Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 14, 2020 | |
Document and Entity Information[Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38212 | |
Entity Registrant Name | Oasis Midstream Partners LP | |
Entity Incorporation State | DE | |
Entity Tax Identification Number | 47-1208855 | |
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 units representing limited partner interests | |
Trading Symbol | OMP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001652133 | |
Current Fiscal Year End Date | --12-31 | |
Common Units | ||
Document and Entity Information[Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,061,366 | |
Subordinated Units | ||
Document and Entity Information[Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,750,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 23,901,000 | $ 4,168,000 |
Accounts receivable | 8,429,000 | 5,969,000 |
Accounts receivable – Oasis Petroleum | 74,380,000 | 77,571,000 |
Inventory | 5,267,000 | 0 |
Prepaid expenses | 2,320,000 | 1,923,000 |
Other current assets | 137,000 | 138,000 |
Total current assets | 114,434,000 | 89,769,000 |
Property, plant and equipment | 1,180,191,000 | 1,155,503,000 |
Less: accumulated depreciation, amortization and impairment | (210,918,000) | (98,982,000) |
Total property, plant and equipment, net | 969,273,000 | 1,056,521,000 |
Operating lease right-of-use assets | 4,462,000 | 5,207,000 |
Other assets | 2,894,000 | 3,172,000 |
Total assets | 1,091,063,000 | 1,154,669,000 |
Current liabilities | ||
Accounts payable | 3,168,000 | 2,478,000 |
Accounts payable – Oasis Petroleum | 29,549,000 | 27,139,000 |
Accrued liabilities | 37,852,000 | 50,210,000 |
Accrued interest payable | 26,375,000 | 508,000 |
Current operating lease liabilities | 3,036,000 | 3,005,000 |
Other current liabilities | 600,000 | 594,000 |
Total current liabilities | 100,580,000 | 83,934,000 |
Long-term debt | 487,500,000 | 458,500,000 |
Asset retirement obligations | 1,767,000 | 1,747,000 |
Operating lease liabilities | 1,445,000 | 2,216,000 |
Other liabilities | 3,498,000 | 3,644,000 |
Total liabilities | 594,790,000 | 550,041,000 |
Commitments and contingencies | ||
Equity | ||
General Partner | 1,027,000 | 1,026,000 |
Total partners’ equity | 201,772,000 | 292,370,000 |
Non-controlling interests | 294,501,000 | 312,258,000 |
Total equity | 496,273,000 | 604,628,000 |
Total liabilities and equity | 1,091,063,000 | 1,154,669,000 |
Common Units | ||
Equity | ||
Limited partners | 171,625,000 | 225,339,000 |
Subordinated Units | ||
Equity | ||
Limited partners | $ 29,120,000 | $ 66,005,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common Units | ||
Units issued (shares) | 20,061,366 | 20,045,196 |
Units outstanding (shares) | 20,061,366 | 20,045,196 |
Subordinated Units | ||
Units issued (shares) | 13,750,000 | 13,750,000 |
Units outstanding (shares) | 13,750,000 | 13,750,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues | |||
Total revenues | $ 106,627 | $ 93,852 | [1] |
Operating expenses | |||
Costs of product sales | 8,432 | 8,065 | [1] |
Operating and maintenance | 16,840 | 19,690 | [1] |
Impairment | 101,767 | 0 | [2] |
Depreciation and amortization | 10,197 | 8,991 | [2] |
General and administrative | 8,451 | 8,723 | [1] |
Total operating expenses | 145,687 | 45,469 | [1] |
Operating income (loss) | (39,060) | 48,383 | [1] |
Interest expense, net of capitalized interest | (30,257) | (3,969) | [1] |
Other income (expense) | (42) | 0 | [1] |
Total other expenses, net | (30,299) | (3,969) | [1] |
Net income (loss) | (69,359) | 44,414 | [1] |
Less: Net income attributable to Delaware Predecessor | 0 | 1,075 | [1] |
Less: Net income attributable to non-controlling interests | 2,040 | 21,796 | [1] |
Net income attributable to Oasis Midstream Partners LP | $ (71,399) | $ 21,543 | [1] |
Earnings per limited partner unit | |||
Common units - Basic (in usd per share) | $ (2.14) | $ 0.63 | [1] |
Common units - Diluted (in usd per share) | $ (2.14) | $ 0.63 | [1] |
Common Units | |||
Weighted average number of limited partner units outstanding | |||
Weighted average number of limited partner units outstanding (Basic) (shares) | 20,041 | 20,016 | [1] |
Weighted average number of limited partner units outstanding (Diluted) (shares) | 20,041 | 20,033 | [1] |
General Partner | |||
Operating expenses | |||
Net income (loss) | $ 1,008 | $ 238 | |
Net income attributable to Oasis Midstream Partners LP | 1,008 | 238 | [1] |
Limited Partner | |||
Operating expenses | |||
Net income attributable to Oasis Midstream Partners LP | (72,407) | 21,305 | [1] |
Limited Partner | Common Units | |||
Operating expenses | |||
Net income (loss) | $ (42,947) | $ 12,630 | |
Weighted average number of limited partner units outstanding | |||
Weighted average number of limited partner units outstanding (Basic) (shares) | 20,041 | 20,016 | |
Weighted average number of limited partner units outstanding (Diluted) (shares) | 20,041 | 20,033 | |
Midstream service revenues | |||
Revenues | |||
Total revenues | $ 85,839 | $ 78,189 | |
Midstream service revenues | Oasis Petroleum | |||
Revenues | |||
Total revenues | 81,993 | 77,063 | [1] |
Midstream service revenues | Third Parties | |||
Revenues | |||
Total revenues | 3,846 | 1,127 | [1] |
Product revenues | |||
Revenues | |||
Total revenues | 20,788 | 15,663 | |
Product revenues | Oasis Petroleum | |||
Revenues | |||
Total revenues | 20,788 | 15,652 | [1] |
Product revenues | Third Parties | |||
Revenues | |||
Total revenues | $ 0 | $ 10 | [1] |
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. | ||
[2] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Non-controlling Interests | UnitholdersCommon Units | UnitholdersSubordinated Units | General Partner | ||
Predecessor Equity Beginning Balance at Dec. 31, 2018 | $ 6,227 | ||||||
Beginning balance at Dec. 31, 2018 | 557,672 | $ 312,815 | $ 192,581 | $ 45,937 | $ 112 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Delaware Predecessor capital contributions, net | 4,902 | ||||||
Contributions from non-controlling interests | 2,532 | 2,532 | |||||
Distributions to non-controlling interests | (21,922) | (21,922) | |||||
Distributions to unitholders | (15,320) | (9,020) | (6,188) | (112) | |||
Equity-based compensation | 119 | 119 | |||||
Other | (175) | (2,977) | 2,881 | (79) | |||
Net income | [1] | 1,075 | |||||
Net income (loss) | 44,414 | [1] | 21,796 | 12,630 | 8,675 | 238 | |
Predecessor Equity Ending Balance at Mar. 31, 2019 | 12,204 | ||||||
Ending balance at Mar. 31, 2019 | 572,222 | 312,244 | 199,191 | 48,345 | 238 | ||
Predecessor Equity Beginning Balance at Dec. 31, 2019 | 0 | ||||||
Beginning balance at Dec. 31, 2019 | 604,628 | 312,258 | 225,339 | 66,005 | 1,026 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Contributions from non-controlling interests | 6,167 | 6,167 | |||||
Distributions to non-controlling interests | (25,964) | (25,964) | |||||
Distributions to unitholders | (19,265) | (10,833) | (7,425) | (1,007) | |||
Equity-based compensation | 66 | 66 | |||||
Net income | 0 | ||||||
Net income (loss) | (69,359) | 2,040 | (42,947) | (29,460) | 1,008 | ||
Predecessor Equity Ending Balance at Mar. 31, 2020 | 0 | ||||||
Ending balance at Mar. 31, 2020 | $ 496,273 | $ 294,501 | $ 171,625 | $ 29,120 | $ 1,027 | ||
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (69,359) | $ 44,414 | [1] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 10,197 | 8,991 | [2] |
Impairment | 101,767 | 0 | [2] |
Equity-based compensation expenses | 66 | 119 | [2] |
Deferred financing costs amortization and other | 271 | 191 | [2] |
Working capital and other changes: | |||
Change in accounts receivable | 732 | (444) | [2] |
Change in inventory | (5,267) | 0 | [2] |
Change in prepaid expenses | (397) | 52 | [2] |
Change in accounts payable and accrued liabilities | 23,732 | 3,997 | [2] |
Change in other assets and liabilities, net | (77) | (227) | [2] |
Net cash provided by operating activities | 61,665 | 57,093 | [2] |
Cash flows from investing activities: | |||
Capital expenditures | (31,811) | (55,403) | [2] |
Net cash used in investing activities | (31,811) | (55,403) | [2] |
Cash flows from financing activities: | |||
Capital contributions from Delaware Predecessor, net | 0 | 4,902 | [2] |
Capital contributions from non-controlling interests | 6,167 | 2,532 | [2] |
Distributions to non-controlling interests | (25,964) | (21,922) | [2] |
Distributions to unitholders | (19,265) | (15,320) | [2] |
Deferred financing costs | 0 | (43) | [2] |
Proceeds from revolving credit facility | 29,000 | 32,000 | [2] |
Principal payments on revolving credit facility | 0 | (5,000) | [2] |
Other | (59) | (229) | [2] |
Net cash used in financing activities | (10,121) | (3,080) | [2] |
Increase (decrease) in cash and cash equivalents | 19,733 | (1,390) | [2] |
