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Condensed Consolidating Financial Statements (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
 December 31, 2019
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
ASSETS
Current assets
Cash and cash equivalents$146  $15,705  $4,168  $—  $20,019  
Accounts receivable, net—  365,212  5,969  —  371,181  
Accounts receivable - affiliates499,209  76,179  77,571  (652,959) —  
Inventory—  35,259  —  —  35,259  
Prepaid expenses550  7,538  1,923  —  10,011  
Derivative instruments—  535  —  —  535  
Other current assets—  208  138  —  346  
Total current assets499,905  500,636  89,769  (652,959) 437,351  
Property, plant and equipment
Oil and gas properties (successful efforts method)—  9,485,504  —  (22,466) 9,463,038  
Other property and equipment—  124,150  1,155,503  —  1,279,653  
Less: accumulated depreciation, depletion, amortization and impairment—  (3,665,933) (98,982) —  (3,764,915) 
Total property, plant and equipment, net—  5,943,721  1,056,521  (22,466) 6,977,776  
Assets held for sale, net—  21,628  —  —  21,628  
Investments in and advances to subsidiaries4,888,257  382,795  —  (5,271,052) —  
Derivative instruments—  639  —  —  639  
Deferred income taxes249,646  —  —  (249,646) —  
Long-term inventory—  13,924  —  —  13,924  
Operating right-of-use assets—  13,290  5,207  —  18,497  
Other assets—  26,266  3,172  —  29,438  
Total assets$5,637,808  $6,902,899  $1,154,669  $(6,196,123) $7,499,253  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$—  $16,911  $1,037  $—  $17,948  
Accounts payable - affiliates49,040  576,780  27,139  (652,959) —  
Revenues and production taxes payable—  231,649  1,441  —  233,090  
Accrued liabilities50  230,819  50,210  —  281,079  
Accrued interest payable36,507  373  508  —  37,388  
Derivative instruments—  19,695  —  —  19,695  
Advances from joint interest partners—  4,598  —  —  4,598  
Current operating lease liabilities—  3,177  3,005  —  6,182  
Other current liabilities—  2,430  594  (121) 2,903  
Total current liabilities85,597  1,086,432  83,934  (653,080) 602,883  
Long-term debt1,916,073  337,000  458,500  —  2,711,573  
Deferred income taxes—  517,003  —  (249,646) 267,357  
Asset retirement obligations—  54,558  1,747  —  56,305  
Derivative instruments—  120  —  —  120  
Operating lease liabilities—  15,699  2,216  —  17,915  
Other liabilities—  3,830  3,644  (1,455) 6,019  
Total liabilities2,001,670  2,014,642  550,041  (904,181) 3,662,172  
Stockholders’ equity
Oasis share of stockholders’ equity3,636,138  4,888,257  292,370  (5,180,627) 3,636,138  
Non-controlling interests—  —  312,258  (111,315) 200,943  
Total stockholders’ equity3,636,138  4,888,257  604,628  (5,291,942) 3,837,081  
Total liabilities and stockholders’ equity$5,637,808  $6,902,899  $1,154,669  $(6,196,123) $7,499,253  
Condensed Consolidating Balance Sheet
 December 31, 2018
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
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 - affiliates643,382  76,127  81,022  (800,531) —  
Inventory—  33,106  22  —  33,128  
Prepaid expenses373  9,206  1,418  —  10,997  
Derivative instruments—  99,930  —  —  99,930  
Intangible assets, net—  125  —  —  125  
Other current assets—  183  —  —  183  
Total current assets643,934  619,160  91,592  (800,531) 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—  209,194  942,578  —  1,151,772  
Less: accumulated depreciation, depletion, amortization and impairment—  (2,974,122) (62,730) —  (3,036,852) 
Total property, plant and equipment, net—  6,158,363  879,848  (11,102) 7,027,109  
Investments in and advances to subsidiaries4,900,528  362,266  —  (5,262,794) —  
Derivative instruments—  6,945  —  —  6,945  
Deferred income taxes219,670  —  —  (219,670) —  
Long-term inventory—  12,260  —  —  12,260  
Other assets—  23,221  2,452  —  25,673  
