Chord Energy (CHRD) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		19,905,111
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001486159
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 388,915	$ 15,856
Restricted cash	0	4,370
Accounts receivable, net	302,506	206,539
Inventory	32,833	33,929
Prepaid expenses	5,186	9,729
Derivative instruments	0	467
Other current assets	2,892	727
Total current assets	732,332	271,617
Property, plant and equipment
Oil and gas properties (successful efforts method)	689,958	810,328
Other property and equipment	946,054	935,950
Less: accumulated depreciation, depletion and amortization	(81,327)	(17,491)
Total property, plant and equipment, net	1,554,685	1,728,787
Restricted cash – non–current	400,000	0
Assets held for sale, net	0	5,500
Derivative instruments	32,860	0
Long-term inventory	8,683	14,522
Operating right-of-use assets	4,951	6,083
Intangible assets	42,305	43,667
Goodwill	70,534	70,534
Other assets	90,366	18,327
Total assets	2,936,716	2,159,037
Current liabilities
Accounts payable	4,867	3,242
Revenues and production taxes payable	189,963	146,497
Accrued liabilities	223,119	126,284
Accrued interest payable	11,082	980
Derivative instruments	256,055	56,944
Advances from joint interest partners	2,334	2,723
Current operating lease liabilities	2,193	2,607
Other current liabilities	1,812	1,954
Total current liabilities	691,425	341,231
Long-term debt	1,044,474	710,000
Deferred income taxes	984	984
Asset retirement obligations	44,993	46,363
Derivative instruments	125,594	37,614
Operating lease liabilities	1,552	2,362
Other liabilities	5,921	7,744
Total liabilities	1,914,943	1,146,298
Commitments and contingencies (Note 18)
Stockholders’ equity
Common stock, $0.01 par value: 60,000,000 shares authorized; 20,095,116 shares issued and 19,904,333 shares outstanding at June 30, 2021 and 20,093,017 shares issued and 20,093,017 shares outstanding at December 31, 2020	200	200
Treasury stock, at cost: 190,783 shares at June 30, 2021 and no shares at December 31, 2020	(14,560)	0
Additional paid-in capital	870,567	965,654
Accumulated deficit	(20,140)	(49,912)
Oasis share of stockholders’ equity	836,067	915,942
Non-controlling interests	185,706	96,797
Total stockholders’ equity	1,021,773	1,012,739
Total liabilities and stockholders’ equity	$ 2,936,716	$ 2,159,037

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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)	20,095,116	20,093,017
Common stock, shares outstanding (in shares)	19,904,333	20,093,017
Treasury stock, shares (in shares)	190,783	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Total revenues	$ 393,060	$ 166,352	$ 748,519	$ 554,150
Operating expenses
Lease operating expenses	34,321	29,608	69,581	79,377
Gathering, processing and transportation expenses	20,485	23,765	36,196	53,229
Production taxes	16,208	6,764	32,488	26,090
Depreciation, depletion and amortization	38,968	33,130	78,958	236,885
Exploration expenses	1,250	1,430	1,673	2,598
Impairment	2	2,319	5	4,825,997
General and administrative expenses	20,210	37,443	40,947	68,617
Total operating expenses	240,467	176,529	445,179	5,438,081
Gain (loss) on sale of properties	222,980	(1,047)	223,068	10,179
Operating income (loss)	375,573	(11,224)	526,408	(4,873,752)
Other income (expense)
Net gain (loss) on derivative instruments	(267,037)	(37,187)	(448,552)	248,135
Interest expense, net of capitalized interest	(22,571)	(44,388)	(31,268)	(140,145)
Gain on extinguishment of debt	0	0	0	83,887
Other income (expense)	(1,002)	837	(544)	900
Total other income (expense), net	(290,610)	(80,738)	(480,364)	192,777
Income (loss) before income taxes	84,963	(91,962)	46,044	(4,680,975)
Income tax benefit (expense)	(3,654)	2,613	0	257,351
Net income (loss) including non-controlling interests	81,309	(89,349)	46,044	(4,423,624)
Less: Net income (loss) attributable to non-controlling interests	7,945	3,594	16,272	(19,820)
Net income (loss) attributable to Oasis	$ 73,364	$ (92,943)	$ 29,772	$ (4,403,804)
Earnings (loss) attributable to Oasis per share:
Basic (in dollars per share)	$ 3.69	$ (0.29)	$ 1.49	$ (13.90)
Diluted (in dollars per share)	$ 3.52	$ (0.29)	$ 1.46	$ (13.90)
Weighted average shares outstanding:
Basic (in shares)	19,904	317,629	19,952	316,899
Diluted (in shares)	20,822	317,629	20,419	316,899
Oil and Gas Services
Revenues
Total revenues	$ 255,227	$ 93,830	$ 500,688	$ 332,958
Purchased Oil and Gas
Revenues
Total revenues	81,855	37,352	130,315	123,630
Operating expenses
Expenses	85,455	33,180	133,865	118,383
Midstream Total
Revenues
Total revenues	55,783	34,774	117,095	91,185
Operating expenses
Expenses	23,547	8,161	51,445	21,245
Other Services
Revenues
Total revenues	195	396	421	6,377
Operating expenses
Expenses	$ 21	$ 729	$ 21	$ 5,660

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Regular Cash Dividend	Special Cash Dividend	Cumulative effect adjustment	Common Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in CapitalRegular Cash Dividend	Additional Paid-in CapitalSpecial Cash Dividend	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative effect adjustment	Non-controlling Interests
Balance (in shares) at Dec. 31, 2019					321,231,000	2,967,000
Balance at Dec. 31, 2019	$ 3,837,081			$ (410)	$ 3,189	$ (33,881)	$ 3,112,384			$ 554,446	$ (410)	$ 200,943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)					3,836,000
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)					942,000	942,000
Treasury stock - tax withholdings	(2,308)					$ (2,308)
Net income (loss)	(4,334,275)									(4,310,861)		(23,414)
Balance (in shares) at Mar. 31, 2020					324,125,000	3,909,000
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, 2019					321,231,000	2,967,000
Balance at Dec. 31, 2019	3,837,081			$ (410)	$ 3,189	$ (33,881)	3,112,384			554,446	$ (410)	200,943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,423,624)
Balance (in shares) at Jun. 30, 2020					320,984,000	4,161,000
Balance at Jun. 30, 2020	(589,911)				$ 4,239	$ (36,507)	3,122,912			(3,849,768)		169,213
Balance (in shares) at Mar. 31, 2020					324,125,000	3,909,000
Balance at Mar. 31, 2020	(499,172)				$ 3,221	$ (36,189)	3,119,054			(3,756,825)		171,567
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)					(2,889,000)
Equity-based compensation	4,942				$ 1,018		3,858					66
Distributions to non-controlling interest owners	(6,014)											(6,014)
Treasury stock - tax withholdings (in shares)					252,000	252,000
Treasury stock - tax withholdings	(318)					$ (318)
Net income (loss)	(89,349)									(92,943)		3,594
Balance (in shares) at Jun. 30, 2020					320,984,000	4,161,000
Balance at Jun. 30, 2020	(589,911)				$ 4,239	$ (36,507)	3,122,912			(3,849,768)		169,213
Balance (in shares) at Dec. 31, 2020					20,093,000	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		$ (7,535)						$ (7,535)
Distributions to non-controlling interest owners	(6,029)											(6,029)
Midstream Simplification (Note 2)	0						2,358					(2,358)
Common control transaction costs	(4,111)						(4,111)
Warrants exercised	6						6
Net income (loss)	(35,265)									(43,592)		8,327
Balance (in shares) at Mar. 31, 2021					20,093,000	0
Balance at Mar. 31, 2021	962,003				$ 200	$ 0	958,081			(93,504)		97,226
Balance (in shares) at Dec. 31, 2020					20,093,000	0
Balance at Dec. 31, 2020	$ 1,012,739				$ 200	$ 0	965,654			(49,912)		96,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	190,783
Repurchase of common stock	$ (14,600)
Warrants exercised (in shares)	3,259
Net income (loss)	$ 46,044
Balance (in shares) at Jun. 30, 2021					19,904,000	191,000
Balance at Jun. 30, 2021	1,021,773				$ 200	$ (14,560)	870,567			(20,140)		185,706
Balance (in shares) at Mar. 31, 2021					20,093,000	0
Balance at Mar. 31, 2021	962,003				$ 200	$ 0	958,081			(93,504)		97,226
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	4,702						4,688					14
Dividends to shareholders		$ (8,090)	$ (82,958)					$ (8,090)	$ (82,958)
Distributions to non-controlling interest owners	(6,136)											(6,136)
Common control transaction costs	$ (1,321)						(1,321)
Repurchase of common stock (in shares)	190,783				191,000	191,000
Repurchase of common stock	$ (14,560)					$ (14,560)
Issuance of OMP common units, net of offering costs	$ 86,657											86,657
Warrants exercised (in shares)	3,192				2,000
Warrants exercised	$ 167						167
Net income (loss)	81,309									73,364		7,945
Balance (in shares) at Jun. 30, 2021					19,904,000	191,000
Balance at Jun. 30, 2021	$ 1,021,773				$ 200	$ (14,560)	$ 870,567			$ (20,140)		$ 185,706

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Regular Cash Dividend
Dividends to shareholders (in usd per share)	$ 0.375	$ 0.375
Special Cash Dividend
Dividends to shareholders (in usd per share)	$ 4