Beginning of period | 4,168 | 6,649 | [2] |
End of period | 23,901 | 5,259 | [2] |
Supplemental non-cash transactions: | |||
Change in accrued capital expenditures | (7,123) | 766 | [2] |
Change in asset retirement obligations | $ 20 | $ 17 | [2] |
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. | ||
[2] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations Organization. Oasis Midstream Partners LP (the “Partnership”) is a growth-oriented, fee-based master limited partnership formed by its sponsor, Oasis Petroleum Inc. (together with its wholly-owned subsidiaries, “Oasis Petroleum”) to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the crude oil and natural gas operations of Oasis Petroleum and are strategically positioned to capture volumes from other producers. The Partnership conducts its business through its ownership of development companies: Bighorn DevCo LLC (“Bighorn DevCo”), Bobcat DevCo LLC (“Bobcat DevCo”), Beartooth DevCo LLC (“Beartooth DevCo”) and Panther DevCo LLC (“Panther DevCo” and collectively with Bighorn DevCo, Bobcat DevCo and Beartooth DevCo, the “DevCos”). Bobcat DevCo and Beartooth DevCo are jointly-owned with Oasis Petroleum through its wholly-owned subsidiary Oasis Midstream Services LLC (“OMS”). As of March 31, 2020, the Partnership’s assets and ownership interests in the DevCos were as follows: DevCos Areas Served Service Lines Partnership Ownership Bighorn DevCo Wild Basin – Natural gas processing – Crude oil stabilization – Crude oil blending – Crude oil and natural gas liquids storage – Crude oil transportation 100.0% Bobcat DevCo Wild Basin – Natural gas gathering – Natural gas compression – Gas lift – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal 35.3% Beartooth DevCo Alger – Produced and flowback water gathering – Produced and flowback water disposal – Freshwater supply and distribution 70.0% Panther DevCo Delaware Basin – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal 100% Nature of business. The Partnership generates the majority of its revenues through 15 -year, fee-based contractual arrangements with Oasis Petroleum for midstream services. These services include (i) gas gathering, compression, processing, gas lift and natural gas liquids (“NGLs”) storage services; (ii) crude oil gathering, stabilization, blending, storage and transportation services; (iii) produced and flowback water gathering and disposal services; and (iv) freshwater supply and distribution services. The revenue earned from these services is generally directly related to the volume of natural gas, crude oil, produced and flowback water and freshwater that flows through the Partnership’s systems. The Partnership’s operations are supported by significant acreage dedications from Oasis Petroleum. In addition, the Partnership is party to a number of third-party agreements across all of its DevCos in which the Partnership has the right to provide its full suite of midstream services to support existing and future third-party volumes. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements of the Partnership have not been audited by the Partnership’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2019 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for fair statement of the Partnership’s financial position have been included. Management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Partnership’s audited consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). 2019 Delaware Acquisition. On November 1, 2019, the Partnership entered into an agreement with Oasis Petroleum, pursuant to which Oasis Petroleum, through OMS (the “Delaware Predecessor”), agreed to assign to Panther DevCo, certain crude oil gathering and produced and flowback water gathering and disposal assets in the Delaware Basin (the “2019 Delaware Acquisition”). The 2019 Delaware Acquisition was accounted for as a transfer of net assets between entities under common control. As a result, the unaudited condensed consolidated financial statements for the period prior to the effective date of November 1, 2019 have been recast. These unaudited condensed consolidated financial statements include the results of the Delaware Predecessor for the three months ended March 31, 2019, which was prepared from Oasis Petroleum’s historical cost-basis accounts and may not necessarily be indicative of the actual results had the Partnership owned the assets during the reported period. Consolidation The Partnership’s condensed consolidated financial statements include its accounts and the accounts of the DevCos, each of which is controlled by OMP GP LLC (the “General Partner”). All intercompany balances and transactions have been eliminated upon consolidation. Variable interest entity. The Partnership determined that Bobcat DevCo is a variable interest entity (“VIE”), since OMS’s equity at risk was established with non-substantive voting rights. As the Partnership has the authority to direct the activities that most significantly affect the economic performance of Bobcat DevCo, the Partnership is considered the primary beneficiary and consolidates Bobcat DevCo in its financial statements under the VIE consolidation model. The Partnership determined that Bighorn DevCo, Beartooth DevCo and Panther DevCo are not VIEs and consolidates these entities in its financial statements under the voting interest consolidation model. Non-controlling interests. The non-controlling interests represent OMS’s retained ownership interests in Bobcat DevCo and Beartooth DevCo of 64.7% and 30%, respectively, as of March 31, 2020. Risks and Uncertainties Concentrations of market and credit risk. The Partnership has limited direct exposure to risks associated with fluctuating commodity prices due to the nature of its business and its long-term, fixed-fee contractual arrangements with its existing customers, including Oasis Petroleum. However, to the extent that the Partnership’s future contractual arrangements with customers, including Oasis Petroleum or third parties, do not provide for fixed-fee structures, the Partnership may become subject to more substantial direct commodity price risk. In addition, in response to a prolonged low commodity price environment, the Partnership’s customers could seek to amend existing contractual arrangements to reduce the volumetric fees the Partnership charges. Additionally, as a substantial majority of the Partnership’s revenues are derived from Oasis Petroleum, the Partnership is indirectly subject to risks associated with fluctuating commodity prices to the extent that lower commodity prices adversely affect Oasis Petroleum’s production, drilling schedule or financial condition. The markets for crude oil, natural gas and NGLs have been volatile, especially over the last several months and years. In recent weeks, crude oil and NGL prices have weakened to historical lows as a result of the impacts of the recent actions of Saudi Arabia and Russia and the global novel coronavirus 2019 (“COVID-19”) pandemic. Based on the current commodity price environment, Oasis Petroleum has expressed substantial doubt about its ability to continue to operate as a going concern. The Partnership is largely dependent on Oasis Petroleum as its most significant customer, and financial distress at Oasis Petroleum could have a material adverse effect on the Partnership’s results of operations. COVID-19. The Partnership considered the impact of the COVID-19 pandemic on the assumptions and estimates used by management in the unaudited condensed consolidated financial statements for the reporting periods presented. As a result of lower forecasted throughput volumes driven by the significant decline in commodity prices, the Partnership recognized material asset impairment charges as of March 31, 2020 (see Note 6 — Property, Plant and Equipment). Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, heightened by the possibility of unforeseen additional impacts from COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could affect amounts reported in the financial statements in the near term. Significant Accounting Policies There have been no material changes to the Partnership’s critical accounting policies and estimates from those disclosed in the 2019 Annual Report, other than as noted below. Financial Instruments - Credit Losses. On January 1, 2020, the Partnership adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects estimated credit losses expected over the life of an exposure and requires consideration of historical data, current market conditions and reasonable and supportable forecasts to develop credit loss estimates. In accordance with ASU 2016-13, the Partnership uses the expected credit loss methodology to measure impairment of financial instruments, including accounts receivable, which may result in earlier recognition of credit losses than under previous GAAP. ASU 2016-13 does not apply to receivables between entities under common control. The adoption of ASU 2016-13 did not have a material impact on the Partnership's financial position, cash flows or results of operations. Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP guidance to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Partnership is currently evaluating its contracts and the optional expedients provided by ASU 2020-04 and the impact the new standard will have on its condensed consolidated financial statements and related disclosures. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of revenues The following table presents revenues associated with contracts with customers for the periods presented: Three Months Ended March 31, 2020 2019 (1) (In thousands) Service revenues Crude oil and natural gas revenues $ 53,977 $ 48,617 Produced and flowback water revenues 31,862 29,572 Total service revenues 85,839 78,189 Product revenues Natural gas and NGL revenues 14,436 10,218 Freshwater revenues 6,352 5,445 Total product revenues 20,788 15,663 Total revenues $ 106,627 $ 93,852 ___________________ (1) Retrospectively adjusted for the transfer of net assets between entities under common control. Prior period performance obligations The Partnership records revenue when the performance obligations under the terms of its customer contracts are satisfied. The Partnership measures the satisfaction of its performance obligations using the output method based upon the volume of crude oil, natural gas or water that flows through its systems. In certain cases, the Partnership 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. Such differences have historically not been significant. For the three months ended March 31, 2020 and 2019, revenue recognized related to performance obligations satisfied in prior reporting periods was not material. Contract balances Contract balances are the result of timing differences between revenue recognition, billings and cash collections. Contract liabilities are recorded for consideration received from customers primarily related to (i) temporary deficiency quantities under minimum volume commitments which are recognized as revenue when the customer makes up the volumes or the deficiency makeup period expires and (ii) aid in construction payments received from customers which are recognized as revenue over the expected period of future benefit. The Partnership does not recognize contract assets or contract liabilities under its customer contracts for which invoicing occurs once the Partnership’s performance obligations have been satisfied and payment is unconditional. Contract liabilities are classified as current or long-term based on the timing of when the Partnership expects to recognize revenue. The following table summarizes the changes in contract liabilities for the three months ended March 31, 2020: (In thousands) Balance at December 31, 2019 $ 3,681 Cash received — Revenue recognized (147) Balance at March 31, 2020 $ 3,534 Remaining performance obligations The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of March 31, 2020 : (In thousands) 2020 (excluding three months ended March 31, 2020) $ 12,403 2021 18,580 2022 18,301 2023 12,624 2024 11,874 Thereafter 2,768 Total $ 76,550 The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations. The Partnership has elected practical expedients, pursuant to Accounting Standards Codification 606, Revenue from Contracts with Customers , to exclude from the presentation of remaining performance obligations: (i) contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a series of distinct services and (ii) contracts with an original expected duration of one year or less. |
Transactions with Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Transactions with Affiliates Revenues. The Partnership generates the majority of its revenues through 15-year, fee-based contractual arrangements with wholly-owned subsidiaries of Oasis Petroleum for midstream services as described in Note 1 — Organization and Nature of Operations. In addition, the Partnership sells the residue gas and NGLs recovered from its gas processing plants attributable to its third party natural gas purchase agreements to Oasis Petroleum to market and sell to non-affiliated purchasers. Oasis Petroleum has expressed substantial doubt about its ability to continue to operate as a going concern, and financial distress at Oasis Petroleum could have a material adverse effect on the Partnership’s results of operations (see Note 2 — Summary of Significant Accounting Policies). Expenses. Oasis Petroleum provides substantial labor and overhead support for the Partnership pursuant to a 15-year services and secondment agreement. Oasis Petroleum performs centralized corporate, general and administrative services for the Partnership, such as legal, corporate recordkeeping, planning, budgeting, regulatory, accounting, billing, business development, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, investor relations, cash management and banking, payroll, internal audit, tax and engineering. Oasis Petroleum has also seconded to the Partnership certain of its employees to operate, construct, manage and maintain its assets. The Partnership reimburses Oasis Petroleum for direct and allocated general and administrative expenses incurred by Oasis Petroleum for the provision of these services. The expenses of executive officers and non-executive employees of Oasis Petroleum are allocated to the Partnership based on the amount of time spent managing its business and operations. The Partnership’s general and administrative expenses include $7.6 million and $7.8 million from affiliate transactions with Oasis Petroleum for the three months ended March 31, 2020 and 2019, respectively. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: March 31, 2020 December 31, 2019 (In thousands) Accrued capital costs $ 25,982 $ 33,105 Accrued operating expenses 11,629 12,149 Other accrued liabilities 241 4,956 Total accrued liabilities $ 37,852 $ 50,210 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: March 31, 2020 December 31, 2019 (In thousands) Pipelines $ 535,689 $ 523,576 Natural gas processing plants 298,918 296,609 Produced and flowback water facilities 123,886 121,797 Compressor stations 158,681 143,276 Other property and equipment 34,505 34,231 Construction in progress 28,512 36,014 Total property, plant and equipment 1,180,191 1,155,503 Less: accumulated depreciation, amortization and impairment (210,918) (98,982) Total property, plant and equipment, net $ 969,273 $ 1,056,521 Long-lived asset impairment . Property, plant and equipment is stated at the lower of historical cost less accumulated depreciation or fair value if impaired. The Partnership routinely evaluates the existence of triggering events which could indicate the carrying amount of its property, plant and equipment may not be recoverable. Impairment indicators include, but are not limited to, sustained decreases in commodity prices, a decline in customer well results and lower throughput forecasts, changes in customer development plans and/or increases in construction or operating costs. The Partnership determined that lower forecasted throughput volumes, resulting from changes to customers’ development plans due to expected sustained significant decreases in commodity prices, which began during the first quarter of 2020, was an impairment indicator that required an assessment of the carrying amount of its asset groups for recoverability. As of March 31, 2020, the Partnership completed a Step 1 impairment analysis by comparing the undiscounted future cash flows to the carrying amounts for each of its crude oil, natural gas, freshwater and produced and flowback water asset groups in the Williston Basin and the Delaware Basin. The Partnership determined the carrying amounts of its crude oil and freshwater asset groups in the Williston Basin and its crude oil and produced and flowback water asset groups in the Delaware Basin were not recoverable. Accordingly, the Partnership recorded impairment charges of $101.8 million. In the Williston Basin, the Partnership recorded an impairment charge of $35.8 million related to its crude oil asset group and $33.1 million related to its freshwater asset group. In the Delaware Basin, the Partnership recorded an impairment charge of $17.9 million related to its crude oil asset group and $15.0 million related to its produced and flowback water asset group. If commodity prices continue to decline or remain at depressed levels for a prolonged period of time, if there are shut-ins of production from the Partnership’s customers’ existing producing wells or if there are significant changes in