Chord Energy (CHRD) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	OAS
Entity Registrant Name	Oasis Petroleum Inc.
Entity Central Index Key	1,486,159
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		237,432,612

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents		$ 13,785	$ 11,226
Accounts receivable, net		226,427	204,335
Inventory		14,327	10,648
Prepaid expenses		7,176	7,623
Derivative instruments		3,026	362
Other current assets		4,452	4,355
Total current assets		269,193	238,549
Property, plant and equipment
Oil and gas properties (successful efforts method)		7,390,299	7,296,568
Other property and equipment		632,318	618,790
Less: accumulated depreciation, depletion, amortization and impairment		(2,126,136)	(1,995,791)
Total property, plant and equipment, net		5,896,481	5,919,567
Derivative instruments		3,815	0
Other assets		20,139	20,516
Total assets	[1]	6,189,628	6,178,632
Current liabilities
Accounts payable		8,837	4,645
Revenues and production taxes payable		160,265	139,737
Accrued liabilities		128,241	119,173
Accrued interest payable		20,268	39,004
Derivative instruments		14,627	60,469
Advances from joint interest partners		6,838	7,597
Other current liabilities		13,435	10,490
Total current liabilities		352,511	381,115
Long-term debt		2,305,879	2,297,214
Deferred income taxes		524,842	513,529
Asset retirement obligations		50,088	48,985
Derivative instruments		0	11,714
Other liabilities		2,834	2,918
Total liabilities		3,236,154	3,255,475
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016		2,344	2,331
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively		(21,369)	(15,950)
Additional paid-in capital		2,354,485	2,345,271
Retained earnings		618,014	591,505
Total stockholders’ equity		2,953,474	2,923,157
Total liabilities and stockholders’ equity		$ 6,189,628	$ 6,178,632
[1]	Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	238,691,038	237,201,064
Common stock, shares outstanding (in shares)	237,461,470	236,344,172
Treasury stock, shares (in shares)	1,229,568	856,892

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Oil and gas revenues	$ 237,252	$ 117,315
Bulk oil sales	27,631	0
Midstream revenues	14,606	6,983
Well services revenues	5,627	5,985
Total revenues	285,116	130,283
Operating expenses
Lease operating expenses	43,872	31,064
Midstream operating expenses	3,327	1,738
Well services operating expenses	3,902	2,651
Marketing, transportation and gathering expenses	10,951	8,552
Bulk oil purchases	28,002	0
Production taxes	20,299	10,753
Depreciation, depletion and amortization	126,666	122,449
Exploration expenses	1,489	363
Impairment	2,682	3,562
General and administrative expenses	23,834	24,366
Total operating expenses	265,024	205,498
Operating income (loss)	20,092	(75,215)
Other income (expense)
Net gain on derivative instruments	56,075	14,375
Interest expense, net of capitalized interest	(36,321)	(38,739)
Gain on extinguishment of debt	0	7,016
Other income	16	479
Total other income (expense)	19,770	(16,869)
Income (loss) before income taxes	39,862	(92,084)
Income tax benefit (expense)	(16,037)	27,629
Net income (loss)	$ 23,825	$ (64,455)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.10	$ (0.40)
Diluted (in dollars per share)	$ 0.10	$ (0.40)
Weighted average shares outstanding:
Basic (in shares)	233,068	162,922
Diluted (in shares)	237,900	162,922

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in-Capital [Member]	Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment for adoption of ASU 2016-09	$ 4,724			$ 2,040	$ 2,684
Balance (shares) at Dec. 31, 2016		236,344	857
Balance at Dec. 31, 2016	2,923,157	$ 2,331	$ (15,950)	2,345,271	591,505
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fees (2016 issuance of common stock) (shares)		0
Fees (2016 issuance of common stock)	(55)	$ 0		(55)
Stock-based compensation, shares		1,490
Stock-based compensation	7,242	$ 13		7,229
Treasury stock - tax withholdings (shares)		(373)	373
Treasury stock – tax withholdings	(5,419)		$ (5,419)
Net income	23,825				23,825
Balance (shares) at Mar. 31, 2017		237,461	1,230
Balance at Mar. 31, 2017	$ 2,953,474	$ 2,344	$ (21,369)	$ 2,354,485	$ 618,014

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 23,825	$ (64,455)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	126,666	122,449
Gain on extinguishment of debt	0	(7,016)
Impairment	2,682	3,562
Deferred income taxes	16,037	(27,629)
Derivative instruments	(56,075)	(14,375)
Stock-based compensation expenses	6,708	6,730
Deferred financing costs amortization and other	4,940	5,066
Working capital and other changes:
Change in accounts receivable	(22,478)	(995)
Change in inventory	(3,679)	349
Change in prepaid expenses	282	241
Change in other current assets	(110)	4
Change in other assets	(4)	77
Change in accounts payable, interest payable and accrued liabilities	6,060	(64,056)
Change in other current liabilities	2,945	(6,000)
Change in other liabilities	0	(3)
Net cash provided by (used in) operating activities	107,799	(46,051)
Cash flows from investing activities:
Capital expenditures	(96,047)	(103,411)
Derivative settlements	(7,960)	73,313
Advances from joint interest partners	(759)	(257)
Net cash used in investing activities	(104,766)	(30,355)
Cash flows from financing activities:
Proceeds from revolving credit facility	246,000	214,000
Principal payments on revolving credit facility	(241,000)	(287,000)
Repurchase of senior unsecured notes	0	(22,308)
Deferred financing costs	0	(751)
Proceeds from sale of common stock	0	183,164
Purchases of treasury stock	(5,419)	(1,032)
Other	(55)	0
Net cash provided by (used in) financing activities	(474)	86,073
Increase in cash and cash equivalents	2,559	9,667
Cash and cash equivalents:
Beginning of period	11,226	9,730
End of period	13,785	19,397
Supplemental non-cash transactions:
Change in accrued capital expenditures	8,396	(19,230)
Change in asset retirement obligations	$ 787	$ 1,212

Organization and Operations of

Organization and Operations of the Company	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Organization and Operations of the Company	Organization and Operations of the Company Oasis Petroleum Inc. (together with its consolidated subsidiaries, “Oasis” or the “Company”) was originally formed in 2007 and was incorporated pursuant to the laws of the State of Delaware in 2010. The Company is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. Oasis Petroleum North America LLC (“OPNA”) conducts the Company’s exploration and production activities and owns its proved and unproved oil and natural gas properties. The Company also operates a midstream services business through Oasis Midstream Services LLC (“OMS”) and a well services business through Oasis Well Services LLC (“OWS”), both of which are separate reportable business segments that are complementary to its primary development and production activities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements of the Company include the accounts of Oasis and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2016 is derived from audited financial statements. Certain reclassifications of prior year balances have been made to conform such amounts to current year classifications. These reclassifications have no impact on net income. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement, have been included. Management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (“ 2016 Annual Report”). Risks and Uncertainties As an oil and natural gas producer, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which are dependent upon numerous factors beyond its control such as economic, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that oil and natural gas prices will not be subject to wide fluctuations in the future. An extended period of low prices for oil and, to a lesser extent, natural gas could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced. Significant Accounting Policies There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in the 2016 Annual Report, other than as noted below. Stock-based compensation. In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which updates several aspects of the accounting for share-based payment transactions, including recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. In accordance with the new guidance, the Company recorded a $2.7 million cumulative-effect adjustment to retained earnings on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2017 , which included recognition of excess tax benefits and deficiencies and the removal of the estimated forfeiture rate. ASU 2016-09 was applied on a modified retrospective basis and prior periods were not retrospectively adjusted. Inventory. In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the inventory measurement principle from lower of cost or market to lower of cost and net realizable value for entities using the first-in, first-out or average cost methods. ASU 2015-11 was applied on a prospective basis and prior periods were not retrospectively adjusted. There was no material impact as a result of adoption as of March 31, 2017 . Recent Accounting Pronouncements Revenue recognition. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. ASU 2014-09 also contains some new disclosure requirements under GAAP. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of the new revenue standard by one year, making it effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In 2016, the FASB issued additional accounting standards updates to clarify the implementation guidance of ASU 2014-09. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Financial instruments. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that most equity instruments be measured at fair value with subsequent changes in fair value recognized in net income. ASU 2016-01 also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. ASU 2016-01 does not apply to equity method investments or investments in consolidated subsidiaries. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Leases. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”), which requires a lessee to recognize lease payment obligations and a corresponding right-of-use asset to be measured at fair value on the balance sheet. ASU 2016-02 also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Statement of cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The adoption of this guidance will not impact the Company’s financial position or results of operations, but could result in presentation changes on the Company’s statement of cash flows. Business combinations. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”), which provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires entities to use a screen test to determine when an integrated set of assets and activities is not a business or if the integrated set of assets and activities needs to be further evaluated against the framework. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory Crude oil inventory includes oil in tank and linefill. Equipment and materials consist primarily of proppant, chemicals, tubular goods, well equipment to be used in future drilling or repair operations and well fracturing equipment. Inventory is stated at the lower of cost and net realizable value with cost determined on an average cost method. Inventory consists of the following: March 31, 2017 December 31, 2016 (In thousands) Crude oil inventory $ 10,302 $ 7,086 Equipment and materials 4,025 3,562 Total inventory $ 14,327 $ 10,648

