Chord Energy (CHRD) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	OAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		20,093,096
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001486159
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 113,054	$ 15,856
Restricted cash	0	4,370
Accounts receivable, net	268,818	206,539
Inventory	29,423	33,929
Prepaid expenses	8,226	9,729
Derivative instruments	0	467
Other current assets	3,002	727
Total current assets	422,523	271,617
Property, plant and equipment
Oil and gas properties (successful efforts method)	839,328	810,328
Other property and equipment	936,224	935,950
Less: accumulated depreciation, depletion and amortization	(56,003)	(17,491)
Total property, plant and equipment, net	1,719,549	1,728,787
Assets held for sale, net	0	5,500
Long-term inventory	15,805	14,522
Operating right-of-use assets	5,486	6,083
Intangible assets	42,986	43,667
Goodwill	70,534	70,534
Deferred income taxes	2,670	0
Other assets	17,625	18,327
Total assets	2,297,178	2,159,037
Current liabilities
Accounts payable	6,492	3,242
Revenues and production taxes payable	185,044	146,497
Accrued liabilities	152,217	126,284
Accrued interest payable	509	980
Derivative instruments	156,450	56,944
Advances from joint interest partners	2,661	2,723
Current operating lease liabilities	2,143	2,607
Other current liabilities	3,123	1,954
Total current liabilities	508,639	341,231
Long-term debt	674,238	710,000
Deferred income taxes	0	984
Asset retirement obligations	47,398	46,363
Derivative instruments	96,560	37,614
Operating lease liabilities	1,934	2,362
Other liabilities	6,406	7,744
Total liabilities	1,335,175	1,146,298
Commitments and contingencies (Note 17)
Stockholders’ equity
Common stock, $0.01 par value: 60,000,000 shares authorized; 20,093,084 shares issued and 20,093,084 shares outstanding at March 31, 2021 and 20,093,017 shares issued and 20,093,017 shares outstanding at December 31, 2020	200	200
Additional paid-in capital	958,081	965,654
Accumulated deficit	(93,504)	(49,912)
Oasis share of stockholders’ equity	864,777	915,942
Non-controlling interests	97,226	96,797
Total stockholders’ equity	962,003	1,012,739
Total liabilities and stockholders’ equity	$ 2,297,178	$ 2,159,037

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,093,084	20,093,017
Common stock, shares outstanding (in shares)	20,093,084	20,093,017

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenues	$ 355,459	$ 387,798
Operating expenses
Lease operating expenses	35,260	49,769
Gathering, processing and transportation expenses	15,711	29,464
Production taxes	16,280	19,326
Depreciation, depletion and amortization	39,990	203,755
Exploration expenses	423	1,168
Impairment	3	4,823,678
General and administrative expenses	20,737	31,174
Total operating expenses	204,712	5,261,552
Gain on sale of properties	88	11,226
Operating income (loss)	150,835	(4,862,528)
Other income (expense)
Net gain (loss) on derivative instruments	(181,515)	285,322
Interest expense, net of capitalized interest	(8,697)	(95,757)
Gain on extinguishment of debt	0	83,887
Other income	458	63
Total other income (expense), net	(189,754)	273,515
Loss before income taxes	(38,919)	(4,589,013)
Income tax benefit	3,654	254,738
Net loss including non-controlling interests	(35,265)	(4,334,275)
Less: Net income (loss) attributable to non-controlling interests	8,327	(23,414)
Net loss attributable to Oasis	$ (43,592)	$ (4,310,861)
Loss attributable to Oasis per share:
Basic (in dollars per share)	$ (2.18)	$ (13.61)
Diluted (in dollars per share)	$ (2.18)	$ (13.61)
Weighted average shares outstanding:
Basic (in shares)	20,000	316,828
Diluted (in shares)	20,000	316,828
Oil and Gas Services
Revenues
Total revenues	$ 245,461	$ 239,128
Purchased Oil and Gas
Revenues
Total revenues	48,460	86,278
Operating expenses
Expenses	48,410	85,203
Midstream Total
Revenues
Total revenues	61,312	56,411
Operating expenses
Expenses	27,898	13,084
Other Services
Revenues
Total revenues	226	5,981
Operating expenses
Expenses	$ 0	$ 4,931

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
Balance (in 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Equity-based compensation (in 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 (in shares)		942	942
Treasury stock - tax withholdings	(2,308)		$ (2,308)
Net loss	(4,334,275)				(4,310,861)	(23,414)
Balance (in 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 (in shares) at Dec. 31, 2020		20,093	0
Balance at Dec. 31, 2020	1,012,739	$ 200	$ 0	965,654	(49,912)	96,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	2,198			1,709		489
Dividends to shareholders ($0.375 per share)	(7,535)			(7,535)
Distributions to non-controlling interest owners	(6,029)					(6,029)
Midstream Simplification (Note 2)	0			2,358		(2,358)
Other	(6)			(6)
Net loss	(35,265)				(43,592)	8,327
Balance (in shares) at Mar. 31, 2021		20,093	0
Balance at Mar. 31, 2021	962,003	$ 200	$ 0	958,081	$ (93,504)	$ 97,226
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Control, Transaction Costs	$ (4,111)			$ (4,111)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss including non-controlling interests	$ (35,265)	$ (4,334,275)
Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	39,990	203,755
Gain on extinguishment of debt	0	(83,887)
Gain on sale of properties	(88)	(11,226)
Impairment	3	4,823,678
Deferred income taxes	(3,654)	(254,677)
Derivative instruments	181,515	(285,322)
Equity-based compensation expenses	2,198	6,807
Deferred financing costs amortization and other	2,320	6,188
Working capital and other changes:
Change in accounts receivable, net	(60,542)	149,819
Change in inventory	4,506	(4,300)
Change in prepaid expenses	1,089	635
Change in accounts payable, interest payable and accrued liabilities	62,195	(106,145)
Change in other assets and liabilities, net	(3,854)	(3,275)
Net cash provided by operating activities	190,413	107,775
Cash flows from investing activities:
Capital expenditures	(21,958)	(147,601)
Proceeds from sale of properties	2,686	11,813
Derivative settlements	(22,596)	5,020
Net cash used in investing activities	(41,868)	(130,768)
Cash flows from financing activities:
Proceeds from revolving credit facilities	159,500	545,000
Principal payments on revolving credit facilities	(635,500)	(331,000)
Repurchase of senior unsecured notes	0	(68,040)
Proceeds from issuance of senior unsecured notes	450,000	0
Deferred financing costs	(11,737)	0
Common control transaction costs	(4,111)	0
Purchases of treasury stock	0	(2,308)
Dividends paid	(7,535)	0
Distributions to non-controlling interests	(6,029)	(6,028)
Payments on finance lease liabilities	(311)	(648)
Other	6	0
Net cash provided by (used in) financing activities	(55,717)	136,976
Increase in cash and cash equivalents	92,828	113,983
Cash, cash equivalents and restricted cash:
Beginning of period	20,226	20,019
End of period	113,054	134,002
Supplemental non-cash transactions:
Change in accrued capital expenditures	6,909	25,333
Change in asset retirement obligations	1,035	1,084
Note receivable from divestiture	$ 2,900	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Feb. 24, 2021
Statement of Stockholders' Equity [Abstract]
Dividends payable (in usd per share)	$ 0.375	$ 0.375

