements | — |  |  | 10,752 |  |  | — |  |  | — |  |  | 10,752 |
Net cash used in investing activities | — |  |  | (499,966) |  |  | (170,850) |  |  | — |  |  | (670,816) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 1,533,000 |  |  | 118,000 |  |  | — |  |  | 1,651,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (1,595,000) |  |  | (5,000) |  |  | — |  |  | (1,600,000) |
Deferred financing costs | — |  |  | (41) |  |  | (811) |  |  | — |  |  | (852) |
Purchases of treasury stock | (4,625) |  |  | — |  |  | — |  |  | — |  |  | (4,625) |
Distributions to non-controlling interests | — |  |  | — |  |  | (69,667) |  |  | 54,116 |  |  | (15,551) |
Investment in subsidiaries / capital contributions from parent | 11,649 |  |  | 62,824 |  |  | (43,382) |  |  | (31,091) |  |  | — |
Payments on finance lease liabilities | — |  |  | (1,364) |  |  | (59) |  |  | — |  |  | (1,423) |
Other | — |  |  | 2 |  |  | (394) |  |  | — |  |  | (392) |
Net cash provided by (used in) financing activities | 7,024 |  |  | (579) |  |  | (1,313) |  |  | 23,025 |  |  | 28,157 |
Decrease in cash and cash equivalents | (34) |  |  | (754) |  |  | (1,977) |  |  | — |  |  | (2,765) |
Cash and cash equivalents at beginning of period | 179 |  |  | 15,362 |  |  | 6,649 |  |  | — |  |  | 22,190 |
Cash and cash equivalents at end of period | $ | 145 |  |  | $ | 14,608 |  |  | $ | 4,672 |  |  | $ | — |  |  | $ | 19,425 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 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 | $ | (257,273) |  |  | $ | (149,295) |  |  | $ | 107,849 |  |  | $ | 52,353 |  |  | $ | (246,366) |
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings (loss) of subsidiaries | 149,295 |  |  | (90,689) |  |  | — |  |  | (58,606) |  |  | — |
Depreciation, depletion and amortization | — |  |  | 456,624 |  |  | 20,212 |  |  | (11,017) |  |  | 465,819 |
Loss on extinguishment of debt | 13,698 |  |  | — |  |  | — |  |  | — |  |  | 13,698 |
Gain on sale of properties | — |  |  | (38,823) |  |  | — |  |  | — |  |  | (38,823) |
Impairment | — |  |  | 384,228 |  |  | — |  |  | — |  |  | 384,228 |
Deferred income taxes | (26,351) |  |  | (49,067) |  |  | — |  |  | — |  |  | (75,418) |
Derivative instruments | — |  |  | 239,945 |  |  | — |  |  | — |  |  | 239,945 |
Equity-based compensation expenses | 20,292 |  |  | 1,014 |  |  | 280 |  |  | — |  |  | 21,586 |
Deferred financing costs amortization and other | 11,955 |  |  | 7,884 |  |  | 235 |  |  | — |  |  | 20,074 |
Working capital and other changes: |  |  |  |  |  |  |  |  |
Change in accounts receivable, net | (227,589) |  |  | (77,231) |  |  | 8,747 |  |  | 234,798 |  |  | (61,275) |
Change in inventory | — |  |  | (12,076) |  |  | — |  |  | — |  |  | (12,076) |
Change in prepaid expenses | (350) |  |  | 864 |  |  | 682 |  |  | — |  |  | 1,196 |
Change in accounts payable, interest payable and accrued liabilities | (12,270) |  |  | 278,481 |  |  | 18,895 |  |  | (234,798) |  |  | 50,308 |
Change in other assets and liabilities, net | — |  |  | (895) |  |  | — |  |  | — |  |  | (895) |
Net cash provided by (used in) operating activities | (328,593) |  |  | 950,964 |  |  | 156,900 |  |  | (17,270) |  |  | 762,001 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (621,269) |  |  | (219,819) |  |  | — |  |  | (841,088) |
Acquisitions | — |  |  | (579,886) |  |  | — |  |  | — |  |  | (579,886) |
Proceeds from sale of properties | — |  |  | 333,029 |  |  | — |  |  | — |  |  | 333,029 |
Costs related to sale of properties | — |  |  | (2,707) |  |  | — |  |  | — |  |  | (2,707) |
Derivative settlements | — |  |  | (162,013) |  |  | — |  |  | — |  |  | (162,013) |
Other | — |  |  | (1,038) |  |  | — |  |  | — |  |  | (1,038) |
Net cash used in investing activities | — |  |  | (1,033,884) |  |  | (219,819) |  |  | — |  |  | (1,253,703) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facilities | — |  |  | 2,376,000 |  |  | 123,000 |  |  | — |  |  | 2,499,000 |
Principal payments on Revolving Credit Facilities | — |  |  | (1,924,000) |  |  | (35,000) |  |  | — |  |  | (1,959,000) |
Repurchase of senior unsecured notes | (423,190) |  |  | — |  |  | — |  |  | — |  |  | (423,190) |
Proceeds from issuance of senior unsecured convertible notes | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Deferred financing costs | (7,058) |  |  | (261) |  |  | (331) |  |  | — |  |  | (7,650) |
Purchases of treasury stock | (6,806) |  |  | — |  |  | — |  |  | — |  |  | (6,806) |
Distributions to non-controlling interests | — |  |  | — |  |  | (103,065) |  |  | 92,672 |  |  | (10,393) |
Investment in subsidiaries / capital contributions from parent | 365,601 |  |  | (372,621) |  |  | 82,422 |  |  | (75,402) |  |  | — |
Other | 38 |  |  | (125) |  |  | — |  |  | — |  |  | (87) |
Net cash provided by financing activities | 328,585 |  |  | 78,993 |  |  | 67,026 |  |  | 17,270 |  |  | 491,874 |
Increase (decrease) in cash and cash equivalents | (8) |  |  | (3,927) |  |  | 4,107 |  |  | — |  |  | 172 |
Cash and cash equivalents at beginning of period | 178 |  |  | 15,659 |  |  | 883 |  |  | — |  |  | 16,720 |
Cash and cash equivalents at end of period | $ | 170 |  |  | $ | 11,732 |  |  | $ | 4,990 |  |  | $ | — |  |  | $ | 16,892 |

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