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with the FASB’s authoritative guidance on fair value measurements, the Company’s financial assets and liabilities are measured at fair value on a recurring basis. The Company’s financial instruments, including certain cash and cash equivalents, accounts receivable, accounts payable and other payables, are carried at cost, which approximates their respective fair market values due to their short-term maturities. The Company recognizes its non-financial assets and liabilities, such as asset retirement obligations (“ARO”) and proved oil and natural gas properties upon impairment, at fair value on a non-recurring basis. As defined in the authoritative guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Pricing inputs, other than unadjusted quoted prices in active markets included in Level 1, are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 — Pricing inputs are generally less observable from objective sources, requiring internally developed valuation methodologies that result in management’s best estimate of fair value. Financial Assets and Liabilities Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Fair value at March 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 141 $ — $ — $ 141 Commodity derivative instruments (see Note 5) — 6,841 — 6,841 Total assets $ 141 $ 6,841 $ — $ 6,982 Liabilities: Commodity derivative instruments (see Note 5) $ — $ 14,627 $ — $ 14,627 Total liabilities $ — $ 14,627 $ — $ 14,627 Fair value at December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 141 $ — $ — $ 141 Commodity derivative instruments (see Note 5) — 362 — 362 Total assets $ 141 $ 362 $ — $ 503 Liabilities: Commodity derivative instruments (see Note 5) $ — $ 72,183 $ — $ 72,183 Total liabilities $ — $ 72,183 $ — $ 72,183 The Level 1 instruments presented in the tables above consist of money market funds included in cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . The Company’s money market funds represent cash equivalents backed by the assets of high-quality major banks and financial institutions. The Company identifies the money market funds as Level 1 instruments because the money market funds have daily liquidity, quoted prices for the underlying investments can be obtained, and there are active markets for the underlying investments. The Level 2 instruments presented in the tables above consist of commodity derivative instruments, which include oil and natural gas swaps and collars. The fair values of the Company’s commodity derivative instruments are based upon a third-party preparer’s calculation using mark-to-market valuation reports provided by the Company’s counterparties for monthly settlement purposes to determine the valuation of its derivative instruments. The Company has the third-party preparer evaluate other readily available market prices for its derivative contracts, as there is an active market for these contracts. The third-party preparer performs its independent valuation using a moment matching method similar to Turnbull-Wakeman for Asian options. The significant inputs used are crude oil prices, volatility, skew, discount rate and the contract terms of the derivative instruments. However, the Company does not have access to the specific proprietary valuation models or inputs used by its counterparties or third-party preparer. The Company compares the third-party preparer’s valuation to counterparty valuation statements, investigating any significant differences, and analyzes monthly valuation changes in relation to movements in crude oil and natural gas forward price curves. The determination of the fair value for derivative instruments also incorporates a credit adjustment for non-performance risk, as required by GAAP. The Company calculates the credit adjustment for derivatives in a net asset position using current credit default swap values for each counterparty. The credit adjustment for derivatives in a net liability position is based on the Company’s market credit spread. Based on these calculations, the Company recorded an adjustment to reduce the fair value of its net derivative liability by $0.2 million and $2.0 million at March 31, 2017 and December 31, 2016 , respectively. There were no transfers between fair value levels during the three months ended March 31, 2017 and 2016 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company utilizes derivative financial instruments to manage risks related to changes in oil and natural gas prices. The Company’s crude oil and natural gas contracts will settle monthly based on the average NYMEX West Texas Intermediate crude oil index price (“WTI”) and the average NYMEX Henry Hub natural gas index price (“Henry Hub”), respectively. At March 31, 2017 , the Company utilized swaps and two-way and three-way costless collar options to reduce the volatility of oil and natural gas prices on a significant portion of its future expected oil and natural gas production. A swap is a sold call and a purchased put established at the same price (both ceiling and floor). A two-way collar is a combination of options: a sold call and a purchased put. The purchased put establishes a minimum price (floor) and the sold call establishes a maximum price (ceiling) the Company will receive for the volumes under contract. A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be the NYMEX index price plus the difference between the purchased put and the sold put strike price. The sold call establishes a maximum price (ceiling) the Company will receive for the volumes under contract. All derivative instruments are recorded on the Company’s Condensed Consolidated Balance Sheet as either assets or liabilities measured at fair value (see Note 4 – Fair Value Measurements). The Company has not designated any derivative instruments as hedges for accounting purposes and does not enter into such instruments for speculative trading purposes. If a derivative does not qualify as a hedge or is not designated as a hedge, the changes in fair value are recognized in the other income (expense) section of the Company’s Condensed Consolidated Statement of Operations as a net gain or loss on derivative instruments. The Company’s cash flow is only impacted when the actual settlements under the derivative contracts result in making a payment to or receiving a payment from the counterparty. These cash settlements represent the cumulative gains and losses on the Company’s derivative instruments and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled. Cash settlements are reflected as investing activities in the Company’s Condensed Consolidated Statement of Cash Flows. At March 31, 2017 , the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Swap Sub-Floor Floor Ceiling (In thousands) Crude oil 2017 Swaps 5,225,000 Bbl $ 49.60 $ (9,309 ) Crude oil 2017 Two-way collar 2,200,000 Bbl $ 46.25 $ 54.37 (1,707 ) Crude oil 2017 Three-way collar 1,650,000 Bbl $ 31.67 $ 45.83 $ 59.94 562 Crude oil 2018 Swaps 2,440,000 Bbl $ 52.93 2,375 Crude oil 2018 Two-way collar 582,000 Bbl $ 48.40 $ 55.13 28 Crude oil 2018 Three-way collar 186,000 Bbl $ 31.67 $ 45.83 $ 59.94 58 Crude oil 2019 Swaps 155,000 Bbl $ 53.88 351 Crude oil 2019 Two-way collar 31,000 Bbl $ 50.00 $ 55.70 32 Natural gas 2017 Swaps 4,675,000 MMBtu $ 3.30 (55 ) Natural gas 2018 Swaps 3,650,000 MMBtu $ 3.00 (121 ) $ (7,786 ) The following table summarizes the location and amounts of gains and losses from the Company’s commodity derivative instruments recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented: Three Months Ended March 31, Statement of Operations Location 2017 2016 (In thousands) Net gain on derivative instruments $ 56,075 $ 14,375 In accordance with the FASB’s authoritative guidance on disclosures about offsetting assets and liabilities, the Company is required to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting agreement. The Company’s derivative instruments are presented as assets and liabilities on a net basis by counterparty, as all counterparty contracts provide for net settlement. No margin or collateral balances are deposited with counterparties, and as such, gross amounts are offset to determine the net amounts presented in the Company’s Condensed Consolidated Balance Sheet. The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheet: March 31, 2017 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 5,178 $ (2,152 ) $ 3,026 Commodity contracts Derivative instruments — non-current assets 5,148 (1,333 ) 3,815 Total derivatives assets $ 10,326 $ (3,485 ) $ 6,841 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 21,480 $ (6,853 ) $ 14,627 Total derivatives liabilities $ 21,480 $ (6,853 ) $ 14,627 December 31, 2016 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 482 $ (120 ) $ 362 Total derivatives assets $ 482 $ (120 ) $ 362 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 66,838 $ (6,369 ) $ 60,469 Commodity contracts Derivative instruments — non-current liabilities 14,164 (2,450 ) 11,714 Total derivatives liabilities $ 81,002 $ (8,819 ) $ 72,183

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment: March 31, 2017 December 31, 2016 (In thousands) Proved oil and gas properties (1) $ 6,570,588 $ 6,476,833 Less: accumulated depreciation, depletion, amortization and impairment (2,009,356 ) (1,886,732 ) Proved oil and gas properties, net 4,561,232 4,590,101 Unproved oil and gas properties 819,711 819,735 Other property and equipment 632,318 618,790 Less: accumulated depreciation (116,780 ) (109,059 ) Other property and equipment, net 515,538 509,731 Total property, plant and equipment, net $ 5,896,481 $ 5,919,567 __________________ (1) Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of $43.0 million and $42.9 million at March 31, 2017 and December 31, 2016 , respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consists of the following: March 31, 2017 December 31, 2016 (In thousands) Senior secured revolving line of credit $ 368,000 $ 363,000 Senior unsecured notes 7.25% senior unsecured notes due February 1, 2019 54,275 54,275 6.5% senior unsecured notes due November 1, 2021 395,501 395,501 6.875% senior unsecured notes due March 15, 2022 937,080 937,080 6.875% senior unsecured notes due January 15, 2023 366,094 366,094 2.625% senior unsecured convertible notes due September 15, 2023 300,000 300,000 Total principal of senior unsecured notes 2,052,950 2,052,950 Less: unamortized deferred financing costs on senior unsecured notes (26,958 ) (28,268 ) Less: unamortized debt discount on senior unsecured convertible notes (88,113 ) (90,468 ) Total long-term debt $ 2,305,879 $ 2,297,214 The carrying amount of the Company’s long-term debt reported in the Condensed Consolidated Balance Sheet at March 31, 2017 was $2,305.9 million , which included $2,053.0 million of senior unsecured notes, a reduction for the unamortized debt discount related to the equity component of the senior unsecured convertible notes and a reduction for the unamortized deferred financing costs on the senior unsecured notes of $88.1 million and $27.0 million , respectively, and $368.0 million of borrowings under the revolving credit facility. The Company’s revolving credit facility is recorded at a value that approximates its fair value since its variable interest rate is tied to current market rates. The fair value of the Company’s senior unsecured notes, which are publicly traded and therefore categorized as Level 1 liabilities, was $2,187.1 million at March 31, 2017 . Senior secured revolving line of credit. The Company has a senior secured revolving line of credit (the “Credit Facility”) of $2,500.0 million as of March 31, 2017 , which has a maturity date of April 13, 2020, provided that the 7.25% senior unsecured notes due February 1, 2019 (the “2019 Notes”), of which $54.3 million is outstanding, are retired or refinanced 90 days prior to their maturity. The Credit Facility is restricted to a borrowing base, which is reserve-based and subject to semi-annual redeterminations on April 1 and October 1 of each year. As of March 31, 2017 , the Company had $368.0 million of LIBOR loans and $10.0 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing base committed capacity of $772.0 million . The weighted average interest rate on borrowings outstanding under the Credit Facility was 2.5% as of March 31, 2017 . On a quarterly basis, the Company also pays a 0.375% (as of March 31, 2017 ) annualized commitment fee 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 Company was in compliance with the financial covenants of the Credit Facility as of March 31, 2017 . Senior unsecured notes. At March 31, 2017 , the Company had $1,753.0 million principal amount of senior unsecured notes outstanding with maturities ranging from February 2019 to January 2023 and coupons ranging from 6.50% to 7.25% (the “Senior Notes”). Prior to certain dates, the Company has the option to redeem some or all of the Senior Notes for cash at certain redemption prices equal to a certain percentage of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. The 2019 Notes are currently redeemable for cash at a redemption price equal to par. The Company estimates that the fair value of these redemption options is immaterial at March 31, 2017 and December 31, 2016 . Senior unsecured convertible notes. In September 2016, the Company issued $300.0 million of 2.625% senior unsecured convertible notes due September 2023 (the “Senior Convertible Notes”). The Company has the option to settle conversions of these notes with cash, shares of common stock or a combination of cash and common stock at its election. The Company’s intent is to settle the principal amount of the Senior Convertible Notes in cash upon conversion. Prior to March 15, 2023, the Senior Convertible Notes will be convertible only under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Senior Convertible Notes for each trading day of the measurement period is less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events, including certain distributions or a fundamental change. On or after March 15, 2023, the Senior Convertible Notes will be convertible at any time until the second scheduled trading day immediately preceding their September 15, 2023 maturity date. The Senior Convertible Notes will be convertible at an initial conversion rate of 76.3650 shares of the Company’s common stock per $1,000 principal amount of the Senior Convertible Notes, which is equivalent to an initial conversion price of approximately $13.10 . The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its Senior Convertible Notes in connection with such corporate event or redemption in certain circumstances. As of March 31, 2017 , none of the contingent conditions allowing holders of the Senior Convertible Notes to convert these notes had been met. Upon issuance, the Company separately accounted for the liability and equity components of the Senior Convertible Notes in accordance with Accounting Standards Codification 470-20. The liability component was recorded at the estimated fair value of a similar debt instrument without the conversion feature. The difference between the principal amount of the Senior Convertible Notes and the estimated fair value of the liability component was recorded as a debt discount and will be amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 8.97% per annum. The fair value of the Senior Convertible Notes as of the issuance date was estimated at $206.8 million , resulting in a debt discount at inception of $93.2 million . The equity component, representing the value of the conversion option, was computed by deducting the fair value of the liability component from the initial proceeds of the Senior Convertible Notes issuance. This equity component was recorded, net of deferred taxes and issuance costs, in additional paid-in capital and will not be remeasured as long as it continues to meet the conditions for equity classification. Interest on the Senior Notes and the Senior Convertible Notes (collectively, the “Notes”) is payable semi-annually in arrears. The Notes are guaranteed on a senior unsecured basis by the Company, along with its material subsidiaries (the “Guarantors”), which are 100% owned by the Company. These guarantees are full and unconditional and joint and several among the Guarantors, subject to certain customary release provisions. The indentures governing the Notes contain customary events of default as well as covenants that place restrictions on the Company and certain of its subsidiaries.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2017 : (In thousands) Balance at December 31, 2016 $ 49,687 Liabilities incurred during period 351 Liabilities settled during period (89 ) Accretion expense during period (1) 655 Revisions to estimates (215 ) Balance at March 31, 2017 $ 50,389 ___________________ (1) Included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statement of Operations. At March 31, 2017 , the current portion of the total ARO balance was approximately $0.3 million and was included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheet.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2017 and 2016 was 40.2% and 30.0% , respectively. The effective tax rate for the three months ended March 31, 2017 was higher than the combined federal statutory rate and the statutory rates for the states in which the Company conducts business due to the impact of permanent differences on pre-tax income for the period, while the effective tax rate for the three months ended March 31, 2016 was lower than the combined federal statutory rate and the statutory rates for the states in which the Company conducts business due to the impact of permanent differences on pre-tax loss for the period. During both the three months ended March 31, 2017 and 2016 , the permanent differences were primarily between amounts expensed for book purposes versus the amounts deductible for income tax purposes related to compensation, including stock-based compensation vesting at different prices than the grant date values.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Restricted stock awards. The Company has granted restricted stock awards to employees and directors under its Amended and Restated 2010 Long Term Incentive Plan, the majority of which vest over a three -year period. The fair value of restricted stock grants is based on the closing sales price of the Company’s common stock on the date of grant. Compensation expense is recognized ratably over the requisite service period. During the three months ended March 31, 2017 , employees and non-employee directors of the Company were granted restricted stock awards equal to 1,551,560 shares of common stock with a $15.35 weighted average grant date per share value. Stock-based compensation expense recorded for restricted stock awards for the three months ended March 31, 2017 and 2016 was $5.4 million and $5.8 million , respectively. Stock-based compensation expense is included in general and administrative expenses on the Company’s Condensed Consolidated Statement of Operations. Performance share units. The Company has granted performance share units (“PSUs”) to officers of the Company under its Amended and Restated 2010 Long Term Incentive Plan. The PSUs are awards of restricted stock units, and each PSU that is earned represents the right to receive one share of the Company’s common stock. During the three months ended March 31, 2017 , officers of the Company were granted 509,800 PSUs with a $16.89 weighted average grant date per share value. Stock-based compensation expense recorded for PSUs for the three months ended March 31, 2017 and 2016 was $1.3 million and $0.9 million , respectively. Stock-based compensation expense is included in general and administrative expenses on the Company’s Condensed Consolidated Statement of Operations. The Company accounted for these PSUs as equity awards pursuant to the FASB’s authoritative guidance for share-based payments. The number of PSUs to be earned is subject to a market condition, which is based on a comparison of the total shareholder return (“TSR”) achieved with respect to shares of the Company’s common stock against the TSR achieved by a defined peer group at the end of the performance periods. Depending on the Company’s TSR performance relative to the defined peer group, award recipients will earn between 0% and 200% of the initial PSUs granted. All compensation expense related to the PSUs will be recognized if the requisite performance period is fulfilled, even if the market condition is not achieved. The aggregate grant date fair value of the market-based awards was determined using a Monte Carlo simulation model. The Monte Carlo simulation model uses assumptions regarding random projections and must be repeated numerous times to achieve a probabilistic assessment. The key valuation assumptions for the Monte Carlo model are the forecast period, initial value, risk-free interest rate, volatility and correlation coefficients. The risk-free interest rates are the U.S. Treasury bond rates on the date of grant that correspond to each performance period. The initial value is the average of the volume weighted average prices for the 30 trading days prior to the start of the performance cycle for the Company and each of its peers. Volatility was calculated from the daily historical returns of 30 -day volume weighted average stock prices over a historical period for the Company and each of its peers. The correlation coefficients are measures of the strength of the linear relationship between and amongst the Company and its peers estimated based on historical stock price data. The following assumptions were used for the Monte Carlo model to determine the grant date fair value and associated stock-based compensation expense of the PSUs granted during the three months ended March 31, 2017 : Risk-free interest rate 1.18% - 1.66% Oasis volatility 17.16 %