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss) including non-controlling interests	$ 46,044	$ (4,423,624)
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	78,958	236,885
Gain on extinguishment of debt	0	(83,887)
Gain on sale of properties	(223,068)	(10,179)
Impairment	5	4,825,997
Deferred income taxes	0	(257,315)
Derivative instruments	448,552	(248,135)
Equity-based compensation expenses	6,900	11,697
Deferred financing costs amortization and other	16,289	16,755
Working capital and other changes:
Change in accounts receivable, net	(96,704)	167,871
Change in inventory	(2,880)	(8,739)
Change in prepaid expenses	3,773	(7,465)
Change in accounts payable, interest payable and accrued liabilities	80,969	(156,668)
Change in other assets and liabilities, net	(8,475)	(3,298)
Net cash provided by operating activities	350,363	59,895
Cash flows from investing activities:
Capital expenditures	(85,217)	(270,283)
Acquisition deposit	(74,500)	0
Proceeds from sale of properties	369,819	13,780
Costs related to sale of properties	(2,358)	0
Derivative settlements	(78,575)	144,069
Derivative modification	(82,419)	0
Net cash provided by (used in) investing activities	46,750	(112,434)
Cash flows from financing activities:
Proceeds from revolving credit facilities	369,500	577,000
Principal payments on revolving credit facilities	(866,500)	(383,000)
Proceeds from issuance of senior unsecured notes	850,000	0
Repurchase of senior unsecured notes	0	(68,040)
Deferred financing costs	(20,332)	(102)
Proceeds from issuance of OMP common units, net of offering costs	86,657	0
Common control transaction costs	(5,432)	0
Purchases of treasury stock	(14,560)	(2,626)
Dividends paid	(15,039)	0
Distributions to non-controlling interests	(12,165)	(12,042)
Payments on finance lease liabilities	(726)	(1,262)
Proceeds from warrants exercised	173	0
Net cash provided by financing activities	371,576	109,928
Increase in cash, cash equivalents and restricted cash	768,689	57,389
Cash, cash equivalents and restricted cash:
Beginning of period	20,226	20,019
End of period	788,915	77,408
Supplemental non-cash transactions:
Change in accrued capital expenditures	11,515	(60,655)
Change in asset retirement obligations	(1,370)	2,039
Note receivable from divestiture	2,900	0
Contingent consideration from Permian Basin Sale	32,860	0
Dividends payable	$ 83,543	$ 0

Organization and Operations of

Organization and Operations of the Company	6 Months Ended
	Jun. 30, 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”) conducts the Company’s E&P activities and owns its oil and gas properties located in the North Dakota and Montana regions of the Williston Basin. During the second quarter of 2021, the Company sold its E&P assets in the Texas region of the Permian Basin (see Note 10 — Divestitures). In addition to its E&P segment, the Company operates a midstream business segment through Oasis Midstream Partners LP (“OMP”), a gathering and processing master limited partnership that owns, develops, operates and acquires a diversified portfolio of midstream assets in North America.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 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, its wholly-owned subsidiaries and 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 of 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 the primary beneficiary and consolidates OMP. The Company records a non-controlling interest for the ownership interest held by public unitholders in OMP. As of June 30, 2021, Oasis owns approximately 70% of OMP. All intercompany balances and transactions have been eliminated upon consolidation. Midstream Simplification. On March 30, 2021, the Company completed 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 interests 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. 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. As of June 30, 2021, restricted cash consists of funds from the Oasis Senior Notes (defined in Note 11 – Long-Term Debt) held in a standalone account to fund a portion of the Williston Basin Acquisition (defined in Note 9 – Acquisitions). As of December 31, 2020, 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 June 30, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 388,915 $ 15,856 Restricted cash — 4,370 Restricted cash – non–current 400,000 — Total cash, cash equivalents and restricted cash $ 788,915 $ 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”). ASU 2020-04 provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, including optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies 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. ASU 2020-04 is 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	6 Months Ended
	Jun. 30, 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Crude oil revenues $ 206,729 $ 81,059 $ 392,547 $ 293,852 Purchased crude oil sales 73,505 23,519 110,222 109,276 Natural gas and NGL revenues 48,498 12,771 108,141 39,106 Purchased natural gas sales 60 4,081 354 4,602 Other services revenues 195 396 421 6,377 Total E&P revenues $ 328,987 $ 121,826 $ 611,685 $ 453,213 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Midstream service revenues Crude oil, natural gas and NGL revenues $ 20,794 $ 22,898 $ 43,019 $ 49,584 Produced and flowback water revenues 7,466 7,247 14,874 18,499 Total midstream service revenues 28,260 30,145 57,893 68,083 Midstream product revenues Purchased crude oil sales (1) 8,290 9,752 $ 19,739 $ 9,752 Crude oil, natural gas and NGL revenues 26,782 4,335 57,965 20,608 Freshwater revenues 741 294 1,237 2,494 Total midstream product revenues 35,813 14,381 78,941 32,854 Total midstream revenues $ 64,073 $ 44,526 $ 136,834 $ 100,937 ___________________ (1) Reported under purchased oil and gas sales on the Condensed Consolidated Statements of Operations. 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 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 June 30, 2021 or December 31, 2020. The following table summarizes the changes in the Company’s contract liabilities for the six months ended June 30, 2021: (In thousands) Balance as of December 31, 2020 (Successor) $ 3,966 Revenues recognized (164) Balance as of June 30, 2021 (Successor) $ 3,802 Performance Obligations The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. For midstream services, the Company measures the satisfaction of its performance obligations using the output method based upon the volume of crude oil, natural gas or water that flows through its systems. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three and six months ended June 30, 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 June 30, 2021: (In thousands) 2021 (excluding the six months ended June 30, 2021) $ 8,376 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 50,304 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	6 Months Ended
	Jun. 30, 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 represents the minimum volume of product in a pipeline system that enables the system to operate and 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 material write-downs of inventory or long-term inventory were recorded during the three or six months ended June 30, 2021. The Company’s total inventory consists of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 21,827 $ 25,103 Crude oil inventory 11,006 8,826 Total inventory 32,833 33,929 Long-term inventory Linefill in third party pipelines 8,683 14,522 Total long-term inventory 8,683 14,522 Total $ 41,516 $ 48,451

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information The following table sets forth certain balance sheet amounts comprised of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Accounts receivable, net Trade accounts $ 228,518 $ 161,519 Joint interest accounts 41,422 31,920 Other accounts 32,953 13,206 Total accounts receivable 302,893 206,645 Less: allowance for credit losses (387) (106) Total accounts receivable, net $ 302,506 $ 206,539 Accrued liabilities Accrued capital costs $ 49,914 $ 39,380 Accrued lease operating expenses 18,296 18,635 Accrued oil and gas purchases 33,111 8,967 Accrued general and administrative expenses 12,231 35,249 Accrued dividends payable 83,543 — Accrued midstream operating expenses 17,338 15,051 Other accrued liabilities 8,686 9,002 Total accrued liabilities $ 223,119 $ 126,284

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Permian Basin Sale Contingent Consideration $ — $ 32,860 $ — $ 32,860 Total assets $ — $ 32,860 $ — $ 32,860 Liabilities: Commodity derivative instruments $ — $ 381,649 $ — $ 381,649 Total liabilities $ — $ 381,649 $ — $ 381,649 Successor Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments $ — $ 467 $ — $ 467 Total assets $ — $ 467 $ — $ 467 Liabilities: Commodity derivative instruments $ — $ 94,558 $ — $ 94,558 Total liabilities $ — $ 94,558 $ — $ 94,558 Commodity derivative instruments . The fair value of the Company’s commodity derivative instruments is 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 $15.7 million and $4.3 million at June 30, 2021 and December 31, 2020, respectively. See Note 7 – Derivative Instruments for more information. Permian Basin Sale Contingent Consideration. The fair value of the Permian Basin Sale Contingent Consideration (defined in Note 7 – Derivative Instruments) was determined by a third-party valuation specialist as of the close date using a Monte Carlo simulation model and Ornstein-Uhlenbeck pricing process. The significant inputs used are NYMEX West Texas Intermediate crude oil price index (“NYMEX WTI”) forward price curve, volatility, mean reversion rate and counterparty credit risk adjustment. The Company determined these were Level 2 fair value inputs that are substantially observable in active markets or can be derived from observable data. See Note 7 – Derivative Instruments and Note 10 – Divestitures for more information. Non-Financial Assets and Liabilities The fair value of the Company’s non-financial assets measured at fair value on a non-recurring basis is determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 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. The Company may, from time to time, restructure existing derivative contracts or enter into new transactions to effectively modify the terms of current contracts in order to improve the pricing parameters in existing contracts. 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. Derivative settlements, which are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows, represent net cash payments to or receipts from counterparties upon the maturity or liquidation of a derivative contract. On March 22, 2021, the Company entered into the Second Amendment to the Oasis Credit Facility (as defined in Note 11 –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 11 – Long-Term Debt). On May 17, 2021, the Company entered into a series of transactions with derivative counterparties to modify the swap price of certain commodity hedge contracts to $50.00 per Bbl based on NYMEX WTI from weighted average prices of $40.72 per Bbl, $43.57 per Bbl and $43.68 per Bbl for 2022, 2023 and 2024, respectively. The commodity contracts modified included total notional volumes of 6,346,000 Bbls, 5,265,000 Bbls and 434,000 Bbls which settle in 2022, 2023 and 2024, respectively. The Company paid $82.4 million for the modification of these commodity derivative contracts, which is reflected as a cash outflow from investing activities in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021. At June 30, 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 5,307,000 Bbl $ 42.09 $ (154,623) Crude oil 2021 Two-way collar 1,224,000 Bbl $ 51.25 $ 68.24 (6,846) Crude oil 2022 Fixed price swaps 7,245,000 Bbl $ 49.02 (120,533) Crude oil 2022 Two-way collar 4,799,000 Bbl $ 49.50 $ 66.62 (21,819) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 50.00 (53,619) Crude oil 2023 Two-way collar 4,380,000 Bbl $ 45.42 $ 65.05 (11,769) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 50.00 (3,434) Crude oil 2024 Two-way collar 372,000 Bbl $ 45.00 $ 64.88 (521) Natural gas 2021 Fixed price swaps 7,360,000 MMBtu $ 2.84 (5,889) Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82 (2,596) $ (381,649) Permian Basin Sale Contingent Consideration. Pursuant to the Primary Permian Basin Sale PSA (defined in Note 10 – Divestitures), the Company is entitled to receive up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI crude oil exceeds $60 per barrel for such year (the “Permian Basin Sale Contingent Consideration”). If the NYMEX WTI crude oil price for calendar year 2023 or 2024 is less than $45 per barrel, then each calendar year thereafter the buyer’s obligation to make any remaining earn-out payments is terminated. The Company determined that the Permian Basin Sale Contingent Consideration was an embedded derivative in accordance with the FASB Accounting Standards Codification 815, Derivatives and Hedging . The Company bifurcated the Permian Basin Sale Contingent Consideration from the host contract and accounted for it separately at fair value. The fair value of the Permian Basin Sale Contingent Consideration was estimated to be $32.9 million as of the close date on June 29, 2021. The Permian Basin Sale Contingent Consideration is classified as a noncurrent derivative asset on the Condensed Consolidated Balance Sheet, with an offsetting amount recorded to gain on sale of properties on the Condensed Consolidated Statements of Operations. The Permian Basin Sale Contingent Consideration is marked-to-market each reporting period, with changes in fair value recognized as a net gain or loss on derivative instruments in other income (expense) on the Condensed Consolidated Statements of Operations. See Note 6 – Fair Value Measurements and Note 10 – Divestitures for additional information. The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented (in thousands): Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Derivative Instrument Statements of Operations Location Commodity derivative instruments Net gain (loss) on derivative instruments $ (267,037) $ (37,187) $ (448,552) $ 248,135 Contingent consideration Gain (loss) on sale of properties 32,860 — 32,860 — The change in fair value was not material from the close date of the Primary Permian Basin Sale on June 29, 2021 to June 30, 2021. 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 derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: Successor June 30, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — non-current assets $ 32,860 $ — $ 32,860 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 260,314 $ (4,259) $ 256,055 Commodity contracts Derivative instruments — non-current liabilities 149,289 (23,695) 125,594 Total derivatives liabilities $ 409,603 $ (27,954) $ 381,649 Successor December 31, 2020 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current 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	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 (In thousands) Proved oil and gas properties $ 661,349 $ 770,117 Less: Accumulated depreciation, depletion and amortization (51,175) (12,403) Proved oil and gas properties, net 610,174 757,714 Unproved oil and gas properties 28,609 40,211 Other property and equipment 946,054 935,950 Less: Accumulated depreciation (30,152) (5,088) Other property and equipment, net 915,902 930,862 Total property, plant and equipment, net $ 1,554,685 $ 1,728,787

