Chord Energy (CHRD) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-34776
Entity Registrant Name	Oasis Petroleum Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0554627
Entity Address, Address Line One	1001 Fannin Street
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	281
Local Phone Number	404-9500
Title of 12(b) Security	Common Stock
Trading Symbol	OASPQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		320,922,574
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001486159
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 84,265	$ 20,019
Accounts receivable, net	202,274	371,181
Inventory	35,736	35,259
Prepaid expenses	15,186	10,011
Derivative instruments	200	535
Other current assets	1,780	346
Total current assets	339,441	437,351
Property, plant and equipment
Oil and gas properties (successful efforts method)	9,366,483	9,463,038
Other property and equipment	1,309,897	1,279,653
Less: accumulated depreciation, depletion, amortization and impairment	(8,560,526)	(3,764,915)
Total property, plant and equipment, net	2,115,854	6,977,776
Assets held for sale, net	1,380	21,628
Derivative instruments	0	639
Long-term inventory	14,210	13,924
Operating right-of-use assets	13,121	18,497
Other assets	22,771	29,438
Total assets	2,506,777	7,499,253
Current liabilities
Accounts payable	1,298	17,948
Revenues and production taxes payable	110,191	233,090
Accrued liabilities	41,878	281,079
Current maturities of long-term debt	360,640	0
Accrued interest payable	58,768	37,388
Derivative instruments	0	19,695
Advances from joint interest partners	0	4,598
Current operating lease liabilities	2,006	6,182
Other current liabilities	513	2,903
Total current liabilities	575,294	602,883
Long-term debt	487,500	2,711,573
Deferred income taxes	4,898	267,357
Asset retirement obligations	1,808	56,305
Derivative instruments	0	120
Operating lease liabilities	973	17,915
Other liabilities	3,597	6,019
Liabilities subject to compromise	2,070,858	0
Total liabilities	3,144,928	3,662,172
Commitments and contingencies
Stockholders’ equity (deficit)
Common stock, $0.01 par value: 900,000,000 shares authorized; 325,127,645 shares issued and 320,931,399 shares outstanding at September 30, 2020 and 324,198,057 shares issued and 321,231,319 shares outstanding at December 31, 2019	3,232	3,189
Treasury stock, at cost: 4,196,246 and 2,966,738 shares at September 30, 2020 and December 31, 2019, respectively	(36,532)	(33,881)
Additional paid-in-capital	3,128,752	3,112,384
Retained earnings (accumulated deficit)	(3,905,467)	554,446
Oasis share of stockholders’ equity (deficit)	(810,015)	3,636,138
Non-controlling interests	171,864	200,943
Total stockholders’ equity (deficit)	(638,151)	3,837,081
Total liabilities and stockholders’ equity (deficit)	$ 2,506,777	$ 7,499,253

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	325,127,645	324,198,057
Common stock, shares outstanding (in shares)	320,931,399	321,231,319
Treasury stock, shares (in shares)	4,196,246	2,966,738

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total revenues	$ 271,059	$ 482,743	$ 825,209	$ 1,587,880
Operating expenses
Lease operating expenses	29,353	50,313	108,730	164,985
Marketing, transportation and gathering expenses	20,328	32,659	73,557	96,097
Production taxes	13,039	28,461	39,129	86,221
Depreciation, depletion and amortization	36,000	210,832	272,885	578,023
Exploration expenses	725	652	3,061	2,369
Rig termination	1,017	0	1,279	0
Impairment	2,578	0	4,828,575	653
General and administrative expenses	49,251	32,860	117,868	98,245
Litigation settlement	22,750	20,000	22,750	20,000
Total operating expenses	234,008	473,550	5,672,089	1,453,473
Gain (loss) on sale of properties	1,473	(752)	11,652	(3,950)
Operating income (loss)	38,524	8,441	(4,835,228)	130,457
Other income (expense)
Net gain (loss) on derivative instruments	(5,071)	47,922	243,064	(34,940)
Interest expense, net of capitalized interest	(37,389)	(43,897)	(177,534)	(131,551)
Gain (loss) on extinguishment of debt	(20)	0	83,867	0
Reorganization items, net	(49,758)	0	(49,758)	0
Other income	1,473	473	2,373	706
Total other income (expense), net	(90,765)	4,498	102,012	(165,785)
Income (loss) before income taxes	(52,241)	12,939	(4,733,216)	(35,328)
Income tax benefit	5,144	17,372	262,495	8,835
Net income (loss) including non-controlling interests	(47,097)	30,311	(4,470,721)	(26,493)
Less: Net income (loss) attributable to non-controlling interests	8,602	10,023	(11,218)	25,344
Net income (loss) attributable to Oasis	$ (55,699)	$ 20,288	$ (4,459,503)	$ (51,837)
Earnings (loss) attributable to Oasis per share:
Basic (in dollars per share)	$ (0.17)	$ 0.06	$ (14.05)	$ (0.16)
Diluted (in dollars per share)	$ (0.17)	$ 0.06	$ (14.05)	$ (0.16)
Weighted average shares outstanding:
Basic (in shares)	318,287	315,135	317,365	314,863
Diluted (in shares)	318,287	315,135	317,365	314,863
Oil and gas revenues
Revenues
Total revenues	$ 179,577	$ 344,470	$ 512,535	$ 1,070,256
Purchased oil and gas
Revenues
Total revenues	44,194	79,352	167,824	337,212
Operating expenses
Expenses	47,549	78,655	165,932	338,221
Midstream Services
Revenues
Total revenues	46,979	50,023	138,164	149,617
Operating expenses
Expenses	11,110	12,967	32,355	47,064
Other services
Revenues
Total revenues	309	8,898	6,686	30,795
Operating expenses
Expenses	$ 308	$ 6,151	$ 5,968	$ 21,595

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Non-controlling Interests	Cumulative effect adjustment	Cumulative effect adjustmentRetained Earnings (Accumulated Deficit)
Balance (shares) at Dec. 31, 2018		318,377	(2,092)
Balance at Dec. 31, 2018	$ 3,918,880	$ 3,157	$ (29,025)	$ 3,077,755	$ 682,689	$ 184,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		4,360
Equity-based compensation	9,606	$ 25		9,462		119
Distributions to non-controlling interest owners	(4,937)					(4,937)
Treasury stock - tax withholdings (shares)		(686)	686
Treasury stock - tax withholdings	(4,261)		$ (4,261)
Other	(175)			(134)		(41)
Net income (loss)	(107,978)				(114,882)	6,904
Balance (shares) at Mar. 31, 2019		322,051	(2,778)
Balance at Mar. 31, 2019	3,811,135	$ 3,182	$ (33,286)	3,087,083	567,807	186,349
Balance (shares) at Dec. 31, 2018		318,377	(2,092)
Balance at Dec. 31, 2018	3,918,880	$ 3,157	$ (29,025)	3,077,755	682,689	184,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(26,493)
Balance (shares) at Sep. 30, 2019		321,344	(2,891)
Balance at Sep. 30, 2019	3,899,661	$ 3,186	$ (33,650)	3,104,938	630,852	194,335
Balance (shares) at Dec. 31, 2018		318,377	(2,092)
Balance at Dec. 31, 2018	3,918,880	$ 3,157	$ (29,025)	3,077,755	682,689	184,304
Balance (shares) at Dec. 31, 2019		321,231	(2,967)
Balance at Dec. 31, 2019	$ 3,837,081	$ 3,189	$ (33,881)	3,112,384	554,446	200,943	$ (410)	$ (410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance (shares) at Mar. 31, 2019		322,051	(2,778)
Balance at Mar. 31, 2019	$ 3,811,135	$ 3,182	$ (33,286)	3,087,083	567,807	186,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		(149)
Equity-based compensation	9,566	$ 1		9,465		100
Distributions to non-controlling interest owners	(5,156)					(5,156)
Treasury stock - tax withholdings (shares)		(8)	8
Treasury stock - tax withholdings	(44)		$ (44)
Other	(217)			(193)		(24)
Net income (loss)	51,174				42,757	8,417
Balance (shares) at Jun. 30, 2019		321,894	(2,786)
Balance at Jun. 30, 2019	3,866,458	$ 3,183	$ (33,330)	3,096,355	610,564	189,686
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		(445)
Equity-based compensation	8,670	$ 3		8,583		84
Distributions to non-controlling interest owners	(5,458)					(5,458)
Treasury stock - tax withholdings (shares)		(105)	105
Treasury stock - tax withholdings	(320)		$ (320)
Net income (loss)	30,311				20,288	10,023
Balance (shares) at Sep. 30, 2019		321,344	(2,891)
Balance at Sep. 30, 2019	3,899,661	$ 3,186	$ (33,650)	3,104,938	630,852	194,335
Balance (shares) at Dec. 31, 2019		321,231	(2,967)
Balance at Dec. 31, 2019	3,837,081	$ 3,189	$ (33,881)	3,112,384	554,446	200,943	(410)	(410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		3,836
Equity-based compensation	7,105	$ 32		7,007		66
Distributions to non-controlling interest owners	(6,028)					(6,028)
Equity component of senior unsecured convertible notes, net	(337)			(337)
Treasury stock - tax withholdings (shares)		(942)	942
Treasury stock - tax withholdings	(2,308)		$ (2,308)
Net income (loss)	(4,334,275)				(4,310,861)	(23,414)
Balance (shares) at Mar. 31, 2020		324,125	(3,909)
Balance at Mar. 31, 2020	(499,172)	$ 3,221	$ (36,189)	3,119,054	(3,756,825)	171,567
Balance (shares) at Dec. 31, 2019		321,231	(2,967)
Balance at Dec. 31, 2019	3,837,081	$ 3,189	$ (33,881)	3,112,384	554,446	200,943	$ (410)	$ (410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,470,721)
Balance (shares) at Sep. 30, 2020		320,931	(4,196)
Balance at Sep. 30, 2020	(638,151)	$ 3,232	$ (36,532)	3,128,752	(3,905,467)	171,864
Balance (shares) at Mar. 31, 2020		324,125	(3,909)
Balance at Mar. 31, 2020	(499,172)	$ 3,221	$ (36,189)	3,119,054	(3,756,825)	171,567
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		2,889
Equity-based compensation	4,942	$ 1,018		3,858		66
Distributions to non-controlling interest owners	(6,014)					(6,014)
Treasury stock - tax withholdings (shares)		(252)	252
Treasury stock - tax withholdings	(318)		$ (318)
Net income (loss)	(89,349)				(92,943)	3,594
Balance (shares) at Jun. 30, 2020		320,984	(4,161)
Balance at Jun. 30, 2020	(589,911)	$ 4,239	$ (36,507)	3,122,912	(3,849,768)	169,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (shares)		(18)
Equity-based compensation	4,902	$ (1,007)		5,840		69
Distributions to non-controlling interest owners	(6,020)					(6,020)
Treasury stock - tax withholdings (shares)		(35)	35
Treasury stock - tax withholdings	(25)		$ (25)
Net income (loss)	(47,097)				(55,699)	8,602
Balance (shares) at Sep. 30, 2020		320,931	(4,196)
Balance at Sep. 30, 2020	$ (638,151)	$ 3,232	$ (36,532)	$ 3,128,752	$ (3,905,467)	$ 171,864

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss including non-controlling interests	$ (4,470,721)	$ (26,493)
Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	272,885	578,023
Gain on extinguishment of debt	(83,867)	0
(Gain) loss on sale of properties	(11,652)	3,950
Impairment	4,828,575	653
Deferred income taxes	(262,459)	(8,840)
Derivative instruments	(243,064)	34,940
Equity-based compensation expenses	16,531	26,370
Non-cash reorganization items, net	49,758	0
Deferred financing costs amortization and other	19,041	18,190
Working capital and other changes:
Change in accounts receivable, net	168,749	1,555
Change in inventory	(6,206)	(3,676)
Change in prepaid expenses	(6,107)	4,153
Change in accounts payable, interest payable and accrued liabilities	(112,479)	22,280
Change in other assets and liabilities, net	(4,079)	(11,211)
Net cash provided by operating activities	154,905	639,894
Cash flows from investing activities:
Capital expenditures	(291,776)	(714,270)
Acquisitions	0	(8,337)
Proceeds from sale of properties	15,188	41,039
Derivative settlements	224,223	10,752
Net cash used in investing activities	(52,365)	(670,816)
Cash flows from financing activities:
Proceeds from revolving credit facilities	967,189	1,651,000
Principal payments on revolving credit facilities	(914,549)	(1,600,000)
Repurchase of senior unsecured notes	(68,060)	0
Deferred financing costs	(172)	(852)
Purchases of treasury stock	(2,651)	(4,625)
Distributions to non-controlling interests	(18,062)	(15,551)
Payments on finance lease liabilities	(1,989)	(1,423)
Other	0	(392)
Net cash provided by (used in) financing activities	(38,294)	28,157
Increase (decrease) in cash and cash equivalents	64,246	(2,765)
Cash and cash equivalents:
Beginning of period	20,019	22,190
End of period	84,265	19,425
Supplemental non-cash transactions:
Change in accrued capital expenditures	(81,939)	(42,751)
Change in asset retirement obligations	$ 2,860	$ 4,114

Organization and Operations of

Organization and Operations of the Company	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations of the Company	Organization and Operations of the CompanyOasis Petroleum Inc. (together with its consolidated subsidiaries, “Oasis” or the “Company”) is an independent exploration and production company focused on the acquisition and development of onshore, unconventional crude oil and natural gas resources in the United States. Oasis Petroleum North America LLC (“OPNA”) and Oasis Petroleum Permian LLC (“OP Permian”) conduct the Company’s exploration and production activities and own its crude oil and natural gas properties located in the Williston Basin and the Delaware Basin, respectively. In addition to its exploration and production segment, the Company also operates a midstream business segment through Oasis Midstream Partners LP (“OMP”) and Oasis Midstream Services LLC (“OMS”). OMP is a fee-based master limited partnership that develops and operates a diversified portfolio of midstream assets.

Voluntary Reorganization under

Voluntary Reorganization under Chapter 11 of the Bankruptcy Code	9 Months Ended
	Sep. 30, 2020
Reorganizations [Abstract]
Voluntary Reorganization under Chapter 11 of the Bankruptcy Code	Voluntary Reorganization under Chapter 11 of the Bankruptcy Code Due to the volatile market environment that drove a severe downturn in crude oil and natural gas prices in the first quarter of 2020, as well as the unprecedented impact of the novel coronavirus 2019 (“COVID-19”) pandemic, the Company began evaluating, with support from its Board of Directors, a variety of transactions and cost-cutting measures, including but not limited to, reductions in capital expenditures and corporate discretionary expenditures, refinancing transactions, capital exchange transactions, asset divestitures and operational efficiencies. During the second quarter of 2020, the Company engaged advisors to assist with the evaluation of strategic transactions and restructuring alternatives to reduce the Company’s debt, increase financial flexibility and position the Company for long-term success. On September 29, 2020, Oasis Petroleum Inc. and its affiliates Oasis Petroleum LLC (“OP LLC”), OPNA, Oasis Well Services LLC, Oasis Petroleum Marketing LLC, OP Permian, OMS Holdings LLC, OMS and OMP GP LLC (“OMP GP”) (collectively, the “Debtors”) entered into the Restructuring Support Agreement (the “RSA”), which contemplates a restructuring pursuant to the Joint Prepackaged Chapter 11 Plan of Reorganization of Oasis Petroleum Inc. and its Debtor Affiliates (the “Plan”). On September 30, 2020 (the “Petition Date”), the Debtors filed voluntary petitions (the “Chapter 11 Cases”) for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Chapter 11 Cases are being jointly administered under the caption In re Oasis Petroleum Inc., et al , Case No. 20-34771. OMP and its subsidiaries, OMP Operating LLC, Bobcat DevCo LLC (“Bobcat DevCo”), Beartooth DevCo LLC (“Beartooth DevCo”), Bighorn DevCo LLC (“Bighorn DevCo”) and Panther DevCo LLC (collectively, the “Non-Filing Entities”), are not included in the Chapter 11 Cases. The Debtors continues to operate their business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. On the Petition Date, the Bankruptcy Court entered orders approving certain customary first-day relief to enable the Company to operate in the ordinary course of business during the Chapter 11 Cases, including authorizing payment of employee wages and benefits, owner royalties and vendor obligations for goods and services provided on or after the Petition Date, as well as approving on an interim basis post-petition financing under a debtor-in-possession credit facility (see “DIP Facility” below). The filing of the Chapter 11 Cases constituted an event of default that accelerated the Company’s obligations under the Third Amended and Restated Credit Agreement dated as of October 16, 2018, as amended through the Fourth Amendment dated April 24, 2020, by and among Oasis Petroleum Inc., as parent, OPNA, as borrower, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent (the “Pre-Petition Credit Facility”) and its senior unsecured notes, including (a) 6.50% senior unsecured notes due 2021, (b) 6.875% senior unsecured notes due 2022, (c) 2.625% senior unsecured convertible notes due 2023, (d) 6.875% senior unsecured notes due 2023 and (e) 6.250% senior unsecured notes due 2026 (collectively, the “Notes” and, together with the Pre-Petition Credit Facility, the “Debt Instruments”). The Debt Instruments provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the Chapter 11 Cases and the creditors’ rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. Restructuring Support Agreement On September 29, 2020, the Debtors entered into the RSA with (i) certain lenders (the “Consenting RBL Lenders”) holding approximately 97% of the revolving loans under the Pre-Petition Credit Facility and (ii) certain debtholders (the “Consenting Noteholders” and, together with the Consenting RBL Lenders, the “Consenting Stakeholders”) holding approximately 52% of the Company’s Notes. Subsequent to the Petition Date, creditor support for the RSA increased to Consenting RBL Lenders comprising 100% of the lenders under the Pre-Petition Credit Facility and Consenting Noteholders holding 58.8% of the Notes. The RSA contains certain covenants on the part of each of the Debtors and the Consenting Stakeholders, including commitments by the Consenting Stakeholders to vote in favor of the Plan and commitments of the Debtors and the Consenting Stakeholders to negotiate in good faith to finalize the documents and agreements contemplated by and required to implement the Plan. The RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including without limitation, the failure to achieve certain milestones and certain breaches by the parties under the RSA. There is no guarantee that the RSA can be successfully implemented or that the Plan will be approved. The deadline for holders of impaired claims and interests entitled to vote (the “Voting Classes”) with respect to the Plan was November 2, 2020, and all three Voting Classes voted to accept the Plan. The Company expects the Bankruptcy Court to confirm the Plan at the confirmation hearing scheduled for November 10, 2020 and that the Plan will become effective and consummated shortly thereafter. Plan of Reorganization under Chapter 11 of the Bankruptcy Code Below is a summary of the treatment that the stakeholders of the Company would receive under the Plan: • Holders of Other Secured Claims. Each holder of an allowed Other Secured Claim (as defined in the Plan) shall receive, at the option of the applicable Debtor and in its sole discretion: (a) payment in full in cash of its allowed Other Secured Claim; (b) the collateral securing its allowed Other Secured Claim; (c) reinstatement of its allowed Other Secured Claim; or (d) such other treatment rendering its allowed Other Secured Claim unimpaired in accordance with section 1124 of the Bankruptcy Code; • Holders of Other Priority Claims. Each holder of an allowed Other Priority Claim (as defined in the Plan) shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy Code; • Holders of RBL Claims. Each holder of an allowed RBL Claim (as defined in the Plan) (i) electing to participate in the Exit Facility (as defined below) by entry into the Exit Commitment Letter (as defined below) will receive, (x) on a dollar-for-dollar basis in exchange for the portion of its RBL Claim representing the principal of the loans owed to such lender under the Pre-Petition Credit Facility, an equal amount of the principal of the revolving loans under the Exit Facility as of the Plan effective date, upon the terms and conditions set forth in the Exit Facility Term Sheet (as defined below) and (y) with respect to any other portion of such holder’s RBL Claim (to the extent not already paid prior to the Plan effective date, including as adequate protection pursuant to the DIP Orders (as defined in the Plan)), cash in an amount equal to such portion of such holder’s RBL Claim, and (ii) not electing to participate in the Exit Facility by electing not to sign the Exit Facility Commitment Letter (x) shall be deemed to have funded a second out term loan on a dollar-for-dollar basis in exchange for the portion of its RBL Claim representing the principal of the loans owed to such lender, any of such holder’s Specified Default Interest (as defined in Note 11 — Long-Term Debt) and any unreimbursed claims for professional fees and expenses under the Pre-Petition Credit Facility and (y) with respect to any other portion of such holder’s RBL Claim (to the extent not already paid prior to the Plan effective date, including as adequate protection pursuant to the DIP Orders), cash in an amount equal to such portion of such holder’s RBL Claim. The liens securing the loans under the Pre-Petition Credit Facility shall be retained and deemed assigned to the administrative agent under the Exit Facility to secure the Exit Facility upon the Plan effective date. Notwithstanding the foregoing, on the Plan effective date, any Specified Default Interest shall be discharged, released and deemed waived by all Consenting RBL Lenders; • Holders of Notes Claims and Mirada Claims. Class 4 consists of all Notes Claims (as defined in the Plan) and Mirada Claims (as defined in the Plan). Each holder of an allowed Notes Claim or an allowed Mirada Claim shall receive its pro rata share (calculated based on the aggregate amount of all allowed Notes Claims and allowed Mirada Claims) of 100% of the reorganized Company’s equity interests, subject to dilution on account of the management incentive plan and the New Warrants (defined below); provided, that notwithstanding that the Mirada Claims are classified as Class 4 claims, such claims, in lieu of any treatment as Class 4 claims, shall be treated in accordance with the Mirada Settlement Agreement (as defined in Note 17 — Commitments and Contingencies); • Holders of General Unsecured Claims. Each holder of an allowed General Unsecured Claim (as defined in the Plan) shall receive, at the option of the applicable Debtor: (a) payment in full in cash; or (b) reinstatement; • Holders of Intercompany Claims. Each allowed Intercompany Claim (as defined in the Plan) shall be, at the option of the applicable Debtor, either: (a) reinstated; or (b) cancelled, released, and extinguished and without any distribution at the Debtors’ election and in their sole discretion; • Holders of Interests Other Than in Oasis. Each holder of an Interest (as defined in the Plan) in the Debtors other than in Oasis shall have such Interests either: (a) reinstated; or (b) cancelled, released, and extinguished and without any distribution at the Debtors’ election and in their sole discretion; and • Equity Holders. Each holder of an Interest in Oasis shall receive its pro rata share of four-year warrants convertible into 7.5% of the reorganized Company’s equity interests at a strike price equal to the aggregate amount of Notes Claims (the “New Warrants”). DIP Facility On September 29, 2020, prior to the commencement of the Chapter 11 Cases, the Consenting RBL Lenders agreed to provide the Debtors with a senior secured superpriority debtor-in-possession revolving credit facility pursuant to a commitment letter entered into by and among the Debtors and certain of the Consenting RBL Lenders and/or their affiliates. The Bankruptcy Court approved the Interim DIP Order (as defined in the Plan) on September 30, 2020, and on October 2, 2020, the Debtors entered into a Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement (the “DIP Facility”), which provides for a debtor-in-possession revolving credit facility in an aggregate principal amount of $450 million consisting of (a) $150 million new money revolving credit facility ($100 million of which amount may also be used for the issuance of new letters of credit or deemed reissuance of pre-petition letters of credit) and (b) up to $300 million roll-up of pre-petition secured indebtedness under the Pre-Petition Credit Facility. See Note 11 — Long-Term Debt for further details. Exit Financing On September 29, 2020, prior to the commencement of the Chapter 11 Cases, the Company entered into a commitment letter (the “Exit Commitment Letter”) with the Consenting RBL Lenders and/or their affiliates, which provides for an exit revolving credit facility (the “Exit Facility”) with borrowing capacity up to $575 million on the terms set forth in the exit facility term sheet (the “Exit Facility Term Sheet”) attached to the Exit Commitment Letter. See Note 11 — Long-Term Debt for further details. Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, assign or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such contract and, subject to certain exceptions, relieves the Debtors from performing future obligations under such executory contract or unexpired lease but entitles the counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the Debtors herein, including where applicable quantification of the Company’s obligations under such executory contract or unexpired lease of the Debtors, is qualified by any overriding rejection rights the Company has under the Bankruptcy Code. As of September 30, 2020, the Company has not assumed or rejected any executory contracts. Liabilities Subject to Compromise The Company’s Condensed Consolidated Balance Sheet as of September 30, 2020 includes amounts classified as liabilities subject to compromise, which represent pre-petition liabilities that the Company anticipates will be allowed as claims in the Chapter 11 Cases, although they may be settled for less. The Company will continue to evaluate these liabilities throughout the Chapter 11 Cases and adjust amounts as necessary. Such adjustments may be material. The following table summarizes the components of liabilities subject to compromise: September 30, 2020 (In thousands) Accounts payable and accrued liabilities $ 113,287 Senior unsecured notes 1,825,757 Accrued interest on senior unsecured notes 50,337 Asset retirement obligations 57,306 Other liabilities 24,171 Total liabilities subject to compromise $ 2,070,858 The Company reclassified its Notes to liabilities subject to compromise and discontinued recording interest on its Notes as of the Petition Date. The contractual interest expense on the Notes not accrued in the Company’s Condensed Consolidated Statements of Operations was $0.3 million. Reorganization Items The Company has incurred and will continue to incur significant costs as a direct result of the Chapter 11 Cases subsequent to the Petition Date. These costs, which are expensed as incurred, and any income, gains or losses directly associated with the Chapter 11 Cases are recorded in reorganization items, net in the Company’s Condensed Consolidated Statements of Operations. During the periods presented, reorganization items consist of non-cash charges to write-off unamortized deferred financing costs and debt discount related to the Company’s Notes, which are expected to be impacted by the Chapter 11 Cases. The following table summarizes the components of reorganization items, net: Three and Nine Months Ended September 30, 2020 (In thousands) Write-off of unamortized deferred financing costs $ 11,385 Write-off of unamortized debt discount 38,373 Total reorganization items, net $ 49,758

