Chord Energy (CHRD) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large 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		19,625,419
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001486159
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 410,174	$ 172,114
Accounts receivable, net	504,436	377,202
Inventory	28,311	28,956
Prepaid expenses	6,564	6,016
Derivative instruments	1,284	0
Other current assets	1,396	1,836
Current assets held for sale	0	1,029,318
Total current assets	952,165	1,615,442
Property, plant and equipment
Oil and gas properties (successful efforts method)	1,458,491	1,395,837
Other property and equipment	44,555	48,981
Less: accumulated depreciation, depletion and amortization	(166,705)	(124,386)
Total property, plant and equipment, net	1,336,341	1,320,432
Derivative instruments	61,760	44,865
Investment in unconsolidated affiliate, fair value	615,333	0
Long-term inventory	17,510	17,510
Operating right-of-use assets	13,235	15,782
Other assets	11,604	12,756
Total assets	3,007,948	3,026,787
Current liabilities
Accounts payable	1,738	2,136
Revenues and production taxes payable	284,205	270,306
Accrued liabilities	260,833	150,674
Accrued interest payable	9,085	2,150
Derivative instruments	314,466	89,447
Advances from joint interest partners	3,124	1,892
Current operating lease liabilities	7,649	7,893
Other current liabilities	19,887	1,046
Current liabilities held for sale	0	699,653
Total current liabilities	900,987	1,225,197
Long-term debt	392,933	392,524
Deferred income taxes	0	7
Asset retirement obligations	58,789	57,604
Derivative instruments	205,694	115,282
Operating lease liabilities	4,574	6,724
Other liabilities	3,008	7,876
Total liabilities	1,565,985	1,805,214
Commitments and contingencies (Note 18)
Stockholders’ equity
Common stock, $0.01 par value: 60,000,000 shares authorized; 20,473,741 shares issued and 19,571,603 shares outstanding at March 31, 2022 and 20,147,199 shares issued and 19,276,181 shares outstanding at December 31, 2021	203	200
Treasury stock, at cost: 902,138 shares at March 31, 2022 and 871,018 shares at December 31, 2021	(104,132)	(100,000)
Additional paid-in capital	883,273	863,010
Retained earnings	662,619	269,690
Oasis share of stockholders' equity	1,441,963	1,032,900
Non-controlling interests	0	188,673
Total stockholders' equity	1,441,963	1,221,573
Total liabilities and stockholders' equity	$ 3,007,948	$ 3,026,787

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	20,473,741	20,147,199
Common stock, shares outstanding (in shares)	19,571,603	19,276,181
Treasury stock, shares (in shares)	902,138	871,018

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 652,969	$ 325,361
Operating expenses
Lease operating expenses	63,076	51,064
Gathering, processing and transportation expenses	32,398	28,105
Production taxes	35,858	16,280
Depreciation, depletion and amortization	44,673	30,770
Impairment	0	3
General and administrative expenses	24,367	20,413
Total operating expenses	362,620	225,996
Gain on sale of assets	1,521	88
Operating income	291,870	99,453
Other income (expense)
Net loss on derivative instruments	(367,922)	(181,515)
Income from investment in unconsolidated affiliate	60,137	0
Interest expense, net of capitalized interest	(7,216)	(4,865)
Other income	1,754	485
Total other expense, net	(313,247)	(185,895)
Loss from continuing operations before income taxes	(21,377)	(86,442)
Income tax benefit	1,826	3,654
Net loss from continuing operations	(19,551)	(82,788)
Income from discontinued operations attributable to Oasis, net of income tax	485,554	39,196
Net income (loss) attributable to Oasis	$ 466,003	$ (43,592)
Earnings (loss) attributable to Oasis per share:
Basic from continuing operations (in dollars per share)	$ (1.01)	$ (4.14)
Diluted from continuing operations (in dollars per share)	(1.01)	(4.14)
Basic from discontinued operations (in dollars per share)	25.15	1.96
Diluted from discontinued operations (in dollars per share)	25.15	1.96
Basic total (in dollars per share)	24.14	(2.18)
Diluted total (in dollars per share)	$ 24.14	$ (2.18)
Weighted average shares outstanding:
Basic (in shares)	19,306	20,000
Diluted (in shares)	19,306	20,000
Oil and Gas Services
Revenues
Total revenues	$ 493,502	$ 244,990
Operating expenses
Exploration expenses	510	423
Purchased Oil and Gas
Revenues
Total revenues	159,467	80,145
Operating expenses
Expenses	161,627	78,938
Other Services
Revenues
Total revenues	0	226
Operating expenses
Expenses	$ 111	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interests
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 (in dollars per share)	$ 0.375
Dividends	$ (7,535)			(7,535)
Distributions to non-controlling interest owners	(6,029)					(6,029)
Midstream Simplification	0			2,358		(2,358)
Common control transaction costs	(4,111)			(4,111)
Other	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, 2021		19,276,000	871,000
Balance at Dec. 31, 2021	1,221,573	$ 200	$ (100,000)	863,010	269,690	188,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		94,000
Equity-based compensation	4,848	$ 0		4,800		48
Modification of equity-based compensation awards	$ (226)			(226)
Dividends (in dollars per share)	$ 3.585
Dividends	$ (73,074)				(73,074)
Warrants exercised (in shares)	333,617	233,000
Warrants exercised	$ 15,692	$ 3		15,689
Treasury stock - tax withholdings (shares)		(31,000)	(31,000)
Treasury stock - tax withholdings	(4,132)		$ (4,132)
Net income (loss)	468,314				466,003	2,311
OMP Merger	(191,032)					(191,032)
Balance (in shares) at Mar. 31, 2022		19,572,000	902,000
Balance at Mar. 31, 2022	$ 1,441,963	$ 203	$ (104,132)	$ 883,273	$ 662,619	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 3.585	$ 0.375

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss) including non-controlling interests	$ 468,314	$ (35,265)
Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	44,673	39,990
Gain on sale of properties	(520,421)	(88)
Impairment	0	3
Deferred income taxes	(7)	(3,654)
Derivative instruments	367,922	181,515
Income from investment in unconsolidated affiliate	(60,137)	0
Equity-based compensation expenses	4,848	2,198
Deferred financing costs amortization and other	3,433	2,320
Working capital and other changes:
Change in accounts receivable, net	(111,813)	(60,542)
Change in inventory	667	4,506
Change in prepaid expenses	(369)	1,089
Change in accounts payable, interest payable and accrued liabilities	52,122	62,195
Change in other assets and liabilities, net	16,348	(3,854)
Net cash provided by operating activities	265,580	190,413
Cash flows from investing activities:
Capital expenditures	(48,831)	(21,958)
Proceeds from divestitures, net of OMP cash	147,056	2,686
Costs related to divestitures	(11,368)	0
Derivative settlements	(70,670)	(22,596)
Distributions from investment in unconsolidated affiliate	13,116	0
Net cash provided by (used in) investing activities	29,303	(41,868)
Cash flows from financing activities:
Proceeds from revolving credit facilities	15,000	159,500
Principal payments on revolving credit facilities	0	(635,500)
Proceeds from issuance of senior unsecured notes	0	450,000
Deferred financing costs	(9)	(11,737)
Common control transaction costs	0	(4,111)
Purchases of treasury stock	(4,132)	0
Dividends paid	(70,579)	(7,535)
Distributions to non-controlling interests	0	(6,029)
Payments on finance lease liabilities	(229)	(311)
Proceeds from warrants exercised	457	0
Other	0	6
Net cash used in financing activities	(59,492)	(55,717)
Increase in cash and cash equivalents	235,391	92,828
Cash and cash equivalents:
Beginning of period	174,783	20,226
End of period	410,174	113,054
Supplemental non-cash transactions:
Change in accrued capital expenditures	17,504	6,909
Change in asset retirement obligations	(428)	1,035
Investment in unconsolidated affiliate	568,312	0
Note receivable from divestiture	$ 0	$ 2,900