Organization and Operations of

Organization and Operations of the Company	3 Months Ended
	Mar. 31, 2021
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 (“E&P”) 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 conduct the Company’s E&P activities and own its oil and gas properties located in the North Dakota and Montana regions of the Williston Basin and the Texas region of the Permian Basin, respectively. In addition to its E&P segment, the Company also operates a midstream business segment through Oasis Midstream Partners LP (“OMP”), a consolidated subsidiary of the Company. OMP is a gathering and processing master limited partnership that owns, develops, operates and acquires a diversified portfolio of midstream assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020 is derived from audited financial statements. 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, 2020 (“2020 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. 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 its general partner, OMP GP LLC (“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. Midstream Simplification. On March 30, 2021, the Company consummated the transactions contemplated by a contribution and simplification agreement (the “Contribution and Simplification Agreement”), dated as of March 22, 2021. Pursuant to the Contribution and Simplification Agreement, among other things, (a) the Company contributed to OMP its remaining limited liability company interest in Bobcat DevCo LLC (“Bobcat DevCo”) and Beartooth DevCo LLC (“Beartooth DevCo”) of 64.7% and 30.0%, respectively, in exchange for total consideration of approximately $512.5 million composed of (x) a cash distribution of $231.5 million and (y) 12,949,644 common units representing limited partner interests in OMP, (b) OMP’s incentive distribution rights were cancelled and converted into 1,850,356 OMP common units (the “IDR Conversion Common Units”), and (c) OMP GP distributed the IDR Conversion Common Units on a pro rata basis to holders of its Class A Units and Class B Units, such that following such distribution, Oasis, through its wholly-owned subsidiary OMS Holdings LLC (“OMS Holdings”), is the sole member of OMP GP (the foregoing clauses (a), (b) and (c), the “Midstream Simplification”). The effective date of the Midstream Simplification was January 1, 2021. Following the closing of the Midstream Simplification on March 30, 2021, the Company owns an approximate 77% limited partner interest in OMP and no longer owns any of the limited liability company interests of Bobcat DevCo or Beartooth DevCo. Prior to the Midstream Simplification, the Company’s retained interests in Bobcat DevCo and Beartooth DevCo were consolidated into the Company’s condensed consolidated financial statements. Following the Midstream Simplification, the Company continues to consolidate OMP and its wholly-owned subsidiaries in its condensed consolidated financial statements and record a non-controlling interest for the interest owned by the public unitholders in OMP. Fresh start accounting. On November 19, 2020 (the “Emergence Date”), the Company emerged from bankruptcy and adopted fresh start accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification 852, Reorganizations , which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the adoption of fresh start accounting, the condensed consolidated financial statements after the Emergence Date are not comparable to the condensed consolidated financial statements prior to that date. References to “Successor” relate to the reorganized Company’s financial position and results of operations as of and subsequent to the Emergence Date. References to “Predecessor” relate to the Company’s financial position prior to, and results of operations through and including, the Emergence Date. 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. A substantial or extended decline in prices for crude oil and, to a lesser extent, natural gas and natural gas liquids (“NGLs”), 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. Cash Equivalents and Restricted Cash The Company may invest in certain money market funds, commercial paper and time deposits, all of which are stated at fair value or cost which approximates fair value due to the short-term maturity of these investments. The Company classifies all such investments with original maturity dates less than 90 days as cash equivalents. Restricted cash consists of funds that were held in an escrow account for the payment of professional fees associated with the Company’s emergence from bankruptcy. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows: Successor March 31, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 113,054 $ 15,856 Restricted cash — 4,370 Total cash, cash equivalents and restricted cash $ 113,054 $ 20,226 Significant Accounting Policies There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in the 2020 Annual Report. Recent Accounting Pronouncements 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 (“LIBOR”) 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	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Exploration and Production Revenues E&P revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Crude oil revenues $ 185,818 $ 212,793 Purchased crude oil sales 36,716 85,757 Natural gas and NGL revenues 59,643 26,335 Purchased natural gas sales 295 521 Other services revenues 226 5,981 Total E&P revenues $ 282,698 $ 331,387 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. Revenues derived from contracts with customers for midstream revenues were as follows for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Midstream service revenues Crude oil, natural gas and NGL revenues $ 22,225 $ 26,921 Produced and flowback water revenues 7,410 11,251 Total midstream service revenues 29,635 38,172 Midstream product revenues Purchased crude oil sales 11,449 — Crude oil, natural gas and NGL revenues 31,181 16,039 Freshwater revenues 496 2,200 Total midstream product revenues 43,126 18,239 Total midstream revenues $ 72,761 $ 56,411 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. 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 liabilities are included in other current liabilities and other liabilities on the Company’s Condensed Consolidated Balance Sheets. There were no material contract asset balances at March 31, 2021 or December 31, 2020. The following table summarizes the changes in the Company’s contract liabilities for the three months ended March 31, 2021: (In thousands) Balance as of December 31, 2020 (Successor) $ 3,966 Revenues recognized (82) Balance as of March 31, 2021 (Successor) $ 3,884 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 months ended March 31, 2021 and 2020, 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 March 31, 2021: (In thousands) 2021 (excluding the three months ended March 31, 2021) $ 12,864 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 54,792 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	3 Months Ended
	Mar. 31, 2021
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 E&P 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. No write-downs of inventory or long-term inventory were recorded during the three months ended March 31, 2021. The Company’s total inventory consists of the following: Successor March 31, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 23,713 $ 25,103 Crude oil inventory 5,710 8,826 Total inventory 29,423 33,929 Long-term inventory Linefill in third party pipelines 15,805 14,522 Total long-term inventory 15,805 14,522 Total $ 45,228 $ 48,451

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The following table sets forth the Company’s accounts receivable, net: Successor March 31, 2021 December 31, 2020 (In thousands) Trade accounts $ 221,594 $ 161,519 Joint interest accounts 33,665 31,920 Other accounts 13,684 13,206 Total accounts receivable 268,943 206,645 Less: allowance for credit losses (125) (106) Total accounts receivable, net $ 268,818 $ 206,539

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 properties acquired in a business combination or upon impairment, at fair value on a non-recurring basis. As defined in the authoritative guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Pricing inputs, other than unadjusted quoted prices in active markets included in Level 1, are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 — Pricing inputs are generally 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: Successor Fair value at March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: Commodity derivative instruments (see Note 7) $ — $ 253,010 $ — $ 253,010 Total liabilities $ — $ 253,010 $ — $ 253,010 Successor Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 467 $ — $ 467 Total assets $ — $ 467 $ — $ 467 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 94,558 $ — $ 94,558 Total liabilities $ — $ 94,558 $ — $ 94,558 The Level 2 instruments presented in the tables above consist of commodity derivative instruments (see Note 7 — 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 the 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 liability by $10.2 million and $4.3 million at March 31, 2021 and December 31, 2020, respectively. 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.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
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 settle monthly based on the average NYMEX West Texas Intermediate crude oil index price (“NYMEX WTI”), and its natural gas contracts settle monthly based on the average NYMEX Henry Hub natural gas index price (“NYMEX HH”). The Company primarily utilizes fixed price swaps and collars to reduce the volatility of crude oil and natural gas prices on future expected production. Swaps are designed to establish a fixed price for the volumes under contract, while collars are designed to establish a minimum price (floor) and a maximum price (ceiling) 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 6—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. On March 22, 2021, the Company entered into the Second Amendment to the Oasis Credit Facility (as defined in Note 10 — Long-Term Debt ) to, among other things, reduce the rolling hedging requirement and add incremental flexibility to allow for restructuring of existing hedge positions (see Note 10 — Long-Term Debt). At March 31, 2021 (Successor), the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Assets (Liabilities) Fixed Price Swaps Floor Ceiling (In thousands) Crude oil 2021 Fixed price swaps 7,975,000 Bbl $ 42.09 $ (130,125) Crude oil 2021 Two-way collar 459,000 Bbl $ 45.00 $ 63.82 (614) Crude oil 2022 Fixed price swaps 7,245,000 Bbl $ 42.66 (82,286) Crude oil 2022 Two-way collar 636,000 Bbl $ 45.00 $ 63.82 (88) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 43.57 (39,027) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 43.68 (2,654) Natural gas 2021 Fixed price swaps 11,000,000 MMBtu $ 2.84 1,174 Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82 610 $ (253,010) Subsequent to March 31, 2021, the Company entered into additional collars for crude oil with a weighted average floor price of $48.21 per Bbl and weighted average ceiling price of $66.37 per Bbl. The commodity contracts included total notional amounts of 765,000 Bbls, 4,163,000 Bbls, 4,380,000 Bbls and 372,000 Bbls which settle in 2021, 2022, 2023 and 2024 respectively, based on NYMEX WTI. These derivative instruments do not qualify for or were not designated as hedging instruments for accounting purposes. 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 (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Statements of Operations Location Net gain (loss) on derivative instruments $ (181,515) $ 285,322 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: Successor March 31, 2021 Commodity Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 159,043 $ (2,593) $ 156,450 Commodity contracts Derivative instruments — non-current liabilities 98,861 (2,301) 96,560 Total derivatives liabilities $ 257,904 $ (4,894) $ 253,010 Successor December 31, 2020 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 $ 467 $ — $ 467 Commodity contracts Derivative instruments — non-current assets — — — Total derivatives assets $ 467 $ — $ 467 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 59,262 $ (2,318) $ 56,944 Commodity contracts Derivative instruments — non-current liabilities 38,426 (812) 37,614 Total derivatives liabilities $ 97,688 $ (3,130) $ 94,558