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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, 2019 is derived from audited financial statements. Certain reclassifications of prior year balances have been made to conform 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 of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited 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, 2019 (“2019 Annual Report”). Consolidation. The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of Oasis and its wholly-owned subsidiaries and the accounts of OMP and its general partner, OMP GP. The Company has determined that the partners with equity at risk in OMP lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact OMP’s economic performance. Therefore, as the limited partners of OMP do not have substantive kick-out or substantive participating rights over OMP GP, OMP is a variable interest entity. Through the Company’s ownership interest in OMP GP, the Company has the authority to direct the activities that most significantly affect economic performance and the right to receive benefits that could be potentially significant to OMP. Therefore, the Company is considered the primary beneficiary and consolidates OMP and records a non-controlling interest for the interest owned by the public. All intercompany balances and transactions have been eliminated upon consolidation. Risks and Uncertainties As a crude oil and natural gas producer, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude 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 crude oil and natural gas prices will not be subject to wide fluctuations in the future. If prices for crude oil, natural gas and natural gas liquids (“NGLs”) continue to decline or for an extended period of time remain at depressed levels, such commodity price environment could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil and natural gas reserves that may be economically produced and the Company’s access to capital. The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used by management in the unaudited condensed consolidated financial statements for the reporting periods presented. As a result of the significant decline in current and expected future commodity prices, the Company recognized material asset impairment charges during the nine months ended September 30, 2020 (see Note 9 — Property, Plant and Equipment). Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, which is heightened by the possibility of unforeseen additional impacts from the COVID-19 pandemic, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the unaudited condensed consolidated financial statements in the near term. Going Concern The Company currently expects that its operating cash flows, cash on hand and financing borrowing capacity under the DIP Facility should provide sufficient liquidity for the Company during the pendency of the Chapter 11 Cases. However, the Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to comply with the covenants contained in the DIP Facility, the Bankruptcy Court’s approval of the Plan and the Company’s ability to successfully implement the Plan, obtain exit financing and emerge from the Chapter 11 Cases (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). The significant risks and uncertainties related to the Company’s liquidity and the Chapter 11 Cases raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, contemplate the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments that might result if the Company is unable to continue as a going concern. Dividends Oasis Petroleum Inc. has not paid any cash dividends since its inception. Covenants contained in the Company’s Debt Instruments and DIP Facility restrict the payment of cash dividends on its common stock. Oasis Petroleum Inc. currently intends to retain all earnings for the development of its business and for repayment of outstanding debt, and does not anticipate declaring or paying any cash dividends to holders of its common stock during the next twelve months ending September 30, 2021. Significant Accounting Policies There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in the 2019 Annual Report, other than as noted below. Accounting during bankruptcy. The Company has applied Accounting Standards Codification Topic 852 – Reorganizations (“ASC 852”) in preparing the unaudited condensed consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Petition Date, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Under ASC 852, liabilities are segregated into those subject to compromise and those not subject to compromise. Liabilities subject to compromise are pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise are recorded at the expected amount of allowed claims and are presented as a group on one line item on the balance sheet. Accordingly, the Company has classified its pre-petition liabilities that may be impacted by the Chapter 11 Cases as liabilities subject to compromise on its Condensed Consolidated Balance Sheet as of September 30, 2020. Additionally, ASC 852 requires income, expenses, gains and losses that are realized or incurred as a result of the reorganization to be reported as reorganization items. Accordingly, the Company recorded costs incurred as a result of the Chapter 11 Cases, including unamortized deferred financing costs and debt discount associated with debt classified as liabilities subject to compromise, as reorganization items, net in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020. Fair value measurement. In the first quarter of 2020, the Company adopted Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which improves the effectiveness of the disclosure requirements for fair value measurements. The adoption of ASU 2018-13 did not result in a material impact to the Company’s financial position, cash flows or results of operations. See Note 7 — Fair Value Measurements for disclosures in accordance with ASU 2018-03. Accounts receivable — credit losses. In the first quarter of 2020, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasts, to develop credit loss estimates. The Company’s exposure to credit losses is primarily related to its accounts receivable from crude oil and natural gas purchasers and joint interest owners on properties it operates. In accordance with ASU 2016-13, the Company estimates expected credit losses on its accounts receivable at each reporting date, which may result in earlier recognition of credit losses than under previous GAAP. These estimates are based on historical data, current and future economic and market conditions to determine expected collectability. Historically, the Company’s credit losses on joint interest and crude oil and natural gas sales receivables have been immaterial. The Company continually monitors the creditworthiness of its counterparties by reviewing credit ratings, financial statements and payment history. The adoption of ASU 2016-13 was applied using a modified retrospective approach by recognizing a cumulative-effect adjustment to retained earnings, and prior periods were not retrospectively adjusted. The adoption of ASU 2016-13 did not result in a material impact to the Company’s financial position, cash flows or results of operations (see Note 6 — Accounts Receivable). Recent Accounting Pronouncements Income taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and calculating income taxes in interim periods, among other changes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim reporting periods within those years. The Company is currently evaluating the effect of ASU 2019-12, but does not expect the adoption of this guidance to have a material impact on its financial position, cash flows or result of operations. Reference rate reform. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by ASU 2020-04 and the impact the new standard will have on its financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Exploration and Production Revenues Exploration and production revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Crude oil revenues $ 155,052 $ 318,564 $ 448,904 $ 964,662 Purchased crude oil sales 35,442 77,018 144,719 330,594 Natural gas and NGL revenues 24,525 25,906 63,631 105,594 Purchased natural gas sales 308 2,334 4,909 6,590 Other services revenues 309 8,898 6,686 30,795 Total exploration and production revenues $ 215,636 $ 432,720 $ 668,849 $ 1,438,235 Midstream Revenues Midstream revenues are derived from contracts with customers for midstream services under fee-based arrangements and midstream product sales from purchase arrangements. The Company’s midstream revenues exclude intercompany revenues for goods and services provided by the midstream business segment for the Company’s ownership interests, which are eliminated in consolidation. Midstream revenues were as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Midstream service revenues Crude oil, natural gas and NGL revenues $ 22,682 $ 21,653 $ 72,267 $ 69,189 Produced and flowback water revenues 8,801 10,803 27,300 29,309 Total midstream service revenues $ 31,483 $ 32,456 $ 99,567 $ 98,498 Midstream product revenues Purchased crude oil sales $ 8,444 $ — $ 18,196 $ 28 Crude oil, natural gas and NGL revenues 15,100 16,424 35,707 46,541 Freshwater revenues 396 1,143 2,890 4,578 Total midstream product revenues $ 23,940 $ 17,567 $ 56,793 $ 51,147 Total midstream revenues $ 55,423 $ 50,023 $ 156,360 $ 149,645 Contract Balances Contract balances are the result of timing differences between revenue recognition, billings and cash collections. Contract assets relate to revenue recognized for accrued deficiency fees associated with minimum volume commitments where the Company believes it is probable there will be a shortfall payment and that a significant reversal of revenue recognized will not occur once the related performance period is completed and the customer is billed. Revenue recognized for accrued deficiency fees associated with minimum volume commitments is included in midstream revenues on the Company’s Condensed Consolidated Statements of Operations. Contract liabilities relate to aid in construction payments received from customers, which are recognized as revenue over the expected period of future benefit. The Company does not recognize contract assets or contract liabilities under its customer contracts for which invoicing occurs once the Company’s performance obligations have been satisfied and payment is unconditional. Contract balances are classified as current or long-term based on the timing of when the Company expects to receive cash for contract assets or recognize revenue for contract liabilities. Contract assets are included in other current assets on the Company’s Condensed Consolidated Balance Sheets, and contract liabilities are included in other current liabilities and other liabilities on the Company’s Condensed Consolidated Balance Sheets. The following table summarizes the changes in the Company’s contract assets for the nine months ended September 30, 2020: (In thousands) Balance as of December 31, 2019 $ — Revenues recognized 1,538 Balance as of September 30, 2020 $ 1,538 The following table summarizes the changes in the Company’s contract liabilities for the nine months ended September 30, 2020: (In thousands) Balance as of December 31, 2019 $ 2,105 Cash received 1,780 Revenues recognized (345) Balance as of September 30, 2020 $ 3,540 Performance Obligations The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. For midstream services, the Company measures the satisfaction of its performance obligations using the output method based upon the volume of crude oil, natural gas or water that flows through its systems. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three and nine months ended September 30, 2020 and 2019, revenue recognized related to performance obligations satisfied in prior reporting periods was not material. Remaining Performance Obligations The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of September 30, 2020: (In thousands) 2020 (excluding the nine months ended September 30, 2020) $ 6,067 2021 16,921 2022 17,175 2023 10,896 2024 11,089 Thereafter 2,768 Total $ 64,916 The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations. The Company has elected practical expedients, pursuant to Accounting Standards Codification 606, Revenue from Contracts with Customers

Inventory

Inventory	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory The Company’s inventory includes equipment and materials and crude oil inventory. Equipment and materials consist primarily of well equipment, tanks and tubular goods to be used in the Company’s exploration and production activities and spare parts and equipment for the Company’s midstream assets. Crude oil inventory includes crude oil in tanks and linefill that is expected to be withdrawn within one year. Linefill that represents the minimum volume of product in a pipeline system that enables the system to operate is generally not available to be withdrawn from the pipeline system until the expiration of the transportation contract. Crude oil and NGL linefill in third-party pipelines that is not expected to be withdrawn within one year is included in long-term inventory on the Company’s Condensed Consolidated Balance Sheets. Inventory, including long-term inventory, is stated at the lower of cost and net realizable value with cost determined on an average cost method. The Company assesses the carrying value of inventory and uses estimates and judgment when making any adjustments necessary to reduce the carrying value to net realizable value. Among the uncertainties that impact the Company’s estimates are the applicable quality and location differentials to include in the Company’s net realizable value analysis as well as the liquidation timing of the inventory. Changes in assumptions made as to the timing of a sale can materially impact net realizable value. During the three and nine months ended September 30, 2020, the Company recorded impairment charges of $0.6 million and $1.6 million, respectively, to write down the carrying value of certain equipment and materials inventory to the estimated net realizable value. In addition, during the nine months ended September 30, 2020, as a result of lower commodity prices, the Company recorded impairment losses related to the Company’s crude oil inventory and long-term linefill of $7.2 million and $1.3 million, respectively, to adjust the carrying value to the estimated net realizable value. No write-downs of crude oil inventory or long-term inventory were recorded during the three months ended September 30, 2020. The Company’s total inventory consists of the following: September 30, 2020 December 31, 2019 (In thousands) Inventory Equipment and materials $ 28,203 $ 16,963 Crude oil inventory 7,533 18,296 Total inventory $ 35,736 $ 35,259 Long-term inventory Linefill in third party pipelines $ 14,210 $ 13,924 Total long-term inventory 14,210 13,924 Total $ 49,946 $ 49,183

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The following table sets forth the Company’s accounts receivable, net: September 30, 2020 December 31, 2019 (In thousands) Trade accounts $ 156,780 $ 276,629 Joint interest accounts 34,109 82,112 Other accounts 12,495 13,699 Total 203,384 372,440 Allowance for credit losses (1) (1,110) (1,259) Total accounts receivable, net $ 202,274 $ 371,181 __________________ (1) Upon adoption of ASU 2016-13, the Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $0.4 million to increase its allowance for expected credit losses. Prior period amounts are not adjusted and continue to be reported in accordance with the previous guidance.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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 oil and gas and other properties, 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 unobservable 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 September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 14,005 $ — $ — $ 14,005 Commodity derivative instruments (see Note 8) — 200 — 200 Total assets $ 14,005 $ 200 $ — $ 14,205 Fair value at December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 146 $ — $ — $ 146 Commodity derivative instruments (see Note 8) — 1,174 — 1,174 Total assets $ 146 $ 1,174 $ — $ 1,320 Liabilities: Commodity derivative instruments (see Note 8) $ — $ 19,815 $ — $ 19,815 Total liabilities $ — $ 19,815 $ — $ 19,815 The Company’s money market funds represent cash equivalents backed by the assets of high-quality major banks and financial institutions and are included in cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets. 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 (see Note 8 — Derivative Instruments). 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 commodity prices, volatility, skew, discount rate and the contract terms of the derivative instruments. 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 forward commodity 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 market credit spread of the Company or similarly rated public issuers. The Company recorded an adjustment to reduce the fair value of its net derivative asset by a de minimis amount at September 30, 2020 and its net derivative liability by $0.5 million at December 31, 2019. Non-Financial Assets and Liabilities The fair value of the Company’s non-financial assets measured at fair value on a non-recurring basis is determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. Oil and gas and other properties. The Company records its properties at fair value when acquired in a business combination or upon impairment for proved oil and gas properties and other properties. Fair value is determined using a discounted cash flow model. The inputs used are subject to management’s judgment and expertise and include, but are not limited to, estimates of crude oil and natural gas proved reserves, future commodity pricing, future rates of production, estimates of operating and development costs, risk-adjusted discount rates and estimates of throughput volumes for the Company’s midstream assets. These inputs are classified as Level 3 inputs, except the underlying commodity price assumptions are based on NYMEX forward strip prices (Level 1) and adjusted for price differentials. As a result of the significant decline in expected future commodity prices in the first quarter of 2020, the Company reviewed its properties for impairment as of March 31, 2020. The underlying future commodity prices included in the Company’s estimated future cash flows of its proved oil and gas properties were determined using NYMEX forward strip prices as of March 31, 2020 for five years, escalating 2.5% per year thereafter. The estimated future cash flows also included a 2.5% inflation factor applied to the future operating and development costs after five years and every year thereafter. The estimated future cash flows for the Company’s proved oil and gas properties and midstream assets were discounted at market-based weighted average costs of capital of 12.7% and 10.4%, respectively (see Note 9 — Property, Plant and Equipment).