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Williston Basin Acquisition . On May 3, 2021, OPNA entered into a purchase and sale agreement (the “Williston Basin Acquisition PSA”) with QEP Energy Company, a wholly-owned subsidiary of Diamondback Energy, Inc., to acquire approximately 95,000 net acres in the Williston Basin (the “Williston Basin Acquisition”) in a cash transaction for aggregate consideration of $745.0 million, subject to customary purchase price adjustments. Upon execution of the purchase and sale agreement, the Company paid a deposit of $74.5 million, which is included in other assets in the Condensed Consolidated Balance Sheet at June 30, 2021. The Williston Basin Acquisition is expected to close late in the third quarter of 2021 with an effective date of April 1, 2021.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Permian Basin Divestiture . On May 20, 2021, Oasis Petroleum Permian LLC (“OPP”), a wholly-owned subsidiary of the Company, entered into a purchase and sale agreement (the “Primary Permian Basin Sale PSA”) with Percussion Petroleum Operating II, LLC (“Percussion”), effective March 1, 2021. Pursuant to the Primary Permian Basin Sale PSA, OPP agreed to sell to Percussion its remaining upstream assets in the Texas region of the Permian Basin (the “Primary Permian Basin Sale”) for aggregate consideration of up to $450.0 million, consisting of $375.0 million cash and up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI crude oil exceeds $60.00 per barrel for such year. On June 29, 2021, the Company completed the closing of the Primary Permian Basin Sale and received cash proceeds (after purchase price adjustments) of $347.3 million, subject to subsequent earn-out payments and post-closing adjustments. In addition to the Primary Permian Basin Sale, the Company divested certain wellbore interests in the Texas region of the Permian Basin to separate buyers in the second quarter of 2021 and received cash proceeds (after purchase price adjustments) of $19.4 million, subject to post-closing adjustments (the “Additional Permian Basin Sale” and together with the Primary Permian Basin Sale, the “Permian Basin Sale”). The assets divested in the Permian Basin Sale were in the Company’s E&P segment. During the three and six months ended June 30, 2021, the Company recognized a gain from the Permian Basin Sale of $222.5 million, comprised of $208.8 million from the Primary Permian Basin Sale and $13.7 million from the Additional Permian Basin Sale. The Company accounted for revenues and expenses related to assets divested in the Permian Basin Sale as income from continuing operations in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 because the Permian Basin Sale did not cause a strategic shift for the Company and as a result, did not qualify as discontinued operations under FASB Accounting Standards Codification 205-20, Presentation of financial statements – Discontinued Operations . For the three and six months ended June 30, 2021, the Company recorded income before income taxes related to the assets divested in the Permian Basin Sale of $238.9 million and $262.2 million, respectively, which includes the gain on sale of $222.5 million. For the three and six months ended June 30, 2020 (Predecessor), the Company recorded income before income taxes related to the assets divested in the Permian Basin Sale of $2.3 million and loss before income taxes related to the assets divested in the Permian Basin Sale of $895.1 million, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consists of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Oasis Credit Facility $ — $ 260,000 Oasis Senior Notes 400,000 — Less: unamortized deferred financing costs on Oasis Senior Notes (8,913) — Total Oasis Guarantors 391,087 260,000 OMP Credit Facility 213,000 450,000 OMP Senior Notes 450,000 — Less: unamortized deferred financing costs on OMP Senior Notes (9,613) — Total unrestricted subsidiaries 653,387 450,000 Total long-term debt, net $ 1,044,474 $ 710,000 Oasis Debt 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%. On May 3, 2021, the Company entered into the Third Amendment to the Oasis Credit Facility to, 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. On May 21, 2021, the Company entered into the Fourth Amendment to the Oasis Credit Facility (the “Fourth Amendment”) to, among other things, (i) provide that no borrowing base reduction shall occur in connection with any issuance of senior notes in an aggregate principal amount not in excess of $550.0 million issued after the effective date of the Fourth Amendment and prior to the effectiveness of the scheduled redetermination to occur on or about October 1, 2021, (ii) reduce the borrowing base by $100.0 million upon consummation of the Primary Permian Basin Sale and (iii) increase the borrowing base by $250.0 million upon consummation of the Williston Basin Acquisition. The Fourth Amendment also amends the exceptions from the restricted payments negative covenant to provide increased restricted payment flexibility, permitting unlimited restricted payments subject to (x) no event of default under the Oasis Credit Facility, (y) at least 25% availability under the Oasis Credit Facility and (z) the pro forma leverage ratio being not more than 1.5 to 1.0; provided that if the conditions described in clauses (x) and (y) are satisfied and the pro forma leverage ratio is less than 2.0 to 1.0, but more than 1.5 to 1.0, restricted payments are permitted in an amount such that all restricted payments made in reliance on such exception since the closing date of the Oasis Credit Facility will not exceed the positive amount of free cash flow. At June 30, 2021, the borrowing base under the Oasis Credit Facility was $400.0 million and the aggregate amount of elected commitments was $450.0 million. At June 30, 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 $398.7 million. For the three and six months ended June 30, 2021, the weighted average interest rate incurred on borrowings under the Oasis Credit Facility was 3.4% and 4.2%, respectively. 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 June 30, 2021. Oasis Bridge Facility On May 3, 2021, the Company entered into a commitment letter with J.P. Morgan Chase Bank, N.A., Wells Fargo and Wells Fargo Securities, LLC (the “Arrangers”) pursuant to which the Arrangers committed to provide the Company a $500.0 million senior secured second lien facility (the “Oasis Bridge Facility”) to partially finance the transactions contemplated by the Williston Basin Acquisition. Prior to being drawn, the Oasis Bridge Facility was replaced with the Oasis Senior Notes (defined below), which terminated all obligations under the Oasis Bridge Facility. In connection with the Oasis Bridge Facility, the Company incurred aggregate fees of $7.8 million during the three and six months ended June 30, 2021, which were recorded to interest expense on the Company’s Condensed Consolidated Statements of Operations. Oasis Senior Notes On June 9, 2021, the Company issued in a private placement $400.0 million of 6.375% senior unsecured notes due June 1, 2026 (the “Oasis Senior Notes”). The Oasis Senior Notes were issued at par and resulted in net proceeds of $393.0 million, after deducting the underwriters’ discounts and commissions. The Company intends to use the net proceeds to fund a portion of the Williston Basin Acquisition. Pursuant to the indenture governing the Oasis Senior Notes, the proceeds from the Oasis Senior Notes are being held in a standalone account until the completion of the Williston Basin Acquisition (see Note 2 – Summary of Significant Accounting Policies – Cash Equivalents and Restricted Cash). In addition, the indenture governing the Oasis Senior Notes includes certain redemption provisions, including a special mandatory redemption that would require the Company to redeem the Oasis Senior Notes at a price equal to 100% of the issue price plus accrued and unpaid interest in the event either: (a) the Company does not complete the Williston Basin Acquisition on or prior to September 27, 2021 (or such later date that is the “Outside Date” as defined in the Williston Basin Acquisition PSA) or (b) the Williston Basin Acquisition is terminated prior to September 27, 2021 (or such later date that is the “Outside Date” as defined in the Williston Basin Acquisition PSA). The Company expects to complete the Williston Basin Acquisition late in the third quarter of 2021. In connection with the issuance of the Oasis Senior Notes, the Company recorded deferred financing costs of $9.0 million, which are being amortized over the term of the notes. The fair value of the Oasis Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $417.1 million at June 30, 2021. Interest on the Oasis Senior Notes is payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2021. The Oasis Senior Notes are guaranteed on a senior unsecured basis by the Company, along with its wholly-owned subsidiaries (the “Oasis Guarantors”). These guarantees are full and unconditional and joint and several among the Oasis Guarantors, subject to certain customary release provisions. The indentures governing the Oasis Senior Notes contain customary events of default. In addition, the indenture governing the Oasis Senior Notes contains cross-default provisions with other indebtedness of Oasis and its restricted subsidiaries; however, there are no cross-default provisions with the indebtedness of OMP and its restricted subsidiaries. The indentures governing the Oasis Senior Notes restrict the Company’s ability and the ability of certain of its subsidiaries to, among other things: (i) make investments; (ii) incur additional indebtedness or issue preferred stock; (iii) create liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments by restricted subsidiaries; (vi) consolidate, merge or transfer all or substantially all of the Company’s assets with another company; (vii) enter into transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or prepay subordinated indebtedness; and (ix) create unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. If at any time when the Oasis Senior Notes are rated investment grade by two out of the three rating agencies and no default (as defined in the indentures) has occurred and is continuing, many of such covenants will terminate and the Company will cease to be subject to such covenants. The Company was in compliance with the terms of the indentures for the Oasis Senior Notes as of June 30, 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 (the “OMP Credit Facility Fourth Amendment”) 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. Following the OMP Credit Facility Fourth Amendment, the applicable margin for borrowings under the OMP Credit Facility varies from (a) in the case of LIBOR loans (defined in the OMP Credit Facility as Eurodollar Loans), 2.25% to 3.25%, and (b) in the case of domestic bank prime rate interest loans (defined in the OMP Credit Facility as 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 June 30, 2021, the aggregate amount of elected commitments under the OMP Credit Facility was $450.0 million, and there were $213.0 million of borrowings outstanding and $5.5 million of outstanding letters of credit, resulting in an unused borrowing capacity of $231.5 million. For the three and six months ended June 30, 2021, the weighted average interest rate incurred on borrowings under the OMP Credit Facility was 2.6% and 2.3%, respectively. 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 the OMP Credit Facility and the indebtedness of Oasis and its restricted subsidiaries. OMP was in compliance with the financial covenants under the OMP Credit Facility at June 30, 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 $9.9 million, which are being amortized over the term of the notes. 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 $478.4 million at June 30, 2021. 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 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 “OMP Guarantors”). The OMP Senior Notes guarantees are joint and several obligations of the OMP Guarantors. The OMP Issuers and the OMP 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. The indenture governing the OMP Senior Notes contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit OMP’s ability and the ability of its restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness or issue certain redeemable or preferred equity, (ii) make certain investments, (iii) declare or pay dividends or make distributions on equity interests or redeem, repurchase or retire equity interests or subordinated indebtedness, (iv) transfer or sell assets including equity of restricted subsidiaries, (v) agree to payment restrictions affecting OMP’s restricted subsidiaries, (vi) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, (vii) enter into transactions with affiliates, (viii) incur liens and (ix) designate certain of OMP’s subsidiaries as unrestricted subsidiaries. The indenture governing the OMP Senior Notes contains cross-default provisions with other indebtedness of OMP and its restricted subsidiaries; however, there are no cross-default provisions with the indebtedness of Oasis and its restricted subsidiaries.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021: (In thousands) Balance at December 31, 2020 (Successor) $ 48,594 Liabilities incurred during period 401 Liabilities settled during period (322) Accretion expense during period 2,043 Revisions to estimates 193 Liabilities settled through divestitures (4,845) Balance at June 30, 2021 (Successor) $ 46,064 Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At June 30, 2021 (Successor) and December 31, 2020 (Successor), the current portion of the total ARO balance was $1.1 million and $2.2 million, respectively, and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates for the three and six months ended June 30, 2021 (Successor) were 4.3% and (0.2)%, respectively, as compared to the effective tax rates for the three and six months ended June 30, 2020 (Predecessor) of 2.7% and 5.5%, respectively. The effective tax rates for the three and six months ended June 30, 2021 and 2020 were lower than the statutory federal rate of 21% primarily 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 June 30, 2021. The Company’s estimated valuation allowance as of June 30, 2021 was $559.5 million, which decreased $5.9 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, including future reversals of temporary differences, tax-planning strategies and future taxable income, to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. If the Company concludes it is more likely than not that a portion, or all, of its deferred tax assets will not be realized, the deferred tax asset is reduced by a valuation allowance. 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 change 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. The Company evaluates the appropriateness of its valuation allowance on a quarterly basis.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 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”). The Company accounts for RSUs, PSUs and LSUs as equity classified awards in accordance with the FASB’s authoritative guidance for share-based payments. 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. Compensation expense is recognized ratably over the requisite service period. During the six months ended June 30, 2021, the Company granted 443,836 RSUs with a weighted average grant date per share value of $51.64. During the three and six months ended June 30, 2021, the Company recorded equity-based compensation expense related to RSUs of $1.4 million and $2.0 million, respectively, in general and administrative expenses on its Condensed Consolidated Statements of Operations. Performance share units. PSUs are contingent shares that may be earned over three-year and four-year performance periods. The number of PSUs to be earned is subject to a market condition, which is based on a comparison of the total shareholder return (“TSR”) achieved with respect to shares of the Company’s common stock against the TSR achieved by a defined peer group at the end of the applicable performance periods, with 50% of the PSU awards eligible to be earned based on performance relative to a certain group of the Company’s oil and gas peers and 50% of the PSU awards eligible to be earned based on performance relative to the broad-based Russell 2000 index. Depending on the Company’s TSR performance relative to the defined peer group, award recipients may earn between 0% and 150% of target. During the six months ended June 30, 2021, the Company granted 183,915 PSUs with a weighted average grant date per share value of $63.95. During the three and six months ended June 30, 2021, the Company recorded equity-based compensation expense related to PSUs of $1.0 million and $1.3 million, respectively, in general and administrative expenses on its Condensed Consolidated Statements of Operations. Leveraged stock units. LSUs are contingent shares that may be earned over a three-year or four-year performance period. The number of LSUs to be earned is subject to a market condition, which is based on the TSR performance of the Company’s common stock measured against specific premium return objectives. Depending on the Company’s TSR performance, award recipients may earn between 0% and 300% of target; however, the number of shares delivered in respect to these awards during the grant cycle may not exceed ten times the fair value of the award on the grant date. During the six months ended June 30, 2021, the Company granted 262,406 LSUs with a weighted average grant date per share value of $78.79. During the three and six months ended June 30, 2021, the Company recorded equity-based compensation expense related to LSUs of $2.0 million and $2.5 million, respectively, in general and administrative expenses on its Condensed Consolidated Statements of Operations. Fair value assumptions. The aggregate grant date fair value of PSUs and LSUs was determined by a third-party valuation specialist using a Monte Carlo simulation model. The key valuation inputs were: (i) the forecast period, (ii) risk-free interest rate, (iii) implied equity volatility, (iv) stock price on the date of grant and, for PSUs, (v) 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 table summarizes the assumptions used in the Monte Carlo simulation model to determine the grant date fair value and associated equity-based compensation expenses by grant date: Grant date January 18, 2021 February 11, 2021 April 13, 2021 Forecast period (years) 3 - 4 3 - 4 3 - 4 Risk-free interest rates 0.2% - 0.3% 0.2% - 0.3% 0.3% - 0.6% Implied equity volatility 55% - 60% 55% - 60% 45% - 50% Stock price on date of grant $44.41 $49.66 $68.07 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-year period subject to a service condition. The fair value of restricted stock awards is based on the closing price of the Company’s common stock on the date of grant or, if applicable, the date of modification. Compensation expense is recognized ratably over the requisite service period. During the three and six months ended June 30, 2021, the Company recorded equity-based compensation expense for restricted stock awards of $0.3 million and $0.6 million, respectively, in general and administrative expenses on its Condensed Consolidated Statements of Operations. 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 certain of 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 June 30, 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”). For the three and six months ended June 30, 2020, the Predecessor recorded equity-based compensation expense of $3.0 million and $7.4 million, respectively, related to restricted stock awards and $1.9 million and $4.1 million, respectively, 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, and there were no outstanding Predecessor restricted stock awards and PSUs at June 30, 2021 or December 31, 2020. 2020 Incentive Compensation Program . In the second quarter of 2020, the board of directors of the Predecessor implemented a revised 2020 incentive compensation program pursuant to which all 2020 equity-based awards previously granted were forfeited and concurrently replaced with cash retention incentives. In connection with the 2020 cash incentive compensation program, the Predecessor recorded $6.5 million in general and administrative expenses on its Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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. The dividend of $7.5 million was paid on May 31, 2021 to shareholders of record as of May 17, 2021. On June 29, 2021, the Company declared a special dividend of $4.00 per share of common stock (the “Special Dividend”). The Special Dividend was paid on July 21, 2021 to shareholders of record as of July 9, 2021. As of June 30, 2021, the Company recorded a dividend payable of $83.0 million in accrued liabilities on its Condensed Consolidated Balance Sheet. On August 3, 2021, the Company declared a dividend of $0.375 per share of common stock payable on August 27, 2021 to shareholders of record as of August 16, 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 which expires on December 31, 2022. During the three and six months ended June 30, 2021, the Company repurchased an aggregate amount of 190,783 shares of common stock at a weighted average price of $76.30 per common share for a total cost of $14.6 million. Warrants . As of June 30, 2021, there were 1,618,346 warrants outstanding. During the three and six months ended June 30, 2021, there were 3,192 and 3,259 warrants exercised, respectively. The warrants, which are classified as equity, are exercisable to purchase one share of common stock per warrant at an initial exercise price of $94.57 per warrant. In connection with the Special Dividend, the exercise price decreased from $94.57 per warrant to $90.57 per warrant on July 12, 2021. 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. OMP Equity Offering. On June 29, 2021, OMP completed an underwritten public offering of 3,623,188 common units representing limited partnership interests at a price to the public of $24.00 per common unit (the “OMP Equity Offering”) and received net proceeds of $86.7 million, after deducting underwriting discounts, commissions and offering expenses. OMP used the proceeds from the OMP Equity Offering to redeem 3,623,188 common units held by Oasis for $87.0 million (the “OMP Unit Redemption”). Following the OMP Unit Redemption, the Company owns approximately 70% of OMP’s outstanding common units. There was no consolidated reporting impact from the OMP Unit Redemption. Tax Benefits Preservation Plan. Subsequent to June 30, 2021, the Board of Directors adopted a Tax Benefits Preservation Plan (the “Tax Plan”) designed to protect the availability of the Company’s Tax Benefits, which may be utilized in certain circumstances to reduce the Company’s future income tax obligations. In adopting the Tax Plan, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock. The Rights will trade with the Company’s common stock and will expire at the close of business on the earlier of August 3, 2024 (three years from adoption) and the date upon which the Board of Directors determines that no Tax Benefits remain available or earlier, as described in more detail in the Tax Plan. The Rights will be exercisable if, among other things, a person or group of persons acquires 4.95% or more of the Company’s outstanding common stock.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Weighted average common shares outstanding: Basic 19,904 317,629 19,952 316,899 Dilutive effect of equity-classified awards 918 — 467 — Diluted 20,822 317,629 20,419 316,899 Anti-dilutive weighted average common shares: Potential common shares 2,168 8,676 2,309 9,152 For the three and six months ended June 30, 2021 (Successor), the diluted earnings per share calculation excludes the impact of unvested share based awards and outstanding warrants that were anti-dilutive under the treasury stock method. In addition, for the three and six months ended June 30, 2020 (Predecessor), the Company incurred a net loss, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive effect of all potentially dilutive shares.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 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 for 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 June 30, 2021: Revenues from non-affiliates $ 328,987 $ 64,073 $ — $ 393,060 Inter-segment revenues — 42,090 (42,090) — Total revenues 328,987 106,163 (42,090) 393,060 Operating income (loss) 337,188 39,990 (1,605) 375,573 Total other income (expense), net (279,602) (11,008) — (290,610) Income (loss) before income taxes including non-controlling interests $ 57,586 $ 28,982 $ (1,605) $ 84,963 Lease operating expenses $ 50,436 $ — $ (16,115) $ 34,321 Gathering, processing and transportation expenses 32,787 — (12,302) 20,485 General and administrative expenses (1) 15,707 8,175 (3,672) 20,210 Equity-based compensation expenses 4,686 16 — 4,702 Predecessor Three months ended June 30, 2020: Revenues from non-affiliates $ 121,826 $ 44,526 $ — $ 166,352 Inter-segment revenues — 37,195 (37,195) — Total revenues 121,826 81,721 (37,195) 166,352 Operating income (loss) (40,901) 30,620 (943) (11,224) Total other income (expense), net (75,465) (5,273) — (80,738) Income (loss) before income taxes including non-controlling interests $ (116,366) $ 25,347 $ (943) $ (91,962) Lease operating expenses $ 37,864 $ — $ (8,256) $ 29,608 Gathering, processing and transportation expenses 31,180 — (7,415) 23,765 General and administrative expenses (1) 32,290 9,304 (4,151) 37,443 Equity-based compensation expenses 4,811 203 (124) 4,890 Successor Six months ended June 30, 2021: Revenues from non-affiliates $ 611,685 $ 136,834 $ — $ 748,519 Inter-segment revenues — 83,446 (83,446) — Total revenues 611,685 220,280 (83,446) 748,519 Operating income (loss) 440,368 88,657 (2,617) 526,408 Total other income (expense), net (465,498) (14,866) — (480,364) Income (loss) before income taxes including non-controlling interests $ (25,130) $ 73,791 $ (2,617) $ 46,044 Lease operating expenses $ 101,500 $ — $ (31,919) $ 69,581 Gathering, processing and transportation expenses 60,892 — (24,696) 36,196 General and administrative expenses (1) 31,382 16,735 (7,170) 40,947 Equity-based compensation expenses 6,374 526 — 6,900 Predecessor Six months ended June 30, 2020: Revenues from non-affiliates $ 453,213 $ 100,937 $ — $ 554,150 Inter-segment revenues — 105,739 (105,739) — Total revenues 453,213 206,676 (105,739) 554,150 Operating loss (4,858,156) (11,606) (3,990) (4,873,752) Total other income (expense), net 228,533 (35,756) — 192,777 Loss before income taxes including non-controlling interests $ (4,629,623) $ (47,362) $ (3,990) $ (4,680,975) Lease operating expenses $ 103,677 $ — $ (24,300) $ 79,377 Gathering, processing and transportation expenses 73,894 — (20,665) 53,229 General and administrative expenses (1) 58,963 17,906 (8,252) 68,617 Equity-based compensation expenses 11,407 631 (341) 11,697 Successor At June 30, 2021: Property, plant and equipment, net $ 670,699 $ 886,116 $ (2,130) $ 1,554,685 Total assets 1,894,614 1,044,232 (2,130) 2,936,716 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 ___________________ (1) Includes equity-based compensation expenses.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 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 $7.5 million in net surety bond exposure issued as financial assurance on certain agreements. As of June 30, 2021, 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 the items discussed below. Volume commitment agreements. There were $32.6 million of estimable future commitments under volume commitment agreements included in the Company’s 2020 Annual Report that related to the properties divested in the Permian Basin Sale. Such volume commitment agreements were assigned to Percussion at closing, and the Company no longer has any remaining volume commitments associated with these agreements. In addition, the Company previously disclosed in its 2020 Annual Report potential future obligations associated with a continuous development agreement (the “CDA”) concerning certain drilling and development obligations in the Permian Basin. The CDA was assigned to Percussion at closing, and the Company does not have any future obligations associated with this agreement. During the three and six months ended June 30, 2021, the Company recorded a deficiency fee of $2.4 million under gathering, processing and transportation expenses in the Condensed Consolidated Statements of Operations in connection with a volume shortfall payment the Company expects to make pursuant to certain volume commitment agreements. The expected shortfall payment of $2.4 million was recorded under accrued liabilities in the Condensed Consolidated Balance Sheet at June 30, 2021. Subsequent to June 30, 2021, certain escalations to transport a minimum quantity of crude oil volumes became effective. The estimable future commitment pursuant to such escalation was $149.6 million and has a remaining term of approximately 7 years. 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 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, its wholly-owned subsidiaries and 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 of 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 the primary beneficiary and consolidates OMP. The Company records a non-controlling interest for the ownership interest held by public unitholders in OMP. As of June 30, 2021, Oasis owns approximately 70% of OMP. 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. As of June 30, 2021, restricted cash consists of funds from the Oasis Senior Notes (defined in Note 11 – Long-Term Debt) held in a standalone account to fund a portion of the Williston Basin Acquisition (defined in Note 9 – Acquisitions). As of December 31, 2020, 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”). ASU 2020-04 provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, including optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies 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. ASU 2020-04 is 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 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 June 30, 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 The fair value of the Company’s non-financial assets measured at fair value on a non-recurring basis is determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 388,915 $ 15,856 Restricted cash — 4,370 Restricted cash – non–current 400,000 — Total cash, cash equivalents and restricted cash $ 788,915 $ 20,226