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings (loss) per share includes the potential dilutive impact of non-vested restricted shares, PSUs outstanding, and contingently issuable shares of convertible notes during the periods presented, unless their effect is anti-dilutive. There are no adjustments made to the income (loss) available to common stockholders in the calculation of diluted earnings (loss) per share. The following is a calculation of the basic and diluted weighted average shares outstanding for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (In thousands) Basic weighted average common shares outstanding 233,068 162,922 Dilution effect of stock awards at end of period 3,238 — Dilution effect of senior convertible notes at end of period (1) 1,594 — Diluted weighted average common shares outstanding 237,900 162,922 __________________ (1) The Company issued its Senior Convertible Notes in September 2016 (see Note 7 – Long-Term Debt). The following is a calculation of weighted average common shares excluded from diluted earnings (loss) per share due to the anti-dilutive effect: Three Months Ended March 31, 2017 2016 (In thousands) Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share due to net loss — 4,668 Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share calculated using the treasury stock method 2,884 —

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company’s exploration and production segment is engaged in the acquisition and development of oil and natural gas properties. Revenues for the exploration and production segment are derived from the sale of oil and natural gas production. The Company’s midstream services business segment (OMS) performs salt water gathering and disposal services, fresh water services, natural gas gathering and processing and crude oil gathering and transportation and other midstream services for the Company’s oil and natural gas wells operated by OPNA. Revenues for the midstream segment are primarily derived from salt water pipeline transport, salt water disposal, fresh water sales, natural gas gathering and processing and crude oil gathering, blending, stabilization and transportation. The Company’s well services business segment (OWS) performs completion services for the Company’s oil and natural gas wells operated by OPNA. Revenues for the well services segment are derived from providing well services, product sales and equipment rentals. The revenues and expenses related to work performed by OMS and OWS for OPNA’s working interests are eliminated in consolidation, and only the revenues and expenses related to non-affiliated working interest owners are included in the Company’s Condensed Consolidated Statement of Operations. These segments represent the Company’s three operating units, each offering different products and services. The Company’s corporate activities have been allocated to the supported business segments accordingly. Management evaluates the performance of the Company’s business segments based on operating income, which is defined as segment operating revenues less operating expenses, including depreciation, depletion and amortization. The following table summarizes financial information for the Company’s three business segments for the periods presented: Exploration and Production Midstream Services Well Services Eliminations Consolidated (In thousands) Three months ended March 31, 2017: Revenues from non-affiliates $ 264,883 $ 14,606 $ 5,627 $ — $ 285,116 Inter-segment revenues — 23,035 15,352 (38,387 ) — Total revenues 264,883 37,641 20,979 (38,387 ) 285,116 Operating income (loss) 968 20,763 (3,592 ) 1,953 20,092 Other income (expense) 19,768 (2 ) 4 — 19,770 Income (loss) before income taxes $ 20,736 $ 20,761 $ (3,588 ) $ 1,953 $ 39,862 Three months ended March 31, 2016: Revenues from non-affiliates $ 117,315 $ 6,983 $ 5,985 $ — $ 130,283 Inter-segment revenues — 22,835 24,903 (47,738 ) — Total revenues 117,315 29,818 30,888 (47,738 ) 130,283 Operating income (loss) (88,877 ) 15,144 4,006 (5,488 ) (75,215 ) Other income (expense) (16,887 ) 13 5 — (16,869 ) Income (loss) before income taxes $ (105,764 ) $ 15,157 $ 4,011 $ (5,488 ) $ (92,084 ) At March 31, 2017: Property, plant and equipment, net $ 5,589,014 $ 433,867 $ 44,025 $ (170,425 ) $ 5,896,481 Total assets (1) 5,871,573 440,548 47,932 (170,425 ) 6,189,628 At December 31, 2016: Property, plant and equipment, net $ 5,620,558 $ 424,197 $ 47,189 $ (172,377 ) $ 5,919,567 Total assets (1) 5,868,747 431,095 51,167 (172,377 ) 6,178,632 ___________________ (1) Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has various contractual obligations in the normal course of its operations. As of March 31, 2017 , there have been no material changes to the Company’s future commitments described under “Lease obligations” and “Volume commitment agreements” as disclosed in Note 16 in the Company’s 2016 Annual Report. Litigation. The Company is party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. When the Company determines that a loss is probable of occurring and is reasonably estimable, the Company accrues an undiscounted liability for such contingencies based on its best estimate using information available at the time. The Company discloses contingencies where an adverse outcome may be material, or in the judgment of management, the matter should otherwise be disclosed. Mirada litigation. On March 23, 2017, Mirada Energy, LLC, Mirada Wild Basin Holding Company, LLC and Mirada Energy Fund I, LLC (collectively, “Mirada”) filed a lawsuit against Oasis, OPNA and OMS, seeking monetary damages in excess of $100 million , declaratory relief, attorneys’ fees and costs (Mirada Energy, LLC, et al. v. Oasis Petroleum North America LLC, et al.; in the 334th Judicial District Court of Harris County, Texas; Case Number 2017-19911). Mirada asserts that it is a working interest owner in certain acreage owned and operated by the Company in Wild Basin. Specifically, Mirada asserts that the Company has breached certain agreements by: (1) failing to allow Mirada to participate in the Company’s midstream operations in Wild Basin; (2) refusing to provide Mirada with information that Mirada contends is required under certain agreements and failing to provide information in a timely fashion; (3) failing to consult with Mirada and failing to obtain Mirada’s consent prior to drilling more than one well at a time in Wild Basin; and (4) by overstating the estimated costs of proposed well operations in Wild Basin. Mirada seeks a declaratory judgment that the Company be removed as operator in Wild Basin at Mirada’s election and that Mirada be allowed to elect a new operator; certain agreements apply to the Company and Mirada and Wild Basin with respect to this dispute; the Company be required to provide all information within its possession regarding proposed or ongoing operations in Wild Basin; and the Company not be permitted to drill, or propose to drill, more than one well at a time in Wild Basin without obtaining Mirada’s consent. Mirada also seeks a declaratory judgment with respect to the Company’s current midstream operations in Wild Basin. Specifically, Mirada seeks a declaratory judgment that Mirada has a right to participate in the Company’s Wild Basin midstream operations, consisting of produced water disposal, crude oil gathering and gas gathering and processing; that, upon Mirada’s election to participate, Mirada is obligated to pay its proportionate costs of the Company’s midstream operations in Wild Basin; and that Mirada would then be entitled to receive a share of revenues from the midstream operations and would not be charged any amount for its use of these facilities for production from the “Contract Area.” The Company believes that Mirada’s claims are without merit, that the Company has complied with its obligations under the applicable agreements and that some of Mirada’s claims are grounded in agreements which do not apply to the Company. The Company filed an answer denying Mirada’s claims on April 21, 2017, and intends to vigorously defend against Mirada’s claims. Discovery is ongoing. Trial is currently scheduled for July 2018. However, the Company cannot predict or guarantee the ultimate outcome or resolution of such matter. If such matter were to be determined adversely to the Company’s interests, or if the Company were forced to settle such matter for a significant amount, such resolution or settlement could have a material adverse effect on the Company’s business, results of operations and financial condition. Such an adverse determination could materially impact the Company’s ability to operate its properties in Wild Basin or develop its identified drilling locations in Wild Basin on its current development schedule. A determination that Mirada has a right to participate in the Company’s midstream operations could materially reduce the interests of the Company in their current assets and future midstream opportunities and related revenues in Wild Basin.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information The Notes (see Note 7 – Long-Term Debt) are guaranteed on a senior unsecured basis by the Guarantors, which are 100% owned by the Company. These guarantees are full and unconditional and joint and several among the Guarantors. Certain of the Company’s immaterial wholly-owned subsidiaries do not guarantee the Notes (“Non-Guarantor Subsidiaries”). The following financial information reflects consolidating financial information of the parent company, Oasis Petroleum Inc. (“Issuer”), and its Guarantors on a combined basis, prepared on the equity basis of accounting. The Non-Guarantor Subsidiaries are immaterial and, therefore, not presented separately. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantors operated as independent entities. The Company has not presented separate financial and narrative information for each of the Guarantors because it believes such financial and narrative information would not provide any additional information that would be material in evaluating the sufficiency of the Guarantors. Condensed Consolidating Balance Sheet March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) ASSETS Current assets Cash and cash equivalents $ 177 $ 13,608 $ — $ 13,785 Accounts receivable, net — 226,427 — 226,427 Accounts receivable – affiliates 200,770 33,093 (233,863 ) — Inventory — 14,327 — 14,327 Prepaid expenses 334 6,842 — 7,176 Derivative instruments — 3,026 — 3,026 Other current assets 2 4,450 — 4,452 Total current assets 201,283 301,773 (233,863 ) 269,193 Property, plant and equipment Oil and gas properties (successful efforts method) — 7,390,299 — 7,390,299 Other property and equipment — 632,318 — 632,318 Less: accumulated depreciation, depletion, amortization and impairment — (2,126,136 ) — (2,126,136 ) Total property, plant and equipment, net — 5,896,481 — 5,896,481 Investments in and advances to subsidiaries 4,503,650 — (4,503,650 ) — Derivative instruments — 3,815 — 3,815 Deferred income taxes 239,419 — (239,419 ) — Other assets — 20,139 — 20,139 Total assets $ 4,944,352 $ 6,222,208 $ (4,976,932 ) $ 6,189,628 LIABILITIES AND EQUITY Current liabilities Accounts payable $ — $ 8,837 $ — $ 8,837 Accounts payable – affiliates 33,093 200,770 (233,863 ) — Revenues and production taxes payable — 160,265 — 160,265 Accrued liabilities 34 128,207 — 128,241 Accrued interest payable 19,872 396 — 20,268 Derivative instruments — 14,627 — 14,627 Advances from joint interest partners — 6,838 — 6,838 Other current liabilities — 13,435 — 13,435 Total current liabilities 52,999 533,375 (233,863 ) 352,511 Long-term debt 1,937,879 368,000 — 2,305,879 Deferred income taxes — 764,261 (239,419 ) 524,842 Asset retirement obligations — 50,088 — 50,088 Other liabilities — 2,834 — 2,834 Total liabilities 1,990,878 1,718,558 (473,282 ) 3,236,154 Stockholders’ equity Capital contributions from affiliates — 3,392,248 (3,392,248 ) — Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding 2,344 — — 2,344 Treasury stock, at cost: 1,229,568 shares (21,369 ) — — (21,369 ) Additional paid-in-capital 2,354,485 8,743 (8,743 ) 2,354,485 Retained earnings 618,014 1,102,659 (1,102,659 ) 618,014 Total stockholders’ equity 2,953,474 4,503,650 (4,503,650 ) 2,953,474 Total liabilities and stockholders’ equity $ 4,944,352 $ 6,222,208 $ (4,976,932 ) $ 6,189,628 Condensed Consolidating Balance Sheet December 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) 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 EQUITY Current liabilities Accounts payable $ — $ 4,645 $ — $ 4,645 Accounts payable – affiliates 27,619 252,000 (279,619 ) — Revenue 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 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Revenues Oil and gas revenues $ — $ 237,252 $ — $ 237,252 Bulk oil sales — 27,631 — 27,631 Midstream revenues — 14,606 — 14,606 Well services revenues — 5,627 — 5,627 Total revenues — 285,116 — 285,116 Operating expenses Lease operating expenses — 43,872 — 43,872 Midstream operating expenses — 3,327 — 3,327 Well services operating expenses — 3,902 — 3,902 Marketing, transportation and gathering expenses — 10,951 — 10,951 Bulk oil purchases — 28,002 — 28,002 Production taxes — 20,299 — 20,299 Depreciation, depletion and amortization — 126,666 — 126,666 Exploration expenses — 1,489 — 1,489 Impairment — 2,682 — 2,682 General and administrative expenses 7,065 16,769 — 23,834 Total operating expenses 7,065 257,959 — 265,024 Operating income (loss) (7,065 ) 27,157 — 20,092 Other income (expense) Equity in earnings of subsidiaries 49,103 — (49,103 ) — Net gain on derivative instruments — 56,075 — 56,075 Interest expense, net of capitalized interest (32,851 ) (3,470 ) — (36,321 ) Other income — 16 — 16 Total other income (expense) 16,252 52,621 (49,103 ) 19,770 Income before income taxes 9,187 79,778 (49,103 ) 39,862 Income tax benefit (expense) 14,638 (30,675 ) — (16,037 ) Net income $ 23,825 $ 49,103 $ (49,103 ) $ 23,825 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Revenues Oil and gas revenues $ — $ 117,315 $ — $ 117,315 Midstream revenues — 6,983 — 6,983 Well services revenues — 5,985 — 5,985 Total revenues — 130,283 — 130,283 Operating expenses Lease operating expenses — 31,064 — 31,064 Midstream operating expenses — 1,738 — 1,738 Well services operating expenses — 2,651 — 2,651 Marketing, transportation and gathering expenses — 8,552 — 8,552 Production taxes — 10,753 — 10,753 Depreciation, depletion and amortization — 122,449 — 122,449 Exploration expenses — 363 — 363 Impairment — 3,562 — 3,562 General and administrative expenses 7,451 16,915 — 24,366 Total operating expenses 7,451 198,047 — 205,498 Operating loss (7,451 ) (67,764 ) — (75,215 ) Other income (expense) Equity in loss of subsidiaries (37,327 ) — 37,327 — Net gain on derivative instruments — 14,375 — 14,375 Interest expense, net of capitalized interest (34,832 ) (3,907 ) — (38,739 ) Gain on extinguishment of debt 7,016 — — 7,016 Other income 43 436 — 479 Total other income (expense) (65,100 ) 10,904 37,327 (16,869 ) Loss before income taxes (72,551 ) (56,860 ) 37,327 (92,084 ) Income tax benefit 8,096 19,533 — 27,629 Net loss $ (64,455 ) $ (37,327 ) $ 37,327 $ (64,455 ) Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Cash flows from operating activities: Net income $ 23,825 $ 49,103 $ (49,103 ) $ 23,825 Adjustments to reconcile net income to cash provided by operating activities: Equity in loss of subsidiaries (49,103 ) — 49,103 — Depreciation, depletion and amortization — 126,666 — 126,666 Impairment — 2,682 — 2,682 Deferred income taxes (14,638 ) 30,675 — 16,037 Derivative instruments — (56,075 ) — (56,075 ) Stock-based compensation expenses 6,498 210 — 6,708 Deferred financing costs amortization and other 3,665 1,275 — 4,940 Working capital and other changes: Change in accounts receivable 51,230 (27,952 ) (45,756 ) (22,478 ) Change in inventory — (3,679 ) — (3,679 ) Change in prepaid expenses (59 ) 341 — 282 Change in other current assets (2 ) (108 ) — (110 ) Change in other assets — (4 ) — (4 ) Change in accounts payable, interest payable and accrued liabilities (13,321 ) (26,375 ) 45,756 6,060 Change in other current liabilities — 2,945 — 2,945 Net cash provided by operating activities 8,095 99,704 — 107,799 Cash flows from investing activities: Capital expenditures — (96,047 ) — (96,047 ) Derivative settlements — (7,960 ) — (7,960 ) Advances from joint interest partners — (759 ) — (759 ) Net cash used in investing activities — (104,766 ) — (104,766 ) Cash flows from financing activities: Proceeds from revolving credit facility — 246,000 — 246,000 Principal payments on revolving credit facility — (241,000 ) — (241,000 ) Purchases of treasury stock (5,419 ) — — (5,419 ) Investment in / capital contributions from subsidiaries (2,610 ) 2,610 — — Other (55 ) — — (55 ) Net cash provided by (used in) financing activities (8,084 ) 7,610 — (474 ) Increase in cash and cash equivalents 11 2,548 — 2,559 Cash and cash equivalents at beginning of period 166 11,060 — 11,226 Cash and cash equivalents at end of period $ 177 $ 13,608 $ — $ 13,785 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Cash flows from operating activities: Net loss $ (64,455 ) $ (37,327 ) $ 37,327 $ (64,455 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Equity in earnings of subsidiaries 37,327 — (37,327 ) — Depreciation, depletion and amortization — 122,449 — 122,449 Gain on extinguishment of debt (7,016 ) — — (7,016 ) Impairment — 3,562 — 3,562 Deferred income taxes (8,096 ) (19,533 ) — (27,629 ) Derivative instruments — (14,375 ) — (14,375 ) Stock-based compensation expenses 6,547 183 — 6,730 Deferred financing costs amortization and other 1,701 3,365 — 5,066 Working capital and other changes: Change in accounts receivable (85 ) 96,353 (97,263 ) (995 ) Change in inventory — 349 — 349 Change in prepaid expenses 139 102 — 241 Change in other current assets — 4 — 4 Change in other assets 77 — — 77 Change in accounts payable, interest payable and accrued liabilities (122,242 ) (39,077 ) 97,263 (64,056 ) Change in other current liabilities — (6,000 ) — (6,000 ) Change in other liabilities — (3 ) — (3 ) Net cash provided by (used in) operating activities (156,103 ) 110,052 — (46,051 ) Cash flows from investing activities: Capital expenditures — (103,411 ) — (103,411 ) Derivative settlements — 73,313 — 73,313 Advances from joint interest partners — (257 ) — (257 ) Net cash used in investing activities — (30,355 ) — (30,355 ) Cash flows from financing activities: Proceeds from revolving credit facility — 214,000 — 214,000 Principal payments on revolving credit facility — (287,000 ) — (287,000 ) Repurchase of senior unsecured notes (22,308 ) — — (22,308 ) Deferred financing costs — (751 ) — (751 ) Proceeds from sale of common stock 183,164 — — 183,164 Purchases of treasury stock (1,032 ) — — (1,032 ) Investment in / capital contributions from subsidiaries (4,408 ) 4,408 — — Net cash provided by (used in) financing activities 155,416 (69,343 ) — 86,073 Increase (decrease) in cash and cash equivalents (687 ) 10,354 — 9,667 Cash and cash equivalents at beginning of period 777 8,953 — 9,730 Cash and cash equivalents at end of period $ 90 $ 19,307 $ — $ 19,397