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company utilizes derivative financial instruments to manage risks related to changes in crude oil and natural gas prices. The Company’s crude oil contracts will settle monthly based on the average NYMEX West Texas Intermediate crude oil index price (“NYMEX WTI”), and its natural gas contracts will settle monthly based on the average NYMEX Henry Hub natural gas index price (“NYMEX HH”). At September 30, 2020, the Company utilized fixed price swaps to reduce the volatility of crude oil prices on a portion of its future expected crude oil production. The Company’s fixed price swaps are comprised of a sold call and a purchased put established at the same price (both ceiling and floor), which the Company will receive for the volumes under contract. All derivative instruments are recorded on the Company’s Condensed Consolidated Balance Sheets as either assets or liabilities measured at their fair value (see Note 7 — 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 Statements of Operations as a net gain or loss on derivative instruments. The Company’s cash flow is only impacted when cash settlements on matured or liquidated derivative contracts result in making a payment to or receiving a payment from a 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 Statements of Cash Flows. In June 2020, following a decrease in crude oil commodity prices and the related increase in the fair value of derivative assets, the Company liquidated a portion of its crude oil three-way costless collar contracts prior to the expiration of their contractual maturities, resulting in cash proceeds of $25.3 million, which are reflected as investing activities in the Company’s Condensed Consolidated Statements of Cash Flows during the nine months ended September 30, 2020. On September 15, 2020, the Company entered into a Direction Letter and Specified Swap Liquidation Agreement (the “Letter Agreement”), which, among other things, amended its Pre-Petition Credit Facility. Pursuant to the Letter Agreement, beginning on September 15, 2020 and ending on the earlier of (1) October 15, 2020 and (2) the occurrence of an event of default under the Pre-Petition Credit Facility, the Company was required to use commercially reasonable efforts with respect to each of its swap agreements, to either (x) terminate such swap agreement or (y) reset such swap agreement to current market terms in existence at the time of such reset in exchange for a lump-sum cash payment substantially similar to the payment it would have received in respect of a termination of such swap agreement (each a “Specified Swap Liquidation”). The Letter Agreement also contained an agreement by the Company to apply the proceeds of any such Specified Swap Liquidation to prepayment of its loans under the Pre-Petition Credit Facility. Each Specified Swap Liquidation reduced the borrowing base and the aggregate elected commitment amounts under the Pre-Petition Credit Facility by an amount equal to any prepayment of the loans using the proceeds of such Specified Swap Liquidation (see Note 11 — Long-Term Debt). During the period from September 15, 2020 through the Petition Date of the Chapter 11 Cases, which constituted an event of default under the Pre-Petition Credit Facility, the Company liquidated its outstanding swap agreements and received cash proceeds of $37.4 million for Specified Swap Liquidations, which are reflected as investing activities in the Company’s Condensed Consolidated Statements of Cash Flows during the three and nine months ended September 30, 2020. As a result of the Specified Swap Liquidations, the Company’s outstanding derivative contracts are concentrated with one counterparty as of September 30, 2020. The counterparty is a lender under the Pre-Petition Credit Facility and has an investment-grade rating. At September 30, 2020, the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Fair Value Assets Weighted Average Prices (In thousands) Crude oil 2020 Fixed price swaps 182,000 Bbl $ 41.17 $ 183 Crude oil 2021 Fixed price swaps 62,000 Bbl $ 41.17 17 $ 200 Subsequent to September 30, 2020, the Company entered into additional fixed price swaps. As of November 4, 2020, the Company had the following outstanding commodity derivative contracts: Commodity Settlement Derivative Volumes Weighted Average Prices Crude oil 2020 Fixed price swaps 182,000 Bbl $ 41.17 Crude oil 2021 Fixed price swaps 9,414,000 Bbl $ 42.07 Crude oil 2022 Fixed price swaps 6,880,000 Bbl $ 42.64 Crude oil 2023 Fixed price swaps 4,566,000 Bbl $ 43.61 Crude oil 2024 Fixed price swaps 372,000 Bbl $ 43.74 Natural gas 2020 Fixed price swaps 1,240,000 MMBtu $ 2.84 Natural gas 2021 Fixed price swaps 14,600,000 MMBtu $ 2.84 Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82 The Exit Facility associated with the Chapter 11 Cases (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code) includes certain conditions that must be satisfied before closing, including minimum hedge volumes and prices. As set forth in the Exit Facility Term Sheet, OPNA, as borrower, is required to enter into hedges covering minimum hedge volumes of (i) 10,303 MBbl for the first year after the closing date, (ii) 6,761 MBbl for the second year after the closing date and (iii) 4,945 MBbl for the third year after the closing date; provided that, two-thirds of such hedging shall be entered into on the closing date of the Exit Facility, with the remainder to be entered into 30 days after the closing date. The target pricing for the hedges shall not be less than (i) $43.04 per barrel for the first year after the closing date, (ii) $43.94 per barrel for the second year after the closing date and (iii) $44.79 per barrel for the third year after the closing date. As of November 4, 2020, the Company had entered into approximately 97% of the required volumes at approximately 97% of the target prices, based on a volume weighted average calculation. In the event the actual hedge prices are less than the target hedge prices, the borrowing base will be subject to an availability block, which shall be set based on the shortfall. The application of the availability block may be waived by required lenders. 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 Statements of Operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Statements of Operations Location 2020 2019 2020 2019 (In thousands) Net gain (loss) on derivative instruments $ (5,071) $ 47,922 $ 243,064 $ (34,940) 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 Sheets. The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: September 30, 2020 Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 200 $ — $ 200 Total derivatives assets $ 200 $ — $ 200 December 31, 2019 Commodity Balance Sheet Location Gross Recognized Assets/Liabilities Gross Amount Offset Net Recognized Fair Value Assets/Liabilities (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 633 $ (98) $ 535 Commodity contracts Derivative instruments — non-current assets 3,295 (2,656) 639 Total derivatives assets $ 3,928 $ (2,754) $ 1,174 Derivatives liabilities Commodity contracts Derivative instruments — current liabilities $ 33,812 $ (14,117) $ 19,695 Commodity contracts Derivative instruments — non-current liabilities 686 (566) 120 Total derivatives liabilities $ 34,498 $ (14,683) $ 19,815

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
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: September 30, 2020 December 31, 2019 (In thousands) Proved oil and gas properties $ 9,024,122 $ 8,724,376 Less: Accumulated depreciation, depletion, amortization and impairment (8,245,798) (3,601,019) Proved oil and gas properties, net 778,324 5,123,357 Unproved oil and gas properties 342,361 738,662 Other property and equipment 1,309,897 1,279,653 Less: Accumulated depreciation and impairment (314,728) (163,896) Other property and equipment, net 995,169 1,115,757 Total property, plant and equipment, net $ 2,115,854 $ 6,977,776 Impairment The Company reviews its long-lived assets for impairment by asset group whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. Proved oil and gas properties. As a result of the significant decline in expected future commodity prices coupled with the Company’s liquidity concerns, and the resulting decrease in its estimated proved reserves, the Company reviewed its proved oil and gas properties in both the Williston Basin and the Delaware Basin for impairment in the first quarter of 2020. During the nine months ended September 30, 2020, the Company recorded impairment charges of $4.4 billion, including $3.8 billion related to the Williston Basin and $637.3 million related to the Delaware Basin, to reduce the carrying values of its proved oil and gas properties to their estimated fair values (see Note 7 — Fair Value Measurements). The Company did not record impairment charges on its proved oil and gas properties during the three months ended September 30, 2020 and the three and nine months ended September 30, 2019. Unproved oil and gas properties. The Company assessed its unproved oil and gas properties for impairment and recorded impairment charges on its unproved oil and gas properties of $0.9 million and $293.0 million during the three and nine months ended September 30, 2020, respectively, and $0.7 million during the nine months ended September 30, 2019 as a result of leases expiring or expected to expire as well as drilling plan uncertainty on certain acreage of unproved properties. During the three months ended September 30, 2019, the Company did not record impairment charges on its unproved oil and gas properties. Other property and equipment. Due to the significant decline in expected future commodity prices during the first quarter of 2020, the Company and other crude oil and natural gas producers changed their development plans, which resulted in lower forecasted throughput volumes for the Company’s midstream assets. As a result, the Company reviewed its midstream assets, grouped by commodity for each basin, for impairment as of March 31, 2020. The carrying amounts exceeded the estimated undiscounted future cash flows for certain midstream asset groups in the Williston Basin and the Delaware Basin, and as a result, the Company recorded impairment charges of $108.3 million during the nine months ended September 30, 2020 to reduce the carrying values of these midstream assets to their estimated fair values. In addition, during the three and nine months ended September 30, 2020, the Company recorded impairment charges of $1.1 million and $1.6 million, respectively, on certain midstream equipment, including a right-of-use asset associated with mechanical refrigeration units leased at the Company’s natural gas processing complex in the Williston Basin. No impairment charges were recorded on the Company’s midstream assets during the three and nine months ended September 30, 2019.

Divestitures and Assets Held fo

Divestitures and Assets Held for Sale	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Assets Held for Sale	Divestitures and Assets Held for Sale Divestitures The Company sold certain oil and gas properties located in the Williston Basin through various transactions and recognized a net gain on sale of properties of $1.5 million and $12.0 million in its Condensed Consolidated Statements of Operations during three and nine months ended September 30, 2020, respectively. The divested properties were included in the Company’s exploration and production segment. During the fourth quarter of 2019, the Company decided to pursue an exit from its well services business (the “Well Services Exit”) and began an active program to locate buyers for certain well services inventory and equipment included within the Company’s well services business segment. The Company completed various agreements for the sales of certain well services equipment related to the Well Services Exit and recognized a net loss on sale of properties of $0.3 million in its Condensed Consolidated Statements of Operations during the nine months ended September 30, 2020. The divested assets were included in the Company’s exploration and production segment, as the Company eliminated its well services business segment during the first quarter of 2020 in conjunction with the Well Services Exit. Assets Held for Sale The assets expected to be sold related to the Well Services Exit met the criteria for assets held for sale at December 31, 2019 and were classified as such. During the nine months ended September 30, 2020, the Company recorded charges in impairment on its Condensed Consolidated Statements of Operations of $15.9 million to write-off certain well services equipment no longer probable to be sold within one year and to adjust the carrying value of the remaining equipment held for sale to its estimated fair value less costs to sell. In addition, the Company recorded a non-cash charge of $1.5 million to adjust the carrying value of inventory held for sale to its net realizable value, which was included in other services expenses on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. As of September 30, 2020, certain remaining assets related to the Well Services Exit met the criteria to be classified as assets held for sale. There are no restrictions on the sale of these assets related to the Chapter 11 Cases. The Company’s assets held for sale consists of the following: September 30, 2020 December 31, 2019 (In thousands) Inventory $ 580 $ 3,124 Other property and equipment 67,617 95,560 Less: Accumulated depreciation and impairment (66,817) (77,056) Total assets held for sale $ 1,380 $ 21,628