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Crude oil revenues $ 206,729 $ 81,059 $ 392,547 $ 293,852 Purchased crude oil sales 73,505 23,519 110,222 109,276 Natural gas and NGL revenues 48,498 12,771 108,141 39,106 Purchased natural gas sales 60 4,081 354 4,602 Other services revenues 195 396 421 6,377 Total E&P revenues $ 328,987 $ 121,826 $ 611,685 $ 453,213 Revenues derived from contracts with customers for midstream revenues were as follows for the periods presented (in thousands): Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Midstream service revenues Crude oil, natural gas and NGL revenues $ 20,794 $ 22,898 $ 43,019 $ 49,584 Produced and flowback water revenues 7,466 7,247 14,874 18,499 Total midstream service revenues 28,260 30,145 57,893 68,083 Midstream product revenues Purchased crude oil sales (1) 8,290 9,752 $ 19,739 $ 9,752 Crude oil, natural gas and NGL revenues 26,782 4,335 57,965 20,608 Freshwater revenues 741 294 1,237 2,494 Total midstream product revenues 35,813 14,381 78,941 32,854 Total midstream revenues $ 64,073 $ 44,526 $ 136,834 $ 100,937 ___________________ (1) Reported under purchased oil and gas sales on the Condensed Consolidated Statements of Operations.
Changes in Company's Contract Assets and Contract Liabilities	The following table summarizes the changes in the Company’s contract liabilities for the six months ended June 30, 2021: (In thousands) Balance as of December 31, 2020 (Successor) $ 3,966 Revenues recognized (164) Balance as of June 30, 2021 (Successor) $ 3,802
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 June 30, 2021: (In thousands) 2021 (excluding the six months ended June 30, 2021) $ 8,376 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 50,304

