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Divestitures | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | Divestitures Permian Basin Divestiture. On May 20, 2021, Oasis Petroleum Permian LLC (“OPP”), a wholly-owned subsidiary of the Company, entered into a purchase and sale agreement (the “Primary Permian Basin Sale PSA”) with Percussion Petroleum Operating II, LLC (“Percussion”), effective March 1, 2021. Pursuant to the Primary Permian Basin Sale PSA, OPP agreed to sell to Percussion its remaining upstream assets in the Texas region of the Permian Basin (the “Primary Permian Basin Sale”) for aggregate consideration of up to $450.0 million, consisting of $375.0 million cash and up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI crude oil exceeds $60.00 per barrel for such year. On June 29, 2021, the Company completed the closing of the Primary Permian Basin Sale and received cash proceeds (after purchase price adjustments) of $347.3 million, subject to subsequent earn-out payments and post-closing adjustments. In addition to the Primary Permian Basin Sale, the Company divested certain wellbore interests in the Texas region of the Permian Basin to separate buyers in the second quarter of 2021 and received cash proceeds (after purchase price adjustments) of $19.4 million, subject to post-closing adjustments (the “Additional Permian Basin Sale” and together with the Primary Permian Basin Sale, the “Permian Basin Sale”). The assets divested in the Permian Basin Sale were in the Company’s E&P segment. During the three and six months ended June 30, 2021, the Company recognized a gain from the Permian Basin Sale of $222.5 million, comprised of $208.8 million from the Primary Permian Basin Sale and $13.7 million from the Additional Permian Basin Sale. The Company accounted for revenues and expenses related to assets divested in the Permian Basin Sale as income from continuing operations in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 because the Permian Basin Sale did not cause a strategic shift for the Company and as a result, did not qualify as discontinued operations under FASB Accounting Standards Codification 205-20, Presentation of financial statements – Discontinued Operations. For the three and six months ended June 30, 2021, the Company recorded income before income taxes related to the assets divested in the Permian Basin Sale of $238.9 million and $262.2 million, respectively, which includes the gain on sale of $222.5 million. For the three and six months ended June 30, 2020 (Predecessor), the Company recorded income before income taxes related to the assets divested in the Permian Basin Sale of $2.3 million and loss before income taxes related to the assets divested in the Permian Basin Sale of $895.1 million, respectively. Other. On March 22, 2021, the Company completed the sale of certain well services equipment and inventory in connection with its 2020 exit from the well services business for total consideration of $5.5 million, comprised of cash proceeds of $2.6 million and a $2.9 million 6.6% promissory note due within one year, which is included in other current assets in the Condensed Consolidated Balance Sheet. The divested well services equipment and inventory were in the Company’s E&P segment.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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