Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

	December 31, 2017
	Parent/ Issuer			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$	178		$	15,659		$	883		$	—		$	16,720
Accounts receivable, net	—			362,746			834			—			363,580
Accounts receivable - affiliates	425,668			46,020			85,818			(557,506		)	—
Inventory	—			19,367			—			—			19,367
Prepaid expenses	267			6,586			778			—			7,631
Derivative instruments	—			344			—			—			344
Other current assets	—			193			—			—			193
Total current assets	426,113			450,915			88,313			(557,506		)	407,835
Property, plant and equipment
Oil and gas properties (successful efforts method)	—			7,840,921			—			(1,966		)	7,838,955
Other property and equipment	—			214,818			653,928			—			868,746
Less: accumulated depreciation, depletion, amortization and impairment	—			(2,499,867		)	(34,348		)	—			(2,534,215		)
Total property, plant and equipment, net	—			5,555,872			619,580			(1,966		)	6,173,486
Investments in and advances to subsidiaries	4,790,976			422,132			—			(5,213,108		)	—
Derivative instruments	—			9			—			—			9
Deferred income taxes	183,568			—			—			(183,568		)	—
Long-term inventory	—			12,200			—			—			12,200
Other assets	—			19,587			2,013			—			21,600
Total assets	$	5,400,657		$	6,460,715		$	709,906		$	(5,956,148	)	$	6,615,130
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	—		$	13,370		$	—		$	—		$	13,370
Accounts payable - affiliates	34,382			511,486			11,638			(557,506		)	—
Revenues and production taxes payable	—			213,995			—			—			213,995
Accrued liabilities	216			177,446			58,818			—			236,480
Accrued interest payable	38,796			53			114			—			38,963
Derivative instruments	—			115,716			—			—			115,716
Advances from joint interest partners	—			4,916			—			—			4,916
Other current liabilities	—			40			—			—			40
Total current liabilities	73,394			1,037,022			70,570			(557,506		)	623,480
Long-term debt	1,949,606			70,000			78,000			—			2,097,606
Deferred income taxes	—			489,489			—			(183,568		)	305,921
Asset retirement obligations	—			47,195			1,316			—			48,511
Derivative instruments	—			19,851			—			—			19,851
Other liabilities	—			6,182			—			—			6,182
Total liabilities	2,023,000			1,669,739			149,886			(741,074		)	3,101,551
Stockholders’ equity
Capital contributions from affiliates	—			3,264,691			234,935			(3,499,626		)	—
Common stock, $0.01 par value: 450,000,000 shares authorized; 270,627,014 shares issued and 269,295,466 shares outstanding	2,668			—			—			—			2,668
Treasury stock, at cost: 1,331,548 shares	(22,179		)	—			—			—			(22,179		)
Additional paid-in-capital	2,677,217			8,922			—			(8,922		)	2,677,217
Retained earnings	719,951			1,379,475			11,639			(1,393,080		)	717,985
Oasis share of stockholders’ equity	3,377,657			4,653,088			246,574			(4,901,628		)	3,375,691
Non-controlling interests	—			137,888			313,446			(313,446		)	137,888
Total stockholders’ equity	3,377,657			4,790,976			560,020			(5,215,074		)	3,513,579
Total liabilities and stockholders’ equity	$	5,400,657		$	6,460,715		$	709,906		$	(5,956,148	)	$	6,615,130