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2021
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: Successor March 31, 2021 December 31, 2020 (In thousands) Proved oil and gas properties $ 799,068 $ 770,117 Less: Accumulated depreciation, depletion and amortization (38,530) (12,403) Proved oil and gas properties, net 760,538 757,714 Unproved oil and gas properties 40,260 40,211 Other property and equipment 936,224 935,950 Less: Accumulated depreciation (17,473) (5,088) Other property and equipment, net 918,751 930,862 Total property, plant and equipment, net $ 1,719,549 $ 1,728,787

Divestitures

Divestitures	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	DivestituresOn March 22, 2021, the Company completed the sale of certain well services equipment and inventory in connection with its 2020 exit from the well services business for cash proceeds of $2.6 million and a $2.9 million 6.6% promissory note due within one year. During the three months ended March 31, 2021 (Successor), the Company recognized a net loss on sale of properties of $0.1 million. During the three months ended March 31, 2020 (Predecessor), the Company recognized a net gain on sale of properties of $11.5 million associated with certain divested oil and gas properties in the Company’s E&P segment.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consists of the following: Successor March 31, 2021 December 31, 2020 (In thousands) Oasis Credit Facility $ — $ 260,000 OMP Credit Facility 234,000 450,000 OMP Senior Notes 450,000 — Less: unamortized deferred financing costs on OMP Senior Notes (9,762) — Total OMP long-term debt 674,238 450,000 Total long-term debt $ 674,238 $ 710,000 Oasis Credit Facility The Company has a senior secured revolving credit facility (the “Oasis Credit Facility”) among Oasis Petroleum Inc., as parent, OPNA, as borrower, and Wells Fargo Bank, N.A. (“Wells Fargo”), as administrative agent and the lenders party thereto, which has a maturity date of May 19, 2024. On March 22, 2021, the Company entered into the Second Amendment to the Oasis Credit Facility to, among other things, (i) provide for the occurrence of the transactions pursuant to the Midstream Simplification, (ii) decrease the borrowing base from $575.0 million to $500.0 million, (iii) decrease the aggregate lender commitments from $575.0 million to $450.0 million, (iv) provide the ability to initiate certain share-repurchases, (v) reduce the rolling hedging requirement and add incremental flexibility to allow for restructuring of existing hedge positions and (vi) decrease the LIBOR floor from 1.00% to 0.25%. The applicable margin for borrowings under the Oasis Credit Facility is based on the total outstanding borrowings (including the amount of all outstanding letters of credit) in relation to the borrowing base and varies from (a) in the case of LIBOR loans (“Eurodollar Loans”), 3.00% to 4.00%, and (b) in the case of domestic bank prime rate interest loans (“ABR Loans”) or swingline loans, 2.00% to 3.00%. The unused portion of the Oasis Credit Facility is subject to a commitment fee of 0.50%. At March 31, 2021, the Company had no borrowings outstanding and $1.3 million of outstanding letters of credit under the Oasis Credit Facility, resulting in an unused borrowing capacity of $448.7 million. For the three months ended March 31, 2021, the weighted average interest rate incurred on borrowings under the Oasis Credit Facility was 4.3%. The fair value of the Oasis Credit Facility approximates its carrying value since borrowings under the Oasis Credit Facility bear interest at variable rates, which are tied to current market rates. The Oasis Credit Facility contains customary events of default, as well as cross-default provisions with other indebtedness of OPNA and the restricted subsidiaries under the Oasis Credit Facility. If an event of default occurs and is continuing, the lenders may declare all amounts outstanding under the Oasis Credit Facility to be immediately due and payable. There are no cross-default provisions between the Oasis Credit Facility and the indebtedness of OMP and its restricted subsidiaries, other than to the extent that any “DevCo” (as defined in the Oasis Credit Facility) then exists that is owned in part by OMP and in part by the Company, in which case the Oasis Credit Facility contains a cross-default in the event that any material debt of such DevCo is accelerated prior to its scheduled maturity. The Company was in compliance with the financial covenants under the Oasis Credit Facility at March 31, 2021. OMP Debt OMP Credit Facility. OMP has a senior secured revolving credit facility (the “OMP Credit Facility”) among OMP, as parent, OMP Operating LLC, as borrower, Wells Fargo, as administrative agent and the lenders party thereto. On March 22, 2021, OMP entered into the Fourth Amendment to the OMP Credit Facility to, among other things, (i) provide for the occurrence of the transactions pursuant to the Midstream Simplification, (ii) amend the consolidated total leverage ratio financial covenant to no greater than 5.00 to 1.00, (iii) amend the consolidated senior secured leverage ratio to no greater than 3.00 to 1.00, (iv) amend the consolidated interest coverage ratio to no less than 2.50 to 1.00, (v) provide for the issuance of the OMP Senior Notes (defined below), (vi) decrease the aggregate lender commitments from $575.0 million to $450.0 million, (vii) increase pricing for credit under the OMP Credit Facility and (viii) extend the maturity date from September 25, 2022 until at least September 30, 2024. The applicable margin for borrowings under the OMP Credit Facility is based on the OMP’s most recently tested consolidated total leverage ratio and varies from (a) in the case of Eurodollar Loans, 2.25% to 3.25%, and (b) in the case of ABR Loans or swingline loans, 1.25% to 2.25%. The unused portion of the OMP Credit Facility is subject to a commitment fee ranging from 0.375% to 0.500%. At March 31, 2021, the aggregate commitments under the OMP Credit Facility were $450.0 million, and the Company had $234.0 million of borrowings outstanding and $5.5 million of outstanding letters of credit, resulting in an unused borrowing capacity of $210.5 million. For the three months ended March 31, 2021, the weighted average interest rate incurred on borrowings under the OMP Credit Facility was 2.1%. 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. The OMP Credit Facility contains customary events of default, as well as cross-default provisions with other indebtedness of OMP and the restricted subsidiaries under the OMP Credit Facility. If an event of default occurs and is continuing, the lenders may declare all amounts outstanding under the OMP Credit Facility to be immediately due and payable. There are no cross-default provisions between OMP Credit Facility and the Oasis Credit Facility. OMP was in compliance with the financial covenants under the OMP Credit Facility at March 31, 2021. OMP Senior Notes. On March 30, 2021, OMP and OMP Finance Corp. (“OMP Finance” and together with OMP, the “OMP Issuers”) issued in a private placement $450.0 million of 8.00% senior unsecured notes due April 1, 2029 (the “OMP Senior Notes”). The OMP Senior Notes were issued at par and resulted in net proceeds, after deducting the underwriters’ gross spread, of $442.1 million. OMP used the net proceeds from the OMP Senior Notes to: (i) make a distribution to OMS Holdings of $231.5 million in connection with the Midstream Simplification, (ii) repay $204.0 million of outstanding principal borrowings and $0.5 million of accrued interest under the OMP Credit Facility and (iii) pay approximately $6.1 million in fees and other expenses. In connection with the issuance of the OMP Senior Notes, OMP recorded deferred financing costs of $9.8 million which are being amortized over the term of the OMP Senior Notes. Interest on the OMP Senior Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2021. The fair value of the OMP Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $460.1 million at March 31, 2021. The OMP Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the OMP Issuers, along with OMP’s wholly-owned subsidiaries (the “Guarantors”). The OMP Senior Notes guarantees are joint and several obligations of the Guarantors. The OMP Issuers and the Guarantors do not have any significant restrictions on the ability to obtain funds from its subsidiaries by dividend or loan. In addition, there are no restrictions on the subsidiaries to transfer funds, and as such, there are no restricted net assets to disclose.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2021: (In thousands) Balance at December 31, 2020 (Successor) $ 48,594 Liabilities incurred during period 4 Accretion expense during period 1,032 Balance at March 31, 2021 (Successor) $ 49,630 Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At March 31, 2021 (Successor) and December 31, 2020 (Successor), the current portion of the total ARO balance was approximately $2.2 million and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2021 (Successor) and March 31, 2020 (Predecessor) was 9.4% and 5.6%, respectively. The effective tax rates for the three months ended March 31, 2021 and 2020 were lower than the statutory federal rate of 21% as a result of the Company’s valuation allowance, which was initially recorded against substantially all of the Company’s net deferred tax assets as of March 31, 2020 and was maintained as of March 31, 2021. Valuation allowance. The Company’s valuation allowance as of March 31, 2021 was $570.3 million, which increased $4.9 million from $565.4 million as of 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, excluding the impact of the voluntary restructuring under Chapter 11 of the Bankruptcy Code in 2020. 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.