Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 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 | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 48,627,680 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001652133 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 7,158 | $ 5,147 |
Accounts receivable | 3,658 | 4,295 |
Accounts receivable – Oasis Petroleum | 82,732 | 66,283 |
Inventory | 6,986 | 6,986 |
Prepaid expenses | 4,565 | 3,695 |
Other current assets | 140 | 649 |
Total current assets | 105,239 | 87,055 |
Property, plant and equipment | 1,181,003 | 1,180,819 |
Less: accumulated depreciation, amortization and impairment | (249,838) | (240,877) |
Total property, plant and equipment, net | 931,165 | 939,942 |
Operating lease right-of-use assets | 1,403 | 1,643 |
Other assets | 3,514 | 2,053 |
Total assets | 1,041,321 | 1,030,693 |
Current liabilities | ||
Accounts payable | 1,021 | 2,226 |
Accounts payable – Oasis Petroleum | 27,264 | 28,074 |
Accrued liabilities | 22,344 | 17,931 |
Accrued interest payable | 496 | 360 |
Current operating lease liabilities | 954 | 945 |
Other current liabilities | 471 | 471 |
Total current liabilities | 52,550 | 50,007 |
Long-term debt | 674,238 | 450,000 |
Asset retirement obligations | 791 | 774 |
Operating lease liabilities | 491 | 733 |
Other liabilities | 5,403 | 5,521 |
Total liabilities | 733,473 | 507,035 |
Commitments and contingencies (Note 9) | ||
Equity | ||
General Partner | 0 | 1,027 |
Total partners’ equity | 307,848 | 238,593 |
Non-controlling interests | 0 | 285,065 |
Total equity | 307,848 | 523,658 |
Total liabilities and equity | 1,041,321 | 1,030,693 |
Common Units | ||
Equity | ||
Limited partners | $ 307,848 | $ 193,536 |
Units issued (in shares) | 20,061,366 | 48,627,680 |
Units outstanding (in shares) | 20,061,366 | 48,627,680 |
Subordinated Units | ||
Equity | ||
Limited partners | $ 0 | $ 44,030 |
Units issued (in shares) | 0 | 13,750,000 |
Units outstanding (in shares) | 0 | 13,750,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common Units | ||
Units issued (in shares) | 20,061,366 | 48,627,680 |
Units outstanding (in shares) | 20,061,366 | 48,627,680 |
Subordinated Units | ||
Units issued (in shares) | 0 | 13,750,000 |
Units outstanding (in shares) | 0 | 13,750,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 100,373 | $ 106,627 |
Operating expenses | ||
Costs of product sales | 22,776 | 8,432 |
Operating and maintenance | 13,106 | 16,840 |
Depreciation and amortization | 8,985 | 10,197 |
Impairment | 0 | 101,767 |
General and administrative | 8,450 | 8,451 |
Total operating expenses | 53,317 | 145,687 |
Operating income (loss) | 47,056 | (39,060) |
Other income (expense) | ||
Interest expense, net of capitalized interest | (4,061) | (30,257) |
Other expense | (69) | (42) |
Total other expense, net | (4,130) | (30,299) |
Net income (loss) | 42,926 | (69,359) |
Less: Net income attributable to non-controlling interests | 17,025 | 2,040 |
Net income (loss) attributable to Oasis Midstream Partners LP | $ 25,901 | $ (71,399) |
Earnings (loss) per limited partner unit (Note 11) | ||
Common units - basic (in usd per share) | $ 0.72 | $ (2.14) |
Common units - diluted (in usd per share) | $ 0.72 | $ (2.14) |
Common Units | ||
Weighted average number of limited partners units outstanding (Note 11) | ||
Common units - basic (in shares) | 22,052 | 20,041 |
Common units - diluted (in shares) | 22,056 | 20,041 |
General Partner | ||
Other income (expense) | ||
Net income (loss) | $ 1,008 | |
Net income (loss) attributable to Oasis Midstream Partners LP | $ 0 | 1,008 |
Limited Partners | ||
Other income (expense) | ||
Net income (loss) attributable to Oasis Midstream Partners LP | 25,901 | (72,407) |
Limited Partners | Common Units | ||
Other income (expense) | ||
Net income (loss) | $ 16,698 | $ (42,947) |
Earnings (loss) per limited partner unit (Note 11) | ||
Common units - diluted (in usd per share) | $ 0.72 | $ (2.14) |
Weighted average number of limited partners units outstanding (Note 11) | ||
Common units - basic (in shares) | 22,052 | 20,041 |
Common units - diluted (in shares) | 22,056 | 20,041 |
Midstream service revenues | ||
Revenues | ||
Total revenues | $ 68,063 | $ 85,839 |
Midstream service revenues | Oasis Petroleum | ||
Revenues | ||
Total revenues | 67,163 | 81,993 |
Midstream service revenues | Third Parties | ||
Revenues | ||
Total revenues | 900 | 3,846 |
Product revenues | ||
Revenues | ||
Total revenues | 32,310 | 20,788 |
Product revenues | Oasis Petroleum | ||
Revenues | ||
Total revenues | 32,281 | 20,788 |
Product revenues | Third Parties | ||
Revenues | ||
Total revenues | $ 29 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Non-controlling Interests | UnitholdersCommon Units | UnitholdersSubordinated Units | General Partner |
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 | (69,359) | 2,040 | (42,947) | (29,460) | 1,008 |
Ending balance at Mar. 31, 2020 | 496,273 | 294,501 | 171,625 | 29,120 | 1,027 |
Beginning balance at Dec. 31, 2020 | 523,658 | 285,065 | 193,536 | 44,030 | 1,027 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Contributions from non-controlling interests | 6 | 6 | |||
Distributions to non-controlling interests | (7,615) | (7,615) | |||