Condensed Consolidating Balance Sheet

	December 31, 2016
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$	166		$	11,060		$	—		$	11,226
Accounts receivable, net	—			204,335			—			204,335
Accounts receivable - affiliates	252,000			27,619			(279,619		)	—
Inventory	—			10,648			—			10,648
Prepaid expenses	275			7,348			—			7,623
Derivative instruments	—			362			—			362
Other current assets	—			4,355			—			4,355
Total current assets	252,441			265,727			(279,619		)	238,549
Property, plant and equipment
Oil and gas properties (successful efforts method)	—			7,296,568			—			7,296,568
Other property and equipment	—			618,790			—			618,790
Less: accumulated depreciation, depletion, amortization and impairment	—			(1,995,791		)	—			(1,995,791		)
Total property, plant and equipment, net	—			5,919,567			—			5,919,567
Investments in and advances to subsidiaries	4,451,192			—			(4,451,192		)	—
Deferred income taxes	220,058			—			(220,058		)	—
Other assets	—			20,516			—			20,516
Total assets	$	4,923,691		$	6,205,810		$	(4,950,869	)	$	6,178,632
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	—		$	4,645		$	—		$	4,645
Accounts payable - affiliates	27,619			252,000			(279,619		)	—
Revenues and production taxes payable	—			139,737			—			139,737
Accrued liabilities	12			119,161			—			119,173
Accrued interest payable	38,689			315			—			39,004
Derivative instruments	—			60,469			—			60,469
Advances from joint interest partners	—			7,597			—			7,597
Other current liabilities	—			10,490			—			10,490
Total current liabilities	66,320			594,414			(279,619		)	381,115
Long-term debt	1,934,214			363,000			—			2,297,214
Deferred income taxes	—			733,587			(220,058		)	513,529
Asset retirement obligations	—			48,985			—			48,985
Derivative instruments	—			11,714			—			11,714
Other liabilities	—			2,918			—			2,918
Total liabilities	2,000,534			1,754,618			(499,677		)	3,255,475
Stockholders’ equity
Capital contributions from affiliates	—			3,388,893			(3,388,893		)	—
Common stock, $0.01 par value: 450,000,000 shares authorized; 237,201,064 shares issued and 236,344,172 shares outstanding	2,331			—			—			2,331
Treasury stock, at cost: 856,892 shares	(15,950		)	—			—			(15,950		)
Additional paid-in-capital	2,345,271			8,743			(8,743		)	2,345,271
Retained earnings	591,505			1,053,556			(1,053,556		)	591,505
Total stockholders’ equity	2,923,157			4,451,192			(4,451,192		)	2,923,157
Total liabilities and stockholders’ equity	$	4,923,691		$	6,205,810		$	(4,950,869	)	$	6,178,632

Schedule of Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

	Year Ended December 31, 2017
	Parent/ Issuer			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Revenues
Oil and gas revenues	$	—		$	1,034,892		$	—		$	—		$	1,034,892
Purchased oil and gas sales	—			87,989			—			—			87,989
Midstream revenues	—			46,649			59,821			(33,718		)	72,752
Well services revenues	—			52,791			—			—			52,791
Total revenues	—			1,222,321			59,821			(33,718		)	1,248,424
Operating expenses
Lease operating expenses	—			189,548			—			(12,414		)	177,134
Midstream operating expenses	—			11,117			15,098			(8,626		)	17,589
Well services operating expenses	—			37,228			—			—			37,228
Marketing, transportation and gathering expenses	—			61,571			—			(5,831		)	55,740
Purchased oil and gas expenses	—			89,320			—			—			89,320
Production taxes	—			88,133			—			—			88,133
Depreciation, depletion and amortization	—			528,615			4,626			(2,439		)	530,802
Exploration expenses	—			11,600			—			—			11,600
Impairment	—			6,887			—			—			6,887
General and administrative expenses	27,616			61,513			5,110			(2,442		)	91,797
Total operating expenses	27,616			1,085,532			24,834			(31,752		)	1,106,230
Gain on sale of properties	—			1,774			—			—			1,774
Operating income (loss)	(27,616		)	138,563			34,987			(1,966		)	143,968
Other income (expense)
Equity in earnings of subsidiaries	323,953			34,968			—			(358,921		)	—
Net loss on derivative instruments	—			(71,657		)	—			—			(71,657		)
Interest expense, net of capitalized interest	(131,329		)	(15,489		)	(19		)	—			(146,837		)
Other income (expense)	1			(1,333		)	—			—			(1,332		)
Total other income (expense)	192,625			(53,511		)	(19		)	(358,921		)	(219,826		)
Income (loss) before income taxes	165,009			85,052			34,968			(360,887		)	(75,858		)
Income tax benefit (expense)	(41,213		)	244,517			—			—			203,304
Net income including non-controlling interests	123,796			329,569			34,968			(360,887		)	127,446
Less: Net income attributable to non-controlling interests	—			3,650			23,329			(23,329		)	3,650
Net income attributable to Oasis	$	123,796		$	325,919		$	11,639		$	(337,558	)	$	123,796