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Successor equity-based compensation The Compensation Committee has approved the grant of certain awards under the Company’s 2020 Long Term Incentive Plan (“2020 LTIP”), which consists of restricted stock units (“RSUs”), performance share units (“PSUs”) and leveraged stock units (“LSUs”). Restricted stock units. RSUs are contingent shares that are scheduled to vest 25% each year over a four-year period to promote retention of key employees. The fair value is based on the closing price of the Company’s common stock on the date of grant or, if applicable, the date of modification, and compensation expense is recognized ratably over the requisite service period. The Company accounts for RSUs as equity-classified awards pursuant to the FASB’s authoritative guidance for share-based payments. During the three months ended March 31, 2021, the Company granted 399,861 RSUs with a weighted average grant date per share value of $49.84. During the three months ended March 31, 2021, the Company recorded equity-based compensation expense for RSUs of $0.6 million in general and administrative expenses on its Condensed Consolidated Statement of Operations. Performance share units. PSUs are contingent shares that may be earned over three four During the three months ended March 31, 2021, the Company granted 139,935 PSUs with a weighted average grant date per share value of $56.34. During the three months ended March 31, 2021, the Company recorded equity-based compensation expense for PSUs of $0.3 million in general and administrative expenses on its Condensed Consolidated Statement of Operations. Leveraged stock units. LSUs are contingent shares that may be earned over a three four During the three months ended March 31, 2021, the Company granted 187,822 LSUs with a weighted average grant date per share value of $70.93. During the three months ended March 31, 2021, the Company recorded equity-based compensation expense for LSUs of $0.4 million in general and administrative expenses on its Condensed Consolidated Statement of Operations. Fair value assumptions. The aggregate grant date fair value of PSUs and LSUs 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 rate, implied equity volatility, stock price on the date of grant and, for PSUs, correlation coefficient. The risk-free interest rates are the U.S. Treasury bond rates on the date of grant that correspond to each performance period. Implied equity volatility is derived by solving for an asset volatility and equity volatility based on the leverage of the Company and each of its peers. For the PSUs, the correlation coefficient measures the strength of the linear relationship between and amongst the Company and its peers 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 expenses of the PSUs and LSUs granted on January 18, 2021 and February 11, 2021, respectively: Grant date January 18, 2021 February 11, 2021 Forecast period (years) 3 - 4 3 - 4 Risk-free interest rates 0.1% - 1.9% 0.1% - 1.9% Implied equity volatility 55% - 60% 55% - 60% Stock price on date of grant $44.41 $49.66 Restricted stock awards. The Company has granted restricted stock awards to its directors under the 2020 LTIP, which vest one-third annually over a three Class B Units in OMP GP OMP GP previously granted restricted Class B Units to certain employees, including OMP’s named executive officers, as consideration for services to the Company. On March 30, 2021, in connection with the Midstream Simplification, certain Class B Units representing membership interests in OMP GP that were previously issued to OMP’s named executive officers were converted into and exchanged for the right to receive restricted common units in OMP, subject to the following vesting schedule: (i) 34% vested on March 30, 2021, (ii) 33% will vest on March 30, 2022 and (iii) 33% will vest on March 30, 2023. As of March 31, 2021, the unamortized grant date fair value related to the unvested OMP restricted common units was $0.5 million and will be recognized over a remaining life of approximately two years. Predecessor equity-based compensation The Predecessor previously granted equity-classified restricted stock awards and PSUs under its Amended and Restated 2010 Long Term Incentive Plan (the “Predecessor 2010 LTIP”). The fair value of restricted stock grants was based on the closing sales price of the Predecessor’s common stock on the date of grant and compensation expense is recognized ratably over the requisite service period in accordance with GAAP. For the three months ended March 31, 2020, the Predecessor recorded equity-based compensation expense of $4.4 million related to restricted stock awards and $2.3 million related to PSUs in general and administrative expenses on its Condensed Consolidated Statements of Operations. On the Emergence Date and pursuant to the Company’s restructuring plan, all outstanding unvested restricted stock awards and PSUs granted under the Predecessor 2010 LTIP vested. There were no outstanding Predecessor restricted stock awards and PSUs at March 31, 2021 or December 31, 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Dividends . On February 24, 2021, the Company declared a dividend of $0.375 per share of common stock. The dividend of $7.5 million was paid on March 22, 2021 to shareholders of record as of March 8, 2021. On May 3, 2021, the Company declared a dividend of $0.375 per share of common stock payable as of May 31, 2021 to shareholders of record as of May 17, 2021. Future dividend payments will depend on the Company’s earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the Board of Directors deems relevant. Share repurchase program. In March 2021, the Board of Directors authorized a share-repurchase program covering up to $100.0 million of the Company's common stock. There were no shares purchased under this program during the three months ended March 31, 2021. Warrants . As of March 31, 2021, there were 1,621,538 warrants outstanding. The warrants, which are classified as equity, are initially exercisable to purchase one share of common stock per warrant at an initial exercise price of $94.57 per warrant (the “Exercise Price”). The warrants are exercisable from the date of issuance until November 19, 2024, at which time all unexercised warrants will expire and the rights of the holders of such warrants to purchase common stock will terminate. The number of shares of common stock for which a warrant is exercisable, and the Exercise Price, are subject to adjustment from time to time upon the occurrence of certain events, including: (1) stock splits, reverse stock splits or stock dividends to holders of common stock or (2) a reclassification in respect of common stock.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to 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 effect of potentially dilutive shares outstanding for the period using the treasury stock method, unless its effect is anti-dilutive. For the Successor period, potentially dilutive shares outstanding include unvested restricted stock awards, warrants and contingently issuable shares related to RSUs, PSUs and LSUs. For the Predecessor period, potentially dilutive shares outstanding included Predecessor unvested restricted stock awards, Predecessor contingently issuable shares related to PSUs and Predecessor senior convertible notes. There were no adjustments made to the income (loss) attributable to Oasis available to common stockholders in the calculation of diluted earnings (loss) per share during either the Successor period or Predecessor period. 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 for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Weighted average common shares outstanding: Basic and diluted 20,000 316,828 Anti-dilutive weighted average common shares: Potential common shares 2,265 11,166 For the three months ended March 31, 2021 (Successor) and for the three months ended March 31, 2020 (Predecessor), the Company incurred a net loss, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company has two reportable segments: E&P and midstream. The Company’s E&P business segment is engaged in the acquisition and development of oil and gas properties. Revenues for the E&P business 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 supply; (ii) crude oil gathering, terminaling and transportation; (iii) produced and flowback water gathering and disposal; and (iv) freshwater supply and distribution. Revenues for the midstream segment are derived from performing these services to the Company’s E&P segment, as well as third-party producers. The revenues and expenses related to 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: E&P Midstream Eliminations Consolidated (In thousands) Successor Three months ended March 31, 2021: Revenues from non-affiliates $ 282,698 $ 72,761 $ — $ 355,459 Inter-segment revenues — 41,356 (41,356) — Total revenues 282,698 114,117 (41,356) 355,459 Operating income 103,180 48,667 (1,012) 150,835 Total other income (expense), net (185,896) (3,858) — (189,754) Income (loss) before income taxes including non-controlling interests $ (82,716) $ 44,809 $ (1,012) $ (38,919) Lease operating expenses $ 51,064 $ — $ (15,804) $ 35,260 Gathering, processing and transportation expenses 28,105 — (12,394) 15,711 General and administrative expenses 15,675 8,560 (3,498) 20,737 Equity-based compensation expenses 1,688 510 — 2,198 Predecessor Three months ended March 31, 2020: Revenues from non-affiliates $ 331,387 $ 56,411 $ — $ 387,798 Inter-segment revenues — 68,544 (68,544) — Total revenues 331,387 124,955 (68,544) 387,798 Operating loss (4,817,255) (42,226) (3,047) (4,862,528) Total other income (expense), net 303,998 (30,483) — 273,515 Loss before income taxes including non-controlling interests $ (4,513,257) $ (72,709) $ (3,047) $ (4,589,013) Lease operating expenses $ 65,813 $ — $ (16,044) $ 49,769 Gathering, processing and transportation expenses 42,714 — (13,250) 29,464 General and administrative expenses 26,673 8,602 (4,101) 31,174 Equity-based compensation expenses 6,596 428 (217) 6,807 Successor At March 31, 2021: Property, plant and equipment, net $ 836,605 $ 883,730 $ (786) $ 1,719,549 Total assets 1,244,395 1,053,569 (786) 2,297,178 At December 31, 2020: Property, plant and equipment, net $ 837,020 $ 892,043 $ (276) $ 1,728,787 Total assets 1,093,253 1,066,060 (276) 2,159,037