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Components of Inventory	The Company’s total inventory consists of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 21,827 $ 25,103 Crude oil inventory 11,006 8,826 Total inventory 32,833 33,929 Long-term inventory Linefill in third party pipelines 8,683 14,522 Total long-term inventory 8,683 14,522 Total $ 41,516 $ 48,451
Components of Long-term Inventory	The Company’s total inventory consists of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Inventory Equipment and materials $ 21,827 $ 25,103 Crude oil inventory 11,006 8,826 Total inventory 32,833 33,929 Long-term inventory Linefill in third party pipelines 8,683 14,522 Total long-term inventory 8,683 14,522 Total $ 41,516 $ 48,451

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Balance Sheet Amounts	The following table sets forth certain balance sheet amounts comprised of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Accounts receivable, net Trade accounts $ 228,518 $ 161,519 Joint interest accounts 41,422 31,920 Other accounts 32,953 13,206 Total accounts receivable 302,893 206,645 Less: allowance for credit losses (387) (106) Total accounts receivable, net $ 302,506 $ 206,539 Accrued liabilities Accrued capital costs $ 49,914 $ 39,380 Accrued lease operating expenses 18,296 18,635 Accrued oil and gas purchases 33,111 8,967 Accrued general and administrative expenses 12,231 35,249 Accrued dividends payable 83,543 — Accrued midstream operating expenses 17,338 15,051 Other accrued liabilities 8,686 9,002 Total accrued liabilities $ 223,119 $ 126,284

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Permian Basin Sale Contingent Consideration $ — $ 32,860 $ — $ 32,860 Total assets $ — $ 32,860 $ — $ 32,860 Liabilities: Commodity derivative instruments $ — $ 381,649 $ — $ 381,649 Total liabilities $ — $ 381,649 $ — $ 381,649 Successor Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments $ — $ 467 $ — $ 467 Total assets $ — $ 467 $ — $ 467 Liabilities: Commodity derivative instruments $ — $ 94,558 $ — $ 94,558 Total liabilities $ — $ 94,558 $ — $ 94,558

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	At June 30, 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 5,307,000 Bbl $ 42.09 $ (154,623) Crude oil 2021 Two-way collar 1,224,000 Bbl $ 51.25 $ 68.24 (6,846) Crude oil 2022 Fixed price swaps 7,245,000 Bbl $ 49.02 (120,533) Crude oil 2022 Two-way collar 4,799,000 Bbl $ 49.50 $ 66.62 (21,819) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 50.00 (53,619) Crude oil 2023 Two-way collar 4,380,000 Bbl $ 45.42 $ 65.05 (11,769) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 50.00 (3,434) Crude oil 2024 Two-way collar 372,000 Bbl $ 45.00 $ 64.88 (521) Natural gas 2021 Fixed price swaps 7,360,000 MMBtu $ 2.84 (5,889) Natural gas 2022 Fixed price swaps 5,430,000 MMBtu $ 2.82 (2,596) $ (381,649)
Gains and Losses from Commodity Derivative Instruments	The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented (in thousands): Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Derivative Instrument Statements of Operations Location Commodity derivative instruments Net gain (loss) on derivative instruments $ (267,037) $ (37,187) $ (448,552) $ 248,135 Contingent consideration Gain (loss) on sale of properties 32,860 — 32,860 —
Summary of Gross and Net Information about Commodity Derivative Assets	The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: Successor June 30, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — non-current assets $ 32,860 $ — $ 32,860 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 260,314 $ (4,259) $ 256,055 Commodity contracts Derivative instruments — non-current liabilities 149,289 (23,695) 125,594 Total derivatives liabilities $ 409,603 $ (27,954) $ 381,649 Successor December 31, 2020 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current 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 derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: Successor June 30, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — non-current assets $ 32,860 $ — $ 32,860 Derivatives liabilities: Commodity contracts Derivative instruments — current liabilities $ 260,314 $ (4,259) $ 256,055 Commodity contracts Derivative instruments — non-current liabilities 149,289 (23,695) 125,594 Total derivatives liabilities $ 409,603 $ (27,954) $ 381,649 Successor December 31, 2020 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity contracts Derivative instruments — current 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)	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 (In thousands) Proved oil and gas properties $ 661,349 $ 770,117 Less: Accumulated depreciation, depletion and amortization (51,175) (12,403) Proved oil and gas properties, net 610,174 757,714 Unproved oil and gas properties 28,609 40,211 Other property and equipment 946,054 935,950 Less: Accumulated depreciation (30,152) (5,088) Other property and equipment, net 915,902 930,862 Total property, plant and equipment, net $ 1,554,685 $ 1,728,787