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated the period after the balance sheet date, noting no subsequent events or transactions that required recognition or disclosure in the financial statements, other than as noted below. Derivative instruments. In April 2017 , the Company entered into a new swap for crude oil with a weighted average price of $54.12 per barrel. The commodity contract included a total notional amount of 668,000 barrels and 62,000 barrels, which settle based on WTI in 2018 and 2019 , respectively. This derivative instrument does not qualify for and was not designated as a hedging instrument for accounting purposes. Credit facility. On April 10, 2017 , the Company entered into an amendment to its Credit Facility in connection with the scheduled redetermination of the Company’s borrowing base. Following the redetermination, the borrowing base was increased to $1,600.0 million from $1,150.0 million ; however, the Company did not increase the elected commitments above the current amount of $1,150.0 million . The next redetermination of the Company’s borrowing base is scheduled for October 1, 2017.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company include the accounts of Oasis and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2016 is derived from audited financial statements. Certain reclassifications of prior year balances have been made to conform such amounts to current year classifications. These reclassifications have no impact on net income. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement, have been included. Management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (“ 2016 Annual Report”).
Risks and Uncertainties	Risks and Uncertainties As an oil and natural gas producer, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which are dependent upon numerous factors beyond its control such as economic, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that oil and natural gas prices will not be subject to wide fluctuations in the future. An extended period of low prices for oil and, to a lesser extent, natural gas could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.
Recent Accounting Pronouncements	Stock-based compensation. In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which updates several aspects of the accounting for share-based payment transactions, including recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. In accordance with the new guidance, the Company recorded a $2.7 million cumulative-effect adjustment to retained earnings on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2017 , which included recognition of excess tax benefits and deficiencies and the removal of the estimated forfeiture rate. ASU 2016-09 was applied on a modified retrospective basis and prior periods were not retrospectively adjusted. Inventory. In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the inventory measurement principle from lower of cost or market to lower of cost and net realizable value for entities using the first-in, first-out or average cost methods. ASU 2015-11 was applied on a prospective basis and prior periods were not retrospectively adjusted. There was no material impact as a result of adoption as of March 31, 2017 . Recent Accounting Pronouncements Revenue recognition. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. ASU 2014-09 also contains some new disclosure requirements under GAAP. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of the new revenue standard by one year, making it effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In 2016, the FASB issued additional accounting standards updates to clarify the implementation guidance of ASU 2014-09. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Financial instruments. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that most equity instruments be measured at fair value with subsequent changes in fair value recognized in net income. ASU 2016-01 also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. ASU 2016-01 does not apply to equity method investments or investments in consolidated subsidiaries. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Leases. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”), which requires a lessee to recognize lease payment obligations and a corresponding right-of-use asset to be measured at fair value on the balance sheet. ASU 2016-02 also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations. Statement of cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The adoption of this guidance will not impact the Company’s financial position or results of operations, but could result in presentation changes on the Company’s statement of cash flows. Business combinations. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”), which provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires entities to use a screen test to determine when an integrated set of assets and activities is not a business or if the integrated set of assets and activities needs to be further evaluated against the framework. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, cash flows and results of operations.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Components of Inventory	Inventory is stated at the lower of cost and net realizable value with cost determined on an average cost method. Inventory consists of the following: March 31, 2017 December 31, 2016 (In thousands) Crude oil inventory $ 10,302 $ 7,086 Equipment and materials 4,025 3,562 Total inventory $ 14,327 $ 10,648

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Fair value at March 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 141 $ — $ — $ 141 Commodity derivative instruments (see Note 5) — 6,841 — 6,841 Total assets $ 141 $ 6,841 $ — $ 6,982 Liabilities: Commodity derivative instruments (see Note 5) $ — $ 14,627 $ — $ 14,627 Total liabilities $ — $ 14,627 $ — $ 14,627 Fair value at December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 141 $ — $ — $ 141 Commodity derivative instruments (see Note 5) — 362 — 362 Total assets $ 141 $ 362 $ — $ 503 Liabilities: Commodity derivative instruments (see Note 5) $ — $ 72,183 $ — $ 72,183 Total liabilities $ — $ 72,183 $ — $ 72,183

