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Subsequent Events | 3 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | Subsequent EventsOn May 3, 2021, the Company entered into a purchase and sale agreement (the “Purchase Agreement”) with QEP Energy Company, a wholly-owned subsidiary of Diamondback Energy, Inc., to acquire approximately 95,000 net acres in the Williston Basin (the “2021 Williston Acquisition”) in a cash transaction for aggregate consideration of approximately $745.0 million, subject to customary purchase price adjustments (the “Purchase Price”). The Purchase Price is expected to be financed through cash on hand, borrowings under the Oasis Credit Facility and a $500.0 million fully-committed underwritten Bridge Facility (as defined below). The Company expects to replace the Bridge Facility with an issuance of high-yield debt financing prior to the closing date.The transaction was approved unanimously by the board of the directors of each company. The effective date of the 2021 Williston Acquisition is April 1, 2021, and closing is expected to occur in July 2021, subject to customary closing conditions. Bridge Facility. On May 3, 2021, the Company entered into a commitment letter (the “Commitment Letter”) with J.P. Morgan Chase Bank, N.A., Wells Fargo Bank, National Association and Wells Fargo Securities, LLC (collectively, with any additional arrangers that may be appointed, the “Arrangers”) pursuant to which the Arrangers have committed to provide, subject to the terms and conditions set forth in the Commitment Letter, a $500.0 million senior secured second lien facility (the “Bridge Facility,” and the provision of the Bridge Facility as set forth in the Commitment Letter, the “Bridge Financing”). The Bridge Facility will be available, subject to the satisfaction of customary conditions, to finance the transactions contemplated by the Purchase Agreement and to pay fees and expenses related thereto to the extent that the Company does not finance such consideration and fees and expenses through available cash on hand, borrowings under the Company’s credit facility and the placement of high yield debt securities as described above. The Bridge Facility will contain certain representations and warranties, certain affirmative covenants, certain negative covenants and certain conditions and events of default that are customarily required for similar financings. Amendment to Oasis Credit Facility. On May 3, 2021, the Company entered into the Third Amendment to the Oasis Credit Facilityto, among other things, (i) provide the ability to incur loans pursuant to a customary bridge loan facility, (ii) add customary terms allowing for the incurrence of second liens, (iii) eliminate restrictions on the ability to make deposits of cash and/or cash equivalents in connection with any letter of intent or purchase agreement for certain acquisitions or investments, (iv) remove limitations on the making of capital expenditures and (v) provide for improvements and conforming changes to terms to facilitate acquisitions and investments.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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