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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenues associated with contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the three and six months ended June 30, 2020 and 2019:

Exploration and Production Revenues
			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
			(In thousands)
Crude oil revenues			$	81,059					$	327,977					$	293,852					$	646,098
Purchased crude oil sales			23,519						106,441						109,276						253,577
Natural gas and NGL revenues			12,771						29,027						39,106						79,688
Purchased natural gas sales			4,081						2,920						4,602						4,255
Other services revenues(1)			396						11,439						6,377						21,897
Total exploration and production revenues			$	121,826					$	477,804					$	453,213					$	1,005,515

__________________

(1)Represents revenues for equipment rentals and well services provided by the Company’s wholly-owned subsidiary, Oasis Well Services LLC (“OWS”), excluding intercompany revenues for services performed for the Company’s ownership interests, which are eliminated in consolidation and are therefore not included in consolidated exploration and production revenues.

Revenues associated with contracts with customers for midstream services under fee-based arrangements and midstream product sales from purchase arrangements were as follows for the three and six months ended June 30, 2020 and 2019:

Midstream Revenues(1)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
			(In thousands)
Midstream service revenues
Crude oil, natural gas and NGL revenues			$	22,898					$	22,875					$	49,584					$	47,538
Produced and flowback water revenues			7,247						9,473						18,499						18,506
Total midstream service revenues			$	30,145					$	32,348					$	68,083					$	66,044
Midstream product revenues
Purchased crude oil sales			$	9,752					$	28					$	9,752					$	28
Crude oil, natural gas and NGL revenues			4,335						17,319						20,608						30,116
Freshwater revenues			294						1,906						2,494						3,434
Total midstream product revenues			$	14,381					$	19,253					$	32,854					$	33,578
Total midstream revenues			$	44,526					$	51,601					$	100,937					$	99,622

__________________

(1)Represents midstream revenues, excluding intercompany revenues for work performed by the midstream business segment for the Company’s ownership interests, which are eliminated in consolidation and are therefore not included in consolidated midstream revenues.

Changes in Company's Contract Assets and Contract Liabilities

The following table summarizes the changes in the Company’s contract assets for the six months ended June 30, 2020:

			(In thousands)
Balance as of December 31, 2019			$	—
Revenues recognized			1,538
Balance as of June 30, 2020			$	1,538

The following table summarizes the changes in the Company’s contract liabilities for the six months ended June 30, 2020:

			(In thousands)
Balance as of December 31, 2019			$	2,105
Cash received			1,769
Revenues recognized			(234)
Balance as of June 30, 2020			$	3,640

Remaining Performance Obligation Expected Satisfaction Period

The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of June 30, 2020:

			(In thousands)
2020 (excluding the six months ended June 30, 2020)			$	10,084
2021			17,731
2022			17,862
2023			12,366
2024			11,874
Thereafter			2,768
Total			$	72,685

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

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