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consists of the following: Successor June 30, 2021 December 31, 2020 (In thousands) Oasis Credit Facility $ — $ 260,000 Oasis Senior Notes 400,000 — Less: unamortized deferred financing costs on Oasis Senior Notes (8,913) — Total Oasis Guarantors 391,087 260,000 OMP Credit Facility 213,000 450,000 OMP Senior Notes 450,000 — Less: unamortized deferred financing costs on OMP Senior Notes (9,613) — Total unrestricted subsidiaries 653,387 450,000 Total long-term debt, net $ 1,044,474 $ 710,000

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021: (In thousands) Balance at December 31, 2020 (Successor) $ 48,594 Liabilities incurred during period 401 Liabilities settled during period (322) Accretion expense during period 2,043 Revisions to estimates 193 Liabilities settled through divestitures (4,845) Balance at June 30, 2021 (Successor) $ 46,064

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Based Compensation Assumptions	The following table summarizes the assumptions used in the Monte Carlo simulation model to determine the grant date fair value and associated equity-based compensation expenses by grant date: Grant date January 18, 2021 February 11, 2021 April 13, 2021 Forecast period (years) 3 - 4 3 - 4 3 - 4 Risk-free interest rates 0.2% - 0.3% 0.2% - 0.3% 0.3% - 0.6% Implied equity volatility 55% - 60% 55% - 60% 45% - 50% Stock price on date of grant $44.41 $49.66 $68.07

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Weighted average common shares outstanding: Basic 19,904 317,629 19,952 316,899 Dilutive effect of equity-classified awards 918 — 467 — Diluted 20,822 317,629 20,419 316,899 Anti-dilutive weighted average common shares: Potential common shares 2,168 8,676 2,309 9,152

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021: Revenues from non-affiliates $ 328,987 $ 64,073 $ — $ 393,060 Inter-segment revenues — 42,090 (42,090) — Total revenues 328,987 106,163 (42,090) 393,060 Operating income (loss) 337,188 39,990 (1,605) 375,573 Total other income (expense), net (279,602) (11,008) — (290,610) Income (loss) before income taxes including non-controlling interests $ 57,586 $ 28,982 $ (1,605) $ 84,963 Lease operating expenses $ 50,436 $ — $ (16,115) $ 34,321 Gathering, processing and transportation expenses 32,787 — (12,302) 20,485 General and administrative expenses (1) 15,707 8,175 (3,672) 20,210 Equity-based compensation expenses 4,686 16 — 4,702 Predecessor Three months ended June 30, 2020: Revenues from non-affiliates $ 121,826 $ 44,526 $ — $ 166,352 Inter-segment revenues — 37,195 (37,195) — Total revenues 121,826 81,721 (37,195) 166,352 Operating income (loss) (40,901) 30,620 (943) (11,224) Total other income (expense), net (75,465) (5,273) — (80,738) Income (loss) before income taxes including non-controlling interests $ (116,366) $ 25,347 $ (943) $ (91,962) Lease operating expenses $ 37,864 $ — $ (8,256) $ 29,608 Gathering, processing and transportation expenses 31,180 — (7,415) 23,765 General and administrative expenses (1) 32,290 9,304 (4,151) 37,443 Equity-based compensation expenses 4,811 203 (124) 4,890 Successor Six months ended June 30, 2021: Revenues from non-affiliates $ 611,685 $ 136,834 $ — $ 748,519 Inter-segment revenues — 83,446 (83,446) — Total revenues 611,685 220,280 (83,446) 748,519 Operating income (loss) 440,368 88,657 (2,617) 526,408 Total other income (expense), net (465,498) (14,866) — (480,364) Income (loss) before income taxes including non-controlling interests $ (25,130) $ 73,791 $ (2,617) $ 46,044 Lease operating expenses $ 101,500 $ — $ (31,919) $ 69,581 Gathering, processing and transportation expenses 60,892 — (24,696) 36,196 General and administrative expenses (1) 31,382 16,735 (7,170) 40,947 Equity-based compensation expenses 6,374 526 — 6,900 Predecessor Six months ended June 30, 2020: Revenues from non-affiliates $ 453,213 $ 100,937 $ — $ 554,150 Inter-segment revenues — 105,739 (105,739) — Total revenues 453,213 206,676 (105,739) 554,150 Operating loss (4,858,156) (11,606) (3,990) (4,873,752) Total other income (expense), net 228,533 (35,756) — 192,777 Loss before income taxes including non-controlling interests $ (4,629,623) $ (47,362) $ (3,990) $ (4,680,975) Lease operating expenses $ 103,677 $ — $ (24,300) $ 79,377 Gathering, processing and transportation expenses 73,894 — (20,665) 53,229 General and administrative expenses (1) 58,963 17,906 (8,252) 68,617 Equity-based compensation expenses 11,407 631 (341) 11,697 Successor At June 30, 2021: Property, plant and equipment, net $ 670,699 $ 886,116 $ (2,130) $ 1,554,685 Total assets 1,894,614 1,044,232 (2,130) 2,936,716 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 ___________________ (1) Includes equity-based compensation expenses.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidation and Midstream Simplification (Details) - USD ($) $ in Millions	Mar. 30, 2021	Jun. 30, 2021
Simplification Transaction | OMP
Related Party Transaction [Line Items]
Consideration contributed	$ 512.5
Cumulative cash distributions	$ 231.5
Ownership interest (in shares)	12,949,644
Units converted (in 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		70.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 388,915	$ 15,856
Restricted cash	0	4,370
Restricted cash – non–current	400,000	0
Total cash, cash equivalents and restricted cash	$ 788,915	$ 20,226	$ 77,408	$ 20,019

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 393,060	$ 166,352	$ 748,519	$ 554,150
E&P
Disaggregation of Revenue [Line Items]
Total revenues	328,987	121,826	611,685	453,213
E&P | Crude oil revenues
Disaggregation of Revenue [Line Items]
Total revenues	206,729	81,059	392,547	293,852
E&P | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	73,505	23,519	110,222	109,276
E&P | Natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	48,498	12,771	108,141	39,106
E&P | Purchased natural gas sales
Disaggregation of Revenue [Line Items]
Total revenues	60	4,081	354	4,602
E&P | Other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	195	396	421	6,377
Midstream Total
Disaggregation of Revenue [Line Items]
Total revenues	64,073	44,526	136,834	100,937
Midstream Total | Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	8,290	9,752	19,739	9,752
Midstream Total | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	20,794	22,898	43,019	49,584
Midstream Total | Produced and flowback water revenues
Disaggregation of Revenue [Line Items]
Total revenues	7,466	7,247	14,874	18,499
Midstream Total | Total midstream service revenues
Disaggregation of Revenue [Line Items]
Total revenues	28,260	30,145	57,893	68,083
Midstream Total | Crude oil, natural gas and NGL revenues
Disaggregation of Revenue [Line Items]
Total revenues	26,782	4,335	57,965	20,608
Midstream Total | Freshwater revenues
Disaggregation of Revenue [Line Items]
Total revenues	741	294	1,237	2,494
Midstream Total | Total midstream product revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 35,813	$ 14,381	$ 78,941	$ 32,854

Revenue Recognition - Changes i

Revenue Recognition - Changes in Company's Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Balance as of December 31, 2020 (Successor)	$ 3,966
Revenues recognized	(164)
Balance as of June 30, 2021 (Successor)	$ 3,802

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 50,304
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]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 8,376
Expected satisfaction period	6 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	Jun. 30, 2021	Dec. 31, 2020
Inventory
Equipment and materials	$ 21,827	$ 25,103
Crude oil inventory	11,006	8,826
Total inventory	32,833	33,929
Long-term inventory
Linefill in third party pipelines	8,683	14,522
Total long-term inventory	8,683	14,522
Total	$ 41,516	$ 48,451

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 302,893	$ 206,645
Less: allowance for credit losses	(387)	(106)
Total accounts receivable, net	302,506	206,539
Accrued capital costs	49,914	39,380
Accrued lease operating expenses	18,296	18,635
Accrued oil and gas purchases	33,111	8,967
Accrued general and administrative expenses	12,231	35,249
Accrued dividends payable	83,543	0
Accrued midstream operating expenses	17,338	15,051
Other accrued liabilities	8,686	9,002
Accrued liabilities	223,119	126,284
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	228,518	161,519
Joint interest accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	41,422	31,920
Other accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 32,953	$ 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	Jun. 30, 2021	Dec. 31, 2020
Assets:
Permian Basin Sale Contingent Consideration	$ 32,860
Commodity derivative instruments		$ 467
Total assets	32,860	467
Liabilities:
Commodity derivative instruments	381,649	94,558
Total liabilities	381,649	94,558
Level 1
Assets:
Permian Basin Sale Contingent Consideration	0
Commodity derivative instruments		0
Total assets	0	0
Liabilities:
Commodity derivative instruments	0	0
Total liabilities	0	0
Level 2
Assets:
Permian Basin Sale Contingent Consideration	32,860
Commodity derivative instruments		467
Total assets	32,860	467
Liabilities:
Commodity derivative instruments	381,649	94,558
Total liabilities	381,649	94,558
Level 3
Assets:
Permian Basin Sale Contingent Consideration	0
Commodity derivative instruments		0
Total assets	0	0
Liabilities:
Commodity derivative instruments	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Derivative credit risk valuation adjustment, derivative liabilities	$ 15.7	$ 4.3