Distributions to unitholders | (19,294) | (10,842) | (7,425) | (1,027) | |
Conversion of Subordinated Units to Common Units | 0 | 45,808 | (45,808) | ||
Elimination of non-controlling interests for Simplification Transaction | 0 | (294,481) | 294,481 | ||
Distribution to Oasis for Simplification Transaction | (231,509) | (231,509) | 0 | ||
Common control transaction costs | (811) | (811) | |||
Equity-based compensation | 487 | 487 | |||
Net income | 42,926 | 17,025 | 16,698 | 9,203 | |
Ending balance at Mar. 31, 2021 | $ 307,848 | $ 0 | $ 307,848 | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 42,926 | $ (69,359) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,985 | 10,197 |
Impairment | 0 | 101,767 |
Equity-based compensation expenses | 487 | 66 |
Deferred financing costs amortization and other | 1,333 | 271 |
Working capital and other changes: | ||
Change in accounts receivable | (15,812) | 732 |
Change in inventory | 0 | (5,267) |
Change in prepaid expenses | (870) | (397) |
Change in accounts payable and accrued liabilities | 2,193 | 23,732 |
Change in other assets and liabilities, net | 199 | (77) |
Net cash provided by operating activities | 39,441 | 61,665 |
Cash flows from investing activities: | ||
Capital expenditures | (887) | (31,811) |
Net cash used in investing activities | (887) | (31,811) |
Cash flows from financing activities: | ||
Capital contributions from non-controlling interests | 6 | 6,167 |
Distributions to Oasis for Simplification Transaction | (231,509) | 0 |
Distributions to non-controlling interests | (7,615) | (25,964) |
Distributions to unitholders | (19,294) | (19,265) |
Common control transaction costs | (811) | 0 |
Proceeds from issuance of senior notes | 450,000 | 0 |
Deferred financing costs | 11,320 | 0 |
Borrowings on revolving credit facility | 7,500 | 29,000 |
Payments on revolving credit facility | (223,500) | 0 |
Other | 0 | (59) |
Net cash used in financing activities | (36,543) | (10,121) |
Increase in cash and cash equivalents | 2,011 | 19,733 |
Cash: | ||
Beginning of period | 5,147 | 4,168 |
End of period | 7,158 | 23,901 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest | 2,628 | 4,199 |
Supplemental non-cash transactions: | ||
Change in accrued capital expenditures | (703) | (7,123) |
Change in asset retirement obligations | $ 17 | $ 20 |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
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 leading gathering and processing master limited partnership formed by its sponsor, Oasis Petroleum Inc. (together with its subsidiaries, “Oasis Petroleum”) to own, develop, operate and acquire a diversified portfolio of midstream assets in North America. The Partnership conducts its business through its wholly-owned subsidiaries: 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”). As of March 31, 2021, the Partnership’s assets in the DevCos were as follows: DevCo Areas Served Service Lines Bighorn DevCo Wild Basin – Natural gas processing – Crude oil terminaling – Crude oil transportation Bobcat DevCo Wild Basin – Natural gas gathering – Natural gas compression – Gas lift supply – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal Beartooth DevCo Alger – Produced and flowback water gathering – Produced and flowback water disposal – Freshwater supply and distribution Panther DevCo Permian Basin – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal Nature of business. The Partnership generates a substantial majority of its revenues through fee-based contractual arrangements with Oasis Petroleum for midstream services. These services include (i) gas gathering, compression, processing, gas lift supply and natural gas liquids (“NGLs”) storage services; (ii) crude oil gathering, terminaling 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 and commitments from third party producers in the Williston Basin and the Permian Basin. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying 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, 2020 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, 2020 (“2020 Annual Report”). Simplification Transaction On March 30, 2021, the Partnership closed the Simplification Transaction (defined below) with Oasis Petroleum to acquire Oasis Petroleum’s remaining ownership interests in Bobcat DevCo and Beartooth DevCo. In addition, the Simplification Transaction eliminated the incentive distribution rights held by the General Partner (the “IDRs”) (see Note 4 — Transactions with Affiliates). Prior to the Simplification Transaction, the Contributed Assets (defined below) were reflected as non-controlling interests in the Partnership’s unaudited condensed consolidated financial statements. In accordance with FASB authoritative guidance under ASC 810-10 for non-controlling interests in a common control transaction, the Partnership accounted for the Simplification Transaction as an equity transaction and adjusted the carrying amount of non-controlling interests in the condensed consolidated financial statements to reflect the change in ownership interests. Furthermore, as the Partnership acquired additional interests in previously consolidated subsidiaries, the Simplification Transaction did not result in a change in reporting entity, as defined under the FASB Accounting Standards Codification Topic 805, Business Combinations, and was accounted for on a prospective basis. Consolidation The Partnership’s condensed consolidated financial statements include its accounts and the accounts of the DevCos, each of which is a wholly-owned subsidiary of the Partnership and controlled by the Partnership through the General Partner. All intercompany balances and transactions have been eliminated upon consolidation. 