Condensed Consolidating Statement of Operations

	Year Ended December 31, 2016
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(In thousands)
Revenues
Oil and gas revenues	$	—		$	625,233		$	—	$	625,233
Purchased oil and gas sales	—			10,272			—		10,272
Midstream revenues	—			35,406			—		35,406
Well services revenues	—			33,754			—		33,754
Total revenues	—			704,665			—		704,665
Operating expenses
Lease operating expenses	—			135,444			—		135,444
Midstream operating expenses	—			9,003			—		9,003
Well services operating expenses	—			20,675			—		20,675
Marketing, transportation and gathering expenses	—			30,108			—		30,108
Purchased oil and gas expenses	—			10,258			—		10,258
Production taxes	—			56,565			—		56,565
Depreciation, depletion and amortization	—			476,331			—		476,331
Exploration expenses	—			1,785			—		1,785
Impairment	—			4,684			—		4,684
General and administrative expenses	25,356			63,986			—		89,342
Total operating expenses	25,356			808,839			—		834,195
Loss on sale of properties	—			(1,303		)	—		(1,303		)
Operating loss	(25,356		)	(105,477		)	—		(130,833		)
Other income (expense)
Equity in loss of subsidiaries	(140,978		)	—			140,978		—
Net loss on derivative instruments	—			(105,317		)	—		(105,317		)
Interest expense, net of capitalized interest	(130,356		)	(9,949		)	—		(140,305		)
Gain on extinguishment of debt	4,741			—			—		4,741
Other income	137			23			—		160
Total other expense	(266,456		)	(115,243		)	140,978		(240,721		)
Loss before income taxes	(291,812		)	(220,720		)	140,978		(371,554		)
Income tax benefit	48,796			79,742			—		128,538
Net loss	$	(243,016	)	$	(140,978	)	$	140,978	$	(243,016	)

Condensed Consolidating Statement of Operations

	Year Ended December 31, 2015
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Revenues
Oil and gas revenues	$	—		$	721,672		$	—		$	721,672
Midstream revenues	—			23,769			—			23,769
Well services revenues	—			44,294			—			44,294
Total revenues	—			789,735			—			789,735
Operating expenses
Lease operating expenses	—			144,481			—			144,481
Midstream operating expenses	—			6,198			—			6,198
Well services operating expenses	—			24,782			—			24,782
Marketing, transportation and gathering expenses	—			31,610			—			31,610
Production taxes	—			69,584			—			69,584
Depreciation, depletion and amortization	—			485,322			—			485,322
Exploration expenses	—			2,369			—			2,369
Rig termination	—			3,895			—			3,895
Impairment	—			46,109			—			46,109
General and administrative expenses	27,930			61,619			—			89,549
Total operating expenses	27,930			875,969			—			903,899
Operating loss	(27,930		)	(86,234		)	—			(114,164		)
Other income (expense)
Equity in earnings of subsidiaries	69,986			—			(69,986		)	—
Net gain on derivative instruments	—			210,376			—			210,376
Interest expense, net of capitalized interest	(138,166		)	(11,482		)	—			(149,648		)
Other income (expense)	5			(2,940		)	—			(2,935		)
Total other income (expense)	(68,175		)	195,954			(69,986		)	57,793
Income (loss) before income taxes	(96,105		)	109,720			(69,986		)	(56,371		)
Income tax benefit (expense)	55,857			(39,734		)	—			16,123
Net income (loss)	$	(40,248	)	$	69,986		$	(69,986	)	$	(40,248	)