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2021, the Company’s material off-balance sheet arrangements and transactions include $6.8 million in outstanding letters of credit under the revolving credit facilities and $7.2 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 24 — Commitments and Contingencies in the Company’s 2020 Annual Report other than items discussed below. 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. As previously disclosed in the Company’s 2020 Annual Report, the Company entered into a Settlement and Mutual Release Agreement (the “Mirada Settlement Agreement”) with Mirada Energy, LLC and certain related parties (“Mirada”) on September 28, 2020. The Mirada Settlement Agreement provides for, among other things, payment by OPNA to Mirada of $42.8 million. The Company paid Mirada $20.0 million on the Emergence Date. As of March 31, 2021, the Company has an accrual for the $22.8 million balance due recorded under accrued liabilities on its Condensed Consolidated Balance Sheet.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 3, 2021, the Company entered into a purchase and sale agreement (the “Purchase Agreement”) with QEP Energy Company, a wholly-owned subsidiary of Diamondback Energy, Inc., to acquire approximately 95,000 net acres in the Williston Basin (the “2021 Williston Acquisition”) in a cash transaction for aggregate consideration of approximately $745.0 million, subject to customary purchase price adjustments (the “Purchase Price”). The Purchase Price is expected to be financed through cash on hand, borrowings under the Oasis Credit Facility and a $500.0 million fully-committed underwritten Bridge Facility (as defined below). The Company expects to replace the Bridge Facility with an issuance of high-yield debt financing prior to the closing date.The transaction was approved unanimously by the board of the directors of each company. The effective date of the 2021 Williston Acquisition is April 1, 2021, and closing is expected to occur in July 2021, subject to customary closing conditions. Bridge Facility . On May 3, 2021, the Company entered into a commitment letter (the “Commitment Letter”) with J.P. Morgan Chase Bank, N.A., Wells Fargo Bank, National Association and Wells Fargo Securities, LLC (collectively, with any additional arrangers that may be appointed, the “Arrangers”) pursuant to which the Arrangers have committed to provide, subject to the terms and conditions set forth in the Commitment Letter, a $500.0 million senior secured second lien facility (the “Bridge Facility,” and the provision of the Bridge Facility as set forth in the Commitment Letter, the “Bridge Financing”). The Bridge Facility will be available, subject to the satisfaction of customary conditions, to finance the transactions contemplated by the Purchase Agreement and to pay fees and expenses related thereto to the extent that the Company does not finance such consideration and fees and expenses through available cash on hand, borrowings under the Company’s credit facility and the placement of high yield debt securities as described above. The Bridge Facility will contain certain representations and warranties, certain affirmative covenants, certain negative covenants and certain conditions and events of default that are customarily required for similar financings. Amendment to Oasis Credit Facility. On May 3, 2021, the Company entered into the Third Amendment to the Oasis Credit Facilityto, among other things, (i) provide the ability to incur loans pursuant to a customary bridge loan facility, (ii) add customary terms allowing for the incurrence of second liens, (iii) eliminate restrictions on the ability to make deposits of cash and/or cash equivalents in connection with any letter of intent or purchase agreement for certain acquisitions or investments, (iv) remove limitations on the making of capital expenditures and (v) provide for improvements and conforming changes to terms to facilitate acquisitions and investments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 is derived from audited financial statements. 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, 2020 (“2020 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. 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 its general partner, OMP GP LLC (“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.
Fresh Start Accounting	Fresh start accounting. On November 19, 2020 (the “Emergence Date”), the Company emerged from bankruptcy and adopted fresh start accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification 852, Reorganizations , which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the adoption of fresh start accounting, the condensed consolidated financial statements after the Emergence Date are not comparable to the condensed consolidated financial statements prior to that date. References to “Successor” relate to the reorganized Company’s financial position and results of operations as of and subsequent to the Emergence Date. References to “Predecessor” relate to the Company’s financial position prior to, and results of operations through and including, the Emergence Date.
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. A substantial or extended decline in prices for crude oil and, to a lesser extent, natural gas and natural gas liquids (“NGLs”), 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.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company may invest in certain money market funds, commercial paper and time deposits, all of which are stated at fair value or cost which approximates fair value due to the short-term maturity of these investments. The Company classifies all such investments with original maturity dates less than 90 days as cash equivalents. Restricted cash consists of funds that were held in an escrow account for the payment of professional fees associated with the Company’s emergence from bankruptcy.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 (“LIBOR”) 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. 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 liabilities are included in other current liabilities and other liabilities on the Company’s Condensed Consolidated Balance Sheets. There were no material contract asset balances at March 31, 2021 or December 31, 2020. 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.
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 properties acquired in a business combination or upon impairment, at fair value on a non-recurring basis. As defined in the authoritative guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Pricing inputs, other than unadjusted quoted prices in active markets included in Level 1, are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 — Pricing inputs are generally unobservable from objective sources, requiring internally developed valuation methodologies that result in management’s best estimate of fair value. Financial Assets and Liabilities

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows: Successor March 31, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 113,054 $ 15,856 Restricted cash — 4,370 Total cash, cash equivalents and restricted cash $ 113,054 $ 20,226

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	E&P revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Crude oil revenues $ 185,818 $ 212,793 Purchased crude oil sales 36,716 85,757 Natural gas and NGL revenues 59,643 26,335 Purchased natural gas sales 295 521 Other services revenues 226 5,981 Total E&P revenues $ 282,698 $ 331,387 Revenues derived from contracts with customers for midstream revenues were as follows for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Midstream service revenues Crude oil, natural gas and NGL revenues $ 22,225 $ 26,921 Produced and flowback water revenues 7,410 11,251 Total midstream service revenues 29,635 38,172 Midstream product revenues Purchased crude oil sales 11,449 — Crude oil, natural gas and NGL revenues 31,181 16,039 Freshwater revenues 496 2,200 Total midstream product revenues 43,126 18,239 Total midstream revenues $ 72,761 $ 56,411
Changes in Company's Contract Assets and Contract Liabilities	The following table summarizes the changes in the Company’s contract liabilities for the three months ended March 31, 2021: (In thousands) Balance as of December 31, 2020 (Successor) $ 3,966 Revenues recognized (82) Balance as of March 31, 2021 (Successor) $ 3,884
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 March 31, 2021: (In thousands) 2021 (excluding the three months ended March 31, 2021) $ 12,864 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 54,792

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of Inventory	The Company’s total inventory consists of the following: Successor March 31, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 23,713 $ 25,103 Crude oil inventory 5,710 8,826 Total inventory 29,423 33,929 Long-term inventory Linefill in third party pipelines 15,805 14,522 Total long-term inventory 15,805 14,522 Total $ 45,228 $ 48,451
Components of Long-term Inventory	The Company’s total inventory consists of the following: Successor March 31, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 23,713 $ 25,103 Crude oil inventory 5,710 8,826 Total inventory 29,423 33,929 Long-term inventory Linefill in third party pipelines 15,805 14,522 Total long-term inventory 15,805 14,522 Total $ 45,228 $ 48,451

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts Receivable	The following table sets forth the Company’s accounts receivable, net: Successor March 31, 2021 December 31, 2020 (In thousands) Trade accounts $ 221,594 $ 161,519 Joint interest accounts 33,665 31,920 Other accounts 13,684 13,206 Total accounts receivable 268,943 206,645 Less: allowance for credit losses (125) (106) Total accounts receivable, net $ 268,818 $ 206,539

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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: Successor Fair value at March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: Commodity derivative instruments (see Note 7) $ — $ 253,010 $ — $ 253,010 Total liabilities $ — $ 253,010 $ — $ 253,010 Successor Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 467 $ — $ 467 Total assets $ — $ 467 $ — $ 467 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 94,558 $ — $ 94,558 Total liabilities $ — $ 94,558 $ — $ 94,558