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) bbl in Thousands, $ in Thousands	May 20, 2021USD ($)	May 17, 2021$ / bblbbl	Jun. 30, 2021USD ($)$ / bbl	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / bblbbl	Jun. 30, 2020USD ($)	Dec. 31, 2025USD ($)	Dec. 31, 2024USD ($)	Dec. 31, 2023USD ($)	May 16, 2021$ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative modification | $					$ 82,419	$ 0
Gain (loss) on sale of properties | $			$ 32,860	$ 0	$ 32,860	$ 0
Divestitures | Primary Permian Basin Sale
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Proceeds from divestiture | $	$ 375,000
Contingent consideration, minimum average daily settlement price, requiring additional payment (in dollars per barrel)			60		60
Contingent consideration, minimum average daily settlement price, terminating agreement (in dollars per barrel)			45		45
Anticipated | Divestitures | Primary Permian Basin Sale
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Proceeds from divestiture | $							$ 25,000	$ 25,000	$ 25,000
NYMEX WTI | Crude oil | 2022 Fixed price swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average swap price (in dollars per barrel)		50	49.02		49.02					40.72
Total notional amount of oil (in Bbls) | bbl		6,346			7,245
NYMEX WTI | Crude oil | 2023 Fixed price swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average swap price (in dollars per barrel)		50	50		50					43.57
Total notional amount of oil (in Bbls) | bbl		5,265			5,265
NYMEX WTI | Crude oil | 2024 Fixed price swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average swap price (in dollars per barrel)		50	50		50					43.68
Total notional amount of oil (in Bbls) | bbl		434			434

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) bbl in Thousands, BTU in Thousands, $ in Thousands	May 17, 2021$ / bblbbl	Jun. 30, 2021USD ($)BTU$ / bblbbl	May 16, 2021$ / bbl
Derivative [Line Items]
Fair Value Assets (Liabilities) | $		$ (381,649)
Crude oil | 2021 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl		5,307
Weighted average swap price (in dollars per barrel)		42.09
Fair Value Assets (Liabilities) | $		$ (154,623)
Crude oil | 2021 Two-way collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl		1,224
Average floor price (in dollars per barrel)		51.25
Average ceiling price (in dollars per barrel)		68.24
Fair Value Assets (Liabilities) | $		$ (6,846)
Crude oil | 2022 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	6,346	7,245
Weighted average swap price (in dollars per barrel)	50	49.02	40.72
Fair Value Assets (Liabilities) | $		$ (120,533)
Crude oil | 2022 Two Way collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl		4,799
Average floor price (in dollars per barrel)		49.50
Average ceiling price (in dollars per barrel)		66.62
Fair Value Assets (Liabilities) | $		$ (21,819)
Crude oil | 2023 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	5,265	5,265
Weighted average swap price (in dollars per barrel)	50	50	43.57
Fair Value Assets (Liabilities) | $		$ (53,619)
Crude oil | 2023 Two Way Collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl		4,380
Average floor price (in dollars per barrel)		45.42
Average ceiling price (in dollars per barrel)		65.05
Fair Value Assets (Liabilities) | $		$ (11,769)
Crude oil | 2024 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl	434	434
Weighted average swap price (in dollars per barrel)	50	50	43.68
Fair Value Assets (Liabilities) | $		$ (3,434)
Crude oil | 2024 Two Way Collar | NYMEX WTI
Derivative [Line Items]
Total notional amount of oil (in Bbls) | bbl		372
Average floor price (in dollars per barrel)		45
Average ceiling price (in dollars per barrel)		64.88
Fair Value Assets (Liabilities) | $		$ (521)
Natural gas | 2021 Fixed price swaps | NYMEX HH
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | BTU		7,360
Weighted average swap price (in dollars per barrel)		2.84
Fair Value Assets (Liabilities) | $		$ (5,889)
Natural gas | 2022 Fixed price swaps | NYMEX HH
Derivative [Line Items]
Total notional amount of natural gas (in MMBtu) | BTU		5,430
Weighted average swap price (in dollars per barrel)		2.82
Fair Value Assets (Liabilities) | $		$ (2,596)

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (267,037)	$ (37,187)	$ (448,552)	$ 248,135
Gain (loss) on sale of properties	$ 32,860	$ 0	$ 32,860	$ 0

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Contingent consideration | Derivative instruments — non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross amounts recognized	$ 32,860
Derivative asset, gross amounts offset	0
Derivative asset, net asset	32,860
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	409,603	$ 97,688
Derivative liability, gross amounts offset	(27,954)	(3,130)
Derivative liability, net liability	381,649	94,558
Commodity contracts | 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
Commodity contracts | Derivative instruments — current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	260,314	59,262
Derivative liability, gross amounts offset	(4,259)	(2,318)
Derivative liability, net liability	256,055	56,944
Commodity contracts | Derivative instruments — non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, gross amount recognized	149,289	38,426
Derivative liability, gross amounts offset	(23,695)	(812)
Derivative liability, net liability	$ 125,594	$ 37,614

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 661,349	$ 770,117
Less: Accumulated depreciation, depletion and amortization	(51,175)	(12,403)
Proved oil and gas properties, net	610,174	757,714
Unproved oil and gas properties	28,609	40,211
Other property and equipment	946,054	935,950
Less: Accumulated depreciation	(30,152)	(5,088)
Other property and equipment, net	915,902	930,862
Total property, plant and equipment, net	$ 1,554,685	$ 1,728,787

Acquisitions (Details)

Acquisitions (Details) - 2021 Williston Acquisition a in Thousands, $ in Millions	May 03, 2021USD ($)a
Asset Acquisition [Line Items]
Acres acquired | a	95
Payments to acquire land	$ 745
Payments for deposit on asset acquisitions	$ 74.5

Divestitures (Details)

Divestitures (Details) $ in Thousands	Jun. 29, 2021USD ($)	May 20, 2021USD ($)	Mar. 22, 2021USD ($)	Jun. 30, 2021USD ($)$ / bbl	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / bbl	Jun. 30, 2020USD ($)	Dec. 31, 2025USD ($)	Dec. 31, 2024USD ($)	Dec. 31, 2023USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)				$ 84,963	$ (91,962)	$ 46,044	$ (4,680,975)
Divestitures | Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture , net of adjustments				19,400
Gain (loss) on divestiture				222,500		222,500
Pre-tax income (loss)				$ 238,900	$ 2,300	$ 262,200	$ (895,100)
Divestitures | Primary Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred from divestiture		$ 450,000
Proceeds from divestiture		$ 375,000
Contingent consideration, minimum average daily settlement price, requiring additional payment (in dollars per barrel) | $ / bbl				60		60
Proceeds from divestiture , net of adjustments	$ 347,300
Gain (loss) on divestiture				$ 208,800		$ 208,800
Divestitures | Primary Permian Basin Sale | Anticipated
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture								$ 25,000	$ 25,000	$ 25,000
Divestitures | Additional Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on divestiture				$ 13,700		$ 13,700
Divestitures | Well Services Exit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred from divestiture			$ 5,500
Proceeds from divestiture			2,600
Divestitures | Well Services Exit | Promissory Note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Promissory note			$ 2,900
Stated interest rate			6.60%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 09, 2021	Mar. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt, net	$ 1,044,474			$ 710,000
Senior Notes | Oasis Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 400,000
Less: unamortized deferred financing costs on Senior Notes		$ (9,000)
Senior Notes | OMP Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 450,000
Less: unamortized deferred financing costs on Senior Notes			$ (9,900)
Revolving Credit Facility | Credit Facility | OMP Credit Facility
Debt Instrument [Line Items]
Total long-term debt, net	213,000
Oasis Guarantors
Debt Instrument [Line Items]
Total long-term debt, net	391,087			260,000
Oasis Guarantors | Senior Notes | Oasis Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000			0
Less: unamortized deferred financing costs on Senior Notes	(8,913)			0
Oasis Guarantors | Revolving Credit Facility | Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0			260,000
Oasis Midstream Partners, LP
Debt Instrument [Line Items]
Total long-term debt, net	653,387			450,000
Oasis Midstream Partners, LP | Senior Notes | OMP Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	450,000			0
Less: unamortized deferred financing costs on Senior Notes	(9,613)			0
Oasis Midstream Partners, LP | Revolving Credit Facility | Credit Facility | OMP Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 213,000			$ 450,000

Long-Term Debt - Oasis Credit F

Long-Term Debt - Oasis Credit Facility (Details) - Revolving Credit Facility - Credit Facility - USD ($)	May 21, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 22, 2021	Mar. 21, 2021	Dec. 31, 2020
Oasis Credit Facility, Fourth Agreement
Debt Instrument [Line Items]
Credit facility borrowing base	$ 550,000,000
Covenant terms, percentage of availability	25.00%
Covenant terms, maximum pro forma leverage ratio	1.5
Covenant terms, maximum pro forma leverage ratio, subject to default and availability	2
Covenant terms, minimum pro forma leverage ratio subject to default and availability	1.5
Oasis Credit Facility, Fourth Agreement | 2021 Williston Acquisition
Debt Instrument [Line Items]
Increase (decrease) in maximum borrowing capacity	$ 250,000,000
Oasis Credit Facility, Fourth Agreement | Primary Permian Basin Sale
Debt Instrument [Line Items]
Increase (decrease) in maximum borrowing capacity	$ (100,000,000)
Oasis Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing base		$ 400,000,000	$ 400,000,000	$ 500,000,000	$ 575,000,000
Line of credit facility, current borrowing capacity				$ 450,000,000	$ 575,000,000
Line of credit facility, maximum borrowing capacity, due to elected commitments		450,000,000	450,000,000
Letters of credit outstanding		1,300,000	1,300,000
Line of credit facility, remaining borrowing capacity		$ 398,700,000	$ 398,700,000
Weighted average interest rate (percent)		3.40%	4.20%
Oasis Credit Facility | Oasis Guarantors
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	$ 0			$ 260,000,000
Minimum | LIBOR | Oasis Credit Facility
Debt Instrument [Line Items]
Stated interest rate				0.25%	1.00%

Long-Term Debt - Oasis Bridge F

Long-Term Debt - Oasis Bridge Facility (Details) - Senior Secured Lien - Senior Notes - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	May 03, 2021
Debt Instrument [Line Items]
Long-term debt, gross			$ 500
Aggregate fees	7.8 million	7.8 million

Long-Term Debt - Oasis Senior N

Long-Term Debt - Oasis Senior Notes (Details) - USD ($) $ in Thousands	Jun. 09, 2021	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Proceeds from issuance of senior unsecured notes		$ 850,000	$ 0
Oasis Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 400,000
Stated interest rate	6.375%
Proceeds from issuance of senior unsecured notes	$ 393,000
Debt issuance costs	$ 9,000
Oasis Senior Notes | Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term debt, fair value		$ 417,100