Organization and Operations of

Organization and Operations of the Company	3 Months Ended
	Mar. 31, 2022
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 with quality and sustainable long-lived assets. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 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, 2021 (“2021 Annual Report”). Pending Merger On March 7, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Whiting Petroleum Corporation, a Delaware corporation (“Whiting”), which provides for, among other things, the combination of the Company and Whiting in a merger of equals transaction (the “Merger”). Whiting is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. Under the terms of the Merger Agreement, Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash (without interest) in exchange for each share of Whiting common stock. In connection with the closing of the Merger, Oasis shareholders will receive a special dividend of $15.00 per share. The Merger has been unanimously approved by the boards of directors of both companies. The closing of the Merger is subject to customary closing conditions, including, among others, receipt of the required approvals from each of Oasis’ shareholders and Whiting’s shareholders. The Merger is expected to close in the third quarter of 2022. Discontinued Operations On February 1, 2022, the Company completed the OMP Merger (defined in Note 9—Divestitures). The OMP Merger represented a strategic shift for the Company and qualified for reporting as a discontinued operation in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 205-20, Presentation of financial statements – Discontinued Operations (“ASC 205-20”). Accordingly, the results of operations of OMP for the period prior to closing on February 1, 2022 were classified as discontinued operations in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2022. Prior periods have been recast so that the basis of presentation is consistent with that of the 2022 condensed consolidated financial statements. In addition, the assets and liabilities of OMP were classified as held for sale in the Condensed Consolidated Balance Sheet at December 31, 2021. The Condensed Consolidated Statements of Cash Flows were not required to be reclassified for discontinued operations for any period. See Note 10—Discontinued Operations for additional information. 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, natural gas or natural gas liquids (“NGLs”) 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 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 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. The Company may maintain balances of cash and cash equivalents in excess of amounts that are federally insured by the Federal Deposit Insurance Corporation. The Company invests with financial institutions that it believes are creditworthy and has not experienced any material losses in such accounts. The following table provides a reconciliation of cash and cash equivalents reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows: March 31, 2022 December 31, 2021 (In thousands) Cash and cash equivalents $ 410,174 $ 172,114 Cash and cash equivalents classified as held for sale — 2,669 Total cash and cash equivalents $ 410,174 $ 174,783 Significant Accounting Policies There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in the 2021 Annual Report, except as follows: Investment in unconsolidated affiliate. On February 1, 2022, the Company completed the OMP Merger (defined in Note 9—Divestitures) and received $160.0 million in cash and 20,985,668 common units representing limited partner interests of Crestwood Equity Partners LP, a Delaware limited partnership (“Crestwood”), which represents approximately 21% of Crestwood’s issued and outstanding common units as of March 31, 2022. In addition, the Company and Crestwood executed a director nomination agreement pursuant to which Oasis appointed two directors to the Board of Directors of Crestwood Equity GP LLC, a Delaware limited liability company and the general partner of Crestwood (“Crestwood GP”). The Company has determined that it has the ability to exercise significant influence over Crestwood based upon its ownership in Crestwood and its representation on the Board of Directors of Crestwood GP. Accordingly, the Company has determined its investment in Crestwood is subject to the equity method of accounting and has elected to account for the investment using the fair value option under FASB ASC 825-10, Financial Instruments . The Company measures the carrying amount of its investment in Crestwood at fair value each reporting period, with changes in fair value recorded to income from investment in unconsolidated affiliate on the Condensed Consolidated Statement of Operations. In addition, cash distributions from Crestwood are recorded to income from investment in unconsolidated affiliate on the Condensed Consolidated Statement of Operations. See Note 6—Fair Value Measurements and Note 11—Investment in Unconsolidated Affiliate for additional information. 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. Amounts drawn under the Oasis Credit Facility (defined in Note 12—Long-Term Debt) bear interest rates in relation to LIBOR. The credit agreement governing the Oasis Credit Facility includes customary provisions to provide for replacement of LIBOR with the Secured Overnight Financing Rate, an index supported by short-term Treasury repurchase agreements, when LIBOR ceases to be available. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented: Three Months Ended March 31, 2022 2021 (In thousands) Crude oil revenues $ 385,908 $ 185,818 Purchased crude oil sales 122,172 48,165 Natural gas revenues 107,594 59,172 Purchased natural gas sales 37,295 31,980 Other services revenues — 226 Total revenues $ 652,969 $ 325,361 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. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three months ended March 31, 2022 and 2021, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory The following table sets forth the Company’s inventory: March 31, 2022 December 31, 2021 (In thousands) Inventory Equipment and materials $ 12,035 $ 12,175 Crude oil inventory 16,276 16,781 Total inventory 28,311 28,956 Long-term inventory Linefill in third party pipelines 17,510 17,510 Total long-term inventory 17,510 17,510 Total $ 45,821 $ 46,466

Additional Balance Sheet Inform

Additional Balance Sheet Information	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 (In thousands) Accounts receivable, net Trade accounts $ 442,112 $ 309,756 Joint interest accounts 39,082 40,890 Other accounts 26,888 28,270 Total accounts receivable 508,082 378,916 Less: allowance for credit losses (3,646) (1,714) Total accounts receivable, net $ 504,436 $ 377,202 Accrued liabilities Accrued capital costs $ 53,285 $ 33,085 Accrued lease operating expenses 42,196 29,478 Accrued oil and gas marketing 120,430 35,211 Accrued general and administrative expenses 8,319 13,270 Other accrued liabilities 36,603 39,630 Total accrued liabilities $ 260,833 $ 150,674