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consists of the following: September 30, 2020 December 31, 2019 (In thousands) Pre-Petition Credit Facility $ 360,640 $ 337,000 OMP Credit Facility 487,500 458,500 Senior unsecured notes 6.50% senior unsecured notes due November 1, 2021 43,601 71,835 6.875% senior unsecured notes due March 15, 2022 834,466 890,980 6.875% senior unsecured notes due January 15, 2023 307,728 351,953 6.25% senior unsecured notes due May 1, 2026 395,122 400,000 2.625% senior unsecured convertible notes due September 15, 2023 244,840 267,800 Total principal of senior unsecured notes 1,825,757 1,982,568 Less: unamortized deferred financing costs on senior unsecured notes (1) — (15,618) Less: unamortized debt discount on senior unsecured convertible notes (1) — (50,877) Less: current maturities of long-term debt (2) (360,640) — Less: amounts reclassed to liabilities subject to compromise (1) (1,825,757) — Total long-term debt $ 487,500 $ 2,711,573 ___________________ (1) As a result of the Chapter 11 Cases, the Company reclassified the total principal balance of its Notes, which are unsecured claims in the Chapter 11 Cases, to liabilities subject to compromise and wrote off all unamortized deferred financing costs and debt discount on its Notes to reorganization items, net (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). (2) Due to the uncertainties regarding the outcome of the Chapter 11 Cases, the Company has classified the borrowings outstanding under the Pre-Petition Credit Facility as current maturities of long-term debt on its Condensed Consolidated Balance Sheet as of September 30, 2020. Chapter 11 Cases and Effect of Automatic Stay The filing of the Chapter 11 Cases constituted an event of default that accelerated the Company’s obligations under the Debt Instruments, which include the Company’s Pre-Petition Credit Facility and its Notes. The Debt Instruments provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the Chapter 11 Cases and the creditors’ rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. DIP Facility On September 29, 2020, prior to the commencement of the Chapter 11 Cases, the Consenting RBL Lenders agreed to provide the Debtors with a senior secured superpriority debtor-in-possession revolving credit facility pursuant to a commitment letter entered into by and among the Debtors and certain of the Consenting RBL Lenders and/or their affiliates. The Bankruptcy Court approved the Interim DIP Order on September 30, 2020, and on October 2, 2020, the Debtors entered into the DIP Facility, by and among Oasis Petroleum Inc., as parent, OPNA, as borrower (the “Borrower”), each of the other Debtors, as guarantors party thereto, each of the lenders from time to time party thereto, and Wells Fargo Bank, N.A., as administrative agent and as issuing bank, pursuant to which, having been granted the approval of the Bankruptcy Court, the lenders agreed to provide the Borrower with a debtor-in-possession revolving credit facility in an aggregate principal amount of $450 million consisting of (i) new money revolving credit in an aggregate principal amount equal to $150 million ($100 million of which amount may also be used for the issuance of new letters of credit or deemed reissuance of pre-petition letters of credit) and (ii) a roll-up of pre-petition secured indebtedness in an aggregate amount of up to $300 million upon entry of the Interim DIP Order that, among other things, will be used to finance the ongoing general corporate needs of the Debtors during the course of the Chapter 11 Cases; provided that, until entry of the Final DIP Order (as defined in the Plan) by the Bankruptcy Court, only (a) $120 million (or $80 million in the case of letters of credit) of the total $150 million of new money revolving credit and (b) $240 million of the total $300 million in roll-up of pre-petition secured indebtedness, in each case, will be available to the Borrower under the DIP Facility. New money revolving credit under the DIP Facility accrues interest, at Borrower’s election, at (x) the adjusted LIBO rate (subject to a 1.00% interest rate floor) plus 5.50% per annum or (y) the alternate base rate (subject to a 2.00% interest rate floor) plus 4.50% per annum. Any loans (including loans incurred to repay disbursements of any pre-petition letters of credit refinanced under the DIP Facility) rolled up and refinanced as post-petition secured indebtedness under the DIP Facility accrue interest, at Borrower’s election, at (x) the adjusted LIBO rate (subject to a 1.00% interest rate floor) plus 4.25% or (y) the alternate base rate (subject to a 2.00% interest rate floor) plus 3.25% per annum. Letters of credit (whether rolled-up or in the form of new money) under the DIP Facility are also subject to a participation fee payable ratably to the DIP Facility lenders in the amount of (x) with respect to new money letters of credit, 5.50% per annum and (y) with respect to rolled-up and refinanced letters of credit, 4.25% per annum. Upon the occurrence and during the continuance of an event of default under the DIP Facility, loans outstanding under the DIP Facility may accrue interest at a default rate equal to the alternate base rate plus 6.75%. The maturity date of the DIP Facility is March 30, 2021; provided, that the Borrower may extend such date for a period of three months if certain conditions are satisfied. The DIP Facility contains events of default customary to debtor-in-possession financings, including events related to the Chapter 11 Cases, the occurrence of which could result in the acceleration of the Debtors’ obligation to repay the outstanding indebtedness under the DIP Facility. The Debtors’ obligations under the DIP Facility are secured by a security interest in, and lien on, substantially all present and after acquired property (whether tangible, intangible, real, personal or mixed) (subject to certain exceptions) of the Debtors and will be guaranteed by all of the guarantors. The DIP Facility also contains a minimum liquidity covenant as well as other customary covenants for a facility of this type, which limit the ability of the Borrower and the other Debtors to, among other things, (1) incur additional indebtedness and permit liens to exist on their assets, (2) pay dividends or make certain other restricted payments, (3) sell assets and (4) make certain investments. These covenants are subject to certain exceptions and qualifications as set forth in the DIP Facility. The Debtors have been in compliance with the minimum liquidity covenant since entering into the DIP Facility. Exit Financing On September 29, 2020, prior to the commencement of the Chapter 11 Cases, the Company entered into the Exit Commitment Letter with the Consenting RBL Lenders and/or their affiliates, which is subject to the satisfaction of certain customary conditions, including the approval of the Bankruptcy Court. In addition, as part of the RSA, the Consenting RBL Lenders and/or their affiliates have agreed to provide, on a committed basis, the Company with the Exit Facility on the terms set forth in the Exit Facility Term Sheet. The Exit Facility Term Sheet provides for, among other things a post-emergence financing that is intended to mature in 3.5 years from the closing date of the Exit Facility, in the form of a new money senior secured reserve-based revolving credit facility in an aggregate maximum principal amount of up to $1.5 billion with an initial borrowing base and elected commitments amount of up to $575.0 million, subject to an initial borrowing base redetermination at the closing of the Exit Facility. Any loans drawn under the Exit Facility will be non-amortizing. The effectiveness of the Exit Facility will be subject to customary closing conditions, including consummation of the Plan and minimum hedging requirements (see Note 8 — Derivative Instruments for further detail). There is no guarantee that the Company will be successful in confirming its Plan and exiting bankruptcy. Pre-Petition Credit Facility The Pre-Petition Credit Facility is the Company’s senior secured revolving line of credit with Wells Fargo Bank, N.A., as administrative agent (the “Administrative Agent”) and the lenders party thereto with an overall senior secured line of credit of $3,000.0 million. The Pre-Petition Credit Facility has a stated maturity date of the earlier of (i) October 16, 2023, (ii) 90 days prior to the maturity date of the Company’s senior unsecured notes due in 2022 and 2023 to the extent such senior unsecured notes are not retired or refinanced to have a maturity date at least 90 days after October 16, 2023 and (iii) 90 days prior to the maturity date of the Company’s senior unsecured convertible notes due in 2023 to the extent such senior unsecured convertible notes are not retired, converted, redeemed or refinanced to have a maturity date at least 90 days after October 16, 2023. The Pre-Petition Credit Facility is restricted to a borrowing base, which is reserve-based and subject to semi-annual redeterminations. On April 24, 2020, the lenders under the Pre-Petition Credit Facility completed their regular semi-annual redetermination of the borrowing base and entered into that certain Limited Waiver and Fourth Amendment (the “Fourth Amendment”) to the Pre-Petition Credit Facility, which decreased the borrowing base from $1,300.0 million to $625.0 million and decreased the aggregate elected commitment from $1,100.0 million to $625.0 million on the amendment date, and further reduced the borrowing base and aggregate elected commitments from $625.0 million to $612.5 million effective June 1, 2020 and from $612.5 million to $600.0 million effective July 1, 2020. In addition, the Fourth Amendment increased the letter of credit commitment under the Pre-Petition Credit Facility from $50.0 million to $100.0 million. On September 15, 2020, the Company entered into Letter Agreement, which, among other things, amended its Pre-Petition Credit Facility. Pursuant to the Letter Agreement, beginning on September 15, 2020 and ending on the earlier of (1) October 15, 2020 and (2) the occurrence of an event of default under the Pre-Petition Credit Facility, the Company was required to use commercially reasonable efforts to liquidate its swap agreements and agreed to apply the proceeds of the Specified Swap Liquidations (as further described in Note 8 — Derivative Instruments) to prepayment of its loans under the Pre-Petition Credit Facility. Each Specified Swap Liquidation reduced the borrowing base and the aggregate elected commitment amounts under the Pre-Petition Credit Facility by an amount equal to any prepayment of the loans using the proceeds of such Specified Swap Liquidation. During the period from September 15, 2020 through the occurrence of an event of default on the Petition Date of the Chapter 11 Cases, the Company received cash proceeds of $37.4 million for Specified Swap Liquidations, which reduced the borrowing base and aggregated elected commitment amounts under the Pre-Petition Credit Facility to $562.6 million as of the Petition Date. The Fourth Amendment also included a waiver and forbearance agreement with respect to a third-party surety indemnity obligation (the “Surety Bond”) the Company obtained in support of commitments for a transportation agreement. The Administrative Agent advised the Company on April 2, 2020 that the Surety Bond constituted additional Debt (as defined in the Pre-Petition Credit Facility) not permitted under the Pre-Petition Credit Facility and that the Company’s certifications had failed to reflect the existence of the Surety Bond in its borrowing requests. The Fourth Amendment contained a one-time waiver of these Defaults (as defined in the Pre-Petition Credit Facility), other than with respect to additional interest owed (the “Specified Default Interest”) of $30.3 million, which is included in interest expense on the Company’s Condensed Consolidated Statement of Operations during the nine months ended September 30, 2020. No additional interest charge was recorded during the three months ended September 30, 2020. The Fourth Amendment provided for forbearance of the Specified Default Interest until the earlier to occur of (i) October 24, 2020 and (ii) an event of default. Prior to the Petition Date of the Chapter 11 Cases, which constituted an event of default, the Debtors and Consenting Stakeholders entered into the RSA, which provides that, on the Plan effective date, any Specified Default Interest shall be discharged, released and deemed waived by all Consenting RBL Lenders. The Fourth Amendment amended the applicable margins and commitment fee rates with respect to Alternate Based Rate (“ABR”) loans, Swingline loans and Eurodollar loans, based on the utilization of the total elected commitments under the Pre-Petition Credit Facility, as shown in the grid below. As a result of filing the Chapter 11 Cases, a default penalty of an additional 2% went into effect and increased the Pre-Petition Credit Facility interest rates above those interest rates shown in the grid below. Total Commitment Utilization Percentage Applicable Margin for ABR Loans or Swingline Loans Applicable Margin for Eurodollar Loans Commitment Fee Rates Less than 25% 0.75 % 2.25 % 0.50 % Greater than or equal to 25% but less than 50% 1.00 % 2.50 % 0.50 % Greater than or equal to 50% but less than 75% 1.25 % 2.75 % 0.50 % Greater than or equal to 75% but less than 90% 1.50 % 3.00 % 0.50 % Greater than or equal to 90% 1.75 % 3.25 % 0.50 % The Fourth Amendment amended the financial covenants in the Pre-Petition Credit Facility to provide the Company’s Ratio of Total Debt to EBITDAX (as defined in the Pre-Petition Credit Facility) shall not, as of the last day of any fiscal quarter, be greater than 4.00 to 1.00. At September 30, 2020, the Company had $360.6 million of borrowings and $76.9 million of outstanding letters of credit issued under the Pre-Petition Credit Facility. For the three and nine months ended September 30, 2020, the weighted average interest rate incurred on borrowings under the Pre-Petition Credit Facility was 3.4% and 3.3%, respectively, excluding the rate impact of the Specified Default Interest. On October 2, 2020, pursuant to the terms of the DIP Facility, $240.0 million of loans under the Pre-Petition Credit Facility were automatically substituted and exchanged for loans under the DIP Facility, and the $76.9 million of outstanding letters of credit were deemed to have been issued under the DIP Facility. As a result of the commencement of the Chapter 11 Cases, the lenders’ commitments under the Pre-Petition Credit Facility have been terminated, and the Company is therefore unable to make additional borrowings or issue additional letters of credit under the Pre-Petition Credit Facility. Upon emergence from the Chapter 11 Cases, the Pre-Petition Credit Facility will be paid in full with proceeds from the Exit Facility, and therefore, the fair value of the Pre-Petition Credit Facility approximates its carrying value. OMP Credit Facility OMP, a consolidated subsidiary of the Company, has a senior secured revolving credit facility (the “OMP Credit Facility”) among OMP, as parent, OMP Operating LLC, as borrower, Wells Fargo Bank, N.A., as administrative agent (the “OMP Administrative Agent”) and the lenders party thereto. The OMP Credit Facility, which has a maturity date of September 25, 2022, is available to fund working capital and to finance acquisitions and other capital expenditures of OMP. As of September 30, 2020, the aggregate commitments under the OMP Credit Facility were $575.0 million. The OMP Credit Facility was not impacted by the Chapter 11 Cases, as OMP and its subsidiaries are Non-Filing Entities, and there are no cross-default rights between the Company’s Pre-Petition Credit Facility and the OMP Credit Facility. OMP was in compliance with the covenants of the OMP Credit Facility as of September 30, 2020. In the second quarter of 2020, OMP identified that a Control Agreement (as defined in the OMP Credit Facility) had not been executed for a certain bank account before the account was initially funded with cash, which represented an event of default. In May 2020, OMP executed a Control Agreement with respect to the bank account, thereby completing the documentation required under the OMP Credit Facility, and entered into a limited waiver of the past event of default with the Majority Lenders (as defined in the OMP Credit Facility), which provided forbearance of additional interest owed (the “OMP Specified Default Interest”) of $28.0 million until the earlier of (i) November 10, 2020 and (ii) an event of default. The OMP Specified Default Interest is included in interest expense on the Company’s Condensed Consolidated Statement of Operations during the nine months ended September 30, 2020. No additional interest charge was recorded for the OMP Credit Facility during the three months ended September 30, 2020. OMP and the OMP Administrative Agent agreed to exclude the OMP Specified Default Interest from the calculation of the interest coverage ratio financial covenant. On September 29, 2020, OMP entered into a Waiver, Discharge and Forgiveness Agreement and Forbearance Extension (the “Waiver and Forbearance Agreement”) to permanently waive payment of the OMP Specified Default Interest, subject to certain conditions. Under the terms of the Waiver and Forbearance Agreement, the OMP Administrative Agent and the Majority Lenders agreed to forbear from demanding payment of the OMP Specified Default Interest until the earlier to occur of (i) an additional event of default under the OMP Credit Facility and (ii) the maturity date of the DIP Facility. The effectiveness of the waiver, discharge and forgiveness of the OMP Specified Default Interest is subject to certain conditions, namely, effectiveness of the Debtors’ Plan, as well as the maintenance of the material contracts between any of the Debtors and OMP or its subsidiaries. At September 30, 2020, the Company had $487.5 million of borrowings outstanding under the OMP Credit Facility and a de minimis outstanding letter of credit, resulting in an unused borrowing base capacity of $87.5 million. For the three and nine months ended September 30, 2020, the weighted average interest rate incurred on borrowings under the OMP Credit Facility was 1.9% and 2.6%, respectively, excluding the rate impact of the OMP Specified Default Interest. The unused portion of the OMP Credit Facility is subject to a commitment fee ranging from 0.375% to 0.500%. The fair value of the OMP Credit Facility approximates its carrying value since borrowings under the OMP Credit Facility bear interest at variable rates, which are tied to current market rates. Notes Senior unsecured notes. At September 30, 2020, the Company had $1,580.9 million aggregate principal amount of senior unsecured notes outstanding with maturities ranging from November 2021 to May 2026 and coupons ranging from 6.25% to 6.875% (the “Senior Notes”). The fair value of the Senior Notes, which are publicly traded and therefore categorized as Level 1 liabilities, was $369.6 million at September 30, 2020. The commencement of the Chapter 11 Cases constituted an event of default that automatically accelerated the obligations under the indentures governing the Senior Notes. Interest on the Senior Notes is payable semi-annually in arrears. The Company accrued interest on its Senior Notes prior to the Petition Date, with no interest accrued thereafter. The Company reclassed the total principal and accrued interest on the Senior Notes to liabilities subject to compromise on the Petition Date. The unamortized portion of deferred financing costs associated with the Senior Notes as of the Petition Date was written off and included in reorganization items, net on the Company’s Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020 (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). During the nine months ended September 30, 2020, the Company repurchased an aggregate principal amount of $133.9 million of its outstanding Senior Notes for an aggregate cost of $52.9 million. The repurchases consisted of $28.2 million principal amount of the 6.50% senior unsecured notes due November 1, 2021, $56.5 million principal amount of the 6.875% senior unsecured notes due March 15, 2022, $44.2 million principal amount of the 6.875% senior unsecured notes due January 15, 2023 and $4.9 million principal amount of the 6.25% senior unsecured notes due May 1, 2026. As a result of these repurchases, the Company recognized a pre-tax gain of $80.2 million, which was net of unamortized deferred financing costs write-offs of $0.8 million, and is reflected in gain on extinguishment of debt on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. Senior unsecured convertible notes. At September 30, 2020, the Company had $244.8 million of 2.625% senior unsecured convertible notes due September 2023 (the “Senior Convertible Notes”). The fair value of the Senior Convertible Notes, which are publicly traded and therefore categorized as Level 1 liabilities, was $47.7 million at September 30, 2020. The commencement of the Chapter 11 Cases constituted an event of default that automatically accelerated the obligations under the indenture governing the Senior Convertible Notes. Interest on the Senior Convertible Notes is payable semi-annually in arrears. The Company accrued interest on its Senior Convertible Notes prior to the Petition Date, with no interest accrued thereafter. The Company reclassed the total principal and accrued interest on the Senior Convertible Notes to liabilities subject to compromise on the Petition Date. The unamortized portion of deferred financing costs and debt discount associated with the Senior Convertible Notes as of the Petition Date was written off and included in reorganization items, net on the Company’s Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020 (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). During the nine months ended September 30, 2020, the Company repurchased a principal amount of $23.0 million of its outstanding Senior Convertible Notes, for an aggregate cost of $15.2 million. As a result of these repurchases, the Company recognized a pre-tax gain of $3.7 million, which was net of write-offs of unamortized debt discount of $4.2 million, the equity component of the senior unsecured convertible notes of $0.3 million and unamortized deferred financing costs of $0.2 million, and is reflected in gain on extinguishment of debt on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. Guarantors. The Notes, which include the Senior Notes and the Senior Convertible Notes, are guaranteed by the parent company, Oasis Petroleum Inc. (the “Issuer”), on a senior unsecured basis, along with its material wholly-owned subsidiaries (the “Guarantors”). Certain of the Company’s consolidated subsidiaries, including the Non-Filing Entities, do not guarantee the Notes. During the first quarter of 2020, the Company early adopted the SEC’s, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securitie s rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The required disclosures are provided below and in Note 18 — Condensed Combined Debtor-in-Possession Financial Information. The guarantees are full and unconditional and joint and several among the Guarantors, subject to certain customary release provisions, as follows: • in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a restricted subsidiary of the Company; • in connection with any sale or other disposition of the capital stock of that Guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a restricted subsidiary of the Company, such that, immediately after giving effect to such transaction, such Guarantor would no longer constitute a subsidiary of the Company; • if the Company designates any restricted subsidiary that is a Guarantor to be an unrestricted subsidiary in accordance with the indenture; • upon legal defeasance or satisfaction and discharge of the indenture; or • upon the liquidation or dissolution of a Guarantor, provided no event of default occurs under the indentures as a result thereof. The guarantees of the Guarantors are limited as necessary to prevent them from constituting a fraudulent conveyance under applicable law. Each guarantee is effectively subordinated to any secured indebtedness of the Guarantors to the extent of the value of the assets securing such indebtedness. The Guarantors are credit parties under the Pre-Petition Credit Facility, and together with the Issuer, comprise the Debtors in the Chapter 11 Cases. The condensed combined financial statements of the Debtors are included in Note 18 — Condensed Combined Debtor-in-Possession Financial Information.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table reflects the changes in the Company’s ARO during the nine months ended September 30, 2020: (In thousands) Balance at December 31, 2019 $ 56,784 Liabilities incurred during period 535 Liabilities settled during period (196) Accretion expense during period 2,338 Balance at September 30, 2020 $ 59,461 Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At September 30, 2020, the Company reclassified the Debtors’ ARO of $57.6 million to liabilities subject to compromise on the Company’s Condensed Consolidated Balance Sheet (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates for the three and nine months ended September 30, 2020 were 9.8% on a pre-tax loss of $52.2 million and 5.5% on a pre-tax loss of $4.7 billion, respectively, as compared to effective tax rates of (134.3)% on a pre-tax income of $12.9 million and 25.0% on a pre-tax loss of $35.3 million for the three and nine months ended September 30, 2019, respectively. The effective tax rate for the three months ended September 30, 2020 was lower than the statutory federal rate of 21% primarily due to the impact of certain permanent differences, including non-deductible reorganization fees, recorded in the third quarter of 2020, and the impacts of non-controlling interests, partially offset by state income taxes. The effective tax rate for the nine months ended September 30, 2020 was lower than the statutory rate of 21% as a result of maintaining a valuation allowance against substantially all of the Company’s net deferred tax assets. A valuation allowance was initially recorded against substantially all of the Company’s net deferred tax assets as of March 31, 2020 and was maintained as of September 30, 2020. The effective tax rate for the three months ended September 30, 2019 was lower than the statutory federal rate of 21% primarily due to non-controlling interests, partially offset by state income taxes and the impact of other permanent differences, primarily non-deductible executive compensation. The effective tax rate for the nine months ended September 30, 2019 was higher than the statutory rate primarily due to the impacts of non-controlling interests and state income taxes. These increases were offset by other permanent differences, primarily non-deductible executive compensation and equity-based compensation shortfalls. Valuation allowance. The Company reported a valuation allowance of $849.4 million and $2.9 million as of September 30, 2020 and December 31, 2019, respectively. Based on the material write-down of the carrying value of the Company’s oil and gas properties recognized in the first quarter of 2020 and the Company’s expected operating results in subsequent quarters, the Company projects it will be in a net deferred tax asset position at December 31, 2020. The Company concluded it is more likely than not that some or all of the benefits from its deferred tax assets will not be realized, and as such, recorded a valuation allowance on these assets. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. A significant piece of objective negative evidence evaluated is the cumulative loss incurred over recent years. Such objective negative evidence limits the ability to consider other subjective positive evidence. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as future growth. As such, the Company will continue to assess the valuation allowance on an ongoing basis. 2020 restructuring. Certain of the restructuring transactions contemplated by the RSA may have a material impact on the Company’s tax attributes, the full extent of which is currently unknown. Cancellation of indebtedness income resulting from such restructuring transactions may significantly reduce the Company’s tax attributes, including but not limited to net operating loss carryforwards. Further, the Company will likely experience an ownership change as determined under Internal Review Code (“IRC”) Section 382 upon confirmation of the Plan by the Bankruptcy Court, which may subject certain remaining tax attributes to an annual limitation under Section 382 of the IRC. However, the Company is currently analyzing alternatives within the IRC available to taxpayers in Chapter 11 bankruptcy proceedings that could minimize the impact of an ownership change on tax attributes. Additionally, the Company has incurred and will continue to incur significant one-time costs associated with the Plan, a material amount of which are non-deductible for tax purposes under the IRC.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is included in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. 2020 Incentive Compensation Program. In order to effectively incentivize employees in the current environment, the Board of Directors approved a revised 2020 incentive compensation program applicable to all employees effective June 12, 2020 (the “2020 Incentive Compensation Program”). Under the 2020 Incentive Compensation Program, all 2020 equity-based awards, including restricted stock awards, performance share units (“PSUs”) and the OMP phantom unit awards (the “OMP Phantom Units”), previously granted under the Company’s Amended and Restated 2010 Long Term Incentive Plan, were forfeited and concurrently replaced with cash retention incentives, which were accounted for as modifications of such 2020 awards. In addition, all employees waived participation in the Company’s 2020 annual cash incentive plan and instead will be eligible to earn cash performance incentives based on the achievement of certain specified incentive metrics measured on a quarterly basis from July 1, 2020 to June 30, 2021. The 2020 Incentive Compensation Program resulted in $15.6 million, or approximately 50% of the target amount under such program, being paid in June 2020 with the remainder of the target amount under such program payable over the following 12 months. For the Company’s officers and certain other senior employees, the prepaid cash incentives paid in June 2020 may be clawed back if (i) certain specified incentive metrics measured on a quarterly basis are not achieved from July 1, 2020 to December 31, 2020 and (ii) such individuals do not remain employed for a period of up to 12 months, unless such individuals are terminated without cause or resign for good reason. The after-tax value of the cash incentives paid to the Company’s officers and certain other senior employees of $8.8 million was capitalized to prepaid expenses and is being amortized over the relevant service periods. The Company immediately expensed the difference between the cash and after-tax value of the prepaid cash incentives of $4.1 million, which is not subject to the clawback provisions of the 2020 Incentive Compensation Program, and recognized additional compensation expenses of $0.4 million to adjust for the grant date fair value of certain original 2020 equity-based awards that exceeded the replacement cash retention incentives less amounts previously recognized for the original 2020 equity-based awards. For all other employees, the June 2020 incentive payment of $2.7 million was not subject to any clawback provisions, and $2.1 million, which represents the excess of the cash retention payment over amounts previously recognized for the original 2020 equity-based awards the cash incentives replaced, was immediately expensed. The expenses related to the 2020 Incentive Compensation Program are included in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. Restricted stock awards. The Company has granted restricted stock awards to its employees and directors under its Amended and Restated 2010 Long Term Incentive Plan, the majority of which vest over a three-year period from the applicable date of grant. The fair value of restricted stock awards is based on the closing sales price of the Company’s common stock on the date of grant or, if applicable, the date of modification. Compensation expense is recognized ratably over the requisite service period. The following table summarizes information related to restricted stock held by the Company’s employees and directors for the periods presented: Shares Weighted Average Non-vested shares outstanding December 31, 2019 5,736,167 $ 8.77 Granted 3,516,579 3.06 Vested (3,465,313) 6.82 Forfeited (1) (3,191,398) 3.19 Non-vested shares outstanding September 30, 2020 2,596,035 $ 9.39 ___________________ (1) On June 12, 2020, all restricted stock awards issued to employees and non-employee directors in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information. Equity-based compensation expense recorded for restricted stock awards was $3.1 million and $10.6 million for the three and nine months ended September 30, 2020, respectively, and $5.8 million and $18.4 million for the three and nine months ended September 30, 2019, respectively. As a result of the Chapter 11 Cases, the Company expects that each non-vested share remaining outstanding will become vested upon the Company’s emergence, and each holder shall receive the pro rata share of the New Warrants allocable to such share. Performance share units. The Company has granted PSUs to its officers under its Amended and Restated 2010 Long Term Incentive Plan. The PSUs are awards of restricted stock units that may be earned, if at all, based on the level of achievement with respect to the applicable performance metrics for the applicable period, and each PSU that is earned represents the right to receive one share of the Company’s common stock upon settlement. 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 applicable performance periods. Depending on the Company’s TSR performance relative to the defined peer group, and subject to an adjustment based on the Company’s internal rate of return for certain PSUs, award recipients may earn between 0% and 240% of the target number of 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 following table summarizes information related to PSUs held by the Company’s officers for the periods presented: Units Weighted Average Non-vested PSUs at December 31, 2019 3,027,224 $ 9.12 Granted 2,429,747 2.56 Vested (672,606) 8.61 Forfeited (1) (2,396,524) 3.12 Non-vested PSUs at September 30, 2020 2,387,841 $ 8.17 ___________________ (1) On June 12, 2020, all PSUs issued to the Company’s officers in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information. Equity-based compensation expense recorded for PSUs was $1.6 million and $5.7 million for the three and nine months ended September 30, 2020, respectively, and $2.5 million and $7.5 million for the three and nine months ended September 30, 2019, respectively. 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, risk-free interest rates, stock price volatility, initial value, stock price on the date of grant 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 is the standard deviation of the average percentage change in stock price 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 equity-based compensation expense of the PSUs granted during the nine months ended September 30, 2020: Forecast period (years) 2 - 4 Risk-free interest rates 1.53% - 1.55% Oasis stock price volatility 68.56 % Oasis initial value $3.19 Oasis stock price on date of grant $2.77 As a result of the Chapter 11 Cases, the Company expects that the PSUs will be eligible to vest upon the Company’s emergence based on the change in control vesting provisions applicable to the PSUs. The holder of any PSUs that are settled in vested shares upon the Company’s emergence shall receive the pro rata share of the New Warrants allocable to such shares. OMP phantom unit awards . The Company has granted OMP phantom unit awards (the “OMP Phantom Units”) to its employees under its Amended and Restated 2010 Long Term Incentive Plan. Each OMP Phantom Unit represents the right to receive, upon vesting of the award, a cash payment equal to the fair market value of one OMP common unit on the day prior to the date it vests (the “Vesting Date”). Award recipients are also entitled to Distribution Equivalent Rights (“DER”) with respect to each OMP Phantom Unit received. Each DER represents the right to receive, upon vesting of the award, a cash payment equal to the value of the distributions paid on one OMP common unit between the grant date and the applicable Vesting Date. The OMP Phantom Units generally vest in equal installments each year over a three-year period from the date of grant, and compensation expense will be recognized over the requisite service period and is included in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. The OMP Phantom Units are accounted for as liability-classified awards since the awards will settle in cash, and equity-based compensation expense is accounted for under the fair value method in accordance with GAAP. Under the fair value method for liability-classified awards, compensation expense is remeasured each reporting period at fair value based upon the closing price of a publicly traded common unit. The Company will directly pay, or will reimburse OMP, for the cash settlement amount of these awards. The following table summarizes information related to OMP Phantom Units held by certain employees of Oasis for the periods presented: Phantom Units Weighted Average Grant Date Fair Value per Unit Non-vested units outstanding December 31, 2019 362,002 $ 19.09 Granted 242,500 8.65 Vested (109,199) 13.52 Forfeited (1) (314,676) 8.64 Non-vested units outstanding September 30, 2020 180,627 $ 9.72 ___________________ (1) On June 12, 2020, all OMP Phantom Units issued to certain employees of Oasis in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information. Equity-based compensation recorded for the OMP Phantom Units was an expense of $0.1 million for the three months ended September 30, 2020 and a net credit of $0.1 million for the nine months ended September 30, 2020, and an expense of $0.1 million and $1.8 million for the three and nine months ended September 30, 2019, respectively. OMP restricted unit awards. OMP has granted to independent directors of the general partner restricted unit awards under the Oasis Midstream Partners LP 2017 Long Term Incentive Plan, which vest over a one-year period from the date of grant. These awards are accounted for as equity-classified awards since the awards will settle in common units upon vesting. Equity-based compensation expense is accounted for under the fair value method in accordance with GAAP. Under the fair value method for equity-classified awards, equity-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the vesting period. The following table summarizes information related to restricted units held by certain directors of OMP for the periods presented: Restricted Units Weighted Average Grant Date Fair Value per Unit Non-vested units outstanding December 31, 2019 16,170 $ 18.57 Granted 16,170 16.69 Vested (16,170) 18.57 Forfeited — — Non-vested units outstanding September 30, 2020 16,170 $ 16.69

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per ShareBasic earnings (loss) per share is computed by dividing the earnings (loss) attributable to Oasis 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 unvested restricted stock awards and contingently issuable shares related to PSUs and the Senior Convertible Notes during the periods presented, unless its effect is anti-dilutive. There are no adjustments made to the income (loss) attributable to Oasis available to common stockholders in the calculation of diluted earnings (loss) per share. The following table summarizes the basic and diluted weighted average common shares outstanding and the weighted average common shares excluded from the calculation of diluted weighted average common shares outstanding due to the anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Weighted average common shares outstanding: Basic and diluted 318,287 315,135 317,365 314,863 Anti-dilutive weighted average common shares: Unvested restricted stock awards and PSUs 4,292 9,825 7,420 10,106 For the three and nine months ended September 30, 2020 and for the nine months ended September 30, 2019, the Company incurred a net loss, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive effect of unvested stock awards. In addition, the diluted earnings per share calculation for the three months ended September 30, 2019 excludes the impact of unvested stock awards that were anti-dilutive under the treasury stock method.