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

	Year Ended December 31, 2017
	Parent/ Issuer			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities:
Net income including non-controlling interests	$	123,796		$	329,569		$	34,968		$	(360,887	)	$	127,446
Adjustments to reconcile net income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(323,953		)	(34,968		)	—			358,921			—
Depreciation, depletion and amortization	—			528,615			4,626			(2,439		)	530,802
Gain on sale of properties	—			(1,774		)	—			—			(1,774		)
Impairment	—			6,887			—			—			6,887
Deferred income taxes	41,213			(244,097		)	—			—			(202,884		)
Derivative instruments	—			71,657			—			—			71,657
Equity-based compensation expenses	25,436			1,045			53			—			26,534
Deferred financing costs amortization and other	15,392			2,794			125			—			18,311
Working capital and other changes:
Change in accounts receivable	(173,668		)	(209,183		)	(53,623		)	277,887			(158,587		)
Change in inventory	—			(2,501		)	—			—			(2,501		)
Change in prepaid expenses	9			(98		)	(749		)	—			(838		)
Change in other current assets	—			148			—			—			148
Change in long-term inventory and other assets	—			(12,143		)	—			—			(12,143		)
Change in accounts payable, interest payable and accrued liabilities	7,074			329,520			56,601			(277,887		)	115,308
Change in other current liabilities	—			(10,450		)	—			—			(10,450		)
Change in other liabilities	—			(40		)	—			—			(40		)
Net cash provided by (used in) operating activities	(284,701		)	754,981			42,001			(4,405		)	507,876
Cash flows from investing activities:
Capital expenditures	—			(594,945		)	(52,404		)	—			(647,349		)
Acquisitions	—			(61,874		)	(66,679		)	66,679			(61,874		)
Proceeds from sale of properties	—			72,453			—			(66,679		)	5,774
Costs related to sale of properties	—			(366		)	—			—			(366		)
Derivative settlements	—			(8,264		)	—			—			(8,264		)
Advances from joint interest partners	—			(2,681		)	—			—			(2,681		)
Net cash used in investing activities	—			(595,677		)	(119,083		)	—			(714,760		)
Cash flows from financing activities:
Proceeds from Revolving Credit Facilities	—			1,084,000			78,000			—			1,162,000
Principal payments on Revolving Credit Facilities	—			(1,377,000		)	—			—			(1,377,000		)
Deferred financing costs	—			(577		)	(2,137		)	—			(2,714		)
Proceeds from sale of common stock	302,191			—			—			—			302,191
Proceeds from issuance of Oasis Midstream common units, net of offering costs	—			—			134,185			—			134,185
Purchases of treasury stock	(6,229		)	—			—			—			(6,229		)
Investment in subsidiaries / capital contributions from parent	(11,194		)	138,872			(132,083		)	4,405			—
Other	(55		)	—			—			—			(55		)
Net cash provided by (used in) financing activities	284,713			(154,705		)	77,965			4,405			212,378
Increase in cash and cash equivalents	12			4,599			883			—			5,494
Cash and cash equivalents at beginning of period	166			11,060			—			—			11,226
Cash and cash equivalents at end of period	$	178		$	15,659		$	883		$	—		$	16,720