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
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: Fair value at March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 1,284 $ — $ 1,284 Contingent consideration (see Note 7) — 61,760 — 61,760 Investment in unconsolidated affiliate (see Note 11 ) — 615,333 — 615,333 Total assets $ — $ 678,377 $ — $ 678,377 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 520,160 $ — $ 520,160 Total liabilities $ — $ 520,160 $ — $ 520,160 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 55 $ — $ 55 Contingent consideration (see Note 7) — 44,810 — 44,810 Total assets $ — $ 44,865 $ — $ 44,865 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 204,729 $ — $ 204,729 Total liabilities $ — $ 204,729 $ — $ 204,729 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 $12.3 million and $5.3 million at March 31, 2022 and December 31, 2021, respectively. See Note 7 – Derivative Instruments for additional information. Permian Basin Sale Contingent Consideration . Pursuant to the purchase and sale agreement entered into in connection with the Company’s divestiture of its E&P assets in the Permian Basin in 2021, 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 West Texas Intermediate crude oil price index (“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 fair value of the Permian Basin Sale Contingent Consideration was determined by a third-party valuation specialist using a Monte Carlo simulation model and Ornstein-Uhlenbeck pricing process. The significant inputs include 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 for additional information. Investment in unconsolidated affiliate . The Company elected the fair value option to account for its equity method investment in Crestwood. The fair value of the investment in Crestwood was determined using Level 2 inputs based upon the quoted market price for Crestwood’s publicly traded common units, adjusted to reflect a value discount due to a restriction on the Company's ability to sell the investment 90 days from the closing date. See Note 11—Investment in Unconsolidated Affiliate for additional 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	3 Months Ended
	Mar. 31, 2022
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 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 are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows and represent net cash payments to or receipts from counterparties upon the maturity of a derivative contract. At March 31, 2022, the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Liabilities Fixed Price Swaps Floor Ceiling (In thousands) Crude oil 2022 Two-way collar 3,728,000 Bbl $ 49.47 $ 66.56 $ (108,005) Crude oil 2022 Fixed price swaps 5,349,000 Bbl $ 70.00 (132,397) Crude oil 2023 Two-way collar 4,380,000 Bbl $ 45.42 $ 65.05 (92,563) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 52.24 (159,835) Crude oil 2024 Two-way collar 372,000 Bbl $ 45.00 $ 64.88 (6,560) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 50.00 (12,053) Natural gas 2022 Fixed price swaps 2,730,000 MMBtu $ 2.82 (7,463) $ (518,876) As of March 31, 2022, the estimated fair value of the Permian Basin Sale Contingent Consideration was $61.8 million, which was classified as a non-current derivative asset on the Condensed Consolidated Balance Sheet. See Note 6 – Fair Value Measurements 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: Three Months Ended March 31, Derivative Instrument Statements of Operations Location 2022 2021 (In thousands) Commodity derivatives Net loss on derivative instruments $ (384,872) $ (181,515) Contingent consideration Net loss on derivative instruments 16,950 — 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. For additional information, see “Item 3.—Quantitative and Qualitative Disclosures about Market Risk—Counterparty and customer credit risk.” The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: March 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 1,284 $ — $ 1,284 Contingent consideration Derivative instruments — non-current assets 61,760 — 61,760 Total derivatives assets $ 63,044 $ — $ 63,044 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 317,349 $ (2,883) $ 314,466 Commodity derivatives Derivative instruments — non-current liabilities 216,308 (10,614) 205,694 Total derivatives liabilities $ 533,657 $ (13,497) $ 520,160 December 31, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — current assets $ 44,810 $ — $ 44,810 Commodity derivatives Derivative instruments — non-current assets 55 — 55 Total derivatives assets $ 44,865 $ — $ 44,865 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 96,172 $ (6,725) $ 89,447 Commodity derivatives Derivative instruments — non-current liabilities 133,655 (18,373) 115,282 Total derivatives liabilities $ 229,827 $ (25,098) $ 204,729

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment: March 31, 2022 December 31, 2021 (In thousands) Proved oil and gas properties $ 1,455,003 $ 1,393,836 Less: Accumulated depreciation, depletion and amortization (149,966) (107,277) Proved oil and gas properties, net 1,305,037 1,286,559 Unproved oil and gas properties 3,488 2,001 Other property and equipment 44,555 48,981 Less: Accumulated depreciation (16,739) (17,109) Other property and equipment, net 27,816 31,872 Total property, plant and equipment, net $ 1,336,341 $ 1,320,432

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations The OMP Merger represented a strategic shift for the Company and qualified as a discontinued operation in accordance with ASC 205-20. Condensed Consolidated Statements of Operations The results of operations reported as discontinued operations in connection with the OMP Merger were as follows for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Revenues Oil and gas revenues $ — $ 471 Purchased oil and gas sales (1) (13,364) (31,685) Midstream revenues 23,271 61,312 Total revenues 9,907 30,098 Operating expenses Lease operating expenses (1) (4,535) (15,804) Midstream expenses 13,224 27,898 Gathering, processing and transportation expenses (1) (3,555) (12,394) Purchased oil and gas expenses (1) (12,506) (30,528) Depreciation, depletion and amortization — 9,220 General and administrative expenses (1) 3,314 324 Total operating expenses (4,058) (21,284) Gain on sale of assets 518,900 — Operating income 532,865 51,382 Other expense Interest expense, net of capitalized interest (3,685) (3,832) Other expense (93) (27) Total other expense (3,778) (3,859) Income from discontinued operations before income taxes 529,087 47,523 Income tax expense (41,222) — Income from discontinued operations, net of income tax 487,865 47,523 Net income attributable to non-controlling interests 2,311 8,327 Income from discontinued operations attributable to Oasis, net of income tax $ 485,554 $ 39,196 __________________ (1) Includes discontinued intercompany eliminations. Condensed Consolidated Balance Sheet The carrying amounts of the major classes of assets and liabilities related to the OMP Merger were as follows for the period presented (in thousands): December 31, 2021 ASSETS Current assets Cash and cash equivalents $ 2,669 Accounts receivable, net 6,509 Inventory 8,541 Prepaid expenses 456 Total current assets of discontinued operations 18,175 Property, plant and equipment Oil and gas properties (successful efforts method) (1) (3,207) Other property and equipment 933,667 Less: accumulated depreciation, depletion and amortization (32,102) Total property, plant and equipment, net 898,358 Operating right-of-use assets 671 Intangible assets 40,277 Goodwill 70,534 Other assets 1,303 Total non-current assets of discontinued operations 1,011,143 Total assets of discontinued operations $ 1,029,318 LIABILITIES Current liabilities Accounts payable $ 43 Revenues and production taxes payable 1,635 Accrued liabilities 36,183 Accrued interest payable 9,296 Current operating lease liabilities 733 Other current liabilities 564 Total current liabilities of discontinued operations 48,454 Long-term debt 644,078 Asset retirement obligations 904 Other liabilities 6,217 Total non-current liabilities of discontinued operations 651,199 Total liabilities of discontinued operations $ 699,653 ___________________________ (1) Includes discontinued intercompany eliminations. Condensed Consolidated Statements of Cash Flows Depreciation, depletion and amortization attributable to discontinued operations in “Cash flows from operating activities” was immaterial for the three months ended March 31, 2022 and $9.2 million for the three months ended March 31, 2021. Capital expenditures attributable to discontinued operations included in “Cash flows used in investing activities” were $6.1 million for the three months ended March 31, 2022 and $1.1 million for the three months ended March 31, 2021. There were no significant non-cash activities from discontinued operations for the periods presented.