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company has two reportable segments: exploration and production and midstream. In conjunction with the Well Services Exit during the first quarter of 2020, the Company eliminated its well services segment and reported the remaining services performed by Oasis Well Services LLC within its exploration and production segment. Prior to the Well Services Exit, the Company had three reportable segments: exploration and production, midstream and well services. To conform to the current period reportable segments presentation, the prior periods have been restated to reflect the change in reportable segments. The Company’s exploration and production segment is engaged in the acquisition and development of oil and gas properties. Revenues for the exploration and production segment are primarily derived from the sale of crude oil and natural gas production. The Company’s midstream business segment performs midstream services including: (i) natural gas gathering, compression, processing, gas lift and NGL storage services; (ii) crude oil gathering, stabilization, blending, storage and transportation services; (iii) produced and flowback water gathering and disposal services; and (iv) freshwater supply and distribution services. Revenues for the midstream segment are derived from performing these midstream services to support the exploration and production operations of the Company as well as third-party producers. The revenues and expenses related to goods and services provided by the midstream segment for the Company’s ownership interests are eliminated in consolidation, and only the revenues and expenses related to non-affiliated interest owners and third-party customers are included in the Company’s Condensed Consolidated Statements of Operations. 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 (loss), 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 two business segments for the periods presented: Exploration and Midstream Eliminations Consolidated (In thousands) Three months ended September 30, 2020: Revenues from non-affiliates $ 215,636 $ 55,423 $ — $ 271,059 Inter-segment revenues — 54,638 (54,638) — Total revenues 215,636 110,061 (54,638) 271,059 Operating income (loss) (8,603) 48,132 (1,005) 38,524 Other expense, net (87,953) (2,812) — (90,765) Income (loss) before income taxes including non-controlling interests $ (96,556) $ 45,320 $ (1,005) $ (52,241) General and administrative expenses $ 44,088 $ 9,089 $ (3,926) $ 49,251 Equity-based compensation expenses 4,502 400 (68) 4,834 Three months ended September 30, 2019: Revenues from non-affiliates $ 432,720 $ 50,023 $ — $ 482,743 Inter-segment revenues — 73,388 (73,388) — Total revenues 432,720 123,411 (73,388) 482,743 Operating income (loss) (52,529) 64,299 (3,329) 8,441 Other income (expense), net 9,010 (4,512) — 4,498 Income (loss) before income taxes including non-controlling interests $ (43,519) $ 59,787 $ (3,329) $ 12,939 General and administrative expenses $ 29,409 $ 7,842 $ (4,391) $ 32,860 Equity-based compensation expenses 8,247 383 (184) 8,446 Nine months ended September 30, 2020: Revenues from non-affiliates $ 668,849 $ 156,360 $ — $ 825,209 Inter-segment revenues — 160,377 (160,377) — Total revenues 668,849 316,737 (160,377) 825,209 Operating income (loss) (4,866,759) 36,526 (4,995) (4,835,228) Other income (expense), net 140,580 (38,568) — 102,012 Loss before income taxes including non-controlling interests $ (4,726,179) $ (2,042) $ (4,995) $ (4,733,216) General and administrative expenses $ 103,051 $ 26,995 $ (12,178) $ 117,868 Equity-based compensation expenses 15,909 1,031 (409) 16,531 Nine months ended September 30, 2019: Revenues from non-affiliates $ 1,438,235 $ 149,645 $ — $ 1,587,880 Inter-segment revenues — 199,793 (199,793) — Total revenues 1,438,235 349,438 (199,793) 1,587,880 Operating income (loss) (30,734) 169,321 (8,130) 130,457 Other expense, net (153,325) (12,460) — (165,785) Income (loss) before income taxes including non-controlling interests $ (184,059) $ 156,861 $ (8,130) $ (35,328) General and administrative expenses $ 86,800 $ 24,683 $ (13,238) $ 98,245 Equity-based compensation expenses 25,683 1,363 (676) 26,370 At September 30, 2020: Property, plant and equipment, net $ 1,197,626 $ 962,209 $ (43,981) $ 2,115,854 Total assets 1,499,941 1,050,817 (43,981) 2,506,777 At December 31, 2019: Property, plant and equipment, net $ 5,939,389 $ 1,078,903 $ (40,516) $ 6,977,776 Total assets 6,418,610 1,121,159 (40,516) 7,499,253

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAs of September 30, 2020, the Company’s material off-balance sheet arrangements and transactions include $76.9 million in outstanding letters of credit issued under its Pre-Petition Credit Facility and $10.3 million in net surety bond exposure issued as financial assurance on certain agreements. There have been no material changes to the Company’s commitments and contingencies disclosed in Note 22 — Commitments and Contingencies in the Company’s 2019 Annual Report other than items discussed below. Chapter 11 Cases. On September 30, 2020, the Debtors filed the Chapter 11 Cases seeking relief under the Bankruptcy Code. The Company expects to continue operations in the normal course pursuant to the applicable provisions of the Bankruptcy Code for the duration of the Chapter 11 Cases. All existing customer and vendor contracts are expected to remain in place and be serviced in the ordinary course of business. Commencement of the Chapter 11 Cases automatically stayed all of the proceedings and actions against the Company (other than regulatory enforcement matters), including those noted below. Please refer to Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code for more information on the Chapter 11 Cases. 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) 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 and flowback water disposal, crude oil gathering and natural 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.” On June 30, 2017, Mirada amended its original petition to add a claim that the Company has breached certain agreements by charging Mirada for midstream services provided by its affiliates and to seek a declaratory judgment that Mirada is entitled to be paid its share of total proceeds from the sale of hydrocarbons received by OPNA or any affiliate of OPNA without deductions for midstream services provided by OPNA or its affiliates. On February 2, 2018 and February 16, 2018, Mirada filed a second and third amended petition, respectively. In these filings, Mirada alleged new legal theories for being entitled to enforce the underlying contracts, and added Bighorn DevCo, Bobcat DevCo and Beartooth DevCo as defendants, asserting that these entities were created in bad faith in an effort to avoid contractual obligations owed to Mirada. On March 2, 2018, Mirada filed a fourth amended petition that described Mirada’s alleged ownership and assignment of interests in assets purportedly governed by agreements at issue in the lawsuit. On August 31, 2018, Mirada filed a fifth amended petition that added OMP as a defendant, asserting that it was created in bad faith in an effort to avoid contractual obligations owed to Mirada. On July 2, 2019, Oasis, OPNA, OMS, OMP, Bighorn DevCo, Bobcat DevCo and Beartooth DevCo (collectively the “Oasis Entities”) counterclaimed against Mirada for a judgment declaring that Oasis Entities are not obligated to purchase, manage, gather, transport, compress, process, market, sell or otherwise handle Mirada’s proportionate share of oil and gas produced from OPNA-operated wells. The counterclaim also seeks attorney’s fees, costs and expenses. On November 1, 2019, Mirada filed a sixth amended petition that stated that Mirada seeks in excess of $200 million in damages and asserted that OMS is an agent of OPNA and OPNA, OMS, OMP, Bighorn DevCo, Bobcat DevCo and Beartooth DevCo are agents of Oasis. Mirada also changed its allegation that it may elect a new operator for the subject wells to instead allege that Mirada may remove Oasis as operator. On November 1, 2019, the Oasis Entities amended their counterclaim against Mirada for a judgment declaring that a provision in one of the agreements does not incorporate by reference any provisions in a certain participation agreement and joint operating agreement. The additional counterclaim also seeks attorney’s fees, costs and expenses. On the same day, the Oasis Entities filed an amended answer asserting additional defenses against Mirada’s claims. On March 13, 2020, Mirada filed a seventh amended petition that did not assert any new causes of action and did not add any new parties. Mirada did add an allegation that Oasis breached its implied duty of good faith and fair dealing with respect to certain contracts. On April 30, 2020, Mirada abandoned its prior claims related to overstating the estimated costs of proposed well operations in Wild Basin. On September 28, 2020, the Oasis Entities entered into a Settlement and Mutual Release Agreement (the “Mirada Settlement Agreement”) with Mirada. The Mirada Settlement Agreement provides for, among other things, payment by OPNA to certain Mirada related parties of $42.8 million (with $20.0 million due on the effective date of the Plan, and the balance due on or before 180 days after the effective date of the Plan) and mutual releases, including, without limitation, release of all claims asserted in the Mirada litigation against the Oasis Entities. The Company intends to seek approval of the Mirada Settlement Agreement by the Bankruptcy Court pursuant to the Plan, and has an accrual for the payment of $42.8 million recorded in accrued liabilities on its Condensed Consolidated Balance Sheet as of September 30, 2020. Solomon litigation. On or about August 28, 2019, OP LLC, a wholly-owned subsidiary of the Company, was named as a defendant in the lawsuit styled Andrew Solomon, on behalf of himself and those similarly situated v. Oasis Petroleum, LLC, pending in the United States District Court for the District of North Dakota. The lawsuit alleged violations of the federal Fair Labor Standards Act (the “FLSA”) and Title 29 of the North Dakota Century Code (“Title 29”) as the result of OP LLC’s alleged practice of paying the plaintiff and similarly situated current and former employees overtime at rates less than required by applicable law, or failing to pay for certain overtime hours worked. The lawsuit requested that: (i) its federal claims be advanced as a collective action, with a class of all operators, technicians, and all other employees in substantially similar positions employed by OP LLC who were paid hourly for at least one week during the three year period prior to the commencement of the lawsuit, who worked 40 or more hours in at least one workweek and/or eight or more hours on at least one workday; and (ii) its state claims be advanced as a class action, with a class of all operators, technicians, and all other employees in substantially similar positions employed by OP LLC in North Dakota during the two year period prior to the commencement of the lawsuit, who worked 40 or more hours in at least one workweek and/or worked eight or more hours in a day on at least one workday. On September 14, 2020, OP LLC entered into a Settlement Agreement and Release of All Claims with Mr. Solomon which provides for, among other things, payment by OP LLC of $15,000 and a release by Mr. Solomon of claims against OP LLC and its affiliates, which includes, but is not limited to, all claims asserted, or which could have been asserted, against OP LLC and its affiliates arising out of or relating in any way to the Solomon litigation. On September 25, 2020, the Solomon litigation was dismissed with prejudice.

Condensed Combined Debtor-in-Po

Condensed Combined Debtor-in-Possession Financial Information	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Combined Debtor-in-Possession Financial Information	Condensed Combined Debtor-in-Possession Financial Information The following tables present the condensed combined financial statements of the Debtors. These condensed combined financial statements exclude the financial statements of the Non-Filing Entities. Transactions and balances of receivables and payables between the Debtors have been eliminated in consolidation. Intercompany transactions and balances among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors’ financial statements. Debtors Condensed Combined Balance Sheet (Unaudited) September 30, 2020 (In thousands) ASSETS Current assets Cash and cash equivalents $ 49,566 Accounts receivable, net 197,804 Accounts receivable from non-filing entities 33,915 Inventory 27,642 Prepaid expenses 12,249 Derivative instruments 200 Other current assets 101 Total current assets 321,477 Property, plant and equipment Oil and gas properties (successful efforts method) 9,392,414 Other property and equipment 132,243 Less: accumulated depreciation, depletion, amortization and impairment (8,328,700) Total property, plant and equipment, net 1,195,957 Assets held for sale, net 1,380 Investments in and advances to non-filing entities 317,398 Long-term inventory 14,210 Operating right-of-use assets 11,241 Other assets 20,437 Total assets $ 1,882,100 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Revenues and production taxes payable 108,979 Accrued liabilities 29,024 Current maturities of long-term debt 360,640 Accrued interest payable 30,384 Total current liabilities 529,027 Deferred income taxes 4,898 Liabilities subject to compromise 2,133,658 Total liabilities 2,667,583 Stockholders’ deficit Common stock 3,232 Treasury stock, at cost (36,532) Additional paid-in-capital 3,128,752 Accumulated deficit (3,881,021) Oasis share of stockholders’ deficit (785,569) Non-controlling interests 86 Total stockholders’ deficit (785,483) Total liabilities and stockholders’ deficit $ 1,882,100 Debtors Condensed Combined Statement of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (In thousands) Revenues Oil and gas revenues $ 179,191 $ 511,096 Purchased oil and gas sales 44,194 167,824 Midstream revenues 2,168 7,094 Other services revenues 309 6,686 Total revenues 225,862 692,700 Operating expenses Lease operating expenses 40,943 144,087 Midstream expenses 59 (146) Other services expenses 308 5,968 Marketing, transportation and gathering expenses 31,727 105,301 Purchased oil and gas expenses 47,608 165,991 Production taxes 13,039 39,129 Depreciation, depletion and amortization 31,215 255,659 Exploration expenses 725 3,058 Rig termination 1,017 1,279 Impairment 1,120 4,725,134 Litigation settlement 22,750 22,750 General and administrative expenses 44,185 103,214 Total operating expenses 234,696 5,571,424 Gain on sale of properties 1,473 11,652 Operating loss (7,361) (4,867,072) Other income (expense) Equity in earnings of non-filing entities 52,260 8,521 Net gain (loss) on derivative instruments (5,071) 243,064 Interest expense, net of capitalized interest (34,636) (139,338) Gain (loss) on extinguishment of debt (20) 83,867 Reorganization items, net (49,758) (49,758) Other income 1,480 2,523 Total other income (expense), net (35,745) 148,879 Loss before income taxes (43,106) (4,718,193) Income tax benefit 5,144 262,495 Net loss including non-controlling interests (37,962) (4,455,698) Less: Net income attributable to non-controlling interests 86 248 Net loss attributable to Oasis $ (38,048) $ (4,455,946) Debtors Condensed Combined Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 2020 (In thousands) Cash flows from operating activities: Net loss including non-controlling interests $ (4,455,698) Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities: Depreciation, depletion and amortization 255,659 Gain on extinguishment of debt (83,867) Gain on sale of properties (11,652) Impairment 4,725,134 Deferred income taxes (262,459) Derivative instruments (243,064) Equity-based compensation expenses 16,330 Non-cash reorganization items, net 49,758 Deferred financing costs amortization and other 4,291 Working capital and other changes: Change in accounts receivable, net 160,474 Change in inventory 2,234 Change in prepaid expenses (5,093) Change in accounts payable, interest payable and accrued liabilities (147,554) Change in other assets and liabilities, net (4,006) Net cash provided by operating activities 487 Cash flows from investing activities: Capital expenditures (243,079) Proceeds from sale of properties 15,188 Derivative settlements 224,223 Contributions to non-filing entities (5,399) Distributions from non-filing entities 91,787 Net cash provided by investing activities 82,720 Cash flows from financing activities: Proceeds from pre-petition revolving credit facility 938,189 Principal payments on pre-petition revolving credit facility (914,549) Repurchase of senior unsecured notes (68,060) Deferred financing costs (172) Purchases of treasury stock (2,651) Distributions to non-controlling interests (263) Payments on finance lease liabilities (1,986) Net cash used in financing activities (49,492) Increase in cash and cash equivalents 33,715 Cash and cash equivalents: Beginning of period 15,851 End of period $ 49,566

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated the period after the balance sheet date, noting no additional subsequent events or transactions that required recognition or disclosure in the financial statements, other than as previously disclosed herein.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited 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, 2019 is derived from audited financial statements. Certain reclassifications of prior year balances have been made to conform 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 of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited 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, 2019 (“2019 Annual Report”).
Consolidation	Consolidation. The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of Oasis and its wholly-owned subsidiaries and the accounts of OMP and its general partner, OMP GP. The Company has determined that the partners with equity at risk in OMP lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact OMP’s economic performance. Therefore, as the limited partners of OMP do not have substantive kick-out or substantive participating rights over OMP GP, OMP is a variable interest entity. Through the Company’s ownership interest in OMP GP, the Company has the authority to direct the activities that most significantly affect economic performance and the right to receive benefits that could be potentially significant to OMP. Therefore, the Company is considered the primary beneficiary and consolidates OMP and records a non-controlling interest for the interest owned by the public. All intercompany balances and transactions have been eliminated upon consolidation.
Risks and Uncertainties	Risks and Uncertainties As a crude oil and natural gas producer, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude 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 crude oil and natural gas prices will not be subject to wide fluctuations in the future. If prices for crude oil, natural gas and natural gas liquids (“NGLs”) continue to decline or for an extended period of time remain at depressed levels, such commodity price environment could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil and natural gas reserves that may be economically produced and the Company’s access to capital. The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used by management in the unaudited condensed consolidated financial statements for the reporting periods presented. As a result of the significant decline in current and expected future commodity prices, the Company recognized material asset impairment charges during the nine months ended September 30, 2020 (see Note 9 — Property, Plant and Equipment). Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, which is heightened by the possibility of unforeseen additional impacts from the COVID-19 pandemic, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the unaudited condensed consolidated financial statements in the near term.
Going Concern	Going Concern The Company currently expects that its operating cash flows, cash on hand and financing borrowing capacity under the DIP Facility should provide sufficient liquidity for the Company during the pendency of the Chapter 11 Cases. However, the Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to comply with the covenants contained in the DIP Facility, the Bankruptcy Court’s approval of the Plan and the Company’s ability to successfully implement the Plan, obtain exit financing and emerge from the Chapter 11 Cases (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). The significant risks and uncertainties related to the Company’s liquidity and the Chapter 11 Cases raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, contemplate the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments that might result if the Company is unable to continue as a going concern.
Dividends	Dividends Oasis Petroleum Inc. has not paid any cash dividends since its inception. Covenants contained in the Company’s Debt Instruments and DIP Facility restrict the payment of cash dividends on its common stock. Oasis Petroleum Inc. currently intends to retain all earnings for the development of its business and for repayment of outstanding debt, and does not anticipate declaring or paying any cash dividends to holders of its common stock during the next twelve months ending September 30, 2021.
Bankruptcy Accounting	Accounting during bankruptcy. The Company has applied Accounting Standards Codification Topic 852 – Reorganizations (“ASC 852”) in preparing the unaudited condensed consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Petition Date, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Under ASC 852, liabilities are segregated into those subject to compromise and those not subject to compromise. Liabilities subject to compromise are pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise are recorded at the expected amount of allowed claims and are presented as a group on one line item on the balance sheet. Accordingly, the Company has classified its pre-petition liabilities that may be impacted by the Chapter 11 Cases as liabilities subject to compromise on its Condensed Consolidated Balance Sheet as of September 30, 2020. Additionally, ASC 852 requires income, expenses, gains and losses that are realized or incurred as a result of the reorganization to be reported as reorganization items. Accordingly, the Company recorded costs incurred as a result of the Chapter 11 Cases, including unamortized deferred financing costs and debt discount associated with debt classified as liabilities subject to compromise, as reorganization items, net in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020.
Fair value measurement	Fair value measurement. In the first quarter of 2020, the Company adopted Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 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 oil and gas and other properties, 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 unobservable from objective sources, requiring internally developed valuation methodologies that result in management’s best estimate of fair value. Financial Assets and Liabilities
Accounts receivable - credit losses	Accounts receivable — credit losses. In the first quarter of 2020, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasts, to develop credit loss estimates. The Company’s exposure to credit losses is primarily related to its accounts receivable from crude oil and natural gas purchasers and joint interest owners on properties it operates. In accordance with ASU 2016-13, the Company estimates expected credit losses on its accounts receivable at each reporting date, which may result in earlier recognition of credit losses than under previous GAAP. These estimates are based on historical data, current and future economic and market conditions to determine expected collectability. Historically, the Company’s credit losses on joint interest and crude oil and natural gas sales receivables have been immaterial. The Company continually monitors the creditworthiness of its counterparties by reviewing credit ratings, financial statements and payment history. The adoption of ASU 2016-13 was applied
Recent Accounting Pronouncements	Recent Accounting Pronouncements Income taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and calculating income taxes in interim periods, among other changes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim reporting periods within those years. The Company is currently evaluating the effect of ASU 2019-12, but does not expect the adoption of this guidance to have a material impact on its financial position, cash flows or result of operations. Reference rate reform. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by ASU 2020-04 and the impact the new standard will have on its financial statements and related disclosures.
Revenue Recognition	Contract Balances Contract balances are the result of timing differences between revenue recognition, billings and cash collections. Contract assets relate to revenue recognized for accrued deficiency fees associated with minimum volume commitments where the Company believes it is probable there will be a shortfall payment and that a significant reversal of revenue recognized will not occur once the related performance period is completed and the customer is billed. Revenue recognized for accrued deficiency fees associated with minimum volume commitments is included in midstream revenues on the Company’s Condensed Consolidated Statements of Operations. Contract liabilities relate to aid in construction payments received from customers, which are recognized as revenue over the expected period of future benefit. The Company does not recognize contract assets or contract liabilities under its customer contracts for which invoicing occurs once the Company’s performance obligations have been satisfied and payment is unconditional. Contract balances are classified as current or long-term based on the timing of when the Company expects to receive cash for contract assets or recognize revenue for contract liabilities. Contract assets are included in other current assets on the Company’s Condensed Consolidated Balance Sheets, and contract liabilities are included in other current liabilities and other liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company has elected practical expedients, pursuant to Accounting Standards Codification 606, Revenue from Contracts with Customers
Inventory	Inventory, including long-term inventory, is stated at the lower of cost and net realizable value with cost determined on an average cost method. The Company assesses the carrying value of inventory and uses estimates and judgment when making any adjustments necessary to reduce the carrying value to net realizable value. Among the uncertainties that impact the Company’s estimates are the applicable quality and location differentials to include in the Company’s net realizable value analysis as well as the liquidation timing of the inventory. Changes in assumptions made as to the timing of a sale can materially impact net realizable value.