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	At March 31, 2021 (Successor), the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Assets (Liabilities) Fixed Price Swaps Floor Ceiling (In thousands) Crude oil 2021 Fixed price swaps 7,975,000 Bbl $ 42.09 $ (130,125) Crude oil 2021 Two-way collar 459,000 Bbl $ 45.00 $ 63.82 (614) Crude oil 2022 Fixed price swaps 7,245,000 Bbl $ 42.66 (82,286) Crude oil 2022 Two-way collar 636,000 Bbl $ 45.00 $ 63.82 (88) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 43.57 (39,027) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 43.68 (2,654) Natural gas 2021 Fixed price swaps 11,000,000 MMBtu $ 2.84 1,174 Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82 610 $ (253,010)
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 (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Statements of Operations Location Net gain (loss) on derivative instruments $ (181,515) $ 285,322
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: Successor March 31, 2021 Commodity Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 159,043 $ (2,593) $ 156,450 Commodity contracts Derivative instruments — non-current liabilities 98,861 (2,301) 96,560 Total derivatives liabilities $ 257,904 $ (4,894) $ 253,010 Successor December 31, 2020 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 $ 467 $ — $ 467 Commodity contracts Derivative instruments — non-current assets — — — Total derivatives assets $ 467 $ — $ 467 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 59,262 $ (2,318) $ 56,944 Commodity contracts Derivative instruments — non-current liabilities 38,426 (812) 37,614 Total derivatives liabilities $ 97,688 $ (3,130) $ 94,558
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: Successor March 31, 2021 Commodity Balance Sheet Location Gross Recognized Assets Gross Amount Offset Net Recognized Fair Value Assets (In thousands) Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 159,043 $ (2,593) $ 156,450 Commodity contracts Derivative instruments — non-current liabilities 98,861 (2,301) 96,560 Total derivatives liabilities $ 257,904 $ (4,894) $ 253,010 Successor December 31, 2020 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 $ 467 $ — $ 467 Commodity contracts Derivative instruments — non-current assets — — — Total derivatives assets $ 467 $ — $ 467 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 59,262 $ (2,318) $ 56,944 Commodity contracts Derivative instruments — non-current liabilities 38,426 (812) 37,614 Total derivatives liabilities $ 97,688 $ (3,130) $ 94,558

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The following table sets forth the Company’s property, plant and equipment: Successor March 31, 2021 December 31, 2020 (In thousands) Proved oil and gas properties $ 799,068 $ 770,117 Less: Accumulated depreciation, depletion and amortization (38,530) (12,403) Proved oil and gas properties, net 760,538 757,714 Unproved oil and gas properties 40,260 40,211 Other property and equipment 936,224 935,950 Less: Accumulated depreciation (17,473) (5,088) Other property and equipment, net 918,751 930,862 Total property, plant and equipment, net $ 1,719,549 $ 1,728,787

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consists of the following: Successor March 31, 2021 December 31, 2020 (In thousands) Oasis Credit Facility $ — $ 260,000 OMP Credit Facility 234,000 450,000 OMP Senior Notes 450,000 — Less: unamortized deferred financing costs on OMP Senior Notes (9,762) — Total OMP long-term debt 674,238 450,000 Total long-term debt $ 674,238 $ 710,000

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2021: (In thousands) Balance at December 31, 2020 (Successor) $ 48,594 Liabilities incurred during period 4 Accretion expense during period 1,032 Balance at March 31, 2021 (Successor) $ 49,630

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Assumptions	The following assumptions were used for the Monte Carlo model to determine the grant date fair value and associated equity-based compensation expenses of the PSUs and LSUs granted on January 18, 2021 and February 11, 2021, respectively: Grant date January 18, 2021 February 11, 2021 Forecast period (years) 3 - 4 3 - 4 Risk-free interest rates 0.1% - 1.9% 0.1% - 1.9% Implied equity volatility 55% - 60% 55% - 60% Stock price on date of grant $44.41 $49.66

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 for the periods presented (in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Weighted average common shares outstanding: Basic and diluted 20,000 316,828 Anti-dilutive weighted average common shares: Potential common shares 2,265 11,166

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
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: E&P Midstream Eliminations Consolidated (In thousands) Successor Three months ended March 31, 2021: Revenues from non-affiliates $ 282,698 $ 72,761 $ — $ 355,459 Inter-segment revenues — 41,356 (41,356) — Total revenues 282,698 114,117 (41,356) 355,459 Operating income 103,180 48,667 (1,012) 150,835 Total other income (expense), net (185,896) (3,858) — (189,754) Income (loss) before income taxes including non-controlling interests $ (82,716) $ 44,809 $ (1,012) $ (38,919) Lease operating expenses $ 51,064 $ — $ (15,804) $ 35,260 Gathering, processing and transportation expenses 28,105 — (12,394) 15,711 General and administrative expenses 15,675 8,560 (3,498) 20,737 Equity-based compensation expenses 1,688 510 — 2,198 Predecessor Three months ended March 31, 2020: Revenues from non-affiliates $ 331,387 $ 56,411 $ — $ 387,798 Inter-segment revenues — 68,544 (68,544) — Total revenues 331,387 124,955 (68,544) 387,798 Operating loss (4,817,255) (42,226) (3,047) (4,862,528) Total other income (expense), net 303,998 (30,483) — 273,515 Loss before income taxes including non-controlling interests $ (4,513,257) $ (72,709) $ (3,047) $ (4,589,013) Lease operating expenses $ 65,813 $ — $ (16,044) $ 49,769 Gathering, processing and transportation expenses 42,714 — (13,250) 29,464 General and administrative expenses 26,673 8,602 (4,101) 31,174 Equity-based compensation expenses 6,596 428 (217) 6,807 Successor At March 31, 2021: Property, plant and equipment, net $ 836,605 $ 883,730 $ (786) $ 1,719,549 Total assets 1,244,395 1,053,569 (786) 2,297,178 At December 31, 2020: Property, plant and equipment, net $ 837,020 $ 892,043 $ (276) $ 1,728,787 Total assets 1,093,253 1,066,060 (276) 2,159,037

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Midstream Simplification (Details) $ in Millions	Mar. 30, 2021USD ($)shares
Simplification Transaction | OMP
Related Party Transaction [Line Items]
Consideration contributed | $	$ 512.5
Cumulative cash distributions | $	$ 231.5
Ownership interest (in shares) | shares	12,949,644
Units converted (in shares) | shares	1,850,356
Bobcat DevCo | Oasis Midstream Partners, LP
Related Party Transaction [Line Items]
Percentage acquired	64.70%
Beartooth DevCo | Oasis Midstream Partners, LP
Related Party Transaction [Line Items]
Percentage acquired	30.00%
Oasis Midstream Partners, LP
Related Party Transaction [Line Items]
Ownership interest	77.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 113,054	$ 15,856
Restricted cash	0	4,370
Total cash, cash equivalents and restricted cash	$ 113,054	$ 20,226	$ 134,002	$ 20,019

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 355,459	$ 387,798
Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	355,459	387,798
E&P
Disaggregation of Revenue [Line Items]
Total revenues	282,698	331,387
E&P | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	282,698	331,387
E&P | Crude oil revenues
Disaggregation of Revenue [Line Items]
Total revenues	185,818	212,793
E&P | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	36,716	85,757
E&P | Natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	59,643	26,335
E&P | Purchased natural gas sales
Disaggregation of Revenue [Line Items]
Total revenues	295	521
E&P | Other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	226	5,981
Midstream Total
Disaggregation of Revenue [Line Items]
Total revenues	114,117	124,955
Midstream Total | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	72,761	56,411
Midstream Total | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	11,449	0
Midstream Total | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	22,225	26,921
Midstream Total | Produced and flowback water revenues
Disaggregation of Revenue [Line Items]
Total revenues	7,410	11,251
Midstream Total | Total midstream service revenues
Disaggregation of Revenue [Line Items]
Total revenues	29,635	38,172
Midstream Total | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	31,181	16,039
Midstream Total | Freshwater revenues
Disaggregation of Revenue [Line Items]
Total revenues	496	2,200
Midstream Total | Total midstream product revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 43,126	$ 18,239

Revenue Recognition - Changes i

Revenue Recognition - Changes in Company's Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Change in Contract with Customer, Liability [Abstract]
Balance as of December 31, 2020 (Successor)	$ 3,966
Revenues recognized	(82)
Balance as of March 31, 2021 (Successor)	$ 3,884

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 54,792
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, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 12,864
Expected satisfaction period	9 months
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	1 year

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory
Equipment and materials	$ 23,713	$ 25,103
Crude oil inventory	5,710	8,826
Total inventory	29,423	33,929
Long-term inventory
Linefill in third party pipelines	15,805	14,522
Total long-term inventory	15,805	14,522
Total	$ 45,228	$ 48,451

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 268,943	$ 206,645
Less: allowance for credit losses	(125)	(106)
Total accounts receivable, net	268,818	206,539
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	221,594	161,519
Joint interest accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	33,665	31,920
Other accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 13,684	$ 13,206