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliate	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Affiliate	Investment in Unconsolidated Affiliate On February 1, 2022, the Company completed the OMP Merger. As of March 31, 2022, the Company owned 20,985,668 common units of Crestwood, representing approximately 21% of Crestwood’s issued and outstanding common units. The carrying amount of the Company’s investment in Crestwood was recorded to investment in unconsolidated affiliate on the Condensed Consolidated Balance Sheet. The fair value of the Company’s investment in Crestwood was $568.3 million as of February 1, 2022 and $615.3 million as of March 31, 2022. During the three months ended March 31, 2022, the Company recorded an unrealized gain for the change in the fair value of its investment in Crestwood for the period from February 1, 2022 to March 31, 2022 of $47.0 million and a realized gain for a cash distribution from Crestwood of $13.1 million. Related Party Transactions The Company has determined that Crestwood is a related party due to its ownership of approximately 21% of Crestwood’s issued and outstanding common units and its appointment of two directors to the Board of Directors of Crestwood GP. In connection with the closing of the OMP Merger, certain contracts were assigned to Crestwood for midstream services and the Company has continuing cash outflows to Crestwood for these services. The following table presents, on a net basis, the lease operating expenses and gathering, processing and transportation expenses incurred with Crestwood for the period presented: Three Months Ended March 31, 2022 (In thousands) Lease operating expenses $ 11,951 Gathering, processing and transportation expenses 10,138 As of March 31, 2022, amounts due to Crestwood were $53.6 million. Summarized Financial Information The following table presents summarized financial information of Crestwood for the period presented: Three Months Ended March 31, 2022 (In millions) Revenues $ 1,583.8 Costs of products/services sold 1,364.4 Net income 22.2 Net income attributable to Crestwood Equity Partners LP 12.0

Divestitures

Divestitures	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures 2022 Divestitures In October 2021, Oasis Midstream Partners LP (“OMP”), a master limited partnership formed by the Company to own, develop, operate and acquire midstream assets in North America, and OMP GP LLC (“OMP GP”), the general partner of OMP, entered into an Agreement and Plan of Merger (the “OMP Merger Agreement”) with Crestwood and Crestwood GP. Pursuant to the OMP Merger Agreement, the Company agreed to merge OMP into a subsidiary of Crestwood and exchange all of its OMP common units and all of the limited liability company interests of OMP GP for $160.0 million in cash and 20,985,668 common units of Crestwood (the “OMP Merger”). The OMP Merger represented a strategic shift for the Company and qualified for reporting as a discontinued operation under ASC 205-20. See Note 10—Discontinued Operations. On February 1, 2022, the Company completed the OMP Merger and received $160.0 million in cash and 20,985,668 common units of Crestwood. The Company recorded a pre-tax gain on sale of $518.9 million, which was reported within income from discontinued operations attributable to Oasis, net of income tax, on the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2022. The fair value of the Company’s retained investment in Crestwood as of February 1, 2022 was $568.3 million and was determined using Level 2 inputs based upon the quoted market price for Crestwood’s publicly traded common units adjusted to reflect a value discount due to a restriction on the Company's ability to sell the investment 90 days from the closing date. See Note 11—Investment in Unconsolidated Affiliate for additional information on the Company’s investment in Crestwood. In connection with the closing of the OMP Merger, certain contracts were assigned to Crestwood for midstream services and the Company has continuing cash outflows to Crestwood for these services. The Company has determined that Crestwood is a related party. See Note 11—Investment in Unconsolidated Affiliate for additional information. 2021 Divestitures On March 22, 2021, the Company completed the sale of certain well services equipment and inventory in connection with its 2020 exit from the well services business for total consideration of $5.5 million, comprised of cash proceeds of $2.6 million and a $2.9 million 6.6% promissory note. Midstream Simplification. On March 30, 2021, the Company contributed to OMP its remaining 64.7% limited liability company interest in Bobcat DevCo LLC and 30.0% limited liability company interest in Beartooth DevCo LLC, as well as eliminated OMP’s incentive distribution rights, in exchange for a cash distribution of $231.5 million and 12,949,644 common units in OMP (the “Midstream Simplification”). The Midstream Simplification was accounted for as a transaction between entities under common control.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consists of the following: March 31, 2022 December 31, 2021 (In thousands) Oasis Credit Facility $ — $ — Oasis Senior Notes 400,000 400,000 Less: unamortized deferred financing costs on Oasis Senior Notes (7,067) (7,476) Total long-term debt, net $ 392,933 $ 392,524 Senior secured revolving line of credit. 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. As of March 31, 2022, the Oasis Credit Facility has an overall senior secured line of credit of $1,500.0 million, a borrowing base of $900.0 million and an aggregate amount of elected commitments of $450.0 million. On May 3, 2022, the semi-annual redetermination was completed which reaffirmed the borrowing base of $900.0 million and the aggregate amount of elected commitments of $450.0 million. At March 31, 2022, the Company had no borrowings outstanding and $2.4 million of outstanding letters of credit under the Oasis Credit Facility, resulting in an unused borrowing capacity of $447.6 million. During the three months ended March 31, 2022, the Company incurred no borrowings on the Oasis Credit Facility, resulting in a weighted average interest rate of 0.0%. For the three months ended March 31, 2021, the weighted average interest rate incurred on borrowings under the Oasis Credit Facility was 4.3%. On a quarterly basis, the Company pays a commitment fee of 0.5% on the average amount of borrowing base capacity not utilized during the quarter and fees calculated on the average amount of letter of credit balances outstanding during the quarter. The 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.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2022: (In thousands) Balance at December 31, 2021 $ 62,416 Liabilities incurred during period 1 Liabilities settled during period (709) Accretion expense during period 1,188 Liabilities settled through divestitures (3) Balance at March 31, 2022 $ 62,893 Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At March 31, 2022, the current portion of the total ARO balance was $4.1 million and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2022 was 8.5% of pre-tax loss from continuing operations, as compared to an effective tax rate of 4.2% of pre-tax loss from continuing operations for the three months ended March 31, 2021. See Note 10—Discontinued Operations for information on the income tax provision attributable to discontinued operations. The effective tax rates for the three months ended March 31, 2022 and 2021 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 March 31, 2022. This was partially offset by the impacts of equity-based compensation windfalls and state income taxes. The Company’s estimated valuation allowance as of March 31, 2022 was $321.5 million, which decreased $78.3 million from $399.8 million as of December 31, 2021. The Company continues to believe it is more likely than not that some or all of the benefits from its deferred tax assets will not be realized, and accordingly, believes a valuation allowance is still warranted 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	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Company has granted restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance share units (“PSUs”), leveraged stock units (“LSUs”) and phantom unit awards under the 2020 Long Term Incentive Plan. In accordance with the FASB’s authoritative guidance for share-based payments, the Company accounts for the RSAs, RSUs, PSUs and LSUs as equity classified awards and the phantom unit awards as liability classified awards. Equity-based compensation expense from continuing operations is recognized in general and administrative expenses on the Company’s Consolidated Statements of Operations. The Company recognized as part of continuing operations $4.8 million and $1.7 million in equity-based compensation expense related to equity classified awards during the three months ended March 31, 2022 and 2021, respectively. Equity-based compensation expense related to liability classified awards was not material during the three months ended March 31, 2022 and 2021. Equity-based compensation expense from discontinued operations is recognized in income from discontinued operations, net of income tax on the Company’s Consolidated Statements of Operations. Equity-based compensation expense related to equity classified awards was not material during the three months ended March 31, 2022 and 2021. The Company recognized $1.9 million in equity-based compensation expense related to liability classified awards attributable to discontinued operations during the three months ended March 31, 2022. Equity-based compensation expense related to liability classified awards attributable to discontinued operations was not material during the three months ended March 31, 2021. Restricted stock awards. RSAs are legally issued shares which vest over a three-year period subject to a service condition. The fair value of RSAs is based on the closing sales price of the Company’s common stock on the date of grant or, if applicable, the date of modification. Compensation expense is recognized ratably over the requisite service period. No RSAs were granted during the three months ended March 31, 2022. Restricted stock units. RSUs are contingent shares that are scheduled to vest 25% each year over a four-year period. 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. No RSUs were granted during the three months ended March 31, 2022. 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. No PSUs were granted during the three months ended March 31, 2022. 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. No LSUs were granted during the three months ended March 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholder's Equity Base dividends. During the three months ended March 31, 2022 and 2021, the Company paid a base dividend of $0.585 per share of common stock and $0.375 per share of common stock, respectively. On May 4, 2022, the Company declared a base dividend of $0.585 per share of common stock payable on June 1, 2022 to shareholders of record as of May 20, 2022. Variable dividends. During the three months ended March 31, 2022, the Company paid a variable dividend of $3.00 per share of common stock. There were no variable dividends paid during the three months ended March 31, 2021. On May 4, 2022, the Company declared a variable dividend of $2.94 per share of common stock payable on June 15, 2022 to shareholders of record as of June 1, 2022. 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 February 2022, the Board of Directors authorized a share-repurchase program covering up to $150.0 million of the Company’s common stock. The Company repurchased no shares of common stock under the share-repurchase program during the three months ended March 31, 2022. Warrants . As of March 31, 2022, there were 1,174,359 warrants outstanding. During the three months ended March 31, 2022, there were 333,617 warrants exercised. The warrants, which are classified as equity, are exercisable to purchase one share of common stock per warrant at an exercise price of $90.57 per warrant.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
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 shareholders 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. Potentially dilutive shares outstanding include unvested restricted stock awards, RSUs, PSUs, LSUs and warrants. There were no adjustments made to the income (loss) attributable to Oasis available to common shareholders in the calculation of diluted earnings (loss) per share. The following table summarizes the basic and diluted weighted average common shares outstanding and the weighted average common shares excluded from the calculation of diluted weighted average common shares outstanding due to the anti-dilutive effect for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding: Basic and diluted 19,306 20,000 Anti-dilutive weighted average common shares: Potential common shares 2,977 2,265 For the three months ended March 31, 2022 and 2021, the Company incurred a net loss from continuing operations, and therefore the calculation of diluted earnings (loss) per share excludes the anti-dilutive effect of all potentially dilutive shares.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2022, the Company’s material off-balance sheet arrangements and transactions include $2.4 million in outstanding letters of credit under the Oasis Credit Facility and $6.7 million in net surety bond exposure issued as financial assurance on certain agreements. As of March 31, 2022, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 22 — Commitments and Contingencies in the Company’s 2021 Annual Report.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 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, 2021 (“2021 Annual Report”).
Discontinued Operations	Discontinued Operations On February 1, 2022, the Company completed the OMP Merger (defined in Note 9—Divestitures). The OMP Merger represented a strategic shift for the Company and qualified for reporting as a discontinued operation in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 205-20, Presentation of financial statements – Discontinued Operations (“ASC 205-20”). Accordingly, the results of operations of OMP for the period prior to closing on February 1, 2022 were classified as discontinued operations in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2022. Prior periods have been recast so that the basis of presentation is consistent with that of the 2022 condensed consolidated financial statements. In addition, the assets and liabilities of OMP were classified as held for sale in the Condensed Consolidated Balance Sheet at December 31, 2021. The Condensed Consolidated Statements of Cash Flows were not required to be reclassified for discontinued operations for any period. See Note 10—Discontinued Operations for additional information.
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, natural gas or natural gas liquids (“NGLs”) 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 NGLs, could have a material adverse effect on the Company’s financial position, results
Cash Equivalents and Restricted Cash	Cash Equivalents 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. The Company may maintain balances of cash and cash equivalents in excess of amounts that are federally insured by the Federal Deposit Insurance Corporation. The Company invests with financial institutions that it believes are creditworthy and has not experienced any material losses in such accounts.
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. Amounts drawn under the Oasis Credit Facility (defined in Note 12—Long-Term Debt) bear interest rates in relation to LIBOR. The credit agreement governing the Oasis Credit Facility includes customary provisions to provide for replacement of LIBOR with the Secured Overnight Financing Rate, an index supported by short-term Treasury repurchase agreements, when LIBOR ceases to be available. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.
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. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three months ended March 31, 2022 and 2021, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.
Fair value measurement	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 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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows: March 31, 2022 December 31, 2021 (In thousands) Cash and cash equivalents $ 410,174 $ 172,114 Cash and cash equivalents classified as held for sale — 2,669 Total cash and cash equivalents $ 410,174 $ 174,783