the future development plans of the Partnership’s customers, including Oasis Petroleum, to the extent they affect the Partnership’s operations, such circumstances may necessitate assessment of the carrying amount of the Partnership’s affected assets for recoverability and may result in additional impairment charges in the future. If the United States oil and gas industry continues to experience an imbalance of supply and demand as it endured during the first quarter of 2020, it is likely that the Partnership’s operations will be so affected and future impairment charges will be incurred. Fair value measurements. Impairment expense was measured as the excess of the asset group’s carrying amount over its estimated fair value. Fair value was measured using a discounted cash flow model using Level 3 inputs. The inputs used are subject to management’s judgment and expertise and include, but are not limited to, estimated throughput volumes, estimated fixed and variable operating costs, estimated capital costs, estimated useful life of the asset group and discount rate. The estimated future cash flows were discounted at a market-based weighted average cost of capital of 10.4%. Fair value |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Partnership has a revolving credit facility among OMP Operating LLC (“OMP Operating”) as borrower, Wells Fargo Bank, N.A., as Administrative Agent (the “Administrative Agent”) and the lenders party thereto (as amended, the “Revolving Credit Facility”), which matures on September 25, 2022. The Revolving Credit Facility is available to fund working capital and to finance acquisitions and other capital expenditures of the Partnership. As of March 31, 2020, the aggregate commitments under the Revolving Credit Facility were $575.0 million. At March 31, 2020, the Partnership had $487.5 million of borrowings outstanding under the Revolving Credit Facility, at a weighted average interest rate of 2.9%, excluding impacts of an additional interest charge pursuant to the Limited Waiver (defined below), and an outstanding letter of credit of $1.7 million, resulting in unused borrowing capacity of $85.8 million. At December 31, 2019, the Partnership had $458.5 million of borrowings outstanding under the Revolving Credit Facility, at a weighted average interest rate of 3.8%, and an outstanding letter of credit of $1.7 million. The unused portion of the Revolving Credit Facility is subject to a commitment fee ranging from 0.375% to 0.500%. The fair value of the Revolving Credit Facility approximates book value since borrowings under the Revolving Credit Facility bear interest at rates which are tied to current market rates. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | InventoryInventory consists primarily of spare parts and equipment related to midstream infrastructure. Inventory is stated at the lower of cost and net realizable value with cost determined on an average cost method. The Partnership assesses the carrying value of inventory and uses estimates and judgment when making any adjustments necessary to reduce the carrying value to net realizable value. The carrying value of the Partnership’s inventory was $5.3 million at March 31, 2020. The Partnership had no inventory at December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Partnership has various contractual obligations in the normal course of its operations. Included below is a description of the Partnership’s various future commitments as of March 31, 2020. Volume commitment agreements. As of March 31, 2020, the Partnership had certain agreements with an aggregate requirement to either deliver or purchase a minimum quantity of approximately 9.9 million barrels of water, prior to any applicable volume credits, within specified timeframes, all of which are ten years or less. The estimable future commitments under these agreements were approximately $6.1 million as of March 31, 2020. The commitments under these arrangements are not recorded in the accompanying Condensed Consolidated Balance Sheet as of March 31, 2020. Subsequent to March 31, 2020, the Partnership entered into new agreements to deliver, transport or purchase crude oil volumes within specified timeframes, all of which are ten years or less. The estimable future commitments under these volume commitment agreements were approximately $13.2 million. Litigation. The Partnership is party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. When the Partnership determines that a loss is probable of occurring and is reasonably estimable, the Partnership accrues an undiscounted liability for such contingencies based on its best estimate using information available at the time. The Partnership discloses contingencies where an adverse outcome may be material, or where in the judgment of management, the matter should otherwise be disclosed. Mirada litigation. On March 23, 2017, Mirada Energy, LLC, Mirada Wild Basin Holding Company, LLC and Mirada Energy Fund I, LLC (collectively, “Mirada”) filed a lawsuit against Oasis Petroleum, Oasis Petroleum North America LLC (“OPNA”), and OMS, seeking monetary damages in excess of $100 million, declaratory relief, attorneys’ fees and costs ( Mirada Energy, LLC, et al. v. Oasis Petroleum North America LLC, et al. ; in the 334th Judicial District Court of Harris County, Texas; Case Number 2017-19911). Mirada asserts that it is a working interest owner in certain acreage owned and operated by Oasis Petroleum in Wild Basin. Specifically, Mirada asserts that Oasis Petroleum has breached certain agreements by: (1) failing to allow Mirada to participate in Oasis Petroleum’s midstream operations in Wild Basin; (2) refusing to provide Mirada with information that Mirada contends is required under certain agreements and failing to provide information in a timely fashion; (3) failing to consult with Mirada and failing to obtain Mirada’s consent prior to drilling more than one well at a time in Wild Basin; and (4) overstating the estimated costs of proposed well operations in Wild Basin. Mirada seeks a declaratory judgment that Oasis Petroleum be removed as operator in Wild Basin at Mirada’s election and that Mirada be allowed to elect a new operator; certain agreements apply to Oasis Petroleum and Mirada and Wild Basin with respect to this dispute; Oasis Petroleum be required to provide all information within its possession regarding proposed or ongoing operations in Wild Basin; and Oasis Petroleum not be permitted to drill, or propose to drill, more than one well at a time in Wild Basin without obtaining Mirada’s consent. Mirada also seeks a declaratory judgment with respect to Oasis Petroleum’s current midstream operations in Wild Basin. Specifically, Mirada seeks a declaratory judgment that Mirada has a right to participate in Oasis Petroleum’s Wild Basin midstream operations, consisting of produced and flowback water disposal, crude oil gathering and natural gas gathering and processing; that, upon Mirada’s election to participate, Mirada is obligated to pay its proportionate costs of Oasis Petroleum’s midstream operations in Wild Basin; and that Mirada would then be entitled to receive a share of revenues from the midstream operations and would not be charged any amount for its use of these facilities for production from the “Contract Area.” On June 30, 2017, Mirada amended its original petition to add a claim that Oasis Petroleum has breached certain agreements by charging Mirada for midstream services provided by its affiliates and to seek a declaratory judgment that Mirada is entitled to be paid its share of total proceeds from the sale of hydrocarbons received by OPNA or any affiliate of OPNA without deductions for midstream services provided by OPNA or its affiliates. On February 2, 2018 and February 16, 2018, Mirada filed a second and third amended petition, respectively. In these filings, Mirada alleged new legal theories for being entitled to enforce the underlying contracts, and added Bighorn DevCo, Bobcat DevCo and Beartooth DevCo as defendants, asserting that these entities were created in bad faith in an effort to avoid contractual obligations owed to Mirada. On March 2, 2018, Mirada filed a fourth amended petition that described Mirada’s alleged ownership and assignment of interests in assets purportedly governed by agreements at issue in the lawsuit. On August 31, 2018, Mirada filed a fifth amended petition that added the Partnership as a defendant, asserting that it was created in bad faith in an effort to avoid contractual obligations owed to Mirada. On July 2, 2019, Oasis Petroleum, OPNA, OMS, the Partnership, Bighorn DevCo, Bobcat DevCo and Beartooth DevCo (collectively “Oasis Entities”) counterclaimed against Mirada for a judgment declaring that Oasis Entities are not obligated to