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	At March 31, 2017 , the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Swap Sub-Floor Floor Ceiling (In thousands) Crude oil 2017 Swaps 5,225,000 Bbl $ 49.60 $ (9,309 ) Crude oil 2017 Two-way collar 2,200,000 Bbl $ 46.25 $ 54.37 (1,707 ) Crude oil 2017 Three-way collar 1,650,000 Bbl $ 31.67 $ 45.83 $ 59.94 562 Crude oil 2018 Swaps 2,440,000 Bbl $ 52.93 2,375 Crude oil 2018 Two-way collar 582,000 Bbl $ 48.40 $ 55.13 28 Crude oil 2018 Three-way collar 186,000 Bbl $ 31.67 $ 45.83 $ 59.94 58 Crude oil 2019 Swaps 155,000 Bbl $ 53.88 351 Crude oil 2019 Two-way collar 31,000 Bbl $ 50.00 $ 55.70 32 Natural gas 2017 Swaps 4,675,000 MMBtu $ 3.30 (55 ) Natural gas 2018 Swaps 3,650,000 MMBtu $ 3.00 (121 ) $ (7,786 )
Gains and Losses from Commodity Derivative Instruments	The following table summarizes the location and amounts of gains and losses from the Company’s commodity derivative instruments recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented: Three Months Ended March 31, Statement of Operations Location 2017 2016 (In thousands) Net gain on derivative instruments $ 56,075 $ 14,375
Summary of Gross and Net Information about Commodity Derivative Assets	The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheet: March 31, 2017 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 5,178 $ (2,152 ) $ 3,026 Commodity contracts Derivative instruments — non-current assets 5,148 (1,333 ) 3,815 Total derivatives assets $ 10,326 $ (3,485 ) $ 6,841 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 21,480 $ (6,853 ) $ 14,627 Total derivatives liabilities $ 21,480 $ (6,853 ) $ 14,627 December 31, 2016 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 482 $ (120 ) $ 362 Total derivatives assets $ 482 $ (120 ) $ 362 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 66,838 $ (6,369 ) $ 60,469 Commodity contracts Derivative instruments — non-current liabilities 14,164 (2,450 ) 11,714 Total derivatives liabilities $ 81,002 $ (8,819 ) $ 72,183
Summary of Gross and Net Information about Commodity Derivative Liabilities	The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheet: March 31, 2017 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 5,178 $ (2,152 ) $ 3,026 Commodity contracts Derivative instruments — non-current assets 5,148 (1,333 ) 3,815 Total derivatives assets $ 10,326 $ (3,485 ) $ 6,841 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 21,480 $ (6,853 ) $ 14,627 Total derivatives liabilities $ 21,480 $ (6,853 ) $ 14,627 December 31, 2016 Commodity Balance Sheet Location Gross Recognized Asset/Liabilities Gross Amount Offset Net Recognized Fair Value Asset/Liability (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current assets $ 482 $ (120 ) $ 362 Total derivatives assets $ 482 $ (120 ) $ 362 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 66,838 $ (6,369 ) $ 60,469 Commodity contracts Derivative instruments — non-current liabilities 14,164 (2,450 ) 11,714 Total derivatives liabilities $ 81,002 $ (8,819 ) $ 72,183

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The following table sets forth the Company’s property, plant and equipment: March 31, 2017 December 31, 2016 (In thousands) Proved oil and gas properties (1) $ 6,570,588 $ 6,476,833 Less: accumulated depreciation, depletion, amortization and impairment (2,009,356 ) (1,886,732 ) Proved oil and gas properties, net 4,561,232 4,590,101 Unproved oil and gas properties 819,711 819,735 Other property and equipment 632,318 618,790 Less: accumulated depreciation (116,780 ) (109,059 ) Other property and equipment, net 515,538 509,731 Total property, plant and equipment, net $ 5,896,481 $ 5,919,567 __________________ (1) Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of $43.0 million and $42.9 million at March 31, 2017 and December 31, 2016 , respectively.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consists of the following: March 31, 2017 December 31, 2016 (In thousands) Senior secured revolving line of credit $ 368,000 $ 363,000 Senior unsecured notes 7.25% senior unsecured notes due February 1, 2019 54,275 54,275 6.5% senior unsecured notes due November 1, 2021 395,501 395,501 6.875% senior unsecured notes due March 15, 2022 937,080 937,080 6.875% senior unsecured notes due January 15, 2023 366,094 366,094 2.625% senior unsecured convertible notes due September 15, 2023 300,000 300,000 Total principal of senior unsecured notes 2,052,950 2,052,950 Less: unamortized deferred financing costs on senior unsecured notes (26,958 ) (28,268 ) Less: unamortized debt discount on senior unsecured convertible notes (88,113 ) (90,468 ) Total long-term debt $ 2,305,879 $ 2,297,214

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2017 : (In thousands) Balance at December 31, 2016 $ 49,687 Liabilities incurred during period 351 Liabilities settled during period (89 ) Accretion expense during period (1) 655 Revisions to estimates (215 ) Balance at March 31, 2017 $ 50,389 ___________________ (1) Included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statement of Operations.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Based Compensation Assumptions	The following assumptions were used for the Monte Carlo model to determine the grant date fair value and associated stock-based compensation expense of the PSUs granted during the three months ended March 31, 2017 : Risk-free interest rate 1.18% - 1.66% Oasis volatility 17.16 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Weighted-Average Number of Shares Outstanding	The following is a calculation of the basic and diluted weighted average shares outstanding for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (In thousands) Basic weighted average common shares outstanding 233,068 162,922 Dilution effect of stock awards at end of period 3,238 — Dilution effect of senior convertible notes at end of period (1) 1,594 — Diluted weighted average common shares outstanding 237,900 162,922 __________________ (1) The Company issued its Senior Convertible Notes in September 2016 (see Note 7 – Long-Term Debt).
Schedule of Common Shares Excluded From Diluted Earnings (Loss) per Share Calculation	The following is a calculation of weighted average common shares excluded from diluted earnings (loss) per share due to the anti-dilutive effect: Three Months Ended March 31, 2017 2016 (In thousands) Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share due to net loss — 4,668 Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share calculated using the treasury stock method 2,884 —

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summarized Financial Information of Segments	The following table summarizes financial information for the Company’s three business segments for the periods presented: Exploration and Production Midstream Services Well Services Eliminations Consolidated (In thousands) Three months ended March 31, 2017: Revenues from non-affiliates $ 264,883 $ 14,606 $ 5,627 $ — $ 285,116 Inter-segment revenues — 23,035 15,352 (38,387 ) — Total revenues 264,883 37,641 20,979 (38,387 ) 285,116 Operating income (loss) 968 20,763 (3,592 ) 1,953 20,092 Other income (expense) 19,768 (2 ) 4 — 19,770 Income (loss) before income taxes $ 20,736 $ 20,761 $ (3,588 ) $ 1,953 $ 39,862 Three months ended March 31, 2016: Revenues from non-affiliates $ 117,315 $ 6,983 $ 5,985 $ — $ 130,283 Inter-segment revenues — 22,835 24,903 (47,738 ) — Total revenues 117,315 29,818 30,888 (47,738 ) 130,283 Operating income (loss) (88,877 ) 15,144 4,006 (5,488 ) (75,215 ) Other income (expense) (16,887 ) 13 5 — (16,869 ) Income (loss) before income taxes $ (105,764 ) $ 15,157 $ 4,011 $ (5,488 ) $ (92,084 ) At March 31, 2017: Property, plant and equipment, net $ 5,589,014 $ 433,867 $ 44,025 $ (170,425 ) $ 5,896,481 Total assets (1) 5,871,573 440,548 47,932 (170,425 ) 6,189,628 At December 31, 2016: Property, plant and equipment, net $ 5,620,558 $ 424,197 $ 47,189 $ (172,377 ) $ 5,919,567 Total assets (1) 5,868,747 431,095 51,167 (172,377 ) 6,178,632 ___________________ (1) Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.

Condensed Consolidating Finan32

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) ASSETS Current assets Cash and cash equivalents $ 177 $ 13,608 $ — $ 13,785 Accounts receivable, net — 226,427 — 226,427 Accounts receivable – affiliates 200,770 33,093 (233,863 ) — Inventory — 14,327 — 14,327 Prepaid expenses 334 6,842 — 7,176 Derivative instruments — 3,026 — 3,026 Other current assets 2 4,450 — 4,452 Total current assets 201,283 301,773 (233,863 ) 269,193 Property, plant and equipment Oil and gas properties (successful efforts method) — 7,390,299 — 7,390,299 Other property and equipment — 632,318 — 632,318 Less: accumulated depreciation, depletion, amortization and impairment — (2,126,136 ) — (2,126,136 ) Total property, plant and equipment, net — 5,896,481 — 5,896,481 Investments in and advances to subsidiaries 4,503,650 — (4,503,650 ) — Derivative instruments — 3,815 — 3,815 Deferred income taxes 239,419 — (239,419 ) — Other assets — 20,139 — 20,139 Total assets $ 4,944,352 $ 6,222,208 $ (4,976,932 ) $ 6,189,628 LIABILITIES AND EQUITY Current liabilities Accounts payable $ — $ 8,837 $ — $ 8,837 Accounts payable – affiliates 33,093 200,770 (233,863 ) — Revenues and production taxes payable — 160,265 — 160,265 Accrued liabilities 34 128,207 — 128,241 Accrued interest payable 19,872 396 — 20,268 Derivative instruments — 14,627 — 14,627 Advances from joint interest partners — 6,838 — 6,838 Other current liabilities — 13,435 — 13,435 Total current liabilities 52,999 533,375 (233,863 ) 352,511 Long-term debt 1,937,879 368,000 — 2,305,879 Deferred income taxes — 764,261 (239,419 ) 524,842 Asset retirement obligations — 50,088 — 50,088 Other liabilities — 2,834 — 2,834 Total liabilities 1,990,878 1,718,558 (473,282 ) 3,236,154 Stockholders’ equity Capital contributions from affiliates — 3,392,248 (3,392,248 ) — Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding 2,344 — — 2,344 Treasury stock, at cost: 1,229,568 shares (21,369 ) — — (21,369 ) Additional paid-in-capital 2,354,485 8,743 (8,743 ) 2,354,485 Retained earnings 618,014 1,102,659 (1,102,659 ) 618,014 Total stockholders’ equity 2,953,474 4,503,650 (4,503,650 ) 2,953,474 Total liabilities and stockholders’ equity $ 4,944,352 $ 6,222,208 $ (4,976,932 ) $ 6,189,628 Condensed Consolidating Balance Sheet December 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) 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 EQUITY Current liabilities Accounts payable $ — $ 4,645 $ — $ 4,645 Accounts payable – affiliates 27,619 252,000 (279,619 ) — Revenue 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
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations Three Months Ended March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Revenues Oil and gas revenues $ — $ 237,252 $ — $ 237,252 Bulk oil sales — 27,631 — 27,631 Midstream revenues — 14,606 — 14,606 Well services revenues — 5,627 — 5,627 Total revenues — 285,116 — 285,116 Operating expenses Lease operating expenses — 43,872 — 43,872 Midstream operating expenses — 3,327 — 3,327 Well services operating expenses — 3,902 — 3,902 Marketing, transportation and gathering expenses — 10,951 — 10,951 Bulk oil purchases — 28,002 — 28,002 Production taxes — 20,299 — 20,299 Depreciation, depletion and amortization — 126,666 — 126,666 Exploration expenses — 1,489 — 1,489 Impairment — 2,682 — 2,682 General and administrative expenses 7,065 16,769 — 23,834 Total operating expenses 7,065 257,959 — 265,024 Operating income (loss) (7,065 ) 27,157 — 20,092 Other income (expense) Equity in earnings of subsidiaries 49,103 — (49,103 ) — Net gain on derivative instruments — 56,075 — 56,075 Interest expense, net of capitalized interest (32,851 ) (3,470 ) — (36,321 ) Other income — 16 — 16 Total other income (expense) 16,252 52,621 (49,103 ) 19,770 Income before income taxes 9,187 79,778 (49,103 ) 39,862 Income tax benefit (expense) 14,638 (30,675 ) — (16,037 ) Net income $ 23,825 $ 49,103 $ (49,103 ) $ 23,825 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Revenues Oil and gas revenues $ — $ 117,315 $ — $ 117,315 Midstream revenues — 6,983 — 6,983 Well services revenues — 5,985 — 5,985 Total revenues — 130,283 — 130,283 Operating expenses Lease operating expenses — 31,064 — 31,064 Midstream operating expenses — 1,738 — 1,738 Well services operating expenses — 2,651 — 2,651 Marketing, transportation and gathering expenses — 8,552 — 8,552 Production taxes — 10,753 — 10,753 Depreciation, depletion and amortization — 122,449 — 122,449 Exploration expenses — 363 — 363 Impairment — 3,562 — 3,562 General and administrative expenses 7,451 16,915 — 24,366 Total operating expenses 7,451 198,047 — 205,498 Operating loss (7,451 ) (67,764 ) — (75,215 ) Other income (expense) Equity in loss of subsidiaries (37,327 ) — 37,327 — Net gain on derivative instruments — 14,375 — 14,375 Interest expense, net of capitalized interest (34,832 ) (3,907 ) — (38,739 ) Gain on extinguishment of debt 7,016 — — 7,016 Other income 43 436 — 479 Total other income (expense) (65,100 ) 10,904 37,327 (16,869 ) Loss before income taxes (72,551 ) (56,860 ) 37,327 (92,084 ) Income tax benefit 8,096 19,533 — 27,629 Net loss $ (64,455 ) $ (37,327 ) $ 37,327 $ (64,455 )
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Cash flows from operating activities: Net income $ 23,825 $ 49,103 $ (49,103 ) $ 23,825 Adjustments to reconcile net income to cash provided by operating activities: Equity in loss of subsidiaries (49,103 ) — 49,103 — Depreciation, depletion and amortization — 126,666 — 126,666 Impairment — 2,682 — 2,682 Deferred income taxes (14,638 ) 30,675 — 16,037 Derivative instruments — (56,075 ) — (56,075 ) Stock-based compensation expenses 6,498 210 — 6,708 Deferred financing costs amortization and other 3,665 1,275 — 4,940 Working capital and other changes: Change in accounts receivable 51,230 (27,952 ) (45,756 ) (22,478 ) Change in inventory — (3,679 ) — (3,679 ) Change in prepaid expenses (59 ) 341 — 282 Change in other current assets (2 ) (108 ) — (110 ) Change in other assets — (4 ) — (4 ) Change in accounts payable, interest payable and accrued liabilities (13,321 ) (26,375 ) 45,756 6,060 Change in other current liabilities — 2,945 — 2,945 Net cash provided by operating activities 8,095 99,704 — 107,799 Cash flows from investing activities: Capital expenditures — (96,047 ) — (96,047 ) Derivative settlements — (7,960 ) — (7,960 ) Advances from joint interest partners — (759 ) — (759 ) Net cash used in investing activities — (104,766 ) — (104,766 ) Cash flows from financing activities: Proceeds from revolving credit facility — 246,000 — 246,000 Principal payments on revolving credit facility — (241,000 ) — (241,000 ) Purchases of treasury stock (5,419 ) — — (5,419 ) Investment in / capital contributions from subsidiaries (2,610 ) 2,610 — — Other (55 ) — — (55 ) Net cash provided by (used in) financing activities (8,084 ) 7,610 — (474 ) Increase in cash and cash equivalents 11 2,548 — 2,559 Cash and cash equivalents at beginning of period 166 11,060 — 11,226 Cash and cash equivalents at end of period $ 177 $ 13,608 $ — $ 13,785 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Parent/ Issuer Combined Guarantor Subsidiaries Intercompany Eliminations Consolidated (In thousands) Cash flows from operating activities: Net loss $ (64,455 ) $ (37,327 ) $ 37,327 $ (64,455 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Equity in earnings of subsidiaries 37,327 — (37,327 ) — Depreciation, depletion and amortization — 122,449 — 122,449 Gain on extinguishment of debt (7,016 ) — — (7,016 ) Impairment — 3,562 — 3,562 Deferred income taxes (8,096 ) (19,533 ) — (27,629 ) Derivative instruments — (14,375 ) — (14,375 ) Stock-based compensation expenses 6,547 183 — 6,730 Deferred financing costs amortization and other 1,701 3,365 — 5,066 Working capital and other changes: Change in accounts receivable (85 ) 96,353 (97,263 ) (995 ) Change in inventory — 349 — 349 Change in prepaid expenses 139 102 — 241 Change in other current assets — 4 — 4 Change in other assets 77 — — 77 Change in accounts payable, interest payable and accrued liabilities (122,242 ) (39,077 ) 97,263 (64,056 ) Change in other current liabilities — (6,000 ) — (6,000 ) Change in other liabilities — (3 ) — (3 ) Net cash provided by (used in) operating activities (156,103 ) 110,052 — (46,051 ) Cash flows from investing activities: Capital expenditures — (103,411 ) — (103,411 ) Derivative settlements — 73,313 — 73,313 Advances from joint interest partners — (257 ) — (257 ) Net cash used in investing activities — (30,355 ) — (30,355 ) Cash flows from financing activities: Proceeds from revolving credit facility — 214,000 — 214,000 Principal payments on revolving credit facility — (287,000 ) — (287,000 ) Repurchase of senior unsecured notes (22,308 ) — — (22,308 ) Deferred financing costs — (751 ) — (751 ) Proceeds from sale of common stock 183,164 — — 183,164 Purchases of treasury stock (1,032 ) — — (1,032 ) Investment in / capital contributions from subsidiaries (4,408 ) 4,408 — — Net cash provided by (used in) financing activities 155,416 (69,343 ) — 86,073 Increase (decrease) in cash and cash equivalents (687 ) 10,354 — 9,667 Cash and cash equivalents at beginning of period 777 8,953 — 9,730 Cash and cash equivalents at end of period $ 90 $ 19,307 $ — $ 19,397