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented: Three Months Ended March 31, 2022 2021 (In thousands) Crude oil revenues $ 385,908 $ 185,818 Purchased crude oil sales 122,172 48,165 Natural gas revenues 107,594 59,172 Purchased natural gas sales 37,295 31,980 Other services revenues — 226 Total revenues $ 652,969 $ 325,361

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Components of Inventory	The following table sets forth the Company’s inventory: March 31, 2022 December 31, 2021 (In thousands) Inventory Equipment and materials $ 12,035 $ 12,175 Crude oil inventory 16,276 16,781 Total inventory 28,311 28,956 Long-term inventory Linefill in third party pipelines 17,510 17,510 Total long-term inventory 17,510 17,510 Total $ 45,821 $ 46,466
Components of Long-term Inventory	The following table sets forth the Company’s inventory: March 31, 2022 December 31, 2021 (In thousands) Inventory Equipment and materials $ 12,035 $ 12,175 Crude oil inventory 16,276 16,781 Total inventory 28,311 28,956 Long-term inventory Linefill in third party pipelines 17,510 17,510 Total long-term inventory 17,510 17,510 Total $ 45,821 $ 46,466

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 (In thousands) Accounts receivable, net Trade accounts $ 442,112 $ 309,756 Joint interest accounts 39,082 40,890 Other accounts 26,888 28,270 Total accounts receivable 508,082 378,916 Less: allowance for credit losses (3,646) (1,714) Total accounts receivable, net $ 504,436 $ 377,202 Accrued liabilities Accrued capital costs $ 53,285 $ 33,085 Accrued lease operating expenses 42,196 29,478 Accrued oil and gas marketing 120,430 35,211 Accrued general and administrative expenses 8,319 13,270 Other accrued liabilities 36,603 39,630 Total accrued liabilities $ 260,833 $ 150,674

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Fair value at March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 1,284 $ — $ 1,284 Contingent consideration (see Note 7) — 61,760 — 61,760 Investment in unconsolidated affiliate (see Note 11 ) — 615,333 — 615,333 Total assets $ — $ 678,377 $ — $ 678,377 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 520,160 $ — $ 520,160 Total liabilities $ — $ 520,160 $ — $ 520,160 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative instruments (see Note 7) $ — $ 55 $ — $ 55 Contingent consideration (see Note 7) — 44,810 — 44,810 Total assets $ — $ 44,865 $ — $ 44,865 Liabilities: Commodity derivative instruments (see Note 7) $ — $ 204,729 $ — $ 204,729 Total liabilities $ — $ 204,729 $ — $ 204,729