purchase, manage, gather, transport, compress, process, market, sell or otherwise handle Mirada’s proportionate share of oil and gas produced from OPNA-operated wells. The counterclaim also seeks attorney’s fees, costs and expenses. On November 1, 2019, Mirada filed a sixth amended petition that stated that Mirada seeks in excess of $200 million in damages and asserted that OMS is an agent of OPNA and OPNA, OMS, the Partnership, Bighorn DevCo, Bobcat DevCo and Beartooth DevCo are agents of Oasis Petroleum. Mirada also changed its allegation that it may elect a new operator for the subject wells to instead allege that Mirada may remove Oasis Petroleum as operator. On November 1, 2019, the Oasis Entities amended their counterclaim against Mirada for a judgment declaring that a provision in one of the agreements does not incorporate by reference any provisions in a certain participation agreement and joint operating agreement. The additional counterclaim also seeks attorney’s fees, costs and expenses. On the same day, the Oasis Entities filed an amended answer asserting additional defenses against Mirada’s claims. On March 13, 2020, Mirada filed a seventh amended petition that did not assert any new causes of action and did not add any new parties. Mirada did add an allegation that Oasis Petroleum breached its implied duty of good faith and fair dealing with respect to certain contracts. On April 30, 2020, Mirada abandoned its prior claims related to overstating the estimated costs of proposed well operations in Wild Basin. At this point, it is unclear what impact this has on damages because Mirada asserts that its information and failure to consult and obtain consent claims result in the same damages as its abandoned estimated costs claim. Oasis Petroleum and the Partnership believe that Mirada’s claims are without merit, that Oasis Petroleum has complied with its obligations under the applicable agreements and that some of Mirada’s claims are grounded in agreements that do not apply to Oasis Petroleum. Oasis Petroleum filed answers denying all of Mirada’s claims and intends and continues to vigorously defend against Mirada’s claims. Discovery is ongoing, and each of the parties has made a number of procedural filings and motions, and additional filings and motions can be expected over the course of the claim. Trial is scheduled for October 2020. Neither the Partnership nor Oasis Petroleum can predict or guarantee the ultimate outcome or resolution of such matter. If such matter were to be determined adversely to the Partnership’s or Oasis Petroleum’s interests, or if the Partnership or Oasis Petroleum were forced to settle such matter for a significant amount, such resolution or settlement could have a material adverse effect on the Partnership's business, financial condition, results of operations and cash flows. Such an adverse determination could materially impact Oasis Petroleum’s ability to operate its properties in Wild Basin or develop its identified drilling locations in Wild Basin on its current development schedule. A determination that Mirada has a right to participate in Oasis Petroleum’s midstream operations could materially reduce the interests of Oasis Petroleum and the Partnership in the Partnership’s current assets and future midstream opportunities and related revenues in Wild Basin. Under the Omnibus Agreement the Partnership entered into with Oasis Petroleum in connection with the closing of the initial public offering, Oasis Petroleum agreed to indemnify the Partnership for any losses resulting from this litigation. However, the Partnership cannot guarantee that such indemnity will fully protect the Partnership from the adverse consequences of any adverse ruling. Solomon litigation. On or about August 28, 2019, Oasis Petroleum LLC, a wholly-owned subsidiary of Oasis Petroleum (“OP LLC”), was named as a defendant in the lawsuit styled Andrew Solomon, on behalf of himself and those similarly situated vs. Oasis Petroleum, LLC , pending in the United States District Court for the District of North Dakota. The lawsuit alleged violations of the federal Fair Labor Standards Act (the “FLSA”) and Title 29 of the North Dakota Century Code (“Title 29”) as the result of OP LLC’s alleged practice of paying the plaintiff and similarly situated current and former employees overtime at rates less than required by applicable law, or failing to pay for certain overtime hours worked. The lawsuit requested that: (i) its federal claims be advanced as a collective action, with a class of all operators, technicians and all other employees in substantially similar positions employed by OP LLC who were paid hourly for at least one week during the three year period prior to the commencement of the lawsuit, who worked 40 or more hours in at least one workweek and/or eight or more hours on at least one workday; and (ii) its state claims be advanced as a class action, with a class of all operators, technicians, and all other employees in substantially similar positions employed by OP LLC in North Dakota during the two year period prior to the commencement of the lawsuit, who worked 40 or more hours in at least one workweek and/or worked eight or more hours in a day on at least one workday. No motion has been filed for class certification, and the Partnership cannot predict whether such motion will be filed or a class certified. Oasis Petroleum believes that Mr. Solomon’s claims are without merit and that OP LLC has complied with its obligations under the FLSA and Title 29. OP LLC has filed an answer denying all of Mr. Solomon’s claims and intends to vigorously defend against the claims. The Partnership cannot predict or guarantee the ultimate outcome or resolutions of such matter. If such matter were to be determined adversely to Oasis Petroleum’s interests, or if Oasis Petroleum were forced to settle such matter for a significant amount, such resolution or settlement could have a material adverse effect on the Partnership’s business, financial condition, results of operations or cash flows. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation The Oasis Midstream Partners LP 2017 Long Term Incentive Plan (“LTIP”) provides for the grant, at the discretion of the Board of Directors of the General Partner, of options, unit appreciation rights, restricted units, phantom units, and other unit or cash-based awards. The purpose of awards under the LTIP is to provide additional incentive compensation to individuals providing services to the Partnership and to align the economic interests of such individuals with the interests of the Partnership’s unitholders. As of March 31, 2020, the aggregate number of common units that may be issued pursuant to any and all awards under the LTIP was equal to 2,793,360 common units. Restricted unit awards. The Partnership has granted to independent directors of the General Partner restricted unit awards under the LTIP, which vest over a one year period. These awards are accounted for as equity-classified awards since the awards will settle in common units upon vesting. Equity-based compensation expense is accounted for under the fair value method in accordance with GAAP. Under the fair value method for equity-classified awards, equity-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the vesting period. |
Partnership Equity and Distribu
Partnership Equity and Distributions | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Partnership Equity and Distributions | Partnership Equity and Distributions The following table details the distributions paid in respect of each period in which the distributions were earned for the following periods: Distributions Limited Partners General Partner Period Record Date Distribution Date Distribution per limited partner unit Common units Subordinated units IDRs (In thousands) Q1 2019 May 17, 2019 May 29, 2019 $0.470 $ 9,421 $ 6,463 $ 238 Q2 2019 August 16, 2019 August 28, 2019 $0.490 9,822 6,738 463 Q3 2019 November 15, 2019 November 27, 2019 $0.515 10,323 7,081 745 Q4 2019 February 13, 2020 February 27, 2020 $0.540 10,833 7,425 1,027 Cash distributions. On May 18, 2020, the Board of Directors of the General Partner declared the quarterly cash distribution for the first quarter of 2020 of $0.540 per unit. This distribution will be payable on June 8, 2020, to unitholders of record as of May 28, 2020. In addition, the General Partner will receive a cash distribution of $1.0 million attributable to the incentive distribution rights (“IDRs”) related to the earnings for the first quarter of 2020. |
Earnings (Loss) Per Limited Par