Inventory- Schedule of Inventor

Inventory- Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory
Crude oil inventory	$ 10,302	$ 7,086
Equipment and materials	4,025	3,562
Total inventory	$ 14,327	$ 10,648

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Total assets	$ 6,982	$ 503
Liabilities:
Total liabilities	14,627	72,183
Money market funds [Member]
Assets:
Total assets	141	141
Commodity derivative instruments [Member]
Assets:
Total assets	6,841	362
Liabilities:
Total liabilities	14,627	72,183
Level 1 [Member]
Assets:
Total assets	141	141
Liabilities:
Total liabilities	0
Level 1 [Member] | Money market funds [Member]
Assets:
Total assets	141	141
Level 1 [Member] | Commodity derivative instruments [Member]
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0
Level 2 [Member]
Assets:
Total assets	6,841	362
Liabilities:
Total liabilities	14,627	72,183
Level 2 [Member] | Money market funds [Member]
Assets:
Total assets	0	0
Level 2 [Member] | Commodity derivative instruments [Member]
Assets:
Total assets	6,841	362
Liabilities:
Total liabilities	14,627	72,183
Level 3 [Member]
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 [Member] | Money market funds [Member]
Assets:
Total assets	0	0
Level 3 [Member] | Commodity derivative instruments [Member]
Assets:
Total assets	0	0
Liabilities:
Total liabilities	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Derivative credit risk valuation adjustment, derivative assets	$ 0.2	$ 2

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)MMBTU$ / bbl$ / MMBTUbbl
Oil [Member]
Derivative [Line Items]
Fair value asset (liability) | $	$ (7,786)
2017 Swaps [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	5,225
Average swap price (in dollars per barrel)	49.60
Fair value asset (liability) | $	$ (9,309)
2017 Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | MMBTU	4,675
Average swap price (in dollars per barrel) | $ / MMBTU	3.30
Fair value asset (liability) | $	$ (55)
2017 Two Way Collars [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	2,200
Average floor price (in dollars per barrel)	46.25
Average ceiling price (in dollars per barrel)	54.37
Fair value asset (liability) | $	$ (1,707)
2017 Three Way Collars [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	1,650
Average sub-floor price (in dollars per barrel)	31.67
Average floor price (in dollars per barrel)	45.83
Average ceiling price (in dollars per barrel)	59.94
Fair value asset (liability) | $	$ 562
2018 Swaps [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	2,440
Average swap price (in dollars per barrel)	52.93
Fair value asset (liability) | $	$ 2,375
2018 Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | MMBTU	3,650
Average swap price (in dollars per barrel) | $ / MMBTU	3
Fair value asset (liability) | $	$ (121)
2018 Two Way Collars [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	582
Average floor price (in dollars per barrel)	48.40
Average ceiling price (in dollars per barrel)	55.13
Fair value asset (liability) | $	$ 28
2018 Three Way Collars [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	186
Average sub-floor price (in dollars per barrel)	31.67
Average floor price (in dollars per barrel)	45.83
Average ceiling price (in dollars per barrel)	59.94
Fair value asset (liability) | $	$ 58
2019 Swaps [Member]
Derivative [Line Items]
Average swap price (in dollars per barrel)	53.88
2019 Swaps [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	155
Fair value asset (liability) | $	$ 351
2019 Two-way Collars [Member] | Oil [Member]
Derivative [Line Items]
Total ntional amount of oil (in Bbls) | bbl	31
Average floor price (in dollars per barrel)	50
Average ceiling price (in dollars per barrel)	55.70
Fair value asset (liability) | $	$ 32

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain on derivative instruments	$ 56,075	$ 14,375

Derivative Instruments - Sche38

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	$ 10,326	$ 482
Derivative liability, gross amount recognized	21,480	81,002
Derivative asset, gross amounts offset	(3,485)	(120)
Derivative liability, gross amounts offset	(6,853)	(8,819)
Derivative asset, net asset	6,841	362
Derivative liability, net liability	14,627	72,183
Current Assets [Member] | Commodity derivative instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	5,178	482
Derivative asset, gross amounts offset	(2,152)	(120)
Derivative asset, net asset	3,026	362
Noncurrent Assets [Member] | Commodity derivative instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	5,148
Derivative asset, gross amounts offset	(1,333)
Derivative asset, net asset	3,815
Current Liabilities [Member] | Commodity derivative instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	21,480	66,838
Derivative liability, gross amounts offset	(6,853)	(6,369)
Derivative liability, net liability	$ 14,627	60,469
Noncurrent Liabilities [Member] | Commodity derivative instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized		14,164
Derivative liability, gross amounts offset		(2,450)
Derivative liability, net liability		$ 11,714

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	[1]	$ 6,570,588	$ 6,476,833
Less: accumulated depreciation, depletion, amortization and impairment		(2,009,356)	(1,886,732)
Proved oil and gas properties, net		4,561,232	4,590,101
Unproved oil and gas properties		819,711	819,735
Other property and equipment		632,318	618,790
Less: accumulated depreciation		(116,780)	(109,059)
Other property and equipment, net		515,538	509,731
Total property, plant and equipment, net		$ 5,896,481	$ 5,919,567
[1]	Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of $43.0 million and $42.9 million at March 31, 2017 and December 31, 2016, respectively.

Property, Plant and Equipment P

Property, Plant and Equipment Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Asset retirement costs	$ 43	$ 42.9

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Debt Instrument [Line Items]
Total long-term debt	$ 2,305,879	$ 2,297,214
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total principal of senior unsecured notes and revolving line of credit	368,000	363,000
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Total principal of senior unsecured notes and revolving line of credit	2,052,950	2,052,950
Less: unamortized deferred financing costs on senior unsecured notes	$ (26,958)	(28,268)
Senior Unsecured Debt [Member] | 7.25% senior unsecured notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	7.25%
Total principal of senior unsecured notes and revolving line of credit	$ 54,275	54,275
Senior Unsecured Debt [Member] | 6.5% senior unsecured notes due November 1, 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.50%
Total principal of senior unsecured notes and revolving line of credit	$ 395,501	395,501
Senior Unsecured Debt [Member] | 6.875% senior unsecured notes due March 15, 2022 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.875%
Total principal of senior unsecured notes and revolving line of credit	$ 937,080	937,080
Senior Unsecured Debt [Member] | 6.875% senior unsecured notes due January 15, 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.875%
Total principal of senior unsecured notes and revolving line of credit	$ 366,094	366,094
Senior Unsecured Debt [Member] | 2.625% senior convertible notes due September 15, 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.625%		2.625%
Total principal of senior unsecured notes and revolving line of credit	$ 300,000	300,000
Less: unamortized debt discount on senior unsecured convertible notes	$ (88,113)	$ (90,468)	$ (93,200)

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2016USD ($)day$ / shares	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 2,305,879,000		$ 2,297,214,000
Total long-term debt		2,305,879,000		2,297,214,000
Repurchase of senior unsecured debt		0	$ 22,308,000
Gain (loss) on extinguishment of debt		$ 0	$ 7,016,000
Ownership percentage, guarantors (as percent)		100.00%
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value		$ 2,187,100,000
Line of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		10,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility amount		2,500,000,000
Line of credit facility, remaining borrowing capacity		$ 772,000,000
Weighted average interest rate (as percent)		2.50%
Commitment fee percentage		0.375%
Long-term debt, gross		$ 368,000,000		363,000,000
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		368,000,000
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross		2,052,950,000		2,052,950,000
Debt issuance costs		26,958,000		28,268,000
Senior Unsecured Debt [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term debt		2,053,000,000
Senior Unsecured Debt [Member] | Notes [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 1,753,000,000
Senior Unsecured Debt [Member] | Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.50%
Senior Unsecured Debt [Member] | Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)		7.25%
Senior Unsecured Debt [Member] | 7.25% senior unsecured notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Number of days required for unsecured noted to be retired or refinanced prior to maturity		90 days
Stated interest rate (as percent)		7.25%
Long-term debt, gross		$ 54,275,000		54,275,000
Senior Unsecured Debt [Member] | 6.5% senior unsecured notes due November 1, 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.50%
Long-term debt, gross		$ 395,501,000		395,501,000
Senior Unsecured Debt [Member] | 6.875% senior unsecured notes due March 15, 2022 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.875%
Long-term debt, gross		$ 937,080,000		937,080,000
Senior Unsecured Debt [Member] | 2.625% senior convertible notes due September 15, 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.625%	2.625%
Long-term debt, gross		$ 300,000,000		300,000,000
Debt issued	$ 300,000,000
Debt conversion rate per $1000 principal (in shares per $1000)	76.3650
Debt conversion price (in dollars per share) | $ / shares	$ 13.10
Debt instrument effective interest rate (percent)	8.97%
Estimated fair value of debt	$ 206,800,000
Debt discount	$ 93,200,000	$ 88,113,000		$ 90,468,000
Debt Conversion Scenario 1 [Member] | Senior Unsecured Debt [Member] | 2.625% senior convertible notes due September 15, 2023 [Member]
Debt Instrument [Line Items]
Number of trading days | day	20
Number of consecutive trading days	30 days
Stock price relative to conversion price (percent)	130.00%
Debt Conversion Scenario 2 [Member] | Senior Unsecured Debt [Member] | 2.625% senior convertible notes due September 15, 2023 [Member]
Debt Instrument [Line Items]
Number of trading days | day	5
Number of consecutive trading days	5 days
Stock price relative to product of sale price and conversion rate (percent)	98.00%

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at December 31, 2016	$ 49,687
Liabilities incurred during period	351
Liabilities settled during period	(89)
Accretion expense during period	655	[1]
Revisions to estimates	(215)
Balance at March 31, 2017	$ 50,389
[1]	Included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statement of Operations.