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Total assets		$ 467
Liabilities:
Total liabilities	$ 253,010	94,558
Commodity contracts
Liabilities:
Total liabilities	253,010	94,558
Commodity contracts
Assets:
Total assets		467
Level 1
Assets:
Total assets		0
Liabilities:
Total liabilities	0	0
Level 1 | Commodity contracts
Liabilities:
Total liabilities	0	0
Level 1 | Commodity contracts
Assets:
Total assets		0
Level 2
Assets:
Total assets		467
Liabilities:
Total liabilities	253,010	94,558
Level 2 | Commodity contracts
Liabilities:
Total liabilities	253,010	94,558
Level 2 | Commodity contracts
Assets:
Total assets		467
Level 3
Assets:
Total assets		0
Liabilities:
Total liabilities	0	0
Level 3 | Commodity contracts
Liabilities:
Total liabilities	$ 0	0
Level 3 | Commodity contracts
Assets:
Total assets		$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Derivative credit risk valuation adjustment, derivative liabilities	$ 10.2	$ 4.3

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)BTU$ / bblbbl
Derivative [Line Items]
Fair Value Assets (Liabilities) | $	$ (253,010)
Crude oil | 2021 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	7,975,000
Weighted average swap price (in dollars per barrel)	42.09
Fair Value Assets (Liabilities) | $	$ (130,125)
Crude oil | 2021 Two-way collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	459,000
Average ceiling price (in dollars per barrel)	63.82
Average floor price (in dollars per barrel)	45
Fair Value Assets (Liabilities) | $	$ (614)
Crude oil | 2022 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	7,245,000
Weighted average swap price (in dollars per barrel)	42.66
Fair Value Assets (Liabilities) | $	$ (82,286)
Crude oil | 2022 Two-way collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	636,000
Average ceiling price (in dollars per barrel)	63.82
Average floor price (in dollars per barrel)	45
Fair Value Assets (Liabilities) | $	$ (88)
Crude oil | 2023 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	5,265,000
Weighted average swap price (in dollars per barrel)	43.57
Fair Value Assets (Liabilities) | $	$ (39,027)
Crude oil | 2024 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	434,000
Weighted average swap price (in dollars per barrel)	43.68
Fair Value Assets (Liabilities) | $	$ (2,654)
Natural gas | 2021 Fixed price swaps | NYMEX HH
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | BTU	11,000,000
Weighted average swap price (in dollars per barrel)	2.84
Fair Value Assets (Liabilities) | $	$ 1,174
Natural gas | 2022 Fixed price swaps | NYMEX HH
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | BTU	5,430,000
Weighted average swap price (in dollars per barrel)	2.82
Fair Value Assets (Liabilities) | $	$ 610

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (181,515)	$ 285,322

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - Commodity contracts - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized		$ 467
Derivative liability, gross amount recognized	$ 257,904	97,688
Derivative asset, gross amounts offset		0
Derivative liability, gross amounts offset	(4,894)	(3,130)
Derivative asset, net asset		467
Derivative liability, net liability	253,010	94,558
Derivative instruments — current assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized		467
Derivative asset, gross amounts offset		0
Derivative asset, net asset		467
Derivative instruments — non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized		0
Derivative asset, gross amounts offset		0
Derivative asset, net asset		0
Derivative instruments — current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	159,043	59,262
Derivative liability, gross amounts offset	(2,593)	(2,318)
Derivative liability, net liability	156,450	56,944
Derivative instruments — non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	98,861	38,426
Derivative liability, gross amounts offset	(2,301)	(812)
Derivative liability, net liability	$ 96,560	$ 37,614

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - NYMEX WTI - Crude oil	May 07, 2021$ / bblbbl	Mar. 31, 2021$ / bblbbl
2021 Two-way collar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average floor price (in dollars per barrel) | $ / bbl		45
Average ceiling price (in dollars per barrel) | $ / bbl		63.82
Total notional amount of oil (in Bbls) | bbl		459,000
2021 Two-way collar | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average floor price (in dollars per barrel) | $ / bbl	48.21
Average ceiling price (in dollars per barrel) | $ / bbl	66.37
Total notional amount of oil (in Bbls) | bbl	765,000
2022 Two-way collar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average floor price (in dollars per barrel) | $ / bbl		45
Average ceiling price (in dollars per barrel) | $ / bbl		63.82
Total notional amount of oil (in Bbls) | bbl		636,000
2022 Two-way collar | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of oil (in Bbls) | bbl	4,163,000
2023 Two Way Collar | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of oil (in Bbls) | bbl	4,380,000
2024 Two Way Collar | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of oil (in Bbls) | bbl	372,000

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 799,068	$ 770,117
Less: Accumulated depreciation, depletion and amortization	(38,530)	(12,403)
Proved oil and gas properties, net	760,538	757,714
Unproved oil and gas properties	40,260	40,211
Other property and equipment	936,224	935,950
Less: Accumulated depreciation	(17,473)	(5,088)
Other property and equipment, net	918,751	930,862
Total property, plant and equipment, net	$ 1,719,549	$ 1,728,787

Divestitures - Narrative (Detai

Divestitures - Narrative (Details) - Promissory Note Due Within One Year $ in Millions	Mar. 22, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Promissory note	$ 2.9
Stated interest rate (percent)	6.60%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2021	Mar. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total OMP long-term debt	$ 674,238,000		$ 450,000,000
Total long-term debt	674,238,000		710,000,000
Senior Notes | OMP Senior Notes
Debt Instrument [Line Items]
Total OMP long-term debt	450,000,000	$ 450,000,000	0
Less: unamortized deferred financing costs on OMP Senior Notes	(9,762,000)		0
Revolving Credit Facility | Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Total OMP long-term debt	0		260,000,000
Revolving Credit Facility | Credit Facility | OMP Credit Facility
Debt Instrument [Line Items]
Total OMP long-term debt	234,000,000		$ 450,000,000
Total long-term debt	$ 234,000,000

Long-Term Debt - Oasis Credit F

Long-Term Debt - Oasis Credit Facility (Details) - USD ($)	Mar. 22, 2021	Mar. 31, 2021	Mar. 21, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross		$ 674,238,000		$ 450,000,000
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 450,000,000		$ 575,000,000
Credit facility borrowing base	$ 500,000,000		$ 575,000,000
Revolving Credit Facility | Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Letters of credit outstanding		1,300,000
Line of credit facility, remaining borrowing capacity		$ 448,700,000
Weighted average interest rate (percent)		4.30%
Long-term debt, gross		$ 0		$ 260,000,000
Revolving Credit Facility | Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Stated interest rate (percent)	0.25%		1.00%
Revolving Credit Facility | Credit Facility | Minimum | Eurodollar | Oasis Credit Facility
Debt Instrument [Line Items]
Spread on variable rate (percent)	3.00%
Revolving Credit Facility | Credit Facility | Minimum | Alternate Based Rate (ABR) | Oasis Credit Facility
Debt Instrument [Line Items]
Spread on variable rate (percent)	2.00%
Revolving Credit Facility | Credit Facility | Maximum | Eurodollar | Oasis Credit Facility
Debt Instrument [Line Items]
Spread on variable rate (percent)	4.00%
Revolving Credit Facility | Credit Facility | Maximum | Alternate Based Rate (ABR) | Oasis Credit Facility
Debt Instrument [Line Items]
Spread on variable rate (percent)	3.00%

Long-Term Debt - OMP Debt (Deta

Long-Term Debt - OMP Debt (Details) - USD ($)	Mar. 22, 2021	Mar. 31, 2021	Mar. 21, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt		$ 674,238,000		$ 710,000,000
OMP Senior Notes | Senior Notes
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 450,000,000		$ 575,000,000
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	450,000,000		575,000,000
Credit facility borrowing base	$ 500,000,000		$ 575,000,000
Revolving Credit Facility | OMP Credit Facility | Credit Facility
Debt Instrument [Line Items]
Debt obligation, maximum consolidated total leverage ratio	500.00%
Debt obligation, maximum senior secured leverage ratio	300.00%
Debt obligation, maximum consolidated interest coverage ratio	250.00%
Credit facility borrowing base		450,000,000
Total long-term debt		234,000,000
Letters of credit outstanding		5,500,000
Line of credit facility, remaining borrowing capacity		$ 210,500,000
Weighted average interest rate (percent)		2.10%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.375%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee rates (percent)	0.50%
Revolving Credit Facility | The Credit Agreement | Credit Facility | Minimum | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)		2.25%
Revolving Credit Facility | The Credit Agreement | Credit Facility | Minimum | Alternate Based Rate (ABR)
Debt Instrument [Line Items]
Spread on variable rate (percent)		1.25%
Revolving Credit Facility | The Credit Agreement | Credit Facility | Maximum | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)		3.25%
Revolving Credit Facility | The Credit Agreement | Credit Facility | Maximum | Alternate Based Rate (ABR)
Debt Instrument [Line Items]
Spread on variable rate (percent)		2.25%