Earnings (Loss) Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Limited Partner Unit | Earnings (Loss) Per Limited Partner Unit Earnings (loss) per limited partner unit is computed by dividing the respective limited partners’ interest in earnings (loss) attributable to the Partnership by the weighted average number of common and subordinated units outstanding. Because there is more than one class of participating securities, the Partnership uses the two-class method when calculating earnings (loss) per limited partner unit. The classes of participating securities include common units, subordinated units and IDRs. Diluted earnings (loss) per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the LTIP, were exercised, settled or converted into common units. When it is determined that potential common units should be included in diluted net income (loss) per limited partner unit calculation, the impact is reflected by applying the treasury stock method. There are no adjustments made to net income (loss) attributable to Oasis Midstream Partners LP in the calculation of diluted earnings (loss) per unit. Diluted weighted average limited partner units outstanding includes the dilutive effect of unvested restricted unit awards (see Note 10 — Equity-Based Compensation). For the three months ended March 31, 2020, the Partnership incurred a net loss, and therefore the diluted loss per share calculation for the period excludes the anti-dilutive effect of unvested restricted unit awards. The following is a calculation of the basic and diluted weighted average units outstanding for the periods presented: Three Months Ended March 31, 2020 2019 (In thousands) Basic weighted average common units outstanding 20,041 20,016 Dilutive effect of restricted awards — 17 Diluted weighted average common units outstanding 20,041 20,033 The following tables present the calculation of earnings (loss) per limited partner unit under the two-class method for each period presented: Three Months Ended March 31, 2020 General Partner Limited Partners IDRs Common units Subordinated units Total (In thousands, except per unit data) Net income (loss) attributable to Oasis Midstream Partners LP Distribution declared $ 1,027 $ 10,833 $ 7,425 $ 19,285 Undistributed loss attributable to Oasis Midstream Partners LP — (53,784) (36,900) (90,684) Net income (loss) attributable to Oasis Midstream Partners LP $ 1,027 $ (42,951) $ (29,475) $ (71,399) Weighted average limited partners units outstanding Basic 20,041 Diluted 20,041 Net loss attributable to Oasis Midstream Partners LP per limited partner unit Basic $ (2.14) Diluted (2.14) Anti-dilutive restricted units 10 Three Months Ended March 31, 2019 General Partner Limited Partners IDRs Common units Subordinated units Total (In thousands, except per unit data) Net income attributable to Oasis Midstream Partners LP Distribution declared $ 238 $ 9,421 $ 6,463 $ 16,122 Undistributed earnings attributable to Oasis Midstream Partners LP — 3,214 2,207 5,421 Net income attributable to Oasis Midstream Partners LP $ 238 $ 12,635 $ 8,670 $ 21,543 Weighted average limited partners units outstanding Basic 20,016 Diluted 20,033 Net income attributable to Oasis Midstream Partners LP per limited partner unit Basic $ 0.63 Diluted 0.63 Anti-dilutive restricted units 9 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of the Partnership have not been audited by the Partnership’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2019 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for fair statement of the Partnership’s financial position have been included. Management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Partnership’s audited consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). 2019 Delaware Acquisition. On November 1, 2019, the Partnership entered into an agreement with Oasis Petroleum, pursuant to which Oasis Petroleum, through OMS (the “Delaware Predecessor”), agreed to assign to Panther DevCo, certain crude oil gathering and produced and flowback water gathering and disposal assets in the Delaware Basin (the “2019 Delaware Acquisition”). The 2019 Delaware Acquisition was accounted for as a transfer of net assets between entities under common control. As a result, the unaudited condensed consolidated financial statements for the period prior to the effective date of November 1, 2019 have been recast. These unaudited condensed consolidated financial statements include the results of the Delaware Predecessor for the three months ended March 31, 2019, which was prepared from Oasis Petroleum’s historical cost-basis accounts and may not necessarily be indicative of the actual results had the Partnership owned the assets during the reported period. |
Consolidation | Consolidation The Partnership’s condensed consolidated financial statements include its accounts and the accounts of the DevCos, each of which is controlled by OMP GP LLC (the “General Partner”). All intercompany balances and transactions have been eliminated upon consolidation. Variable interest entity. The Partnership determined that Bobcat DevCo is a variable interest entity (“VIE”), since OMS’s equity at risk was established with non-substantive voting rights. As the Partnership has the authority to direct the activities that most significantly affect the economic performance of Bobcat DevCo, the Partnership is considered the primary beneficiary and consolidates Bobcat DevCo in its financial statements under the VIE consolidation model. The Partnership determined that Bighorn DevCo, Beartooth DevCo and Panther DevCo are not VIEs and consolidates these entities in its financial statements under the voting interest consolidation model. |
Non-controlling interests | Non-controlling interests. The non-controlling interests represent OMS’s retained ownership interests in Bobcat DevCo and Beartooth DevCo of 64.7% and 30%, respectively, as of March 31, 2020. |
Concentrations of market and credit risk | Concentrations of market and credit risk. The Partnership has limited direct exposure to risks associated with fluctuating commodity prices due to the nature of its business and its long-term, fixed-fee contractual arrangements with its existing customers, including Oasis Petroleum. However, to the extent that the Partnership’s future contractual arrangements with customers, including Oasis Petroleum or third parties, do not provide for fixed-fee structures, the Partnership may become subject to more substantial direct commodity price risk. In addition, in response to a prolonged low commodity price environment, the Partnership’s customers could seek to amend existing contractual arrangements to reduce the volumetric fees the Partnership charges. Additionally, as a substantial majority of the Partnership’s revenues are derived from Oasis Petroleum, the Partnership is indirectly subject to risks associated with fluctuating commodity prices to the extent that lower commodity prices adversely affect Oasis Petroleum’s production, drilling schedule or financial condition. The markets for crude oil, natural gas and NGLs have been volatile, especially over the last several months and years. In recent weeks, crude oil and NGL prices have weakened to historical lows as a result of the impacts of the recent actions of Saudi Arabia and Russia and the global novel coronavirus 2019 (“COVID-19”) pandemic. Based on the current commodity price environment, Oasis Petroleum has expressed substantial doubt about its ability to continue to operate as a going concern. The Partnership is largely dependent on Oasis Petroleum as its |
CORVID-19 | COVID-19. The Partnership considered the impact of the COVID-19 pandemic on the assumptions and estimates used by management in the unaudited condensed consolidated financial statements for the reporting periods presented. As a result of lower forecasted throughput volumes driven by the significant decline in commodity prices, the Partnership recognized material asset impairment charges as of March 31, 2020 (see Note 6 — Property, Plant and Equipment). Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, heightened by the possibility of unforeseen additional impacts from COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could affect amounts reported in the financial statements in the near term. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the Partnership’s critical accounting policies and estimates from those disclosed in the 2019 Annual Report, other than as noted below. Financial Instruments - Credit Losses. On January 1, 2020, the Partnership adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects estimated credit losses expected over the life of an exposure and requires consideration of historical data, current market conditions and reasonable and supportable forecasts to develop credit loss estimates. In accordance with ASU 2016-13, the Partnership uses the expected credit loss methodology to measure impairment of financial instruments, including accounts receivable, which may result in earlier recognition of credit losses than under previous GAAP. ASU 2016-13 does not apply to receivables between entities under common control. The adoption of ASU 2016-13 did not have a material impact on the Partnership's financial position, cash flows or results of operations. Recent Accounting Pronouncements Reference Rate Reform. In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP guidance to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Partnership is currently evaluating its contracts and the optional expedients provided by ASU 2020-04 and the impact the new standard will have on its condensed consolidated financial statements and related disclosures. |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Ownership Interests in DevCos | As of March 31, 2020, the Partnership’s assets and ownership interests in the DevCos were as follows: DevCos Areas Served Service Lines Partnership Ownership Bighorn DevCo Wild Basin – Natural gas processing – Crude oil stabilization – Crude oil blending – Crude oil and natural gas liquids storage – Crude oil transportation 100.0% Bobcat DevCo Wild Basin – Natural gas gathering – Natural gas compression – Gas lift – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal 35.3% Beartooth DevCo Alger – Produced and flowback water gathering – Produced and flowback water disposal – Freshwater supply and distribution 70.0% Panther DevCo Delaware Basin – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal 100% |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenues associated with contracts with customers for the periods presented: Three Months Ended March 31, 2020 2019 (1) (In thousands) Service revenues Crude oil and natural gas revenues $ 53,977 $ 48,617 Produced and flowback water revenues 31,862 29,572 Total service revenues 85,839 78,189 Product revenues Natural gas and NGL revenues 14,436 10,218 Freshwater revenues 6,352 5,445 Total product revenues 20,788 15,663 Total revenues $ 106,627 $ 93,852 ___________________ (1) Retrospectively adjusted for the transfer of net assets between entities under common control. |
Changes in Contract Liabilities | The following table summarizes the changes in contract liabilities for the three months ended March 31, 2020: (In thousands) Balance at December 31, 2019 $ 3,681 Cash received — Revenue recognized (147) Balance at March 31, 2020 $ 3,534 |
Estimated Timing of Remaining Performance Obligation | The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of March 31, 2020 : (In thousands) 2020 (excluding three months ended March 31, 2020) $ 12,403 2021 18,580 2022 18,301 2023 12,624 2024 11,874 Thereafter 2,768 Total $ 76,550 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, 2020 December 31, 2019 (In thousands) Accrued capital costs $ 25,982 $ 33,105 Accrued operating expenses 11,629 12,149 Other accrued liabilities 241 4,956 Total accrued liabilities $ 37,852 $ 50,210 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following: March 31, 2020 December 31, 2019 (In thousands) Pipelines $ 535,689 $ 523,576 Natural gas processing plants 298,918 296,609 Produced and flowback water facilities 123,886 121,797 Compressor stations 158,681 143,276 Other property and equipment 34,505 34,231 Construction in progress 28,512 36,014 Total property, plant and equipment 1,180,191 1,155,503 Less: accumulated depreciation, amortization and impairment (210,918) (98,982) Total property, plant and equipment, net $ 969,273 $ 1,056,521 |
Partnership Equity and Distri_2
Partnership Equity and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Percentage Allocations of Available Cash from Operating Surplus | The following table details the distributions paid in respect of each period in which the distributions were earned for the following periods: Distributions Limited Partners General Partner Period Record Date Distribution Date Distribution per limited partner unit Common units Subordinated units IDRs (In thousands) Q1 2019 May 17, 2019 May 29, 2019 $0.470 $ 9,421 $ 6,463 $ 238 Q2 2019 August 16, 2019 August 28, 2019 $0.490 9,822 6,738 463 Q3 2019 November 15, 2019 November 27, 2019 $0.515 10,323 7,081 745 Q4 2019 February 13, 2020 February 27, 2020 $0.540 10,833 7,425 1,027 |
Earnings (Loss) Per Limited P_2
Earnings (Loss) Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Weighted Average Number of Units Outstanding | The following is a calculation of the basic and diluted weighted average units outstanding for the periods presented: Three Months Ended March 31, 2020 2019 (In thousands) Basic weighted average common units outstanding 20,041 20,016 Dilutive effect of restricted awards — 17 Diluted weighted average common units outstanding 20,041 20,033 |
Schedule of Net Income per Limited Partner Unit | The following tables present the calculation of earnings (loss) per limited partner unit under the two-class method for each period presented: Three Months Ended March 31, 2020 General Partner Limited Partners IDRs Common units Subordinated units Total (In thousands, except per unit data) Net income (loss) attributable to Oasis Midstream Partners LP Distribution declared $ 1,027 $ 10,833 $ 7,425 $ 19,285 Undistributed loss attributable to Oasis Midstream Partners LP — (53,784) (36,900) (90,684) Net income (loss) attributable to Oasis Midstream Partners LP $ 1,027 $ (42,951) $ (29,475) $ (71,399) Weighted average limited partners units outstanding Basic 20,041 Diluted 20,041 Net loss attributable to Oasis Midstream Partners LP per limited partner unit Basic $ (2.14) Diluted (2.14) Anti-dilutive restricted units 10 Three Months Ended March 31, 2019 General Partner Limited Partners IDRs Common units Subordinated units Total (In thousands, except per unit data) Net income attributable to Oasis Midstream Partners LP Distribution declared $ 238 $ 9,421 $ 6,463 $ 16,122 Undistributed earnings attributable to Oasis Midstream Partners LP — 3,214 2,207 5,421 Net income attributable to Oasis Midstream Partners LP $ 238 $ 12,635 $ 8,670 $ 21,543 Weighted average limited partners units outstanding Basic 20,016 Diluted 20,033 Net income attributable to Oasis Midstream Partners LP per limited partner unit Basic $ 0.63 Diluted 0.63 Anti-dilutive restricted units 9 |
Organization and Nature of Op_3
Organization and Nature of Operations (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Oasis | Commercial Agreements with OPNA, Oasis Petroleum Marketing LLC (“OPM”) and OMS | |
Limited Partners' Capital Account [Line Items] | |
Term of contractual arrangements | 15 years |
Centralized Corporate, General and Administrative Services | Oasis | Commercial Agreements with OPNA, Oasis Petroleum Marketing LLC (“OPM”) and OMS | |
Limited Partners' Capital Account [Line Items] | |
Term of contractual arrangements | 15 years |
Bighorn DevCo | |
Limited Partners' Capital Account [Line Items] | |
Ownership interest (percent) | 100.00% |
Bobcat DevCo | Oasis Midstream Partners, LP | |
Limited Partners' Capital Account [Line Items] | |
Ownership interest (percent) | 35.30% |
Beartooth DevCo | Oasis Midstream Partners, LP | |
Limited Partners' Capital Account [Line Items] | |
Ownership interest (percent) | 70.00% |
Panther DevCo | |
Limited Partners' Capital Account [Line Items] | |
Ownership interest (percent) | 100.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Basis of Presentation (Details) - OMS Holdings LLC (“OMS”) | Mar. 31, 2020 |
Bobcat DevCo | |
Variable Interest Entity [Line Items] | |
Non-controlling interest (percent) | 64.70% |
Beartooth DevCo | |
Variable Interest Entity [Line Items] | |
Non-controlling interest (percent) | 30.00% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 106,627 | $ 93,852 | [1] |
Timing of satisfaction of performance obligation | The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations. | ||
Midstream service revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 85,839 | 78,189 | |
Product revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 20,788 | 15,663 | |
Crude oil and natural gas revenues | Midstream service revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 53,977 | 48,617 | |
Produced and flowback water revenues | Midstream service revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 31,862 | 29,572 | |
Natural gas and NGL revenues | Product revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 14,436 | 10,218 | |
Freshwater revenues | Product revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 6,352 | $ 5,445 | |
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Liability Activity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Change in Contract with Customer, Liability [Abstract] | |
Balance at December 31, 2019 | $ 3,681 |
Cash received | 0 |
Revenue recognized | (147) |
Balance at March 31, 2020 | $ 3,534 |
Revenue Recognition - Estimated
