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Revenue Recognition
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Exploration and Production Revenues
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,
 2020201920202019
 (In thousands)
Crude oil revenues$81,059  $327,977  $293,852  $646,098  
Purchased crude oil sales23,519  106,441  109,276  253,577  
Natural gas and NGL revenues12,771  29,027  39,106  79,688  
Purchased natural gas sales4,081  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  
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(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.
Prior period performance obligations. For sales of commodities, the Company records revenue in the month production is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. Such differences have historically not been significant. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. For the three and six months ended June 30, 2020 and 2019, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.
Midstream 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,
 2020201920202019
 (In thousands)
Midstream service revenues
Crude oil, natural gas and NGL revenues$22,898  $22,875  $49,584  $47,538  
Produced and flowback water revenues7,247  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 revenues4,335  17,319  20,608  30,116  
Freshwater revenues294  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  
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(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.
Prior period performance obligations. The Company records revenue for midstream services or product sales when the performance obligations under the terms of its customer contracts are satisfied. The Company measures the satisfaction of its performance obligations using the output method based upon the volume of crude oil, natural gas or water that flows through its systems. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Such differences have historically not been significant. For the three and six months ended June 30, 2020 and 2019, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.
Contract Balances
Contract balances are the result of timing differences between revenue recognition, billings and cash collections. Contract assets relate to revenue recognized for accrued deficiency fees associated with minimum volume commitments where the Company believes it is probable there will be a shortfall payment and that a significant reversal of revenue recognized will not occur once the related performance period is completed and the customer is billed. Revenue recognized for accrued deficiency fees associated with minimum volume commitments is included in midstream revenues on the Company’s Condensed Consolidated Statements of Operations. Contract liabilities relate to aid in construction payments received from customers which are recognized as revenue over the expected period of future benefit. The Company does not recognize contract assets or contract liabilities under its customer contracts for which invoicing occurs once the Company’s performance obligations have been satisfied and payment is unconditional. Contract balances are classified as current or long-term based on the timing of when the Company expects to receive cash for contract assets or recognize revenue for contract liabilities. Contract assets are included in other current assets on the Company’s Condensed Consolidated Balance Sheets, and contract liabilities are included in other current liabilities and other liabilities on the Company’s Condensed Consolidated Balance Sheets.
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 recognized1,538  
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 received1,769  
Revenues recognized(234) 
Balance as of June 30, 2020
$3,640  
Remaining Performance Obligations
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  
202117,731  
202217,862  
202312,366  
202411,874  
Thereafter2,768  
Total$72,685  
The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations.
The Company has elected practical expedients, pursuant to Accounting Standards Codification 606, Revenue from Contracts with Customers, to exclude from the presentation of remaining performance obligations: (i) contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a series of distinct services and (ii) contracts with an original expected duration of one year or less.