Condensed Consolidating Statement of Cash Flows

	Year Ended December 31, 2016
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities:
Net loss	$	(243,016	)	$	(140,978	)	$	140,978		$	(243,016	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in loss of subsidiaries	140,978			—			(140,978		)	—
Depreciation, depletion and amortization	—			476,331			—			476,331
Gain on extinguishment of debt	(4,741		)	—			—			(4,741		)
Loss on sale of properties	—			1,303			—			1,303
Impairment	—			4,684			—			4,684
Deferred income taxes	(48,796		)	(79,742		)	—			(128,538		)
Derivative instruments	—			105,317			—			105,317
Equity-based compensation expenses	23,346			757			—			24,103
Deferred financing costs amortization and other	9,107			5,227			—			14,334
Working capital and other changes:
Change in accounts receivable	(250,737		)	207,931			30,883			(11,923		)
Change in inventory	—			254			—			254
Change in prepaid expenses	3			(298		)	—			(295		)
Change in other current assets	—			(305		)	—			(305		)
Change in long-term inventory and other assets	100			(251		)	—			(151		)
Change in accounts payable, interest payable and accrued liabilities	(230,518		)	247,562			(30,883		)	(13,839		)
Change in other current liabilities	—			4,490			—			4,490
Change in other liabilities	—			10			—			10
Net cash provided by (used in) operating activities	(604,274		)	832,292			—			228,018
Cash flows from investing activities:
Capital expenditures	—			(426,256		)	—			(426,256		)
Acquisitions	—			(781,522		)	—			(781,522		)
Proceeds from sale of properties	—			12,333			—			12,333
Costs related to sale of properties	—			(310		)	—			(310		)
Derivative settlements	—			121,977			—			121,977
Advances from joint interest partners	—			2,950			—			2,950
Net cash used in investing activities	—			(1,070,828		)	—			(1,070,828		)
Cash flows from financing activities:
Proceeds from Oasis Credit Facility	—			1,407,000			—			1,407,000
Principal payments on Oasis Credit Facility	—			(1,182,000		)	—			(1,182,000		)
Repurchase of senior unsecured notes	(435,907		)	—			—			(435,907		)
Proceeds from issuance of senior unsecured convertible notes	300,000			—			—			300,000
Deferred financing costs	(8,197		)	(930		)	—			(9,127		)
Proceeds from sale of common stock	766,670			—			—			766,670
Purchases of treasury stock	(2,330		)	—			—			(2,330		)
Investment in subsidiaries / capital contributions from parent	(16,573		)	16,573			—			—
Net cash provided by financing activities	603,663			240,643			—			844,306
Increase (decrease) in cash and cash equivalents	(611		)	2,107			—			1,496
Cash and cash equivalents at beginning of period	777			8,953			—			9,730
Cash and cash equivalents at end of period	$	166		$	11,060		$	—		$	11,226

Condensed Consolidating Statement of Cash Flows

	Year Ended December 31, 2015
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	(40,248	)	$	69,986		$	(69,986	)	$	(40,248	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(69,986		)	—			69,986			—
Depreciation, depletion and amortization	—			485,322			—			485,322
Impairment	—			46,109			—			46,109
Deferred income taxes	(55,857		)	39,743			—			(16,114		)
Derivative instruments	—			(210,376		)	—			(210,376		)
Equity-based compensation expenses	24,762			510			—			25,272
Deferred financing costs amortization and other	4,964			7,335			—			12,299
Working capital and other changes:
Change in accounts receivable	(482		)	(47,553		)	156,496			108,461
Change in inventory	—			6,873			—			6,873
Change in prepaid expenses	19			1,809			—			1,828
Change in other current assets	—			6,489			—			6,489
Change in long-term inventory and other assets	—			(950		)	—			(950		)
Change in accounts payable, interest payable and accrued liabilities	156,039			(71,160		)	(156,496		)	(71,617		)
Change in other current liabilities	—			6,500			—			6,500
Change in other liabilities	—			(33		)	—			(33		)
Net cash provided by operating activities	19,211			340,604			—			359,815
Cash flows from investing activities:
Capital expenditures	—			(819,847		)	—			(819,847		)
Acquisitions	—			(28,817		)	—			(28,817		)
Proceeds from sale of properties	—			1,075			—			1,075
Derivative settlements	—			370,410			—			370,410
Advances from joint interest partners	—			(1,969		)	—			(1,969		)
Net cash used in investing activities	—			(479,148		)	—			(479,148		)
Cash flows from financing activities:
Proceeds from Oasis Credit Facility	—			630,000			—			630,000
Principal payments on Oasis Credit Facility	—			(992,000		)	—			(992,000		)
Deferred financing costs	(11,045		)	(3,587		)	—			(14,632		)
Proceeds from sale of common stock	462,833			—			—			462,833
Purchases of treasury stock	(2,949		)	—			—			(2,949		)
Investment in subsidiaries / capital contributions from parent	(468,049		)	468,049			—			—
Net cash provided by (used in) financing activities	(19,210		)	102,462			—			83,252
Increase (decrease) in cash and cash equivalents	1			(36,082		)	—			(36,081		)
Cash and cash equivalents at beginning of period	776			45,035			—			45,811
Cash and cash equivalents at end of period	$	777		$	8,953		$	—		$	9,730