Revenue Recognition - Estimated Timing of Remaining Performance Obligation (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 76,550 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 9 months |
Remaining performance obligation | $ 12,403 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 1 year |
Remaining performance obligation | $ 18,580 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 1 year |
Remaining performance obligation | $ 18,301 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 1 year |
Remaining performance obligation | $ 12,624 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 1 year |
Remaining performance obligation | $ 11,874 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | |
Remaining performance obligation | $ 2,768 |
Transactions with Affiliates (D
Transactions with Affiliates (Details) - Oasis - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
General and administrative | $ 7.6 | $ 7.8 |
Commercial Agreements with OPNA, Oasis Petroleum Marketing LLC (“OPM”) and OMS | ||
Related Party Transaction [Line Items] | ||
Term of contractual arrangements | 15 years | |
Commercial Agreements with OPNA, Oasis Petroleum Marketing LLC (“OPM”) and OMS | Centralized Corporate, General and Administrative Services | ||
Related Party Transaction [Line Items] | ||
Term of contractual arrangements | 15 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued capital costs | $ 25,982 | $ 33,105 |
Accrued operating expenses | 11,629 | 12,149 |
Other accrued liabilities | 241 | 4,956 |
Total accrued liabilities | $ 37,852 | $ 50,210 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,180,191 | $ 1,155,503 |
Less: accumulated depreciation, amortization and impairment | (210,918) | (98,982) |
Total property, plant and equipment, net | 969,273 | 1,056,521 |
Pipelines | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 535,689 | 523,576 |
Natural gas processing plants | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 298,918 | 296,609 |
Produced and flowback water facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 123,886 | 121,797 |
Compressor stations | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 158,681 | 143,276 |
Other property and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 34,505 | 34,231 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 28,512 | $ 36,014 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | [1] | |
Property, Plant and Equipment [Line Items] | |||
Impairment | $ 101,767 | $ 0 | |
Market-based weighted average cost of capital | Discounted cash flow | |||
Property, Plant and Equipment [Line Items] | |||
Weighted average cost of capital (percent) | 10.40% | ||
Crude oil asset group | Williston Basin | |||
Property, Plant and Equipment [Line Items] | |||
Impairment | $ 35,800 | ||
Crude oil asset group | Delaware Basin | |||
Property, Plant and Equipment [Line Items] | |||
Impairment | 17,900 | ||
Freshwater asset group | Williston Basin | |||
Property, Plant and Equipment [Line Items] | |||
Impairment | 33,100 | ||
Produced water asset group | Delaware Basin | |||
Property, Plant and Equipment [Line Items] | |||
Impairment | $ 15,000 | ||
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - The Credit Agreement - Revolving Credit Facility - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Maximum aggregate commitment amount | $ 575,000,000 | |
Borrowings outstanding | $ 487,500,000 | $ 458,500,000 |
Weighted average interest rate (percent) | 2.90% | 3.80% |
Letters of credit outstanding | $ 1,700,000 | $ 1,700,000 |
Unused borrowing capacity | 85,800,000 | |
Additional interest charge | $ 25,900,000 | |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Commitment fee rate (percent) | 0.375% | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Commitment fee rate (percent) | 0.50% |
Inventory (Details)
Inventory (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 5,267,000 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) bbl in Millions, $ in Millions | Nov. 01, 2019USD ($) | Mar. 23, 2017USD ($) | May 11, 2020USD ($) | Mar. 31, 2020USD ($)bbl |
Mirada Litigation | ||||
Loss Contingencies [Line Items] | ||||
Monetary damages sought (in excess of) | $ 200 | $ 100 | ||
Water Volume Commitment Agreements | ||||
Loss Contingencies [Line Items] | ||||
Minimum quantity to be delivered (barrels) | bbl | 9.9 | |||
Purchase and delivery commitment period | 10 years | |||
Purchase and delivery commitments | $ 6.1 | |||
Water Volume Commitment Agreements | Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Purchase and delivery commitment period | 10 years | |||
Delivery commitment | $ 13.2 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - Long Term Incentive Plan (LTIP) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional number of shares reserved for issuance (shares) | 2,793,360 | ||
Restricted Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Units granted (shares) | 16,170 | ||
Weighted-average grant date fair value (in usd per share) | $ 16.69 | ||
Equity-based compensation expense | $ 0.1 | $ 0.1 | |
Unrecognized compensation cost | $ 0.2 | $ 0.2 | |
Weighted average recognition period | 9 months 18 days |
Partnership Equity and Distri_3
Partnership Equity and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | May 29, 2020 | May 11, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Distribution Made to Limited Partner [Line Items] | |||||||
Distribution per limited partner unit (in dollars per share) | $ 0.540 | $ 0.515 | $ 0.490 | $ 0.470 | |||
General Partner | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Cash distribution declared | $ 1,027 | $ 745 | $ 463 | $ 238 | |||
General Partner | Cash Distribution | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Termination threshold as percentage of sum of minimum distribution multiplied by total number of units outstanding (percent) | 50.00% | ||||||
Basis for General Partners' interest in distributions (in dollars per share) | $ 0.4313 | ||||||
Common Units | Limited Partner | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Cash distribution declared | 10,833 | 10,323 | 9,822 | 9,421 | |||
Subordinated Units | Limited Partner | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Cash distribution declared | $ 7,425 | $ 7,081 | $ 6,738 | $ 6,463 | |||
Expected distribution | General Partner | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Cash distribution declared | $ 1,000 | ||||||
Subsequent Event | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Distribution per limited partner unit (in dollars per share) | $ 0.540 |
Earnings (Loss) Per Limited P_3
Earnings (Loss) Per Limited Partner Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income attributable to Oasis Midstream Partners LP | |||
Distribution declared | $ 19,285 | $ 16,122 | |
Undistributed loss attributable to Oasis Midstream Partners LP | (90,684) | 5,421 | |
Net income (loss) attributable to Oasis Midstream Partners LP | (71,399) | 21,543 | |
General Partner | |||
Net income attributable to Oasis Midstream Partners LP | |||
Distribution declared | 1,027 | 238 | |
Undistributed loss attributable to Oasis Midstream Partners LP | 0 | 0 | |
Net income (loss) attributable to Oasis Midstream Partners LP | $ 1,027 | $ 238 | |
Common Units | |||
Weighted average units outstanding: | |||
Basic weighted average common units outstanding (shares) | 20,041 | 20,016 | [1] |
Diluted weighted average common units outstanding (in shares) | 20,041 | 20,033 | [1] |
Common Units | Limited Partner | |||
Weighted average units outstanding: | |||
Basic weighted average common units outstanding (shares) | 20,041 | 20,016 | |
Dilutive effect of restricted awards (shares) | 0 | 17 | |
Diluted weighted average common units outstanding (in shares) | 20,041 | 20,033 | |
Net income attributable to Oasis Midstream Partners LP | |||
Distribution declared | $ 10,833 | $ 9,421 | |
Undistributed loss attributable to Oasis Midstream Partners LP | (53,784) | 3,214 | |
Net income (loss) attributable to Oasis Midstream Partners LP | $ (42,951) | $ 12,635 | |
Net income attributable to Oasis Midstream Partners LP per limited partner unit | |||
Common units - Basic (in usd per share) | $ (2.14) | $ 0.63 | |
Common units - Diluted (in usd per share) | $ (2.14) | $ 0.63 | |
Anti-dilutive restricted units (shares) | 10 | 9 | |
Subordinated Units | Limited Partner | |||
Net income attributable to Oasis Midstream Partners LP | |||
Distribution declared | $ 7,425 | $ 6,463 | |
Undistributed loss attributable to Oasis Midstream Partners LP | (36,900) | 2,207 | |
Net income (loss) attributable to Oasis Midstream Partners LP | $ (29,475) | $ 8,670 | |
[1] | Retrospectively adjusted for the transfer of net assets between entities under common control. See Note 2 to our unaudited condensed consolidated financial statements. |