Voluntary Reorganization unde_2

Voluntary Reorganization under Chapter 11 of the Bankruptcy Code (Tables)	9 Months Ended
	Sep. 30, 2020
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table summarizes the components of liabilities subject to compromise: September 30, 2020 (In thousands) Accounts payable and accrued liabilities $ 113,287 Senior unsecured notes 1,825,757 Accrued interest on senior unsecured notes 50,337 Asset retirement obligations 57,306 Other liabilities 24,171 Total liabilities subject to compromise $ 2,070,858
Schedule of Components of Reorganization Items	The following table summarizes the components of reorganization items, net: Three and Nine Months Ended September 30, 2020 (In thousands) Write-off of unamortized deferred financing costs $ 11,385 Write-off of unamortized debt discount 38,373 Total reorganization items, net $ 49,758

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Exploration and production revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Crude oil revenues $ 155,052 $ 318,564 $ 448,904 $ 964,662 Purchased crude oil sales 35,442 77,018 144,719 330,594 Natural gas and NGL revenues 24,525 25,906 63,631 105,594 Purchased natural gas sales 308 2,334 4,909 6,590 Other services revenues 309 8,898 6,686 30,795 Total exploration and production revenues $ 215,636 $ 432,720 $ 668,849 $ 1,438,235 Midstream revenues were as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Midstream service revenues Crude oil, natural gas and NGL revenues $ 22,682 $ 21,653 $ 72,267 $ 69,189 Produced and flowback water revenues 8,801 10,803 27,300 29,309 Total midstream service revenues $ 31,483 $ 32,456 $ 99,567 $ 98,498 Midstream product revenues Purchased crude oil sales $ 8,444 $ — $ 18,196 $ 28 Crude oil, natural gas and NGL revenues 15,100 16,424 35,707 46,541 Freshwater revenues 396 1,143 2,890 4,578 Total midstream product revenues $ 23,940 $ 17,567 $ 56,793 $ 51,147 Total midstream revenues $ 55,423 $ 50,023 $ 156,360 $ 149,645
Changes in Company's Contract Assets and Contract Liabilities	The following table summarizes the changes in the Company’s contract assets for the nine months ended September 30, 2020: (In thousands) Balance as of December 31, 2019 $ — Revenues recognized 1,538 Balance as of September 30, 2020 $ 1,538 The following table summarizes the changes in the Company’s contract liabilities for the nine months ended September 30, 2020: (In thousands) Balance as of December 31, 2019 $ 2,105 Cash received 1,780 Revenues recognized (345) Balance as of September 30, 2020 $ 3,540
Remaining Performance Obligation Expected Satisfaction Period	The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of September 30, 2020: (In thousands) 2020 (excluding the nine months ended September 30, 2020) $ 6,067 2021 16,921 2022 17,175 2023 10,896 2024 11,089 Thereafter 2,768 Total $ 64,916

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Components of Inventory	The Company’s total inventory consists of the following: September 30, 2020 December 31, 2019 (In thousands) Inventory Equipment and materials $ 28,203 $ 16,963 Crude oil inventory 7,533 18,296 Total inventory $ 35,736 $ 35,259 Long-term inventory Linefill in third party pipelines $ 14,210 $ 13,924 Total long-term inventory 14,210 13,924 Total $ 49,946 $ 49,183
Components of Long-term Inventory	The Company’s total inventory consists of the following: September 30, 2020 December 31, 2019 (In thousands) Inventory Equipment and materials $ 28,203 $ 16,963 Crude oil inventory 7,533 18,296 Total inventory $ 35,736 $ 35,259 Long-term inventory Linefill in third party pipelines $ 14,210 $ 13,924 Total long-term inventory 14,210 13,924 Total $ 49,946 $ 49,183

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	The following table sets forth the Company’s accounts receivable, net: September 30, 2020 December 31, 2019 (In thousands) Trade accounts $ 156,780 $ 276,629 Joint interest accounts 34,109 82,112 Other accounts 12,495 13,699 Total 203,384 372,440 Allowance for credit losses (1) (1,110) (1,259) Total accounts receivable, net $ 202,274 $ 371,181 __________________ (1) Upon adoption of ASU 2016-13, the Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $0.4 million to increase its allowance for expected credit losses. Prior period amounts are not adjusted and continue to be reported in accordance with the previous guidance.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 14,005 $ — $ — $ 14,005 Commodity derivative instruments (see Note 8) — 200 — 200 Total assets $ 14,005 $ 200 $ — $ 14,205 Fair value at December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds $ 146 $ — $ — $ 146 Commodity derivative instruments (see Note 8) — 1,174 — 1,174 Total assets $ 146 $ 1,174 $ — $ 1,320 Liabilities: Commodity derivative instruments (see Note 8) $ — $ 19,815 $ — $ 19,815 Total liabilities $ — $ 19,815 $ — $ 19,815

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	At September 30, 2020, the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Fair Value Assets Weighted Average Prices (In thousands) Crude oil 2020 Fixed price swaps 182,000 Bbl $ 41.17 $ 183 Crude oil 2021 Fixed price swaps 62,000 Bbl $ 41.17 17 $ 200 Commodity Settlement Derivative Volumes Weighted Average Prices Crude oil 2020 Fixed price swaps 182,000 Bbl $ 41.17 Crude oil 2021 Fixed price swaps 9,414,000 Bbl $ 42.07 Crude oil 2022 Fixed price swaps 6,880,000 Bbl $ 42.64 Crude oil 2023 Fixed price swaps 4,566,000 Bbl $ 43.61 Crude oil 2024 Fixed price swaps 372,000 Bbl $ 43.74 Natural gas 2020 Fixed price swaps 1,240,000 MMBtu $ 2.84 Natural gas 2021 Fixed price swaps 14,600,000 MMBtu $ 2.84 Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82
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 Statements of Operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Statements of Operations Location 2020 2019 2020 2019 (In thousands) Net gain (loss) on derivative instruments $ (5,071) $ 47,922 $ 243,064 $ (34,940)
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 Sheets: September 30, 2020 Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 200 $ — $ 200 Total derivatives assets $ 200 $ — $ 200 December 31, 2019 Commodity Balance Sheet Location Gross Recognized Assets/Liabilities Gross Amount Offset Net Recognized Fair Value Assets/Liabilities (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 633 $ (98) $ 535 Commodity contracts Derivative instruments — non-current assets 3,295 (2,656) 639 Total derivatives assets $ 3,928 $ (2,754) $ 1,174 Derivatives liabilities Commodity contracts Derivative instruments — current liabilities $ 33,812 $ (14,117) $ 19,695 Commodity contracts Derivative instruments — non-current liabilities 686 (566) 120 Total derivatives liabilities $ 34,498 $ (14,683) $ 19,815
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 Sheets: September 30, 2020 Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 200 $ — $ 200 Total derivatives assets $ 200 $ — $ 200 December 31, 2019 Commodity Balance Sheet Location Gross Recognized Assets/Liabilities Gross Amount Offset Net Recognized Fair Value Assets/Liabilities (In thousands) Derivatives assets Commodity contracts Derivative instruments — current assets $ 633 $ (98) $ 535 Commodity contracts Derivative instruments — non-current assets 3,295 (2,656) 639 Total derivatives assets $ 3,928 $ (2,754) $ 1,174 Derivatives liabilities Commodity contracts Derivative instruments — current liabilities $ 33,812 $ (14,117) $ 19,695 Commodity contracts Derivative instruments — non-current liabilities 686 (566) 120 Total derivatives liabilities $ 34,498 $ (14,683) $ 19,815

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The following table sets forth the Company’s property, plant and equipment: September 30, 2020 December 31, 2019 (In thousands) Proved oil and gas properties $ 9,024,122 $ 8,724,376 Less: Accumulated depreciation, depletion, amortization and impairment (8,245,798) (3,601,019) Proved oil and gas properties, net 778,324 5,123,357 Unproved oil and gas properties 342,361 738,662 Other property and equipment 1,309,897 1,279,653 Less: Accumulated depreciation and impairment (314,728) (163,896) Other property and equipment, net 995,169 1,115,757 Total property, plant and equipment, net $ 2,115,854 $ 6,977,776

Divestitures and Assets Held _2

Divestitures and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Balance Sheet Data Related to Assets Held for Sale	The Company’s assets held for sale consists of the following: September 30, 2020 December 31, 2019 (In thousands) Inventory $ 580 $ 3,124 Other property and equipment 67,617 95,560 Less: Accumulated depreciation and impairment (66,817) (77,056) Total assets held for sale $ 1,380 $ 21,628

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consists of the following: September 30, 2020 December 31, 2019 (In thousands) Pre-Petition Credit Facility $ 360,640 $ 337,000 OMP Credit Facility 487,500 458,500 Senior unsecured notes 6.50% senior unsecured notes due November 1, 2021 43,601 71,835 6.875% senior unsecured notes due March 15, 2022 834,466 890,980 6.875% senior unsecured notes due January 15, 2023 307,728 351,953 6.25% senior unsecured notes due May 1, 2026 395,122 400,000 2.625% senior unsecured convertible notes due September 15, 2023 244,840 267,800 Total principal of senior unsecured notes 1,825,757 1,982,568 Less: unamortized deferred financing costs on senior unsecured notes (1) — (15,618) Less: unamortized debt discount on senior unsecured convertible notes (1) — (50,877) Less: current maturities of long-term debt (2) (360,640) — Less: amounts reclassed to liabilities subject to compromise (1) (1,825,757) — Total long-term debt $ 487,500 $ 2,711,573 ___________________ (1) As a result of the Chapter 11 Cases, the Company reclassified the total principal balance of its Notes, which are unsecured claims in the Chapter 11 Cases, to liabilities subject to compromise and wrote off all unamortized deferred financing costs and debt discount on its Notes to reorganization items, net (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code). (2) Due to the uncertainties regarding the outcome of the Chapter 11 Cases, the Company has classified the borrowings outstanding under the Pre-Petition Credit Facility as current maturities of long-term debt on its Condensed Consolidated Balance Sheet as of September 30, 2020. Total Commitment Utilization Percentage Applicable Margin for ABR Loans or Swingline Loans Applicable Margin for Eurodollar Loans Commitment Fee Rates Less than 25% 0.75 % 2.25 % 0.50 % Greater than or equal to 25% but less than 50% 1.00 % 2.50 % 0.50 % Greater than or equal to 50% but less than 75% 1.25 % 2.75 % 0.50 % Greater than or equal to 75% but less than 90% 1.50 % 3.00 % 0.50 % Greater than or equal to 90% 1.75 % 3.25 % 0.50 %

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
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 nine months ended September 30, 2020: (In thousands) Balance at December 31, 2019 $ 56,784 Liabilities incurred during period 535 Liabilities settled during period (196) Accretion expense during period 2,338 Balance at September 30, 2020 $ 59,461

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summarized Information Related to Restricted Stock	The following table summarizes information related to restricted stock held by the Company’s employees and directors for the periods presented: Shares Weighted Average Non-vested shares outstanding December 31, 2019 5,736,167 $ 8.77 Granted 3,516,579 3.06 Vested (3,465,313) 6.82 Forfeited (1) (3,191,398) 3.19 Non-vested shares outstanding September 30, 2020 2,596,035 $ 9.39 ___________________ (1) On June 12, 2020, all restricted stock awards issued to employees and non-employee directors in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.
Summarized Information Related to Performance Share Units	The following table summarizes information related to PSUs held by the Company’s officers for the periods presented: Units Weighted Average Non-vested PSUs at December 31, 2019 3,027,224 $ 9.12 Granted 2,429,747 2.56 Vested (672,606) 8.61 Forfeited (1) (2,396,524) 3.12 Non-vested PSUs at September 30, 2020 2,387,841 $ 8.17 ___________________ (1) On June 12, 2020, all PSUs issued to the Company’s officers in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.
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 equity-based compensation expense of the PSUs granted during the nine months ended September 30, 2020: Forecast period (years) 2 - 4 Risk-free interest rates 1.53% - 1.55% Oasis stock price volatility 68.56 % Oasis initial value $3.19 Oasis stock price on date of grant $2.77
Summarized Information Related to Phantom Units	The following table summarizes information related to OMP Phantom Units held by certain employees of Oasis for the periods presented: Phantom Units Weighted Average Grant Date Fair Value per Unit Non-vested units outstanding December 31, 2019 362,002 $ 19.09 Granted 242,500 8.65 Vested (109,199) 13.52 Forfeited (1) (314,676) 8.64 Non-vested units outstanding September 30, 2020 180,627 $ 9.72 ___________________ (1) On June 12, 2020, all OMP Phantom Units issued to certain employees of Oasis in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.
Summarized Information Related to Restricted Units	The following table summarizes information related to restricted units held by certain directors of OMP for the periods presented: Restricted Units Weighted Average Grant Date Fair Value per Unit Non-vested units outstanding December 31, 2019 16,170 $ 18.57 Granted 16,170 16.69 Vested (16,170) 18.57 Forfeited — — Non-vested units outstanding September 30, 2020 16,170 $ 16.69

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Weighted-Average Number of Shares Outstanding	The following table summarizes the basic and diluted weighted average common shares outstanding and the weighted average common shares excluded from the calculation of diluted weighted average common shares outstanding due to the anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Weighted average common shares outstanding: Basic and diluted 318,287 315,135 317,365 314,863 Anti-dilutive weighted average common shares: Unvested restricted stock awards and PSUs 4,292 9,825 7,420 10,106

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summarized Financial Information of Segments	The following table summarizes financial information for the Company’s two business segments for the periods presented: Exploration and Midstream Eliminations Consolidated (In thousands) Three months ended September 30, 2020: Revenues from non-affiliates $ 215,636 $ 55,423 $ — $ 271,059 Inter-segment revenues — 54,638 (54,638) — Total revenues 215,636 110,061 (54,638) 271,059 Operating income (loss) (8,603) 48,132 (1,005) 38,524 Other expense, net (87,953) (2,812) — (90,765) Income (loss) before income taxes including non-controlling interests $ (96,556) $ 45,320 $ (1,005) $ (52,241) General and administrative expenses $ 44,088 $ 9,089 $ (3,926) $ 49,251 Equity-based compensation expenses 4,502 400 (68) 4,834 Three months ended September 30, 2019: Revenues from non-affiliates $ 432,720 $ 50,023 $ — $ 482,743 Inter-segment revenues — 73,388 (73,388) — Total revenues 432,720 123,411 (73,388) 482,743 Operating income (loss) (52,529) 64,299 (3,329) 8,441 Other income (expense), net 9,010 (4,512) — 4,498 Income (loss) before income taxes including non-controlling interests $ (43,519) $ 59,787 $ (3,329) $ 12,939 General and administrative expenses $ 29,409 $ 7,842 $ (4,391) $ 32,860 Equity-based compensation expenses 8,247 383 (184) 8,446 Nine months ended September 30, 2020: Revenues from non-affiliates $ 668,849 $ 156,360 $ — $ 825,209 Inter-segment revenues — 160,377 (160,377) — Total revenues 668,849 316,737 (160,377) 825,209 Operating income (loss) (4,866,759) 36,526 (4,995) (4,835,228) Other income (expense), net 140,580 (38,568) — 102,012 Loss before income taxes including non-controlling interests $ (4,726,179) $ (2,042) $ (4,995) $ (4,733,216) General and administrative expenses $ 103,051 $ 26,995 $ (12,178) $ 117,868 Equity-based compensation expenses 15,909 1,031 (409) 16,531 Nine months ended September 30, 2019: Revenues from non-affiliates $ 1,438,235 $ 149,645 $ — $ 1,587,880 Inter-segment revenues — 199,793 (199,793) — Total revenues 1,438,235 349,438 (199,793) 1,587,880 Operating income (loss) (30,734) 169,321 (8,130) 130,457 Other expense, net (153,325) (12,460) — (165,785) Income (loss) before income taxes including non-controlling interests $ (184,059) $ 156,861 $ (8,130) $ (35,328) General and administrative expenses $ 86,800 $ 24,683 $ (13,238) $ 98,245 Equity-based compensation expenses 25,683 1,363 (676) 26,370 At September 30, 2020: Property, plant and equipment, net $ 1,197,626 $ 962,209 $ (43,981) $ 2,115,854 Total assets 1,499,941 1,050,817 (43,981) 2,506,777 At December 31, 2019: Property, plant and equipment, net $ 5,939,389 $ 1,078,903 $ (40,516) $ 6,977,776 Total assets 6,418,610 1,121,159 (40,516) 7,499,253

Condensed Combined Debtor-in-_2

Condensed Combined Debtor-in-Possession Financial Information (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Debtors Condensed Combined Balance Sheet (Unaudited) September 30, 2020 (In thousands) ASSETS Current assets Cash and cash equivalents $ 49,566 Accounts receivable, net 197,804 Accounts receivable from non-filing entities 33,915 Inventory 27,642 Prepaid expenses 12,249 Derivative instruments 200 Other current assets 101 Total current assets 321,477 Property, plant and equipment Oil and gas properties (successful efforts method) 9,392,414 Other property and equipment 132,243 Less: accumulated depreciation, depletion, amortization and impairment (8,328,700) Total property, plant and equipment, net 1,195,957 Assets held for sale, net 1,380 Investments in and advances to non-filing entities 317,398 Long-term inventory 14,210 Operating right-of-use assets 11,241 Other assets 20,437 Total assets $ 1,882,100 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Revenues and production taxes payable 108,979 Accrued liabilities 29,024 Current maturities of long-term debt 360,640 Accrued interest payable 30,384 Total current liabilities 529,027 Deferred income taxes 4,898 Liabilities subject to compromise 2,133,658 Total liabilities 2,667,583 Stockholders’ deficit Common stock 3,232 Treasury stock, at cost (36,532) Additional paid-in-capital 3,128,752 Accumulated deficit (3,881,021) Oasis share of stockholders’ deficit (785,569) Non-controlling interests 86 Total stockholders’ deficit (785,483) Total liabilities and stockholders’ deficit $ 1,882,100
Condensed Consolidating Statement of Operations	Debtors Condensed Combined Statement of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (In thousands) Revenues Oil and gas revenues $ 179,191 $ 511,096 Purchased oil and gas sales 44,194 167,824 Midstream revenues 2,168 7,094 Other services revenues 309 6,686 Total revenues 225,862 692,700 Operating expenses Lease operating expenses 40,943 144,087 Midstream expenses 59 (146) Other services expenses 308 5,968 Marketing, transportation and gathering expenses 31,727 105,301 Purchased oil and gas expenses 47,608 165,991 Production taxes 13,039 39,129 Depreciation, depletion and amortization 31,215 255,659 Exploration expenses 725 3,058 Rig termination 1,017 1,279 Impairment 1,120 4,725,134 Litigation settlement 22,750 22,750 General and administrative expenses 44,185 103,214 Total operating expenses 234,696 5,571,424 Gain on sale of properties 1,473 11,652 Operating loss (7,361) (4,867,072) Other income (expense) Equity in earnings of non-filing entities 52,260 8,521 Net gain (loss) on derivative instruments (5,071) 243,064 Interest expense, net of capitalized interest (34,636) (139,338) Gain (loss) on extinguishment of debt (20) 83,867 Reorganization items, net (49,758) (49,758) Other income 1,480 2,523 Total other income (expense), net (35,745) 148,879 Loss before income taxes (43,106) (4,718,193) Income tax benefit 5,144 262,495 Net loss including non-controlling interests (37,962) (4,455,698) Less: Net income attributable to non-controlling interests 86 248 Net loss attributable to Oasis $ (38,048) $ (4,455,946)
Condensed Consolidating Statement of Cash Flows	Debtors Condensed Combined Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 2020 (In thousands) Cash flows from operating activities: Net loss including non-controlling interests $ (4,455,698) Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities: Depreciation, depletion and amortization 255,659 Gain on extinguishment of debt (83,867) Gain on sale of properties (11,652) Impairment 4,725,134 Deferred income taxes (262,459) Derivative instruments (243,064) Equity-based compensation expenses 16,330 Non-cash reorganization items, net 49,758 Deferred financing costs amortization and other 4,291 Working capital and other changes: Change in accounts receivable, net 160,474 Change in inventory 2,234 Change in prepaid expenses (5,093) Change in accounts payable, interest payable and accrued liabilities (147,554) Change in other assets and liabilities, net (4,006) Net cash provided by operating activities 487 Cash flows from investing activities: Capital expenditures (243,079) Proceeds from sale of properties 15,188 Derivative settlements 224,223 Contributions to non-filing entities (5,399) Distributions from non-filing entities 91,787 Net cash provided by investing activities 82,720 Cash flows from financing activities: Proceeds from pre-petition revolving credit facility 938,189 Principal payments on pre-petition revolving credit facility (914,549) Repurchase of senior unsecured notes (68,060) Deferred financing costs (172) Purchases of treasury stock (2,651) Distributions to non-controlling interests (263) Payments on finance lease liabilities (1,986) Net cash used in financing activities (49,492) Increase in cash and cash equivalents 33,715 Cash and cash equivalents: Beginning of period 15,851 End of period $ 49,566

Voluntary Reorganization unde_3

Voluntary Reorganization under Chapter 11 of the Bankruptcy Code - Narrative (Details)	Sep. 29, 2020USD ($)	Nov. 04, 2020	Nov. 02, 2020conversionCondition	Oct. 02, 2020USD ($)	Sep. 30, 2020
Debt Instrument [Line Items]
Reorganized Company's equity interests subject to Notes Claim	10000.00%
Term of warrants	4 years
Warrants equivalent of reorganized Company's equity interest if converted (percent)	750.00%
Subsequent Event
Debt Instrument [Line Items]
Number of voting classes | conversionCondition			3
Senior Notes
Debt Instrument [Line Items]
Consenting lenders' claim on outstanding debt (percent)	52.00%
Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Consenting lenders' claim on outstanding debt (percent)		58.80%
6.50% senior unsecured notes due November 1, 2021 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)					6.50%
6.875% senior unsecured notes due March 15, 2022 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)					6.875%
2.625% senior unsecured convertible notes due September 15, 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)					2.625%
6.875% senior unsecured notes due January 15, 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)					6.875%
6.25% senior unsecured notes due May 1, 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)					6.25%
RBL | Credit Facility
Debt Instrument [Line Items]
Consenting lenders' claim on outstanding debt (percent)	97.00%
RBL | Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Consenting lenders' claim on outstanding debt (percent)		100.00%
Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged				$ 450,000,000
Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged				150,000,000
Initial financing available to the borrower				$ 120,000,000
Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Letter of Credit | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)				5.50%
Capacity available for new issuances				$ 100,000,000
Initial financing available to the borrower				$ 80,000,000
Prepetition Secured Debt | Letter of Credit | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)				4.25%
Prepetition Secured Debt | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged				$ 300,000,000
Initial financing available to the borrower				$ 240,000,000
Exit Facility | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount arranged	$ 1,500,000,000
Initial financing available to the borrower	$ 575,000,000
Maturity term	3 years 6 months