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	At March 31, 2022, the Company had the following outstanding commodity derivative instruments: Commodity Settlement Derivative Volumes Weighted Average Prices Fair Value Liabilities Fixed Price Swaps Floor Ceiling (In thousands) Crude oil 2022 Two-way collar 3,728,000 Bbl $ 49.47 $ 66.56 $ (108,005) Crude oil 2022 Fixed price swaps 5,349,000 Bbl $ 70.00 (132,397) Crude oil 2023 Two-way collar 4,380,000 Bbl $ 45.42 $ 65.05 (92,563) Crude oil 2023 Fixed price swaps 5,265,000 Bbl $ 52.24 (159,835) Crude oil 2024 Two-way collar 372,000 Bbl $ 45.00 $ 64.88 (6,560) Crude oil 2024 Fixed price swaps 434,000 Bbl $ 50.00 (12,053) Natural gas 2022 Fixed price swaps 2,730,000 MMBtu $ 2.82 (7,463) $ (518,876)
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: Three Months Ended March 31, Derivative Instrument Statements of Operations Location 2022 2021 (In thousands) Commodity derivatives Net loss on derivative instruments $ (384,872) $ (181,515) Contingent consideration Net loss on derivative instruments 16,950 —
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: March 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 1,284 $ — $ 1,284 Contingent consideration Derivative instruments — non-current assets 61,760 — 61,760 Total derivatives assets $ 63,044 $ — $ 63,044 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 317,349 $ (2,883) $ 314,466 Commodity derivatives Derivative instruments — non-current liabilities 216,308 (10,614) 205,694 Total derivatives liabilities $ 533,657 $ (13,497) $ 520,160 December 31, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — current assets $ 44,810 $ — $ 44,810 Commodity derivatives Derivative instruments — non-current assets 55 — 55 Total derivatives assets $ 44,865 $ — $ 44,865 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 96,172 $ (6,725) $ 89,447 Commodity derivatives Derivative instruments — non-current liabilities 133,655 (18,373) 115,282 Total derivatives liabilities $ 229,827 $ (25,098) $ 204,729
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: March 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 1,284 $ — $ 1,284 Contingent consideration Derivative instruments — non-current assets 61,760 — 61,760 Total derivatives assets $ 63,044 $ — $ 63,044 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 317,349 $ (2,883) $ 314,466 Commodity derivatives Derivative instruments — non-current liabilities 216,308 (10,614) 205,694 Total derivatives liabilities $ 533,657 $ (13,497) $ 520,160 December 31, 2021 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Contingent consideration Derivative instruments — current assets $ 44,810 $ — $ 44,810 Commodity derivatives Derivative instruments — non-current assets 55 — 55 Total derivatives assets $ 44,865 $ — $ 44,865 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 96,172 $ (6,725) $ 89,447 Commodity derivatives Derivative instruments — non-current liabilities 133,655 (18,373) 115,282 Total derivatives liabilities $ 229,827 $ (25,098) $ 204,729

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The following table sets forth the Company’s property, plant and equipment: March 31, 2022 December 31, 2021 (In thousands) Proved oil and gas properties $ 1,455,003 $ 1,393,836 Less: Accumulated depreciation, depletion and amortization (149,966) (107,277) Proved oil and gas properties, net 1,305,037 1,286,559 Unproved oil and gas properties 3,488 2,001 Other property and equipment 44,555 48,981 Less: Accumulated depreciation (16,739) (17,109) Other property and equipment, net 27,816 31,872 Total property, plant and equipment, net $ 1,336,341 $ 1,320,432

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations By Statement Of Operations And Balance Sheet	The results of operations reported as discontinued operations in connection with the OMP Merger were as follows for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Revenues Oil and gas revenues $ — $ 471 Purchased oil and gas sales (1) (13,364) (31,685) Midstream revenues 23,271 61,312 Total revenues 9,907 30,098 Operating expenses Lease operating expenses (1) (4,535) (15,804) Midstream expenses 13,224 27,898 Gathering, processing and transportation expenses (1) (3,555) (12,394) Purchased oil and gas expenses (1) (12,506) (30,528) Depreciation, depletion and amortization — 9,220 General and administrative expenses (1) 3,314 324 Total operating expenses (4,058) (21,284) Gain on sale of assets 518,900 — Operating income 532,865 51,382 Other expense Interest expense, net of capitalized interest (3,685) (3,832) Other expense (93) (27) Total other expense (3,778) (3,859) Income from discontinued operations before income taxes 529,087 47,523 Income tax expense (41,222) — Income from discontinued operations, net of income tax 487,865 47,523 Net income attributable to non-controlling interests 2,311 8,327 Income from discontinued operations attributable to Oasis, net of income tax $ 485,554 $ 39,196 __________________ (1) Includes discontinued intercompany eliminations. Condensed Consolidated Balance Sheet The carrying amounts of the major classes of assets and liabilities related to the OMP Merger were as follows for the period presented (in thousands): December 31, 2021 ASSETS Current assets Cash and cash equivalents $ 2,669 Accounts receivable, net 6,509 Inventory 8,541 Prepaid expenses 456 Total current assets of discontinued operations 18,175 Property, plant and equipment Oil and gas properties (successful efforts method) (1) (3,207) Other property and equipment 933,667 Less: accumulated depreciation, depletion and amortization (32,102) Total property, plant and equipment, net 898,358 Operating right-of-use assets 671 Intangible assets 40,277 Goodwill 70,534 Other assets 1,303 Total non-current assets of discontinued operations 1,011,143 Total assets of discontinued operations $ 1,029,318 LIABILITIES Current liabilities Accounts payable $ 43 Revenues and production taxes payable 1,635 Accrued liabilities 36,183 Accrued interest payable 9,296 Current operating lease liabilities 733 Other current liabilities 564 Total current liabilities of discontinued operations 48,454 Long-term debt 644,078 Asset retirement obligations 904 Other liabilities 6,217 Total non-current liabilities of discontinued operations 651,199 Total liabilities of discontinued operations $ 699,653 ___________________________

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliate (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Related Party Transactions and Summarized Financial Information	The following table presents, on a net basis, the lease operating expenses and gathering, processing and transportation expenses incurred with Crestwood for the period presented: Three Months Ended March 31, 2022 (In thousands) Lease operating expenses $ 11,951 Gathering, processing and transportation expenses 10,138 The following table presents summarized financial information of Crestwood for the period presented: Three Months Ended March 31, 2022 (In millions) Revenues $ 1,583.8 Costs of products/services sold 1,364.4 Net income 22.2 Net income attributable to Crestwood Equity Partners LP 12.0

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The Company’s long-term debt consists of the following: March 31, 2022 December 31, 2021 (In thousands) Oasis Credit Facility $ — $ — Oasis Senior Notes 400,000 400,000 Less: unamortized deferred financing costs on Oasis Senior Notes (7,067) (7,476) Total long-term debt, net $ 392,933 $ 392,524