Long-Term Debt - OMP Senior Not

Long-Term Debt - OMP Senior Notes (Details) - USD ($) $ in Thousands	Mar. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross		$ 674,238	$ 450,000
Payments of other fees and expenses	$ 6,100
Simplification Transaction | OMS Holdings
Debt Instrument [Line Items]
Cumulative cash distributions	231,500
OMP Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 450,000	450,000	0
Stated interest rate (percent)	8.00%
Proceeds from issuance of long-term debt	$ 442,100
Debt issuance costs		9,762	0
OMP Senior Notes | Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term debt, fair value		460,100
OMP Credit Facility | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 234,000	$ 450,000
Repayments of lines of credit	204,000
Payments of accrued interest	$ 500

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 48,594
Liabilities incurred during period	4
Accretion expense during period	1,032
Balance at end of period	$ 49,630

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Total asset retirement obligations, current portion	$ 2.2	$ 2.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	9.40%	5.60%
Pre-tax income (loss)	$ (38,919)	$ (4,589,013)
Valuation allowance	570,300		$ 565,400
Increase in valuation allowance	$ 4,900

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 2,198	$ 6,807
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Awards granted (in shares)	399,861
Granted, weighted average grant date fair value (dollars per share)	$ 49.84
Equity-based compensation expenses	$ 600
Restricted Stock Units (RSUs) | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock Units (RSUs) | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock Units (RSUs) | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock Units (RSUs) | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%

Equity-Based Compensation - Per

Equity-Based Compensation - Performance Share Units (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 2,198	$ 6,807
Company's Oil and Gas Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible to be earned, percentage	0.50
Broad Based Russell 2000 Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible to be earned, percentage	0.50
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		$ 2,300
Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	139,935
Weighted average grant date value (in dollars per share) | $ / shares	$ 56.34
Equity-based compensation expenses	$ 300
Minimum | Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
PSU granted percentage of earnings (as a percent)	0.00%
Maximum | Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
PSU granted percentage of earnings (as a percent)	150.00%

Equity-Based Compensation - Lev

Equity-Based Compensation - Leveraged Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 2,198	$ 6,807
Leverage Stock Units | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	187,822
Weighted average grant date value (in dollars per share)	$ 70.93
Equity-based compensation expenses	$ 400
Minimum | Leverage Stock Units | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
PSU granted percentage of earnings (as a percent)	0.00%
Maximum | Leverage Stock Units | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
PSU granted percentage of earnings (as a percent)	300.00%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Assumptions (Details) - $ / shares	Feb. 11, 2021	Jan. 18, 2021
Performance Share Units and Leveraged Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on date of grant (in usd per share)	$ 49.66	$ 44.41
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years	3 years
Minimum | Performance Share Units and Leveraged Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	0.10%	0.10%
Implied equity volatility	55.00%	55.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	4 years	4 years
Maximum | Performance Share Units and Leveraged Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	1.90%	1.90%
Implied equity volatility	60.00%	60.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 2,198	$ 6,807
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		$ 4,400
Award vesting period		3 years
Restricted Stock | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 300
Restricted Stock | 2020 Incentive Compensation Program | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock | 2020 Incentive Compensation Program | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock | 2020 Incentive Compensation Program | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Class B Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 600
Award vesting period	4 years
Class B Restricted Stock Units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Class B Restricted Stock Units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Class B Restricted Stock Units | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Class B Restricted Stock Units | Officers and Certain Other Senior Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized grant date value	$ 500
Cost not yet recognized, remaining term	2 years
Class B Restricted Stock Units | Officers and Certain Other Senior Employees | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%
Class B Restricted Stock Units | Officers and Certain Other Senior Employees | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Class B Restricted Stock Units | Officers and Certain Other Senior Employees | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		$ 2,300
Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 300

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	May 03, 2021	Feb. 24, 2021
Dividends paid	$ (7,535)	$ 0
Dividends payable (in usd per share)	$ 0.375			$ 0.375
Stock repurchase program, authorized amount	$ 100,000
Exercise price of warrants or rights (in usd per share)	$ 94.57
Subsequent Event
Dividends payable (in usd per share)			$ 0.375
Board of Directors Chairman
Warrants outstanding (in shares)	1,621,538

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding, basic and diluted (in shares)	20,000	316,828
Potential common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive weighted average common shares, unvested restricted stock awards and PSUs (in shares)	2,265	11,166

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding, basic and diluted (in shares)	20,000	316,828
Basic (in shares)	20,000	316,828
Diluted (in shares)	20,000	316,828
Basic (in dollars per share)	$ 2.18	$ 13.61
Diluted (in dollars per share)	$ 2.18	$ 13.61
As Reported
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic (in shares)	19,800
Diluted (in shares)	19,800
Basic (in dollars per share)	$ 2.20
Diluted (in dollars per share)	$ 2.20

Business Segment Information -

Business Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of current operating units	2

Business Segment Information _2

Business Segment Information - Summarized Financial Information of Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 355,459	$ 387,798
Operating loss	150,835	(4,862,528)
Total other income (expense), net	(189,754)	273,515
Income (loss) before income taxes including non-controlling interests	(38,919)	(4,589,013)
Lease operating expenses	35,260	49,769
Gathering, processing and transportation expenses	15,711	29,464
General and administrative expenses	20,737	31,174
Equity-based compensation expenses	2,198	6,807
Property, plant and equipment, net	1,719,549		$ 1,728,787
Total assets	2,297,178		2,159,037
E&P
Segment Reporting Information [Line Items]
Total revenues	282,698	331,387
Midstream Total
Segment Reporting Information [Line Items]
Total revenues	114,117	124,955
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	355,459	387,798
Operating Segments | E&P
Segment Reporting Information [Line Items]
Total revenues	282,698	331,387
Operating loss	103,180	(4,817,255)
Total other income (expense), net	(185,896)	303,998
Income (loss) before income taxes including non-controlling interests	(82,716)	(4,513,257)
Lease operating expenses	51,064	65,813
Gathering, processing and transportation expenses	28,105	42,714
General and administrative expenses	15,675	26,673
Equity-based compensation expenses	1,688	6,596
Property, plant and equipment, net	836,605		837,020
Total assets	1,244,395		1,093,253
Operating Segments | Midstream Total
Segment Reporting Information [Line Items]
Total revenues	72,761	56,411
Operating loss	48,667	(42,226)
Total other income (expense), net	(3,858)	(30,483)
Income (loss) before income taxes including non-controlling interests	44,809	(72,709)
Lease operating expenses	0	0
Gathering, processing and transportation expenses	0	0
General and administrative expenses	8,560	8,602
Equity-based compensation expenses	510	428
Property, plant and equipment, net	883,730		892,043
Total assets	1,053,569		1,066,060
Inter-segment | E&P
Segment Reporting Information [Line Items]
Total revenues	0	0
Inter-segment | Midstream Total
Segment Reporting Information [Line Items]
Total revenues	41,356	68,544
Eliminations
Segment Reporting Information [Line Items]
Total revenues	(41,356)	(68,544)
Operating loss	(1,012)	(3,047)
Total other income (expense), net	0	0
Income (loss) before income taxes including non-controlling interests	(1,012)	(3,047)
Lease operating expenses	(15,804)	(16,044)
Gathering, processing and transportation expenses	(12,394)	(13,250)
General and administrative expenses	(3,498)	(4,101)
Equity-based compensation expenses	0	$ (217)
Property, plant and equipment, net	(786)		(276)
Total assets	$ (786)		$ (276)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Nov. 19, 2020	Sep. 28, 2020	Mar. 31, 2021
Mirada Litigation | Settled
Commitments and Contingencies [Line Items]
Amount proposed to be paid under Settlement Agreement		$ 42.8
Payments for legal settlements	$ 20
Estimated Litigation Liability, Current			$ 22.8
Surety Bond
Commitments and Contingencies [Line Items]
Off-balance sheet commitments			7.2
Revolving Credit Facility
Commitments and Contingencies [Line Items]
Off-balance sheet commitments			$ 6.8

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Jul. 31, 2021USD ($)a	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Senior secured lien		$ 674,238,000	$ 450,000,000
Subsequent Event | Anticipated | Senior Notes | Senior Secured Lien
Subsequent Event [Line Items]
Senior secured lien	$ 500,000,000
Subsequent Event | 2021 Williston Acquisition | Anticipated
Subsequent Event [Line Items]
Acres acquired | a	95,000
Payments to acquire land	$ 745,000,000