Voluntary Reorganization unde_4

Voluntary Reorganization under Chapter 11 of the Bankruptcy Code - Components of Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Reorganizations [Abstract]
Accounts payable and accrued liabilities	$ 113,287
Senior unsecured notes	1,825,757
Accrued interest on senior unsecured notes	50,337
Asset retirement obligations	57,306
Other liabilities	24,171
Total liabilities subject to compromise	2,070,858	$ 0
Contractual interest expense on Notes not recognized in Company's Condensed Consolidated Statements of Operations	$ 300

Voluntary Reorganization unde_5

Voluntary Reorganization under Chapter 11 of the Bankruptcy Code - Components of Reorganization Items (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reorganizations [Abstract]
Write-off of unamortized deferred financing costs	$ 11,385		$ 11,385
Write-off of unamortized debt discount	38,373		38,373
Total reorganization items, net	$ 49,758	$ 0	$ 49,758	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 271,059	$ 482,743	$ 825,209	$ 1,587,880
Exploration And Production
Disaggregation of Revenue [Line Items]
Total revenues	215,636	432,720	668,849	1,438,235
Midstream Services
Disaggregation of Revenue [Line Items]
Total revenues	110,061	123,411	316,737	349,438
Operating Segments | Exploration And Production
Disaggregation of Revenue [Line Items]
Total revenues	215,636	432,720	668,849	1,438,235
Operating Segments | Exploration And Production | Crude oil revenues
Disaggregation of Revenue [Line Items]
Total revenues	155,052	318,564	448,904	964,662
Operating Segments | Exploration And Production | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	35,442	77,018	144,719	330,594
Operating Segments | Exploration And Production | Natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	24,525	25,906	63,631	105,594
Operating Segments | Exploration And Production | Purchased natural gas sales
Disaggregation of Revenue [Line Items]
Total revenues	308	2,334	4,909	6,590
Operating Segments | Exploration And Production | Other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	309	8,898	6,686	30,795
Operating Segments | Midstream Services
Disaggregation of Revenue [Line Items]
Total revenues	55,423	50,023	156,360	149,645
Operating Segments | Midstream Services | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	8,444	0	18,196	28
Operating Segments | Midstream Services | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	22,682	21,653	72,267	69,189
Operating Segments | Midstream Services | Produced and flowback water revenues
Disaggregation of Revenue [Line Items]
Total revenues	8,801	10,803	27,300	29,309
Operating Segments | Midstream Services | Total midstream service revenues
Disaggregation of Revenue [Line Items]
Total revenues	31,483	32,456	99,567	98,498
Operating Segments | Midstream Services | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	15,100	16,424	35,707	46,541
Operating Segments | Midstream Services | Freshwater revenues
Disaggregation of Revenue [Line Items]
Total revenues	396	1,143	2,890	4,578
Operating Segments | Midstream Services | Total midstream product revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 23,940	$ 17,567	$ 56,793	$ 51,147

Revenue Recognition - Changes i

Revenue Recognition - Changes in Company's Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Change in Contract with Customer, Asset [Abstract]
Balance as of December 31, 2019	$ 0
Revenues recognized	1,538
Balance as of September 30, 2020	1,538
Change in Contract with Customer, Liability [Abstract]
Balance as of December 31, 2019	2,105
Cash received	1,780
Revenues recognized	(345)
Balance as of September 30, 2020	$ 3,540

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Timing of performance obligations	The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 64,916
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 6,067
Expected satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 16,921
Expected satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 17,175
Expected satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 10,896
Expected satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 11,089
Expected satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,768
Expected satisfaction period

Inventory (Details)

Inventory (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Equipment and materials
Inventory [Line Items]
Impairment losses	$ 600,000	$ 1,600,000
Crude oil inventory
Inventory [Line Items]
Impairment losses	$ 0	7,200,000
Long-term linefill inventory
Inventory [Line Items]
Impairment losses		$ 1,300,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory
Equipment and materials	$ 28,203	$ 16,963
Crude oil inventory	7,533	18,296
Total inventory	35,736	35,259
Long-term inventory
Linefill in third party pipelines	14,210	13,924
Total long-term inventory	14,210	13,924
Total	$ 49,946	$ 49,183

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 203,384			$ 372,440
Allowance for doubtful accounts	(1,110)			(1,259)
Total accounts receivable, net	202,274			371,181
Cumulative-effect adjustment to retained earnings (accumulated deficit)	(638,151)	$ (589,911)	$ (499,172)	3,837,081	$ 3,899,661	$ 3,866,458	$ 3,811,135	$ 3,918,880
Retained Earnings (Accumulated Deficit)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative-effect adjustment to retained earnings (accumulated deficit)	(3,905,467)	$ (3,849,768)	$ (3,756,825)	554,446	$ 630,852	$ 610,564	$ 567,807	$ 682,689
Cumulative effect adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative-effect adjustment to retained earnings (accumulated deficit)				(410)
Cumulative effect adjustment | Retained Earnings (Accumulated Deficit)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative-effect adjustment to retained earnings (accumulated deficit)				(410)
Cumulative effect adjustment | Retained Earnings (Accumulated Deficit) | ASU 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative-effect adjustment to retained earnings (accumulated deficit)				(400)
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	156,780			276,629
Joint interest accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	34,109			82,112
Other accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 12,495			$ 13,699

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total assets	$ 14,205	$ 1,320
Liabilities:
Total liabilities		19,815
Commodity derivative instruments
Liabilities:
Total liabilities		19,815
Money market funds
Assets:
Total assets	14,005	146
Commodity derivative instruments
Assets:
Total assets	200	1,174
Level 1
Assets:
Total assets	14,005	146
Liabilities:
Total liabilities		0
Level 1 | Commodity derivative instruments
Liabilities:
Total liabilities		0
Level 1 | Money market funds
Assets:
Total assets	14,005	146
Level 1 | Commodity derivative instruments
Assets:
Total assets	0	0
Level 2
Assets:
Total assets	200	1,174
Liabilities:
Total liabilities		19,815
Level 2 | Commodity derivative instruments
Liabilities:
Total liabilities		19,815
Level 2 | Money market funds
Assets:
Total assets	0	0
Level 2 | Commodity derivative instruments
Assets:
Total assets	200	1,174
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities		0
Level 3 | Commodity derivative instruments
Liabilities:
Total liabilities		0
Level 3 | Money market funds
Assets:
Total assets	0	0
Level 3 | Commodity derivative instruments
Assets:
Total assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative credit risk valuation adjustment, derivative liabilities		$ 0.5
Commodity forward prices | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated future cash flows, measurement input (percent)	2.50%
Inflation factor | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated future cash flows, measurement input (percent)	2.50%
Market-based weighted average cost of capital | Discounted Cash Flow | Proved Oil And Gas Properties
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated future cash flows, measurement input (percent)	12.70%
Market-based weighted average cost of capital | Discounted Cash Flow | Midstream Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated future cash flows, measurement input (percent)	10.40%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) $ in Thousands	1 Months Ended		4 Months Ended	9 Months Ended
	Nov. 04, 2020MMBTU$ / bblbbl	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)counterparty$ / bbl	Sep. 30, 2020USD ($)counterparty$ / bblbbl	Sep. 30, 2019USD ($)
Derivative [Line Items]
Proceeds from liquidation of derivative instruments | $				$ 224,223	$ 10,752
Number of counterparties | counterparty			1	1
Fair value assets (liabilities) | $			$ 200	$ 200
Minimum Hedge Volume Commitment, First Year | Subsequent Event | Minimum
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	10,303,000
Minimum target price (in usd per bbl)	43.04
Minimum Hedge Volume Commitment, Second Year | Subsequent Event | Minimum
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	6,761,000
Minimum target price (in usd per bbl)	43.94
Minimum Hedge Volume Commitment, Third Year | Subsequent Event
Derivative [Line Items]
Percentage of required volumes entered into (percent)	97.00%
Target prices entered into (percent)	97.00%
Minimum Hedge Volume Commitment, Third Year | Subsequent Event | Minimum
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	4,945,000
Minimum target price (in usd per bbl)	44.79
Crude Oil | Three-way costless collar contracts
Derivative [Line Items]
Proceeds from liquidation of derivative instruments | $		$ 25,300	$ 37,400
NYMEX WTI | Crude Oil | 2020 Fixed price swaps
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl				182,000
Weighted average swap price (in dollars per barrel)			41.17	41.17
Fair value assets (liabilities) | $			$ 183	$ 183
NYMEX WTI | Crude Oil | 2020 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	182,000
Weighted average swap price (in dollars per barrel)	41.17
NYMEX WTI | Crude Oil | 2021 Fixed price swaps
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl				62,000
Weighted average swap price (in dollars per barrel)			41.17	41.17
Fair value assets (liabilities) | $			$ 17	$ 17
NYMEX WTI | Crude Oil | 2021 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	9,414,000
Weighted average swap price (in dollars per barrel)	42.07
NYMEX WTI | Crude Oil | 2022 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	6,880,000
Weighted average swap price (in dollars per barrel)	42.64
NYMEX WTI | Crude Oil | 2023 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	4,566,000
Weighted average swap price (in dollars per barrel)	43.61
NYMEX WTI | Crude Oil | 2024 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	372,000
Weighted average swap price (in dollars per barrel)	43.74
NYMEX HH | Natural Gas | 2020 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | MMBTU	1,240,000
Weighted average swap price (in dollars per barrel)	2.84
NYMEX HH | Natural Gas | 2021 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | MMBTU	14,600,000
Weighted average swap price (in dollars per barrel)	2.84
NYMEX HH | Natural Gas | 2022 Fixed price swaps | Subsequent Event
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | MMBTU	5,430,000
Weighted average swap price (in dollars per barrel)	2.82

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (5,071)	$ 47,922	$ 243,064	$ (34,940)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - Commodity derivative instruments - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	$ 200	$ 3,928
Derivative liability, gross amount recognized		34,498
Derivative asset, gross amounts offset	0	(2,754)
Derivative liability, gross amounts offset		(14,683)
Derivative asset, net asset	200	1,174
Derivative liability, net liability		19,815
Current assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	200	633
Derivative asset, gross amounts offset	0	(98)
Derivative asset, net asset	$ 200	535
Noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized		3,295
Derivative asset, gross amounts offset		(2,656)
Derivative asset, net asset		639
Current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized		33,812
Derivative liability, gross amounts offset		(14,117)
Derivative liability, net liability		19,695
Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized		686
Derivative liability, gross amounts offset		(566)
Derivative liability, net liability		$ 120

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 9,024,122	$ 8,724,376
Less: Accumulated depreciation, depletion, amortization and impairment	(8,245,798)	(3,601,019)
Proved oil and gas properties, net	778,324	5,123,357
Unproved oil and gas properties	342,361	738,662
Other property and equipment	1,309,897	1,279,653
Less: Accumulated depreciation and impairment	(314,728)	(163,896)
Other property and equipment, net	995,169	1,115,757
Total property, plant and equipment, net	$ 2,115,854	$ 6,977,776

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Impairment charge	$ 2,578,000	$ 0	$ 4,828,575,000	$ 653,000
Proved Oil And Gas Properties
Property, Plant and Equipment [Line Items]
Impairment	0	0	4,400,000,000	0
Proved Oil And Gas Properties | Williston Basin
Property, Plant and Equipment [Line Items]
Impairment			3,800,000,000
Proved Oil And Gas Properties | Delaware Basin
Property, Plant and Equipment [Line Items]
Impairment			637,300,000
Unproved Oil And Gas Properties
Property, Plant and Equipment [Line Items]
Impairment charge	900,000	0	293,000,000	700,000
Other Property, Plant and Equipment | Williston Basin and Delaware Basin
Property, Plant and Equipment [Line Items]
Impairment charge			108,300,000
Midstream Assets
Property, Plant and Equipment [Line Items]
Impairment charge	$ 1,100,000	$ 0	$ 1,600,000	$ 0

Divestitures and Assets Held _3

Divestitures and Assets Held for Sale - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rig termination	$ 1,017	$ 0	$ 1,279	$ 0
Divestiture of Certain Gas Properties in South Nesson Area of Williston Basin | Divestitures
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain (loss) on disposition of oil and gas property	$ 1,500		12,000
Well Services Exit | Divestitures
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain (loss) on disposition of oil and gas property			(300)
Well Services Exit | Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rig termination			15,900
Non-cash charge to adjust carrying value of inventory held for sale			$ 1,500

Divestitures and Assets Held _4

Divestitures and Assets Held for Sale - Balance Sheet Data Related to Assets and Liabilities Held for Sale (Details) - Held for Sale - Well Services Exit - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory	$ 580	$ 3,124
Other property and equipment	67,617	95,560
Less: Accumulated depreciation and impairment	(66,817)	(77,056)
Total assets held for sale	$ 1,380	$ 21,628

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current maturities of long-term debt	$ (360,640)	$ 0
Less amounts reclassed to liabilities subject to compromise	(1,825,757)	0
Total long-term debt	487,500	2,711,573
Senior Notes
Debt Instrument [Line Items]
Total principal of senior unsecured notes and revolving line of credit	1,825,757	1,982,568
Less: unamortized deferred financing costs on senior unsecured notes	$ 0	(15,618)
Senior Notes | 6.50% senior unsecured notes due November 1, 2021
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.50%
Total principal of senior unsecured notes and revolving line of credit	$ 43,601	71,835
Senior Notes | 6.875% senior unsecured notes due March 15, 2022
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.875%
Total principal of senior unsecured notes and revolving line of credit	$ 834,466	890,980
Senior Notes | 6.875% senior unsecured notes due January 15, 2023
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.875%
Total principal of senior unsecured notes and revolving line of credit	$ 307,728	351,953
Senior Notes | 6.25% senior unsecured notes due May 1, 2026
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.25%
Total principal of senior unsecured notes and revolving line of credit	$ 395,122	400,000
Senior Notes | 2.625% senior unsecured convertible notes due September 15, 2023
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.625%
Total principal of senior unsecured notes and revolving line of credit	$ 244,840	267,800
Less: unamortized debt discount on senior unsecured convertible notes	0	(50,877)
Revolving Credit Facility | Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Total principal of senior unsecured notes and revolving line of credit	360,640	337,000
Revolving Credit Facility | Credit Facility | OMP Credit Facility
Debt Instrument [Line Items]
Total principal of senior unsecured notes and revolving line of credit	$ 487,500	$ 458,500

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Oct. 02, 2020USD ($)	Sep. 29, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jul. 01, 2020USD ($)	Jun. 01, 2020USD ($)	Apr. 24, 2020USD ($)	Apr. 23, 2020USD ($)	Apr. 15, 2019USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (20,000)	$ 0	$ 83,867,000	$ 0
Unsecured Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value			47,700,000		47,700,000
Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged	$ 450,000,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt repurchased			133,900,000		133,900,000
Cost of debt repurchased			$ 52,900,000		52,900,000
Gain (loss) on extinguishment of debt					80,200,000
Write-off of deferred finance cost					$ 800,000
Senior Notes | 2022 and 2023 Notes
Debt Instrument [Line Items]
Debt maturity - number of days before maturity of senior unsecured notes					90 days
Senior Notes | 2.625% senior unsecured convertible notes due September 15, 2023
Debt Instrument [Line Items]
Stated interest rate (as percent)			2.625%		2.625%
Aggregate principal amount of debt repurchased			$ 23,000,000		$ 23,000,000
Cost of debt repurchased			15,200,000		15,200,000
Gain (loss) on extinguishment of debt			3,700,000
Write-off of deferred finance cost			200,000
Debt issued			244,800,000		244,800,000
Amortization of debt discount			4,200,000
Equity component of convertible debt			300,000		$ 300,000
Debt conversion rate per $1000 principal (in shares per $1000)					0.076365
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Unsecured debt			1,580,900,000		$ 1,580,900,000
Senior Notes | Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term debt, fair value			$ 369,600,000		$ 369,600,000
Senior Notes | Senior Notes | Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.25%		6.25%
Senior Notes | Senior Notes | Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.875%		6.875%
Senior Notes | 6.50% senior unsecured notes due November 1, 2021
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.50%		6.50%
Aggregate principal amount of debt repurchased			$ 28,200,000		$ 28,200,000
Senior Notes | 6.875% senior unsecured notes due March 15, 2022
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.875%		6.875%
Aggregate principal amount of debt repurchased			$ 56,500,000		$ 56,500,000
Senior Notes | 6.875% senior unsecured notes due January 15, 2023
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.875%		6.875%
Aggregate principal amount of debt repurchased			$ 44,200,000		$ 44,200,000
Senior Notes | 6.25% senior unsecured notes due May 1, 2026
Debt Instrument [Line Items]
Stated interest rate (as percent)			6.25%		6.25%
Aggregate principal amount of debt repurchased			$ 4,900,000		$ 4,900,000
Secured Debt | Prepetition Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged	300,000,000
Initial financing available to the borrower	240,000,000
Revolving Credit Facility | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount arranged	150,000,000
Initial financing available to the borrower	$ 120,000,000
Revolving Credit Facility | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Spread on variable rate (percent)	5.50%
Revolving Credit Facility | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Alternate Base Rate | Subsequent Event
Debt Instrument [Line Items]
Spread on variable rate (percent)	4.50%
Additional spread on variable rate basis upon an event of default (percent)	6.75%
Maturity term extension period available under certain conditions	3 months
Revolving Credit Facility | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Minimum | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)	1.00%
Revolving Credit Facility | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Minimum | Alternate Base Rate | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.00%
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Line of credit facility amount			3,000,000,000		$ 3,000,000,000
Debt maturity - number of days before maturity of senior unsecured notes					90 days
Credit facility borrowing base			562,600,000		$ 562,600,000		$ 600,000,000	$ 612,500,000	$ 625,000,000	$ 1,300,000,000
Line of credit facility, current borrowing capacity									$ 625,000,000	$ 1,100,000,000
Interest charges					30,300,000
Revolving Credit Facility | Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Total long-term debt			$ 360,600,000		$ 360,600,000
Weighted average interest rate (percent)			3.40%		3.30%
Letters of credit outstanding			$ 76,900,000		$ 76,900,000
Company's maximum ratio -Total Debt to EBITDA									4
Revolving Credit Facility | Credit Facility | OMP Credit Facility
Debt Instrument [Line Items]
Total long-term debt			487,500,000		487,500,000
Credit facility borrowing base			$ 575,000,000		$ 575,000,000
Weighted average interest rate (percent)			1.90%		2.60%
Line of credit facility, remaining borrowing capacity			$ 87,500,000		$ 87,500,000
Interest charges			$ 0		$ 28,000,000
Default penalty, additional interest (percent)			2.00%		2.00%
Revolving Credit Facility | Credit Facility | OMP Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage					0.375%
Revolving Credit Facility | Credit Facility | OMP Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage					0.50%
Revolving Credit Facility | Credit Facility | Exit Facility
Debt Instrument [Line Items]
Aggregate principal amount arranged		$ 1,500,000,000
Initial financing available to the borrower		$ 575,000,000
Maturity term		3 years 6 months
Revolving Credit Facility | Swingline Loan
Debt Instrument [Line Items]
Credit facility borrowing base									$ 100,000,000		$ 50,000,000
Revolving Credit Facility | Secured Debt | Refinanced Post-Petition Secured Debt | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Spread on variable rate (percent)	4.25%
Revolving Credit Facility | Secured Debt | Refinanced Post-Petition Secured Debt | Alternate Base Rate | Subsequent Event
Debt Instrument [Line Items]
Spread on variable rate (percent)	3.25%
Revolving Credit Facility | Secured Debt | Refinanced Post-Petition Secured Debt | Minimum | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)	1.00%
Revolving Credit Facility | Secured Debt | Refinanced Post-Petition Secured Debt | Minimum | Alternate Base Rate | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.00%
Letter of Credit | Senior Secured Superpriority Debtor-in-Possession Revolving Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Initial financing available to the borrower	$ 80,000,000
Stated interest rate (as percent)	5.50%
Letter of Credit | Prepetition Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate (as percent)	4.25%