Total assets$5,764,132  $7,182,215  $973,892  $(6,294,097) $7,626,142  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$—  $18,567  $1,599  $—  $20,166  
Accounts payable - affiliates43,113  724,404  33,014  (800,531) —  
Revenues and production taxes payable—  216,114  581  —  216,695  
Accrued liabilities71  270,626  60,954  —  331,651  
Accrued interest payable37,096  502  442  —  38,040  
Derivative instruments—  84  —  —  84  
Advances from joint interest partners—  5,140  —  —  5,140  
Total current liabilities80,280  1,235,437  96,590  (800,531) 611,776  
Long-term debt1,949,276  468,000  318,000  —  2,735,276  
Deferred income taxes—  519,725  —  (219,670) 300,055  
Asset retirement obligations—  50,754  1,630  —  52,384  
Derivative instruments—  20  —  —  20  
Other liabilities—  7,751  —  —  7,751  
Total liabilities2,029,556  2,281,687  416,220  (1,020,201) 3,707,262  
Stockholders’ equity
Oasis share of stockholders’ equity3,734,576  4,900,528  244,857  (5,145,385) 3,734,576  
Non-controlling interests—  —  312,815  (128,511) 184,304  
Total stockholders’ equity3,734,576  4,900,528  557,672  (5,273,896) 3,918,880  
Total liabilities and stockholders’ equity$5,764,132  $7,182,215  $973,892  $(6,294,097) $7,626,142  
Schedule of Condensed Consolidating Statement of Operations
Condensed Consolidating Statement of Operations
 Year Ended December 31, 2019
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Revenues
Oil and gas revenues$—  $1,407,809  $—  $962  $1,408,771  
Purchased oil and gas sales—  408,791  —  —  408,791  
Midstream revenues—  73,558  410,191  (271,541) 212,208  
Well services revenues—  41,974  —  —  41,974  
Total revenues—  1,932,132  410,191  (270,579) 2,071,744  
Operating expenses
Lease operating expenses—  287,426  —  (64,042) 223,384  
Midstream expenses—  66,545  110,052  (114,451) 62,146  
Well services expenses—  28,761  —  —  28,761  
Marketing, transportation and gathering expenses—  173,254  —  (44,448) 128,806  
Purchased oil and gas expenses—  409,180  —  —  409,180  
Production taxes—  112,592  —  —  112,592  
Depreciation, depletion and amortization—  771,836  36,358  (21,002) 787,192  
Exploration expenses—  6,658  —  —  6,658  
Rig termination—  384  —  —  384  
Impairment—  10,257  —  —  10,257  
General and administrative expenses16,637  112,709  31,009  (16,849) 143,506  
Total operating expenses16,637  1,979,602  177,419  (260,792) 1,912,866  
Loss on sale of properties—  (4,455) —  —  (4,455) 
Operating income (loss)(16,637) (51,925) 232,772  (9,787) 154,423  
Other income (expense)
Equity in earnings (loss) of subsidiaries(13,898) 167,848  —  (153,950) —  
Net loss on derivative instruments—  (106,314) —  —  (106,314) 
Interest expense, net of capitalized interest(132,000) (26,685) (17,538) —  (176,223) 
Gain on extinguishment of debt 4,312  —  —  —  4,312  
Other income (expense) 440  (3) —  440  
Total other income (expense), net(141,583) 35,289  (17,541) (153,950) (277,785) 
Income (loss) before income taxes(158,220) (16,636) 215,231  (163,737) (123,362) 
Income tax benefit29,977  2,738  —  —  32,715  
Net income (loss) including non-controlling interests(128,243) (13,898) 215,231  (163,737) (90,647) 
Less: Net income attributable to non-controlling interests—  —  93,111  (55,515) 37,596  
Net income (loss) attributable to Oasis$(128,243) $(13,898) $122,120  $(108,222) $(128,243) 
Condensed Consolidating Statement of Operations
 Year Ended December 31, 2018
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Revenues
Oil and gas revenues$—  $1,590,024  $—  $—  $1,590,024  
Purchased oil and gas sales—  550,344  —  —  550,344  
Midstream revenues—  4,620  273,770  (157,886) 120,504  
Well services revenues—  61,075  —  —  61,075  
Total revenues—  2,206,063  273,770  (157,886) 2,321,947  
Operating expenses
Lease operating expenses—  248,257  —  (54,345) 193,912  
Midstream expenses—  3,482  71,118  (41,842) 32,758  
Well services expenses—  41,200  —  —  41,200  