Long-Term Debt - OMP Credit Fac

Long-Term Debt - OMP Credit Facility (Details) - USD ($) $ in Thousands	Mar. 22, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 21, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt		$ 1,044,474	$ 1,044,474		$ 710,000
OMP Senior Notes | Senior Notes
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 450,000			$ 575,000
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	450,000
Total long-term debt		213,000	213,000
Letters of credit outstanding		5,500	5,500
Line of credit facility, remaining borrowing capacity		$ 231,500	$ 231,500
Weighted average interest rate (percent)		2.60%	2.30%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.375%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Minimum | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)			2.25%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Minimum | Alternate Based Rate (ABR)
Debt Instrument [Line Items]
Spread on variable rate (percent)			1.25%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
Revolving Credit Facility | OMP Credit Facility | Credit Facility | Maximum | Eurodollar
Debt Instrument [Line Items]
Spread on variable rate (percent)			3.25%
Revolving Credit Facility | OMP Credit Facility | 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	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Proceeds from issuance of senior unsecured notes		$ 850,000	$ 0
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
Stated interest rate	8.00%
Proceeds from issuance of senior unsecured notes	$ 442,100
Debt issuance costs	9,900
OMP Senior Notes | Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term debt, fair value		$ 478,400
OMP Credit Facility | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
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	6 Months Ended
	Jun. 30, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 48,594
Liabilities incurred during period	401
Liabilities settled during period	(322)
Accretion expense during period	2,043
Revisions to estimates	193
Liabilities settled through divestitures	(4,845)
Balance at end of period	$ 46,064

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Total asset retirement obligations, current portion	$ 1.1	$ 2.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	4.30%	2.70%	(0.20%)	5.50%
Valuation allowance	$ 559.5		$ 559.5		$ 565.4
Decrease in valuation allowance			$ (5.9)
Payment of estimated income tax	$ 20

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 4,702	$ 4,890	$ 6,900	$ 11,697
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Award vesting period			4 years
Awards granted (in shares)			443,836
Granted, weighted average grant date fair value (dollars per share)			$ 51.64
Equity-based compensation expenses	$ 1,400		$ 2,000

Equity-Based Compensation - Per

Equity-Based Compensation - Performance Share Units (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 4,702	$ 4,890	$ 6,900	$ 11,697
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
2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		6,500		6,500
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		$ 1,900		$ 4,100
Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares			183,915
Weighted average grant date value (in dollars per share) | $ / shares	$ 63.95		$ 63.95
Equity-based compensation expenses	$ 1,000		$ 1,300
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 4,702	$ 4,890	$ 6,900	$ 11,697
2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses		$ 6,500		$ 6,500
Leverage Stock Units | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			262,406
Weighted average grant date value (in dollars per share)			$ 78.79
Equity-based compensation expenses	$ 2,000		$ 2,500
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) - Performance Share Units and Leveraged Stock Units - $ / shares	Apr. 13, 2021	Feb. 11, 2021	Jan. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price on date of grant (in dollars per share)	$ 68.07	$ 49.66	$ 44.41
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years	3 years	3 years
Risk-free interest rates	0.30%	0.20%	0.20%
Implied equity volatility	45.00%	55.00%	55.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	4 years	4 years	4 years
Risk-free interest rates	0.60%	0.30%	0.30%
Implied equity volatility	50.00%	60.00%	60.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	Mar. 30, 2023	Mar. 30, 2022	Mar. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses				$ 4,702	$ 4,890		$ 6,900	$ 11,697
2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses					6,500			6,500
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						3 years
Equity-based compensation expenses					3,000			7,400
Restricted Stock | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses				300			$ 600
Vesting percentage							33.33%
Class B Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							4 years
Equity-based compensation expenses				1,400			$ 2,000
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]
Vesting percentage			34.00%
Unamortized grant date value				500			$ 500
Cost not yet recognized, remaining term							2 years
Class B Restricted Stock Units | Officers and Certain Other Senior Employees | Anticipated
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%	33.00%
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses					$ 1,900			$ 4,100
Performance Share Unit Awards | 2020 Incentive Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses				$ 1,000			$ 1,300

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($)	Aug. 03, 2021	Jun. 29, 2021	May 31, 2021	May 03, 2021	Mar. 22, 2021	Feb. 24, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jul. 12, 2021	Mar. 31, 2021
Dividends Payable [Line Items]
Dividends to shareholders (in usd per share)				$ 0.375		$ 0.375
Dividends paid			$ 7,500,000		$ 7,500,000			$ 15,039,000	$ 0
Dividends payable							$ 83,543,000	$ 83,543,000	$ 0
Stock repurchase program, authorized amount											$ 100,000,000
Repurchase of common stock (in shares)							190,783	190,783
Treasury stock, acquired, average cost (in dollars per share)							$ 76.30	$ 76.30
Treasury stock, value acquired							$ 14,560,000	$ 14,600,000
Warrants outstanding (in shares)							1,618,346	1,618,346
Warrants exercised (in shares)							3,192	3,259
Exercise price of warrants or rights (in usd per share)							$ 94.57	$ 94.57
Special Cash Dividend
Dividends Payable [Line Items]
Dividends to shareholders (in usd per share)		$ 4					$ 4
Dividends payable							$ 83,000,000	$ 83,000,000
Subsequent Event
Dividends Payable [Line Items]
Dividends to shareholders (in usd per share)	$ 0.375
Exercise price of warrants or rights (in usd per share)										$ 90.57

Stockholders' Equity - OMP Equi

Stockholders' Equity - OMP Equity Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 29, 2021	Jun. 30, 2021
Dividends Payable [Line Items]
Partners' capital account, units, redeemed (in shares)	3,623,188
Partners' capital account, redemptions	$ 87
Oasis Midstream Partners, LP
Dividends Payable [Line Items]
Ownership interest		70.00%
Public Stock Offering
Dividends Payable [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,623,188
Sale of stock, price per share (in usd per share)	$ 24
Sale of stock, consideration received on transaction	$ 86.7

Stockholders' Equity - Tax Bene

Stockholders' Equity - Tax Benefit Provision Plan (Details) - Subsequent Event	Aug. 05, 2021
Subsequent Event [Line Items]
Share purchase right, convertible ratio	1
Share purchase right, term	3 years
Share purchase right, percentage of outstanding common shares acquired	4.95%

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding, basic (in shares)	19,904	317,629	19,952	316,899
Weighted average common stock shares outstanding, diluted (in shares)	20,822	317,629	20,419	316,899
Restricted Stock Awards and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding, dilutive effect of awards and notes (in shares)	918	0	467	0
Potential common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive weighted average common shares (in shares)	2,168	8,676	2,309	9,152

Business Segment Information (D

Business Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of current operating units | segment			2
Segment Reporting Information [Line Items]
Total revenues	$ 393,060	$ 166,352	$ 748,519	$ 554,150
Operating income (loss)	375,573	(11,224)	526,408	(4,873,752)
Total other income (expense), net	(290,610)	(80,738)	(480,364)	192,777
Income (loss) before income taxes including non-controlling interests	84,963	(91,962)	46,044	(4,680,975)
Lease operating expenses	34,321	29,608	69,581	79,377
Gathering, processing and transportation expenses	20,485	23,765	36,196	53,229
General and administrative expenses	20,210	37,443	40,947	68,617
Equity-based compensation expenses	4,702	4,890	6,900	11,697
Property, plant and equipment, net	1,554,685		1,554,685		$ 1,728,787
Total assets	2,936,716		2,936,716		2,159,037
E&P
Segment Reporting Information [Line Items]
Total revenues	328,987	121,826	611,685	453,213
Midstream Total
Segment Reporting Information [Line Items]
Total revenues	64,073	44,526	136,834	100,937
Operating Segments | E&P
Segment Reporting Information [Line Items]
Total revenues	328,987	121,826	611,685	453,213
Operating income (loss)	337,188	(40,901)	440,368	(4,858,156)
Total other income (expense), net	(279,602)	(75,465)	(465,498)	228,533
Income (loss) before income taxes including non-controlling interests	57,586	(116,366)	(25,130)	(4,629,623)
Lease operating expenses	50,436	37,864	101,500	103,677
Gathering, processing and transportation expenses	32,787	31,180	60,892	73,894
General and administrative expenses	15,707	32,290	31,382	58,963
Equity-based compensation expenses	4,686	4,811	6,374	11,407
Property, plant and equipment, net	670,699		670,699		837,020
Total assets	1,894,614		1,894,614		1,093,253
Operating Segments | Midstream Total
Segment Reporting Information [Line Items]
Total revenues	106,163	81,721	220,280	206,676
Operating income (loss)	39,990	30,620	88,657	(11,606)
Total other income (expense), net	(11,008)	(5,273)	(14,866)	(35,756)
Income (loss) before income taxes including non-controlling interests	28,982	25,347	73,791	(47,362)
Lease operating expenses	0	0	0	0
Gathering, processing and transportation expenses	0	0	0	0
General and administrative expenses	8,175	9,304	16,735	17,906
Equity-based compensation expenses	16	203	526	631
Property, plant and equipment, net	886,116		886,116		892,043
Total assets	1,044,232		1,044,232		1,066,060
Eliminations
Segment Reporting Information [Line Items]
Total revenues	(42,090)	(37,195)	(83,446)	(105,739)
Operating income (loss)	(1,605)	(943)	(2,617)	(3,990)
Total other income (expense), net	0	0	0	0
Income (loss) before income taxes including non-controlling interests	(1,605)	(943)	(2,617)	(3,990)
Lease operating expenses	(16,115)	(8,256)	(31,919)	(24,300)
Gathering, processing and transportation expenses	(12,302)	(7,415)	(24,696)	(20,665)
General and administrative expenses	(3,672)	(4,151)	(7,170)	(8,252)
Equity-based compensation expenses	0	(124)	0	(341)
Property, plant and equipment, net	(2,130)		(2,130)		(276)
Total assets	(2,130)		(2,130)		$ (276)
Eliminations | E&P
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Eliminations | Midstream Total
Segment Reporting Information [Line Items]
Total revenues	$ (42,090)	$ (37,195)	$ (83,446)	$ (105,739)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Nov. 19, 2020	Sep. 28, 2020	Aug. 05, 2021	Jun. 30, 2021	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Surety Bond
Commitments and Contingencies [Line Items]
Off-balance sheet commitments				$ 7.5	$ 7.5
Revolving Credit Facility
Commitments and Contingencies [Line Items]
Off-balance sheet commitments				6.8	6.8
Settled | Mirada Litigation
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
Volume Commitment Agreement -Subsequent Oil and Gas Delivery Commitment | Subsequent Event
Commitments and Contingencies [Line Items]
Other commitments			$ 149.6
Other commitment, duration term			7 years
Volume Commitment Agreement - Permian Basin Sale
Commitments and Contingencies [Line Items]
Other commitments							$ 32.6
Other commitment, deficiency fee				2.4	2.4
Other commitment, short fall payment				$ 2.4	$ 2.4

Uncategorized Items - oas-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]