Asset Retirement Obligations 44

Asset Retirement Obligations - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Total asset retirement obligations, current portion	$ 0.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	40.20%	30.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)day$ / sharesshares	Mar. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expenses | $	$ 6,708	$ 6,730
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock granted (in shares) | shares	1,551,560
Granted, weighted average grant date fair value per unit (in usd per share) | $ / shares	$ 15.35
Stock-based compensation expenses | $	$ 5,400	5,800
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares) | shares	509,800
Granted, weighted average grant date fair value per unit (in usd per share) | $ / shares	$ 16.89
Stock-based compensation expenses | $	$ 1,300	$ 900
Right to received shares of common stock (in shares) | shares	1
Number of trading days | day	30
Performance Share Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU granted percentage of earnings (as a percent)	0.00%
Performance Share Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU granted percentage of earnings (as a percent)	200.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Assumptions (Details) - Performance Share Units [Member]	3 Months Ended
	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility assumption, volume weighted average stock price	30 days
Oasis stock price volatility (as percent)	17.16%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (as percent)	1.18%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (as percent)	1.66%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Weighted-Average Number of Shares Outstanding (Details) - shares shares in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic weighted average common shares outstanding (in shares)		233,068	162,922
Diluted weighted average common shares outstanding (in shares)		237,900	162,922
Convertible Debt [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilution effect of stock awards at end of period (in shares)	[1]	1,594	0
Stock Awards [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilution effect of stock awards at end of period (in shares)		3,238	0
[1]	The Company issued its Senior Convertible Notes in September 2016 (see Note 7 – Long-Term Debt).

Earnings (Loss) Per Share - S49

Earnings (Loss) Per Share - Schedule of Common Shares Excluded from Diluted Earnings (Loss) per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Document Fiscal Year Focus	2,017
Anti-dilutive stock-based compensation awards (in shares)	2,884
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock-based compensation awards (in shares)		4,668

Business Segment Information -

Business Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Number of current operating units	3

Business Segment Information 51

Business Segment Information - Summarized Financial Information of Segments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues		$ 285,116	$ 130,283
Operating income (loss)		20,092	(75,215)
Other income (expense)		19,770	(16,869)
Income (loss) before income taxes		39,862	(92,084)
Property, plant and equipment, net		5,896,481		$ 5,919,567
Total assets	[1]	6,189,628		6,178,632
Exploration and Production [Member]
Segment Reporting Information [Line Items]
Total revenues		264,883	117,315
Midstream Services [Member]
Segment Reporting Information [Line Items]
Total revenues		37,641	29,818
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues		20,979	30,888
Operating Segments [Member] | Exploration and Production [Member]
Segment Reporting Information [Line Items]
Total revenues		264,883	117,315
Operating income (loss)		968	(88,877)
Other income (expense)		19,768	(16,887)
Income (loss) before income taxes		20,736	(105,764)
Property, plant and equipment, net		5,589,014		5,620,558
Total assets	[1]	5,871,573		5,868,747
Operating Segments [Member] | Midstream Services [Member]
Segment Reporting Information [Line Items]
Total revenues		14,606	6,983
Operating income (loss)		20,763	15,144
Other income (expense)		(2)	13
Income (loss) before income taxes		20,761	15,157
Property, plant and equipment, net		433,867		424,197
Total assets	[1]	440,548		431,095
Operating Segments [Member] | Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues		5,627	5,985
Operating income (loss)		(3,592)	4,006
Other income (expense)		4	5
Income (loss) before income taxes		(3,588)	4,011
Property, plant and equipment, net		44,025		47,189
Total assets	[1]	47,932		51,167
Segment Reconciling Items [Member] | Exploration and Production [Member]
Segment Reporting Information [Line Items]
Total revenues		0	0
Segment Reconciling Items [Member] | Midstream Services [Member]
Segment Reporting Information [Line Items]
Total revenues		23,035	22,835
Segment Reconciling Items [Member] | Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues		15,352	24,903
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues		(38,387)	(47,738)
Operating income (loss)		1,953	(5,488)
Other income (expense)		0	0
Income (loss) before income taxes		1,953	$ (5,488)
Property, plant and equipment, net		(170,425)		(172,377)
Total assets	[1]	$ (170,425)		$ (172,377)
[1]	Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 23, 2017USD ($)
Mirada Litigation [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Damages sought (in excess of)	$ 100

Condensed Consolidating Finan53

Condensed Consolidating Financial Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage, guarantors (as percent)	100.00%

Condensed Consolidating Finan54

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents		$ 13,785	$ 11,226	$ 19,397	$ 9,730
Accounts receivable, net		226,427	204,335
Accounts receivable – affiliates		0	0
Inventory		14,327	10,648
Prepaid expenses		7,176	7,623
Derivative instruments		3,026	362
Other current assets		4,452	4,355
Total current assets		269,193	238,549
Property, plant and equipment
Oil and gas properties (successful efforts method)		7,390,299	7,296,568
Other property and equipment		632,318	618,790
Less: accumulated depreciation, depletion, amortization and impairment		(2,126,136)	(1,995,791)
Total property, plant and equipment, net		5,896,481	5,919,567
Assets held for sale			0
Investments in and advances to subsidiaries		0	0
Derivative instruments		3,815	0
Deferred income taxes		0	0
Other assets		20,139	20,516
Total assets	[1]	6,189,628	6,178,632
Current liabilities
Accounts payable		8,837	4,645
Accounts payable – affiliates		0	0
Revenues and production taxes payable		160,265	139,737
Accrued liabilities		128,241	119,173
Accrued interest payable		20,268	39,004
Derivative instruments		14,627	60,469
Advances from joint interest partners		6,838	7,597
Other current liabilities		13,435	10,490
Total current liabilities		352,511	381,115
Long-term debt		2,305,879	2,297,214
Deferred income taxes		524,842	513,529
Asset retirement obligations		50,088	48,985
Derivative instruments		0	11,714
Other liabilities		2,834	2,918
Total liabilities		3,236,154	3,255,475
Stockholders’ equity
Capital contributions from affiliates		0	0
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016		2,344	2,331
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively		(21,369)	(15,950)
Additional paid-in capital		2,354,485	2,345,271
Retained earnings		618,014	591,505
Total stockholders’ equity		2,953,474	2,923,157
Total liabilities and stockholders’ equity		6,189,628	6,178,632
Intercompany Eliminations [Member]
Current assets
Cash and cash equivalents		0	0	0	0
Accounts receivable, net		0	0
Accounts receivable – affiliates		(233,863)	(279,619)
Inventory		0	0
Prepaid expenses		0	0
Derivative instruments		0	0
Other current assets		0	0
Total current assets		(233,863)	(279,619)
Property, plant and equipment
Oil and gas properties (successful efforts method)		0	0
Other property and equipment		0	0
Less: accumulated depreciation, depletion, amortization and impairment		0	0
Total property, plant and equipment, net		0	0
Assets held for sale			0
Investments in and advances to subsidiaries		(4,503,650)	(4,451,192)
Derivative instruments		0
Deferred income taxes		(239,419)	(220,058)
Other assets		0	0
Total assets		(4,976,932)	(4,950,869)
Current liabilities
Accounts payable		0	0
Accounts payable – affiliates		(233,863)	(279,619)
Revenues and production taxes payable		0	0
Accrued liabilities		0	0
Accrued interest payable		0	0
Derivative instruments		0	0
Advances from joint interest partners		0	0
Other current liabilities		0	0
Total current liabilities		(233,863)	(279,619)
Long-term debt		0	0
Deferred income taxes		(239,419)	(220,058)
Asset retirement obligations		0	0
Derivative instruments			0
Other liabilities		0	0
Total liabilities		(473,282)	(499,677)
Stockholders’ equity
Capital contributions from affiliates		(3,392,248)	(3,388,893)
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016		0	0
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively		0	0
Additional paid-in capital		(8,743)	(8,743)
Retained earnings		(1,102,659)	(1,053,556)
Total stockholders’ equity		(4,503,650)	(4,451,192)
Total liabilities and stockholders’ equity		(4,976,932)	(4,950,869)
Parent/Issuer [Member]
Current assets
Cash and cash equivalents		177	166	90	777
Accounts receivable, net		0	0
Accounts receivable – affiliates		200,770	252,000
Inventory		0	0
Prepaid expenses		334	275
Derivative instruments		0	0
Other current assets		2	0
Total current assets		201,283	252,441
Property, plant and equipment
Oil and gas properties (successful efforts method)		0	0
Other property and equipment		0	0
Less: accumulated depreciation, depletion, amortization and impairment		0	0
Total property, plant and equipment, net		0	0
Assets held for sale			0
Investments in and advances to subsidiaries		4,503,650	4,451,192
Derivative instruments		0
Deferred income taxes		239,419	220,058
Other assets		0	0
Total assets		4,944,352	4,923,691
Current liabilities
Accounts payable		0	0
Accounts payable – affiliates		33,093	27,619
Revenues and production taxes payable		0	0
Accrued liabilities		34	12
Accrued interest payable		19,872	38,689
Derivative instruments		0	0
Advances from joint interest partners		0	0
Other current liabilities		0	0
Total current liabilities		52,999	66,320
Long-term debt		1,937,879	1,934,214
Deferred income taxes		0	0
Asset retirement obligations		0	0
Derivative instruments			0
Other liabilities		0	0
Total liabilities		1,990,878	2,000,534
Stockholders’ equity
Capital contributions from affiliates		0	0
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016		2,344	2,331
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively		(21,369)	(15,950)
Additional paid-in capital		2,354,485	2,345,271
Retained earnings		618,014	591,505
Total stockholders’ equity		2,953,474	2,923,157
Total liabilities and stockholders’ equity		4,944,352	4,923,691
Combined Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents		13,608	11,060	$ 19,307	$ 8,953
Accounts receivable, net		226,427	204,335
Accounts receivable – affiliates		33,093	27,619
Inventory		14,327	10,648
Prepaid expenses		6,842	7,348
Derivative instruments		3,026	362
Other current assets		4,450	4,355
Total current assets		301,773	265,727
Property, plant and equipment
Oil and gas properties (successful efforts method)		7,390,299	7,296,568
Other property and equipment		632,318	618,790
Less: accumulated depreciation, depletion, amortization and impairment		(2,126,136)	(1,995,791)
Total property, plant and equipment, net		5,896,481	5,919,567
Assets held for sale			0
Investments in and advances to subsidiaries		0	0
Derivative instruments		3,815
Deferred income taxes		0	0
Other assets		20,139	20,516
Total assets		6,222,208	6,205,810
Current liabilities
Accounts payable		8,837	4,645
Accounts payable – affiliates		200,770	252,000
Revenues and production taxes payable		160,265	139,737
Accrued liabilities		128,207	119,161
Accrued interest payable		396	315
Derivative instruments		14,627	60,469
Advances from joint interest partners		6,838	7,597
Other current liabilities		13,435	10,490
Total current liabilities		533,375	594,414
Long-term debt		368,000	363,000
Deferred income taxes		764,261	733,587
Asset retirement obligations		50,088	48,985
Derivative instruments			11,714
Other liabilities		2,834	2,918
Total liabilities		1,718,558	1,754,618
Stockholders’ equity
Capital contributions from affiliates		3,392,248	3,388,893
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016		0	0
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively		0	0
Additional paid-in capital		8,743	8,743
Retained earnings		1,102,659	1,053,556
Total stockholders’ equity		4,503,650	4,451,192
Total liabilities and stockholders’ equity		$ 6,222,208	$ 6,205,810
[1]	Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.