Marketing, transportation and gathering expenses—  131,340  —  (24,147) 107,193  
Purchased oil and gas expenses—  553,521  —  (60) 553,461  
Production taxes—  133,696  —  —  133,696  
Depreciation, depletion and amortization—  623,349  28,409  (15,462) 636,296  
Exploration expenses—  27,432  —  —  27,432  
Impairment—  384,228  —  —  384,228  
General and administrative expenses30,003  79,742  23,897  (12,296) 121,346  
Total operating expenses30,003  2,226,247  123,424  (148,152) 2,231,522  
Gain on sale of properties—  28,587  —  —  28,587  
Operating income (loss)(30,003) 8,403  150,346  (9,734) 119,012  
Other income (expense)
Equity in earnings of subsidiaries103,586  122,222  —  (225,808) —  
Net gain on derivative instruments—  28,457  —  —  28,457  
Interest expense, net of capitalized interest(131,134) (25,371) (2,580) —  (159,085) 
Loss on extinguishment of debt (13,848) —  —  —  (13,848) 
Other income (expense) 134  (14) —  121  
Total other income (expense), net(41,395) 125,442  (2,594) (225,808) (144,355) 
Income (loss) before income taxes(71,398) 133,845  147,752  (235,542) (25,343) 
Income tax benefit (expense)36,102  (30,259) —  —  5,843  
Net income (loss) including non-controlling interests(35,296) 103,586  147,752  (235,542) (19,500) 
Less: Net income attributable to non-controlling interests—  —  96,354  (80,558) 15,796  
Net income (loss) attributable to Oasis$(35,296) $103,586  $51,398  $(154,984) $(35,296) 
Condensed Consolidating Statement of Operations
 Year Ended December 31, 2017
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Revenues
Oil and gas revenues$—  $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 expenses—  11,117  15,098  (8,626) 17,589  
Well services 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 expenses27,616  61,513  5,110  (2,442) 91,797  
Total operating expenses27,616  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 subsidiaries323,953  29,352  —  (353,305) —  
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) (1,333) —  —  (1,332) 
Total other income (expense), net192,625  (59,127) (19) (353,305) (219,826) 
Income (loss) before income taxes165,009  79,436  34,968  (355,271) (75,858) 
Income tax benefit (expense)(41,213) 244,517  —  —  203,304  
Net income including non-controlling interests123,796  323,953  34,968  (355,271) 127,446  
Less: Net income attributable to non-controlling interests—  —  23,329  (19,679) 3,650  
Net income attributable to Oasis$123,796  $323,953  $11,639  $(335,592) $123,796  
Schedule of Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2019
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Cash flows from operating activities:
Net income (loss) including non-controlling interests$(128,243) $(13,898) $215,231  $(163,737) $(90,647) 
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in (earnings) loss of subsidiaries13,898  (167,848) —  153,950  —  
Depreciation, depletion and amortization —  771,836  36,358  (21,002) 787,192  
Gain on extinguishment of debt (4,312) —  —  —  (4,312) 
Loss on sale of properties—  4,455  —  —  4,455  
Impairment—  10,257  —  —  10,257  
Deferred income taxes (29,977) (2,722) —  —  (32,699) 
Derivative instruments —  106,314  —  —  106,314  
Equity-based compensation expenses 13,933  19,296  378  —  33,607  
Deferred financing costs amortization and other 16,898  9,419  946  —  27,263  
Working capital and other changes:
Change in accounts receivable, net144,174  17,164  (37) (147,572) 13,729  
Change in inventory—  (5,893) —  —  (5,893) 
Change in prepaid expenses(177) 1,007  (505) —  325  
Change in accounts payable, interest payable and accrued liabilities5,316  (96,526) (3,311) 147,572  53,051  
Change in other assets and liabilities, net—  (11,692) 3,479  (1,576) (9,789) 
Net cash provided by operating activities31,510  641,169  252,539  (32,365) 892,853  
Cash flows from investing activities:
Capital expenditures —  (618,450) (225,832) (24,939) (869,221) 
Acquisitions—  (21,009) (24,939) 24,939  (21,009) 
Proceeds from sale of properties—  42,376  —  —  42,376  
Derivative settlements —  19,098  —  —  19,098  
Net cash used in investing activities—  (577,985) (250,771) —  (828,756) 
Cash flows from financing activities:
Proceeds from Revolving Credit Facilities—  1,829,000  153,000  —  1,982,000  
Principal payments on Revolving Credit Facilities—  (1,960,000) (12,500) —  (1,972,500) 
Repurchase of senior unsecured notes(45,789) (1) —  —  (45,790) 
Deferred financing costs—  (79) (973) —  (1,052) 
Purchases of treasury stock(4,856) —  —  —  (4,856) 
Distributions to non-controlling interests—  —  (95,771) 74,501  (21,270) 
Investment in subsidiaries / capital contributions from parent19,102  70,563  (47,529) (42,136) —  
Payments on finance lease liabilities—  (2,323) (59) —  (2,382) 
Other—  (1) (417) —  (418) 
Net cash used in financing activities(31,543) (62,841) (4,249) 32,365  (66,268) 
Increase (decrease) in cash and cash equivalents(33) 343  (2,481) —  (2,171) 
Cash and cash equivalents at beginning of period 179  15,362  6,649  —  22,190  
Cash and cash equivalents at end of period $146  $15,705  $4,168  $—  $20,019  
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2018
 Parent/
Issuer
Combined
Guarantor
Subsidiaries
Combined Non-Guarantor SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Cash flows from operating activities:
Net income (loss) including non-controlling interests$(35,296) $103,586  $147,752  $(235,542) $(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) (122,222) —  225,808  —  
Depreciation, depletion and amortization —  623,349  28,409  (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, net(217,714) (52,013) 3,194  243,025  (23,508) 
Change in inventory—  (14,324) (22) —  (14,346) 
Change in prepaid expenses(106) (1,608) (640) —  (2,354) 
Change in accounts payable, interest payable and accrued liabilities 6,886  234,441  27,814  (243,025) 26,116  
Change in other assets and liabilities, net—  221  —  —  221  
Net cash provided by (used in) operating activities(328,545) 1,143,818  206,344  (25,196) 996,421  
Cash flows from investing activities:
Capital expenditures —  (865,935) (283,026) —  (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) 
Other—  224  —  —  224  
Net cash used in investing activities—  (1,330,510) (283,026) —  (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 notes400,000  —  —  —  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—  —  (128,903) 114,789  (14,114) 
Investment in subsidiaries / capital contributions from parent365,602  (203,823) (72,186) (89,593) —  
Other38  (1,794) —  —  (1,756) 
Net cash provided by financing activities328,546  186,395  82,448  25,196  622,585  
Increase (decrease) in cash and cash equivalents (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 SubsidiariesIntercompany
Eliminations
Consolidated
(In thousands)
Cash flows from operating activities:
Net income including non-controlling interests$123,796  $323,953  $34,968  $(355,271) $127,446  
Adjustments to reconcile net income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries(323,953) (29,352) —  353,305  —  
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, net(173,668) (216,982) (53,623) 277,887  (166,386) 
Change in inventory—  (2,501) —  —  (2,501) 
Change in prepaid expenses (98) (749) —  (838) 
Change in accounts payable, interest payable and accrued liabilities7,074  337,319  56,601  (277,887) 123,107  
Change in other assets and liabilities, net—  (22,485) —  —  (22,485) 
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) 
Other—  (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 costs302,191  —  —  —  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 activities284,713  (154,705) 77,965  4,405  212,378  
Increase in cash and cash equivalents12  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