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2022: (In thousands) Balance at December 31, 2021 $ 62,416 Liabilities incurred during period 1 Liabilities settled during period (709) Accretion expense during period 1,188 Liabilities settled through divestitures (3) Balance at March 31, 2022 $ 62,893

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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): Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding: Basic and diluted 19,306 20,000 Anti-dilutive weighted average common shares: Potential common shares 2,977 2,265

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Pending Merger (Details) - Whiting Petroleum Corporation	Mar. 07, 2022$ / shares
Business Acquisition [Line Items]
Dividends to be declared (in dollars per share)	$ 15
Whiting Petroleum Shareholders
Business Acquisition [Line Items]
Convertible common stock, conversion ratio	0.5774
Share price (in dollars per share)	$ 6.25

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 410,174	$ 172,114
Total cash and cash equivalents	410,174	174,783	$ 113,054	$ 20,226
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents classified as held for sale	$ 0	$ 2,669

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Investment in Unconsolidated Affiliate (Details) - OMP Merger - USD ($) $ in Millions	Feb. 01, 2022	Mar. 31, 2022
Crestwood Equity Partners LP
Business Acquisition [Line Items]
Ownership interest acquired		21.00%
Crestwood Equity Partners LP
Business Acquisition [Line Items]
Cash paid	$ 160
Aggregate consideration paid in shares (shares)	20,985,668

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 652,969	$ 325,361
Crude oil revenues
Disaggregation of Revenue [Line Items]
Total revenues	385,908	185,818
Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	122,172	48,165
Natural gas revenues
Disaggregation of Revenue [Line Items]
Total revenues	107,594	59,172
Purchased natural gas sales
Disaggregation of Revenue [Line Items]
Total revenues	37,295	31,980
Other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 226

Inventory - Components of Inven

Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory
Equipment and materials	$ 12,035	$ 12,175
Crude oil inventory	16,276	16,781
Total inventory	28,311	28,956
Long-term inventory
Linefill in third party pipelines	17,510	17,510
Total long-term inventory	17,510	17,510
Total	$ 45,821	$ 46,466

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 508,082	$ 378,916
Less: allowance for credit losses	(3,646)	(1,714)
Total accounts receivable, net	504,436	377,202
Accrued capital costs	53,285	33,085
Accrued lease operating expenses	42,196	29,478
Accrued oil and gas marketing	120,430	35,211
Accrued general and administrative expenses	8,319	13,270
Other accrued liabilities	36,603	39,630
Total accrued liabilities	260,833	150,674
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	442,112	309,756
Joint interest accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	39,082	40,890
Other accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 26,888	$ 28,270

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 678,377	$ 44,865
Total liabilities	520,160	204,729
Commodity derivative instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,284	55
Total liabilities	520,160	204,729
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	61,760	44,810
Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	615,333
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 | Commodity derivative instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 | Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	678,377	44,865
Total liabilities	520,160	204,729
Level 2 | Commodity derivative instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,284	55
Total liabilities	520,160	204,729
Level 2 | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	61,760	44,810
Level 2 | Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	615,333
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 3 | Commodity derivative instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 3 | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	$ 0
Level 3 | Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025USD ($)	Dec. 31, 2024USD ($)	Dec. 31, 2023USD ($)	Mar. 31, 2022USD ($)$ / bbl	Dec. 31, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative credit risk valuation adjustment, derivative liabilities | $				$ 12.3	$ 5.3
Divestitures | Primary Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration, minimum average daily settlement price, requiring additional payment (in dollars per barrel) | $ / bbl				60
Contingent consideration, minimum average daily settlement price, terminating agreement (in dollars per barrel) | $ / bbl				45
Anticipated | Divestitures | Primary Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture | $	$ 25	$ 25	$ 25

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)
Divestitures | Primary Permian Basin Sale
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration	$ 61.8

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) bbl in Thousands, BTU in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)BTU$ / bblbbl
Derivative [Line Items]
Fair Value Liabilities | $	$ (518,876)
Crude oil | 2022 Two-way collar | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	3,728
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	49.47
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	66.56
Fair Value Liabilities | $	$ (108,005)
Crude oil | 2022 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	5,349
Weighted Average Prices (in dollars per barrel / dollars per btu)	70
Fair Value Liabilities | $	$ (132,397)
Crude oil | 2023 Two-way collar | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	4,380
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	45.42
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	65.05
Fair Value Liabilities | $	$ (92,563)
Crude oil | 2023 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	5,265
Weighted Average Prices (in dollars per barrel / dollars per btu)	52.24
Fair Value Liabilities | $	$ (159,835)
Crude oil | 2024 Two-way collar | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	372
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	45
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	64.88
Fair Value Liabilities | $	$ (6,560)
Crude oil | 2024 Fixed price swaps | NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls) | bbl	434
Weighted Average Prices (in dollars per barrel / dollars per btu)	50
Fair Value Liabilities | $	$ (12,053)
Natural gas | 2022 Fixed price swaps | NYMEX HH
Derivative [Line Items]
Volumes (in MMBtu) | BTU	2,730
Weighted Average Prices (in dollars per barrel / dollars per btu)	2.82
Fair Value Liabilities | $	$ (7,463)

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Net loss on derivative instruments	$ (367,922)	$ (181,515)
Contingent consideration
Derivative [Line Items]
Net loss on derivative instruments	16,950	0
Commodity derivatives
Derivative [Line Items]
Net loss on derivative instruments	$ (384,872)	$ (181,515)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	$ 63,044	$ 44,865
Derivative assets, gross amounts offset	0	0
Derivative assets, net amount	63,044	44,865
Commodity derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities, gross amount	533,657	229,827
Derivative liabilities, gross amounts offset	(13,497)	(25,098)
Derivative liabilities, net amount	520,160	204,729
Commodity derivatives | Derivative instruments — non-current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	61,760	55
Derivative assets, gross amounts offset	0	0
Derivative assets, net amount	61,760	55
Commodity derivatives | Derivative instruments — current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, gross amount	317,349	96,172
Derivative liabilities, gross amounts offset	(2,883)	(6,725)
Derivative liabilities, net amount	314,466	89,447
Commodity derivatives | Derivative instruments — non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, gross amount	216,308	133,655
Derivative liabilities, gross amounts offset	(10,614)	(18,373)
Derivative liabilities, net amount	205,694	115,282
Contingent consideration | Derivative instruments — current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	1,284	44,810
Derivative assets, gross amounts offset	0	0
Derivative assets, net amount	$ 1,284	$ 44,810

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 1,455,003	$ 1,393,836
Less: Accumulated depreciation, depletion and amortization	(149,966)	(107,277)
Proved oil and gas properties, net	1,305,037	1,286,559
Unproved oil and gas properties	3,488	2,001
Other property and equipment	44,555	48,981
Less: Accumulated depreciation	(16,739)	(17,109)
Other property and equipment, net	27,816	31,872
Total property, plant and equipment, net	$ 1,336,341	$ 1,320,432