Long-Term Debt - Effects of Fou

Long-Term Debt - Effects of Fourth Amendment (Details)	Apr. 24, 2020
Less than 25%
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Greater than or equal to 25% but less than 50%
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Greater than or equal to 50% but less than 75%
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Greater than or equal to 75% but less than 90%
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Greater than or equal to 90%
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Minimum | Greater than or equal to 25% but less than 50%
Debt Instrument [Line Items]
Commitment utilization (percent)	25.00%
Minimum | Greater than or equal to 50% but less than 75%
Debt Instrument [Line Items]
Commitment utilization (percent)	50.00%
Minimum | Greater than or equal to 75% but less than 90%
Debt Instrument [Line Items]
Commitment utilization (percent)	75.00%
Minimum | Greater than or equal to 90%
Debt Instrument [Line Items]
Commitment utilization (percent)	90.00%
Maximum | Less than 25%
Debt Instrument [Line Items]
Commitment utilization (percent)	25.00%
Maximum | Greater than or equal to 25% but less than 50%
Debt Instrument [Line Items]
Commitment utilization (percent)	50.00%
Maximum | Greater than or equal to 50% but less than 75%
Debt Instrument [Line Items]
Commitment utilization (percent)	75.00%
Maximum | Greater than or equal to 75% but less than 90%
Debt Instrument [Line Items]
Commitment utilization (percent)	90.00%
ABR Loans or Swingline Loans | Less than 25% | ABR or Swingline
Debt Instrument [Line Items]
Spread on variable rate (percent)	0.75%
ABR Loans or Swingline Loans | Greater than or equal to 25% but less than 50% | ABR or Swingline
Debt Instrument [Line Items]
Spread on variable rate (percent)	1.00%
ABR Loans or Swingline Loans | Greater than or equal to 50% but less than 75% | ABR or Swingline
Debt Instrument [Line Items]
Spread on variable rate (percent)	1.25%
ABR Loans or Swingline Loans | Greater than or equal to 75% but less than 90% | ABR or Swingline
Debt Instrument [Line Items]
Spread on variable rate (percent)	1.50%
ABR Loans or Swingline Loans | Greater than or equal to 90% | ABR or Swingline
Debt Instrument [Line Items]
Spread on variable rate (percent)	1.75%
Swingline Loan | Less than 25% | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)	2.25%
Swingline Loan | Greater than or equal to 25% but less than 50% | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)	2.50%
Swingline Loan | Greater than or equal to 50% but less than 75% | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)	2.75%
Swingline Loan | Greater than or equal to 75% but less than 90% | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)	3.00%
Swingline Loan | Greater than or equal to 90% | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)	3.25%

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 56,784
Liabilities incurred during period	535
Liabilities settled during period	(196)
Accretion expense during period	2,338
Balance at end of period	$ 59,461

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Asset Retirement Obligation Disclosure [Abstract]
ARO reclassified to liabilities subject to compromise	$ 57.6

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	9.80%	(134.30%)	5.50%	25.00%
Pre-tax income (loss)	$ (52,241)	$ 12,939	$ (4,733,216)	$ (35,328)
Valuation allowance	$ 849,400		$ 849,400		$ 2,900

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)dayshares	Sep. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense (credit)		$ 4,834	$ 8,446	$ 16,531	$ 26,370
Right to received shares of common stock (in shares) | shares		1		1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense (credit)		$ 3,100	5,800	$ 10,600	18,400
Award vesting period				3 years
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense (credit)		$ 1,600	2,500	$ 5,700	7,500
Right to received shares of common stock (in shares) | shares		1		1
Number of trading days | day				30
Performance Share Unit Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU granted percentage of earnings (as a percent)				0.00%
Performance Share Unit Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU granted percentage of earnings (as a percent)				240.00%
Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Oasis Midstream Partners, LP | Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense (credit)		$ 100	100	$ (100)	1,800
OMP General Partner LLC | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense (credit)		$ 100	$ 100	$ 200	$ 300
2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments made under the Incentive Compensation Program	$ 15,600
Percentage of target amount under the Incentive Compensation Program paid (percent)		50.00%		50.00%
Expected payment period for remainder of payments				12 months
Capitalized after-tax value of cash incentives paid		$ 8,800		$ 8,800
Equity-based compensation expense (credit)		400		400
2020 Incentive Compensation Program | Officers and Certain Other Senior Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount expenses for cash incentives paid not subject to clawback provisions		4,100		4,100
2020 Incentive Compensation Program | All Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments made under the Incentive Compensation Program	$ 2,700
Excess of cash retention payments over amounts previously recognized		$ 2,100		$ 2,100

Equity-Based Compensation - Sum

Equity-Based Compensation - Summarized Information Related to Awards (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares outstanding, beginning of period (shares) | shares	5,736,167
Granted (shares) | shares	3,516,579
Vested (shares) | shares	(3,465,313)
Forfeited (shares) | shares	(3,191,398)
Nonvested shares outstanding, end of period (shares) | shares	2,596,035
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares outstanding, beginning of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 8.77
Granted, weighted average grant date fair value (dollars per share) | $ / shares	3.06
Vested, weighted average grant date fair value (dollars per share) | $ / shares	6.82
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares	3.19
Nonvested shares outstanding, end of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 9.39
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares outstanding, beginning of period (shares) | shares	3,027,224
Granted (shares) | shares	2,429,747
Vested (shares) | shares	(672,606)
Forfeited (shares) | shares	(2,396,524)
Nonvested shares outstanding, end of period (shares) | shares	2,387,841
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares outstanding, beginning of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 9.12
Granted, weighted average grant date fair value (dollars per share) | $ / shares	2.56
Vested, weighted average grant date fair value (dollars per share) | $ / shares	8.61
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares	3.12
Nonvested shares outstanding, end of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 8.17
Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares outstanding, beginning of period (shares) | shares	362,002
Granted (shares) | shares	242,500
Vested (shares) | shares	(109,199)
Forfeited (shares) | shares	(314,676)
Nonvested shares outstanding, end of period (shares) | shares	180,627
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares outstanding, beginning of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 19.09
Granted, weighted average grant date fair value (dollars per share) | $ / shares	8.65
Vested, weighted average grant date fair value (dollars per share) | $ / shares	13.52
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares	8.64
Nonvested shares outstanding, end of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 9.72
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares outstanding, beginning of period (shares) | shares	16,170
Granted (shares) | shares	16,170
Vested (shares) | shares	(16,170)
Forfeited (shares) | shares	0
Nonvested shares outstanding, end of period (shares) | shares	16,170
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares outstanding, beginning of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 18.57
Granted, weighted average grant date fair value (dollars per share) | $ / shares	16.69
Vested, weighted average grant date fair value (dollars per share) | $ / shares	18.57
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares	0
Nonvested shares outstanding, end of period, weighted average grant date fair value (dollars per share) | $ / shares	$ 16.69

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Assumptions (Details) - Performance Share Units	9 Months Ended
	Sep. 30, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Oasis volatility (as percent)	68.56%
Oasis initial value (usd per share)	$ 3.19
Oasis stock price on date of grant (usd per share)	$ 2.77
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	2 years
Risk-free interest rate (as percent)	1.53%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	4 years
Risk-free interest rate (as percent)	1.55%

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic and diluted weighted average common shares outstanding (in shares)	318,287	315,135	317,365	314,863
Unvested restricted stock awards and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock-based compensation awards (in shares)	4,292	9,825	7,420	10,106

Business Segment Information -

Business Segment Information - Additional Information (Details) - Segment	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Segment Reporting [Abstract]
Number of current operating units	3	2

Business Segment Information _2

Business Segment Information - Summarized Financial Information of Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 271,059	$ 482,743	$ 825,209	$ 1,587,880
Operating income (loss)	38,524	8,441	(4,835,228)	130,457
Other income (expense), net	(90,765)	4,498	102,012	(165,785)
Income (loss) before income taxes	(52,241)	12,939	(4,733,216)	(35,328)
General and administrative expenses	49,251	32,860	117,868	98,245
Equity-based compensation expenses	4,834	8,446	16,531	26,370
Property, plant and equipment, net	2,115,854		2,115,854		$ 6,977,776
Total assets	2,506,777		2,506,777		7,499,253
Exploration And Production
Segment Reporting Information [Line Items]
Total revenues	215,636	432,720	668,849	1,438,235
Midstream Services
Segment Reporting Information [Line Items]
Total revenues	110,061	123,411	316,737	349,438
Operating Segments | Exploration And Production
Segment Reporting Information [Line Items]
Total revenues	215,636	432,720	668,849	1,438,235
Operating income (loss)	(8,603)	(52,529)	(4,866,759)	(30,734)
Other income (expense), net	(87,953)	9,010	140,580	(153,325)
Income (loss) before income taxes	(96,556)	(43,519)	(4,726,179)	(184,059)
General and administrative expenses	44,088	29,409	103,051	86,800
Equity-based compensation expenses	4,502	8,247	15,909	25,683
Property, plant and equipment, net	1,197,626		1,197,626		5,939,389
Total assets	1,499,941		1,499,941		6,418,610
Operating Segments | Midstream Services
Segment Reporting Information [Line Items]
Total revenues	55,423	50,023	156,360	149,645
Operating income (loss)	48,132	64,299	36,526	169,321
Other income (expense), net	(2,812)	(4,512)	(38,568)	(12,460)
Income (loss) before income taxes	45,320	59,787	(2,042)	156,861
General and administrative expenses	9,089	7,842	26,995	24,683
Equity-based compensation expenses	400	383	1,031	1,363
Property, plant and equipment, net	962,209		962,209		1,078,903
Total assets	1,050,817		1,050,817		1,121,159
Inter-segment | Exploration And Production
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Inter-segment | Midstream Services
Segment Reporting Information [Line Items]
Total revenues	54,638	73,388	160,377	199,793
Eliminations
Segment Reporting Information [Line Items]
Total revenues	(54,638)	(73,388)	(160,377)	(199,793)
Operating income (loss)	(1,005)	(3,329)	(4,995)	(8,130)
Other income (expense), net	0	0	0	0
Income (loss) before income taxes	(1,005)	(3,329)	(4,995)	(8,130)
General and administrative expenses	(3,926)	(4,391)	(12,178)	(13,238)
Equity-based compensation expenses	(68)	$ (184)	(409)	$ (676)
Property, plant and equipment, net	(43,981)		(43,981)		(40,516)
Total assets	$ (43,981)		$ (43,981)		$ (40,516)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 28, 2020	Sep. 14, 2020	Nov. 01, 2019	Mar. 23, 2017	Sep. 30, 2020
Mirada Litigation | Pending
Commitments and Contingencies [Line Items]
Damages sought (in excess of)			$ 200,000	$ 100,000
Mirada Litigation | Settled
Commitments and Contingencies [Line Items]
Amount proposed to be paid under Settlement Agreement	$ 42,800
Amount due upon effective date of the Plan	$ 20,000
Solomon Litigation | Settled
Commitments and Contingencies [Line Items]
Amount due upon effective date of the Plan		$ 15
Surety Bond
Commitments and Contingencies [Line Items]
Off-balance sheet commitments					$ 10,300
Revolving Credit Facility
Commitments and Contingencies [Line Items]
Off-balance sheet commitments					$ 76,900

Condensed Combined Debtor-in-_3

Condensed Combined Debtor-in-Possession Financial Information - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 84,265			$ 20,019
Accounts receivable, net	202,274			371,181
Inventory	35,736			35,259
Prepaid expenses	15,186			10,011
Derivative instruments	200			535
Other current assets	1,780			346
Total current assets	339,441			437,351
Property, plant and equipment
Oil and gas properties (successful efforts method)	9,366,483			9,463,038
Other property and equipment	1,309,897			1,279,653
Less: accumulated depreciation, depletion, amortization and impairment	(8,560,526)			(3,764,915)
Total property, plant and equipment, net	2,115,854			6,977,776
Assets held for sale, net	1,380			21,628
Long-term inventory	14,210			13,924
Operating right-of-use assets	13,121			18,497
Other assets	22,771			29,438
Total assets	2,506,777			7,499,253
Current liabilities
Revenues and production taxes payable	110,191			233,090
Accrued liabilities	41,878			281,079
Current maturities of long-term debt	360,640			0
Accrued interest payable	58,768			37,388
Total current liabilities	575,294			602,883
Deferred income taxes	4,898			267,357
Liabilities subject to compromise	2,070,858			0
Total liabilities	3,144,928			3,662,172
Stockholders’ deficit
Common stock	3,232			3,189
Treasury stock, at cost	(36,532)			(33,881)
Additional paid-in-capital	3,128,752			3,112,384
Accumulated deficit	(3,905,467)			554,446
Oasis share of stockholders’ equity (deficit)	(810,015)			3,636,138
Non-controlling interests	171,864			200,943
Total stockholders’ equity (deficit)	(638,151)	$ (589,911)	$ (499,172)	3,837,081	$ 3,899,661	$ 3,866,458	$ 3,811,135	$ 3,918,880
Total liabilities and stockholders’ equity (deficit)	2,506,777			$ 7,499,253
Debtors
Current assets
Cash and cash equivalents	49,566
Accounts receivable, net	197,804
Accounts receivable from non-filing entities	33,915
Inventory	27,642
Prepaid expenses	12,249
Derivative instruments	200
Other current assets	101
Total current assets	321,477
Property, plant and equipment
Oil and gas properties (successful efforts method)	9,392,414
Other property and equipment	132,243
Less: accumulated depreciation, depletion, amortization and impairment	(8,328,700)
Total property, plant and equipment, net	1,195,957
Assets held for sale, net	1,380
Investments in and advances to non-filing entities	317,398
Long-term inventory	14,210
Operating right-of-use assets	11,241
Other assets	20,437
Total assets	1,882,100
Current liabilities
Revenues and production taxes payable	108,979
Accrued liabilities	29,024
Current maturities of long-term debt	360,640
Accrued interest payable	30,384
Total current liabilities	529,027
Deferred income taxes	4,898
Liabilities subject to compromise	2,133,658
Total liabilities	2,667,583
Stockholders’ deficit
Common stock	3,232
Treasury stock, at cost	(36,532)
Additional paid-in-capital	3,128,752
Accumulated deficit	(3,881,021)
Oasis share of stockholders’ equity (deficit)	(785,569)
Non-controlling interests	86
Total stockholders’ equity (deficit)	(785,483)
Total liabilities and stockholders’ equity (deficit)	$ 1,882,100

Condensed Combined Debtor-in-_4

Condensed Combined Debtor-in-Possession Financial Information - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total revenues	$ 271,059			$ 482,743			$ 825,209	$ 1,587,880
Operating expenses
Lease operating expenses	29,353			50,313			108,730	164,985
Marketing, transportation and gathering expenses	20,328			32,659			73,557	96,097
Production taxes	13,039			28,461			39,129	86,221
Depreciation, depletion and amortization	36,000			210,832			272,885	578,023
Exploration expenses	725			652			3,061	2,369
Rig termination	1,017			0			1,279	0
Impairment	2,578			0			4,828,575	653
Litigation settlement	22,750			20,000			22,750	20,000
General and administrative expenses	49,251			32,860			117,868	98,245
Total operating expenses	234,008			473,550			5,672,089	1,453,473
Gain on sale of properties	1,473			(752)			11,652	(3,950)
Operating income (loss)	38,524			8,441			(4,835,228)	130,457
Other income (expense)
Net gain (loss) on derivative instruments	(5,071)			47,922			243,064	(34,940)
Interest expense, net of capitalized interest	(37,389)			(43,897)			(177,534)	(131,551)
Gain (loss) on extinguishment of debt	(20)			0			83,867	0
Reorganization items, net	(49,758)			0			(49,758)	0
Other income	1,473			473			2,373	706
Total other income (expense), net	(90,765)			4,498			102,012	(165,785)
Income (loss) before income taxes	(52,241)			12,939			(4,733,216)	(35,328)
Income tax benefit	5,144			17,372			262,495	8,835
Net income (loss) including non-controlling interests	(47,097)	$ (89,349)	$ (4,334,275)	30,311	$ 51,174	$ (107,978)	(4,470,721)	(26,493)
Less: Net income (loss) attributable to non-controlling interests	8,602			10,023			(11,218)	25,344
Net income (loss) attributable to Oasis	(55,699)			20,288			(4,459,503)	(51,837)
Debtors
Revenues
Total revenues	225,862						692,700
Operating expenses
Lease operating expenses	40,943						144,087
Marketing, transportation and gathering expenses	31,727						105,301
Production taxes	13,039						39,129
Depreciation, depletion and amortization	31,215						255,659
Exploration expenses	725						3,058
Rig termination	1,017						1,279
Impairment	1,120						4,725,134
Litigation settlement	22,750						22,750
General and administrative expenses	44,185						103,214
Total operating expenses	234,696						5,571,424
Gain on sale of properties	1,473						11,652
Operating income (loss)	(7,361)						(4,867,072)
Other income (expense)
Equity in earnings of non-filing entities	52,260						8,521
Net gain (loss) on derivative instruments	(5,071)						243,064
Interest expense, net of capitalized interest	(34,636)						(139,338)
Gain (loss) on extinguishment of debt	(20)						83,867
Reorganization items, net	(49,758)						(49,758)
Other income	1,480						2,523
Total other income (expense), net	(35,745)						148,879
Income (loss) before income taxes	(43,106)						(4,718,193)
Income tax benefit	5,144						262,495
Net income (loss) including non-controlling interests	(37,962)						(4,455,698)
Less: Net income (loss) attributable to non-controlling interests	86						248
Net income (loss) attributable to Oasis	(38,048)						(4,455,946)
Oil and gas revenues
Revenues
Total revenues	179,577			344,470			512,535	1,070,256
Oil and gas revenues | Debtors
Revenues
Total revenues	179,191						511,096
Purchased oil and gas
Revenues
Total revenues	44,194			79,352			167,824	337,212
Operating expenses
Expenses	47,549			78,655			165,932	338,221
Purchased oil and gas | Debtors
Revenues
Total revenues	44,194						167,824
Operating expenses
Expenses	47,608						165,991
Midstream Services
Revenues
Total revenues	46,979			50,023			138,164	149,617
Operating expenses
Expenses	11,110			12,967			32,355	47,064
Midstream Services | Debtors
Revenues
Total revenues	2,168						7,094
Operating expenses
Expenses	59						(146)
Other services
Revenues
Total revenues	309			8,898			6,686	30,795
Operating expenses
Expenses	308			$ 6,151			5,968	$ 21,595
Other services | Debtors
Revenues
Total revenues	309						6,686
Operating expenses
Expenses	$ 308						$ 5,968

Condensed Combined Debtor-in-_5

Condensed Combined Debtor-in-Possession Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss including non-controlling interests	$ (47,097)	$ (89,349)	$ (4,334,275)	$ 30,311	$ 51,174	$ (107,978)	$ (4,470,721)	$ (26,493)
Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	36,000			210,832			272,885	578,023
Gain on extinguishment of debt	20			0			(83,867)	0
Gain on sale of properties	(1,473)			752			(11,652)	3,950
Impairment	2,578			0			4,828,575	653
Deferred income taxes							(262,459)	(8,840)
Derivative instruments	5,071			(47,922)			(243,064)	34,940
Equity-based compensation expenses							16,531	26,370
Non-cash reorganization items, net	49,758			0			49,758	0
Deferred financing costs amortization and other							19,041	18,190
Working capital and other changes:
Change in accounts receivable, net							168,749	1,555
Change in inventory							(6,206)	(3,676)
Change in prepaid expenses							(6,107)	4,153
Change in accounts payable, interest payable and accrued liabilities							(112,479)	22,280
Change in other assets and liabilities, net							(4,079)	(11,211)
Net cash provided by operating activities							154,905	639,894
Cash flows from investing activities:
Capital expenditures							(291,776)	(714,270)
Proceeds from sale of properties							15,188	41,039
Net cash used in investing activities							(52,365)	(670,816)
Cash flows from financing activities:
Proceeds from revolving credit facilities							967,189	1,651,000
Principal payments on pre-petition revolving credit facility							(914,549)	(1,600,000)
Repurchase of senior unsecured notes							(68,060)	0
Deferred financing costs							(172)	(852)
Purchases of treasury stock							(2,651)	(4,625)
Distributions to non-controlling interests							(18,062)	(15,551)
Payments on finance lease liabilities							(1,989)	(1,423)
Net cash provided by (used in) financing activities							(38,294)	28,157
Increase (decrease) in cash and cash equivalents							64,246	(2,765)
Beginning of period			20,019			$ 22,190	20,019	22,190
End of period	84,265			$ 19,425			84,265	$ 19,425
Debtors
Cash flows from operating activities:
Net loss including non-controlling interests	(37,962)						(4,455,698)
Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	31,215						255,659
Gain on extinguishment of debt	20						(83,867)
Gain on sale of properties	(1,473)						(11,652)
Impairment	1,120						4,725,134
Deferred income taxes							(262,459)
Derivative instruments	5,071						(243,064)
Equity-based compensation expenses							16,330
Non-cash reorganization items, net	49,758						49,758
Deferred financing costs amortization and other							4,291
Working capital and other changes:
Change in accounts receivable, net							160,474
Change in inventory							2,234
Change in prepaid expenses							(5,093)
Change in accounts payable, interest payable and accrued liabilities							(147,554)
Change in other assets and liabilities, net							(4,006)
Net cash provided by operating activities							487
Cash flows from investing activities:
Capital expenditures							(243,079)
Proceeds from sale of properties							15,188
Derivative settlements							224,223
Contributions to non-filing entities							(5,399)
Distributions from non-filing entities							91,787
Net cash used in investing activities							82,720
Cash flows from financing activities:
Proceeds from revolving credit facilities							938,189
Principal payments on pre-petition revolving credit facility							(914,549)
Repurchase of senior unsecured notes							(68,060)
Deferred financing costs							(172)
Purchases of treasury stock							(2,651)
Distributions to non-controlling interests							(263)
Payments on finance lease liabilities							(1,986)
Net cash provided by (used in) financing activities							(49,492)
Increase (decrease) in cash and cash equivalents							33,715
Beginning of period			$ 15,851				15,851
End of period	$ 49,566						$ 49,566