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Long-Term Debt | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The Company’s long-term debt consists of the following:
| September 30, 2023 |  | December 31, 2022
| (In thousands)
Senior secured revolving line of credit | $ | — |  |  | $ | — |
Senior unsecured notes | 400,000 |  |  | 400,000 |
Less: unamortized deferred financing costs | (4,525) |  |  | (5,791) |
Total long-term debt, net | $ | 395,475 |  |  | $ | 394,209 |
Senior secured revolving line of credit. The Company has a senior secured revolving credit facility (the “Credit Facility”) with a $2.5 billion borrowing base and $1.0 billion of elected commitments that matures on July 1, 2027. At September 30, 2023, the Company had no borrowings outstanding and $6.4 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing capacity of $993.6 million. At December 31, 2022, the Company had no borrowings outstanding and $6.4 million of outstanding letters of credit issued under the Credit Facility. On October 31, 2023, the lenders under the Credit Facility and the Company completed the semi-annual borrowing base redetermination and entered into the Fourth Amendment to Amended and Restated Credit Agreement (the “Fourth Amendment”), dated as of October 31, 2023, among Oasis Petroleum North America LLC (the “Borrower”), the Company, Chord Energy LLC, the other guarantors party thereto, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and issuing bank (as amended, the “Credit Agreement”). The Fourth Amendment, among other things (i) reaffirmed the borrowing base of $2.5 billion and maintained the aggregate amount of elected commitments of $1.0 billion and (ii) permits the Borrower to incur term loans in addition to the revolving loans provided under the Credit Agreement, subject to terms to be agreed with the lenders making such term loans and to the terms of the Credit Agreement. The next scheduled redetermination is expected to occur in or around April 2024. The foregoing description of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Fourth Amendment, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q. During the three and nine months ended September 30, 2023, the weighted average interest rate incurred on borrowings on the Credit Facility was 7.09%. During the three and nine months ended September 30, 2022, the weighted average interest rate incurred on borrowings on the Credit Facility was 4.57%. The Company was in compliance with the financial covenants under the Credit Facility at September 30, 2023. The fair value of the Credit Facility approximates its carrying value since borrowings under the Credit Facility bear interest at variable rates, which are tied to current market rates. Borrowings are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan or an ABR Loan (each as defined in the Credit Facility). The Company incurs interest on outstanding loans at their respective interest rate plus a margin rate ranging between 1.75% to 2.75% for Term SOFR Loans and 0.75% to 1.75% for ABR Loans. In addition, Term SOFR Loans are also subject to a 0.1% credit spread adjustment. The unused borrowing base is subject to a commitment fee ranging between 0.375% to 0.500%. Senior unsecured notes. At September 30, 2023, the Company had $400.0 million of 6.375% senior unsecured notes outstanding due June 1, 2026 (the “Senior Notes”). Interest on the Senior Notes is payable semi-annually on June 1 and December 1 of each year. The fair value of the Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $393.0 million at September 30, 2023. Whiting credit facility. Upon consummation of the Merger on July 1, 2022, the Whiting credit facility was terminated, and the Company paid the remaining outstanding accrued interest and other fees of approximately $2.2 million to fully satisfy all such outstanding obligations that were owed under the Whiting credit facility.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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