Condensed Consolidating Finan55

Condensed Consolidating Financial Information Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet - Additional Information (Details) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	238,691,038	237,201,064
Common stock, shares outstanding (in shares)	237,461,470	236,344,172
Treasury stock, shares (in shares)	1,229,568	856,892

Condensed Consolidating Finan56

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Oil and gas revenues	$ 237,252	$ 117,315
Bulk oil sales	27,631	0
Midstream revenues	14,606	6,983
Well services revenues	5,627	5,985
Total revenues	285,116	130,283
Operating expenses
Lease operating expenses	43,872	31,064
Midstream operating expenses	3,327	1,738
Well services operating expenses	3,902	2,651
Marketing, transportation and gathering expenses	10,951	8,552
Bulk oil purchases	28,002	0
Production taxes	20,299	10,753
Depreciation, depletion and amortization	126,666	122,449
Exploration expenses	1,489	363
Impairment	2,682	3,562
General and administrative expenses	23,834	24,366
Total operating expenses	265,024	205,498
Operating income (loss)	20,092	(75,215)
Other income (expense)
Equity in earnings of subsidiaries	0	0
Net gain (loss) on derivative instruments	56,075	14,375
Interest expense, net of capitalized interest	(36,321)	(38,739)
Gain on extinguishment of debt	0	7,016
Other income	16	479
Total other income (expense)	19,770	(16,869)
Income (loss) before income taxes	39,862	(92,084)
Income tax benefit	(16,037)	27,629
Net income (loss)	23,825	(64,455)
Intercompany Eliminations [Member]
Revenues
Oil and gas revenues	0	0
Bulk oil sales	0
Midstream revenues	0	0
Well services revenues	0	0
Total revenues	0	0
Operating expenses
Lease operating expenses	0	0
Midstream operating expenses	0	0
Well services operating expenses	0	0
Marketing, transportation and gathering expenses	0	0
Bulk oil purchases	0
Production taxes	0	0
Depreciation, depletion and amortization	0	0
Exploration expenses	0	0
Impairment	0	0
General and administrative expenses	0	0
Total operating expenses	0	0
Operating income (loss)	0	0
Other income (expense)
Equity in earnings of subsidiaries	(49,103)	37,327
Net gain (loss) on derivative instruments	0	0
Interest expense, net of capitalized interest	0	0
Gain on extinguishment of debt		0
Other income	0	0
Total other income (expense)	(49,103)	37,327
Income (loss) before income taxes	(49,103)	37,327
Income tax benefit	0	0
Net income (loss)	(49,103)	37,327
Parent/Issuer [Member]
Revenues
Oil and gas revenues	0	0
Bulk oil sales	0
Midstream revenues	0	0
Well services revenues	0	0
Total revenues	0	0
Operating expenses
Lease operating expenses	0	0
Midstream operating expenses	0	0
Well services operating expenses	0	0
Marketing, transportation and gathering expenses	0	0
Bulk oil purchases	0
Production taxes	0	0
Depreciation, depletion and amortization	0	0
Exploration expenses	0	0
Impairment	0	0
General and administrative expenses	7,065	7,451
Total operating expenses	7,065	7,451
Operating income (loss)	(7,065)	(7,451)
Other income (expense)
Equity in earnings of subsidiaries	49,103	(37,327)
Net gain (loss) on derivative instruments	0	0
Interest expense, net of capitalized interest	(32,851)	(34,832)
Gain on extinguishment of debt		7,016
Other income	0	43
Total other income (expense)	16,252	(65,100)
Income (loss) before income taxes	9,187	(72,551)
Income tax benefit	14,638	8,096
Net income (loss)	23,825	(64,455)
Combined Guarantor Subsidiaries [Member]
Revenues
Oil and gas revenues	237,252	117,315
Bulk oil sales	27,631
Midstream revenues	14,606	6,983
Well services revenues	5,627	5,985
Total revenues	285,116	130,283
Operating expenses
Lease operating expenses	43,872	31,064
Midstream operating expenses	3,327	1,738
Well services operating expenses	3,902	2,651
Marketing, transportation and gathering expenses	10,951	8,552
Bulk oil purchases	28,002
Production taxes	20,299	10,753
Depreciation, depletion and amortization	126,666	122,449
Exploration expenses	1,489	363
Impairment	2,682	3,562
General and administrative expenses	16,769	16,915
Total operating expenses	257,959	198,047
Operating income (loss)	27,157	(67,764)
Other income (expense)
Equity in earnings of subsidiaries	0	0
Net gain (loss) on derivative instruments	56,075	14,375
Interest expense, net of capitalized interest	(3,470)	(3,907)
Gain on extinguishment of debt		0
Other income	16	436
Total other income (expense)	52,621	10,904
Income (loss) before income taxes	79,778	(56,860)
Income tax benefit	(30,675)	19,533
Net income (loss)	$ 49,103	$ (37,327)

Condensed Consolidating Finan57

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 23,825	$ (64,455)
Adjustments to reconcile net income to cash provided by operating activities:
Equity in loss of subsidiaries	0	0
Depreciation, depletion and amortization	126,666	122,449
Gain on extinguishment of debt	0	(7,016)
Impairment	2,682	3,562
Deferred income taxes	16,037	(27,629)
Derivative instruments	(56,075)	(14,375)
Stock-based compensation expenses	6,708	6,730
Deferred financing costs amortization and other	4,940	5,066
Working capital and other changes:
Change in accounts receivable	(22,478)	(995)
Change in inventory	(3,679)	349
Change in prepaid expenses	282	241
Change in other current assets	(110)	4
Change in other assets	(4)	77
Change in accounts payable, interest payable and accrued liabilities	6,060	(64,056)
Change in other current liabilities	2,945	(6,000)
Change in other liabilities	0	(3)
Net cash provided by (used in) operating activities	107,799	(46,051)
Cash flows from investing activities:
Capital expenditures	(96,047)	(103,411)
Derivative settlements	(7,960)	73,313
Advances from joint interest partners	(759)	(257)
Net cash used in investing activities	(104,766)	(30,355)
Cash flows from financing activities:
Proceeds from revolving credit facility	246,000	214,000
Principal payments on revolving credit facility	(241,000)	(287,000)
Repurchase of senior unsecured notes	0	(22,308)
Deferred financing costs	0	(751)
Proceeds from sale of common stock	0	183,164
Purchases of treasury stock	(5,419)	(1,032)
Investment in / capital contributions from subsidiaries	0	0
Other	(55)	0
Net cash provided by (used in) financing activities	(474)	86,073
Increase in cash and cash equivalents	2,559	9,667
Beginning of period	11,226	9,730
End of period	13,785	19,397
Intercompany Eliminations [Member]
Cash flows from operating activities:
Net income (loss)	(49,103)	37,327
Adjustments to reconcile net income to cash provided by operating activities:
Equity in loss of subsidiaries	49,103	(37,327)
Depreciation, depletion and amortization	0	0
Gain on extinguishment of debt		0
Impairment	0	0
Deferred income taxes	0	0
Derivative instruments	0	0
Stock-based compensation expenses	0	0
Deferred financing costs amortization and other	0	0
Working capital and other changes:
Change in accounts receivable	(45,756)	(97,263)
Change in inventory	0	0
Change in prepaid expenses	0	0
Change in other current assets	0	0
Change in other assets	0	0
Change in accounts payable, interest payable and accrued liabilities	45,756	97,263
Change in other current liabilities	0	0
Change in other liabilities		0
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Derivative settlements	0	0
Advances from joint interest partners	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from revolving credit facility	0	0
Principal payments on revolving credit facility	0	0
Repurchase of senior unsecured notes		0
Deferred financing costs		0
Proceeds from sale of common stock		0
Purchases of treasury stock	0	0
Investment in / capital contributions from subsidiaries	0	0
Other	0
Net cash provided by (used in) financing activities	0	0
Increase in cash and cash equivalents	0	0
Beginning of period	0	0
End of period	0	0
Parent/Issuer [Member]
Cash flows from operating activities:
Net income (loss)	23,825	(64,455)
Adjustments to reconcile net income to cash provided by operating activities:
Equity in loss of subsidiaries	(49,103)	37,327
Depreciation, depletion and amortization	0	0
Gain on extinguishment of debt		(7,016)
Impairment	0	0
Deferred income taxes	(14,638)	(8,096)
Derivative instruments	0	0
Stock-based compensation expenses	6,498	6,547
Deferred financing costs amortization and other	3,665	1,701
Working capital and other changes:
Change in accounts receivable	51,230	(85)
Change in inventory	0	0
Change in prepaid expenses	(59)	139
Change in other current assets	(2)	0
Change in other assets	0	77
Change in accounts payable, interest payable and accrued liabilities	(13,321)	(122,242)
Change in other current liabilities	0	0
Change in other liabilities		0
Net cash provided by (used in) operating activities	8,095	(156,103)
Cash flows from investing activities:
Capital expenditures	0	0
Derivative settlements	0	0
Advances from joint interest partners	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from revolving credit facility	0	0
Principal payments on revolving credit facility	0	0
Repurchase of senior unsecured notes		(22,308)
Deferred financing costs		0
Proceeds from sale of common stock		183,164
Purchases of treasury stock	(5,419)	(1,032)
Investment in / capital contributions from subsidiaries	(2,610)	(4,408)
Other	(55)
Net cash provided by (used in) financing activities	(8,084)	155,416
Increase in cash and cash equivalents	11	(687)
Beginning of period	166	777
End of period	177	90
Combined Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income (loss)	49,103	(37,327)
Adjustments to reconcile net income to cash provided by operating activities:
Equity in loss of subsidiaries	0	0
Depreciation, depletion and amortization	126,666	122,449
Gain on extinguishment of debt		0
Impairment	2,682	3,562
Deferred income taxes	30,675	(19,533)
Derivative instruments	(56,075)	(14,375)
Stock-based compensation expenses	210	183
Deferred financing costs amortization and other	1,275	3,365
Working capital and other changes:
Change in accounts receivable	(27,952)	96,353
Change in inventory	(3,679)	349
Change in prepaid expenses	341	102
Change in other current assets	(108)	4
Change in other assets	(4)	0
Change in accounts payable, interest payable and accrued liabilities	(26,375)	(39,077)
Change in other current liabilities	2,945	(6,000)
Change in other liabilities		(3)
Net cash provided by (used in) operating activities	99,704	110,052
Cash flows from investing activities:
Capital expenditures	(96,047)	(103,411)
Derivative settlements	(7,960)	73,313
Advances from joint interest partners	(759)	(257)
Net cash used in investing activities	(104,766)	(30,355)
Cash flows from financing activities:
Proceeds from revolving credit facility	246,000	214,000
Principal payments on revolving credit facility	(241,000)	(287,000)
Repurchase of senior unsecured notes		0
Deferred financing costs		(751)
Proceeds from sale of common stock		0
Purchases of treasury stock	0	0
Investment in / capital contributions from subsidiaries	2,610	4,408
Other	0
Net cash provided by (used in) financing activities	7,610	(69,343)
Increase in cash and cash equivalents	2,548	10,354
Beginning of period	11,060	8,953
End of period	$ 13,608	$ 19,307

Subsequent Events (Details)

Subsequent Events (Details) bbl in Thousands	1 Months Ended
	Apr. 30, 2017$ / bblbbl	Apr. 10, 2017USD ($)	Mar. 31, 2017USD ($)$ / bbl$ / MMBTU
Subsequent Event [Line Items]
Maximum borrowing base			$ 1,150,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum borrowing base		$ 1,600,000,000
Line of credit facility, current borrowing commitment		$ 1,150,000,000
2019 Swaps [Member]
Subsequent Event [Line Items]
Average swap price (in dollars per barrel) | $ / bbl			53.88
Crude Oil [Member] | Swap [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Average swap price (in dollars per barrel) | $ / bbl	54.12
Crude Oil [Member] | 2018 Swaps [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Total ntional amount of oil (in Bbls) | bbl	668
Crude Oil [Member] | 2019 Swaps [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Total ntional amount of oil (in Bbls) | bbl	62
Natural Gas [Member] | 2018 Swaps [Member]
Subsequent Event [Line Items]
Average swap price (in dollars per barrel) | $ / MMBTU			3