Discontinued Operations - State

Discontinued Operations - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations attributable to Oasis, net of income tax	$ 485,554	$ 39,196
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	9,907	30,098
Lease operating expenses	(4,535)	(15,804)
Gathering, processing and transportation expenses	(3,555)	(12,394)
Depreciation, depletion and amortization	0	9,220
General and administrative expenses	3,314	324
Total operating expenses	(4,058)	(21,284)
Gain on sale of assets	518,900	0
Operating income	532,865	51,382
Interest expense, net of capitalized interest	(3,685)	(3,832)
Other expense	(93)	(27)
Total other expense	(3,778)	(3,859)
Income from discontinued operations before income taxes	529,087	47,523
Income tax expense	(41,222)	0
Income from discontinued operations, net of income tax	487,865	47,523
Net income attributable to non-controlling interests	2,311	8,327
Income from discontinued operations attributable to Oasis, net of income tax	485,554	39,196
Oil and gas | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	0	471
Purchased oil and gas | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	(13,364)	(31,685)
Expenses	(12,506)	(30,528)
Midstream Total | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	23,271	61,312
Expenses	$ 13,224	$ 27,898

Discontinued Operations - Conso

Discontinued Operations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Total current assets of discontinued operations	$ 0	$ 1,029,318
Current liabilities
Total current liabilities of discontinued operations	0	699,653
Discontinued Operations
Current assets
Cash and cash equivalents classified as held for sale	$ 0	2,669
Accounts receivable, net		6,509
Inventory		8,541
Prepaid expenses		456
Total current assets of discontinued operations		18,175
Property, plant and equipment
Oil and gas properties (successful efforts method)		(3,207)
Other property and equipment		933,667
Less: accumulated depreciation, depletion and amortization		(32,102)
Total property, plant and equipment, net		898,358
Operating right-of-use assets		671
Intangible assets		40,277
Goodwill		70,534
Other assets		1,303
Total non-current assets of discontinued operations		1,011,143
Total assets of discontinued operations		1,029,318
Current liabilities
Accounts payable		43
Revenues and production taxes payable		1,635
Accrued liabilities		36,183
Accrued interest payable		9,296
Current operating lease liabilities		733
Other current liabilities		564
Total current liabilities of discontinued operations		48,454
Long-term debt		644,078
Asset retirement obligations		904
Other liabilities		6,217
Total non-current liabilities of discontinued operations		651,199
Total liabilities of discontinued operations		$ 699,653

Discontinued Operations - Cash

Discontinued Operations - Cash Flow Detail (Details) - Discontinued Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash flows from operating activities		$ 9.2
Cash flows from investing activities	$ 6.1	$ 1.1

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliate - Additional Information (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated affiliate, fair value		$ 615,333	$ 615,333	$ 0
OMP Merger
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated affiliate, fair value	$ 568,300	615,300	$ 615,300
Unconsolidated affiliate, unrealized gain		47,000
Unconsolidated affiliate, realized gain		$ 13,100
OMP Merger | Crestwood Equity Partners LP
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired			21.00%
OMP Merger | Crestwood Equity Partners LP
Schedule of Equity Method Investments [Line Items]
Aggregate consideration paid in shares (shares)	20,985,668

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliate - Related Party Transactions (Details) - Crestwood Equity Partners LP $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Related Party Transaction [Line Items]
Due to related parties	$ 53,600
Lease operating expenses
Related Party Transaction [Line Items]
Related party, expense	11,951
Gathering, processing and transportation expenses
Related Party Transaction [Line Items]
Related party, expense	$ 10,138

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliate - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Total revenues	$ 652,969	$ 325,361
Net income	466,003	$ (43,592)
Crestwood Equity Partners LP
Related Party Transaction [Line Items]
Total revenues	1,583,800
Expenses	1,364,400
Net income	22,200
Net income attributable to Crestwood Equity Partners LP	$ 12,000

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 30, 2021	Mar. 22, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment in unconsolidated affiliate, fair value				$ 615,333		$ 0
Simplification Transaction | OMP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cumulative cash distributions		$ 231,500
Ownership interest (in shares)		12,949,644
Oasis Midstream Partners, LP | Bobcat DevCo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage acquired		64.70%
Oasis Midstream Partners, LP | Beartooth DevCo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage acquired		30.00%
OMP Merger
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment in unconsolidated affiliate, fair value	$ 568,300			615,300
OMP Merger | Crestwood Equity Partners LP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid	$ 160,000
Aggregate consideration paid in shares (shares)	20,985,668
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets				518,900	$ 0
Discontinued Operations | OMP Merger
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets				$ 518,900
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 ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt, net	$ 392,933,000	$ 392,524,000
Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000,000	400,000,000
Less: unamortized deferred financing costs on Oasis Senior Notes	$ (7,067,000)	$ (7,476,000)

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0
Letters of credit outstanding	2,400,000
Line of credit facility, remaining borrowing capacity	$ 447,600,000
Weighted average interest rate (as percent)	0.00%		4.30%
Commitment fee rates (percent)	0.50%
Credit Facility | Oasis Credit Facility
Debt Instrument [Line Items]
Elected commitments	$ 1,500,000,000
Credit facility borrowing base	900,000,000
Line of credit facility, current borrowing capacity	450,000,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 400,000,000	$ 400,000,000
Stated interest rate	6.375%
Senior Notes | Level 1
Debt Instrument [Line Items]
Long-term debt, fair value	$ 411,000,000

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 62,416
Liabilities incurred during period	1
Liabilities settled during period	(709)
Accretion expense during period	1,188
Liabilities settled through divestitures	(3)
Balance at end of period	$ 62,893

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) $ in Millions	Mar. 31, 2022USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Total asset retirement obligations, current portion	$ 4.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	8.50%	4.20%
Valuation allowance	$ 321.5		$ 399.8
Decrease in valuation allowance	$ (78.3)

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 4.8	$ 1.7
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expenses	$ 1.9

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Award	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (shares)	0

Equity-Based Compensation - R_2

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Award vesting period	4 years
Awards granted (in shares)	0

Equity-Based Compensation - Per

Equity-Based Compensation - Performance Share Units (Details) - Performance Share Units	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
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
Minimum
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
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) - Leverage Stock Units	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Minimum
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
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%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	May 04, 2022	Mar. 31, 2022	Mar. 31, 2021	Feb. 28, 2022
Dividends Payable [Line Items]
Dividends paid (in dollars per share)		$ 0.585	$ 0.375
Dividends declared (in dollars per share)		$ 3.585	0.375
Stock repurchase program, authorized amount				$ 150,000,000
Repurchase of common stock (in shares)		0
Warrants outstanding (in shares)		1,174,359
Warrants exercised (in shares)		333,617
Exercise price of warrants or rights (in usd per share)		$ 90.57
Subsequent Event
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 0.585
Variable Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)		$ 3	$ 0
Variable Dividends | Subsequent Event
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 2.94

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic (in shares)	19,306	20,000
Weighted average common stock shares outstanding, diluted (in shares)	19,306	20,000
Anti-dilutive weighted average common shares (in shares)	2,977	2,265

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Surety Bond
Commitments and Contingencies [Line Items]
Off-balance sheet commitments	$ 6.7
Credit Facility
Commitments and Contingencies [Line Items]
Letters of credit outstanding	$ 2.4