Long-Term Debt

3 Months Ended

Mar. 31, 2022

The Company’s long-term debt consists of the following:


	March 31, 2022		December 31, 2021

	(In thousands)
Oasis Credit Facility	$	—	$	—
Oasis Senior Notes	400,000		400,000
Less: unamortized deferred financing costs on Oasis Senior Notes	(7,067)		(7,476)
Total long-term debt, net	$	392,933	$	392,524

Senior secured revolving line of credit. The Company has a senior secured revolving credit facility (the “Oasis Credit Facility”) among Oasis Petroleum Inc., as parent, OPNA, as borrower, and Wells Fargo Bank, N.A. (“Wells Fargo”), as administrative agent and the lenders party thereto, which has a maturity date of May 19, 2024. As of March 31, 2022, the Oasis Credit Facility has an overall senior secured line of credit of $1,500.0 million, a borrowing base of $900.0 million and an aggregate amount of elected commitments of $450.0 million. On May 3, 2022, the semi-annual redetermination was completed which reaffirmed the borrowing base of $900.0 million and the aggregate amount of elected commitments of $450.0 million.

At March 31, 2022, the Company had no borrowings outstanding and $2.4 million of outstanding letters of credit under the Oasis Credit Facility, resulting in an unused borrowing capacity of $447.6 million. During the three months ended March 31, 2022, the Company incurred no borrowings on the Oasis Credit Facility, resulting in a weighted average interest rate of 0.0%. For the three months ended March 31, 2021, the weighted average interest rate incurred on borrowings under the Oasis Credit Facility was 4.3%. On a quarterly basis, the Company pays a commitment fee of 0.5% on the average amount of borrowing base capacity not utilized during the quarter and fees calculated on the average amount of letter of credit balances outstanding during the quarter.

The fair value of the Oasis Credit Facility approximates its carrying value since borrowings under the Oasis Credit Facility bear interest at variable rates, which are tied to current market rates.

Senior unsecured notes. At March 31, 2022, the Company had $400.0 million of 6.375% senior unsecured notes outstanding due June 1, 2026 (the “Oasis Senior Notes”). Interest on the Oasis Senior Notes is payable semi-annually on June 1 and December 1 of each year. The fair value of the Oasis Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $411.0 million at March 31, 2022.