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. 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. Significant Accounting Policies There have been no material changes to the Partnership’s critical accounting policies and estimates from those disclosed in the 2020 Annual Report. 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 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (In thousands) Service revenues Crude oil, natural gas and NGL revenues $ 45,094 $ 53,977 Produced and flowback water revenues 22,969 31,862 Total service revenues 68,063 85,839 Product revenues Crude oil, natural gas and NGL revenues 30,589 14,436 Freshwater revenues 1,721 6,352 Total product revenues 32,310 20,788 Total revenues $ 100,373 $ 106,627 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 volumes of crude oil, natural gas or water that flow 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, 2021 and 2020, revenues recognized related to performance obligations satisfied in prior reporting periods were not material. Contract Balances Contract balances are the result of timing differences between revenue recognition, billings and cash collections. Contract assets relate to revenue recognized for accrued deficiency fees associated with minimum volume commitments where the Partnership believes it is probable there will be a shortfall payment and that a significant reversal of revenue recognized will not occur once the related performance period is completed and the customer is billed. Contract liabilities relate to aid in construction payments received from customers, which are recognized as revenue over the expected period of future benefit. The 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 balances are classified as current or long-term based on the timing of when the Partnership expects to receive cash for contract assets or recognize revenue for contract liabilities. The Partnership did not have any material contract asset balances as of March 31, 2021 or December 31, 2020. The following table summarizes the changes in contract liabilities for the three months ended March 31, 2021: (In thousands) Balance as of December 31, 2020 $ 5,421 Cash received — Revenue recognized (112) Balance as of March 31, 2021 $ 5,309 Remaining Performance Obligations The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of March 31, 2021: (In thousands) 2021 (excluding three months ended March 31, 2021) $ 12,864 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 54,792 The partially and wholly unsatisfied performance obligations presented in the table above are generally limited to customer contracts which have fixed pricing and fixed volume terms and conditions, which generally include customer contracts with minimum volume commitment payment obligations. The 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, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Transactions with Affiliates Revenues. The Partnership generates the substantial majority of its revenues through 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. Expenses. Oasis Petroleum provides substantial labor and overhead support to the Partnership pursuant to a 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 the Partnership’s assets. 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 reimburses Oasis Petroleum for direct and allocated general and administrative expenses incurred by Oasis Petroleum for the provision of these services. The Partnership’s general and administrative expenses includes $6.9 million and $7.6 million from affiliate transactions with Oasis Petroleum for the three months ended March 31, 2021 and 2020, respectively. Simplification Transaction. On March 30, 2021, the Partnership consummated the transactions contemplated by the Contribution and Simplification Agreement (the “Contribution and Simplification Agreement”), dated as of March 22, 2021, by and among the Partnership, OMS Holdings LLC (“OMS Holdings”), Oasis Midstream Services LLC (“OMS”), OMP GP LLC (the “General Partner”), OMP Operating LLC (“OMP Operating”), OMP DevCo Holdings Corp, Beartooth DevCo LLC (“Beartooth DevCo”), Bobcat DevCo LLC (“Bobcat DevCo”), OMS Holdings Merger Sub, LLC, a wholly owned subsidiary of OMS Holdings (“GP Merger Sub”), and for limited purposes set forth therein, Oasis Petroleum. Pursuant to the Contribution and Simplification Agreement, among other things, (a) Oasis Petroleum contributed to the Partnership its remaining limited liability company interests in Bobcat DevCo and Beartooth DevCo of 64.7% and 30.0%, respectively, in exchange for total consideration of $512.5 million composed of (x) a cash distribution of $231.5 million, sourced from the net proceeds of the offering of the Senior Notes (defined below) and (y) 12,949,644 common units representing limited partner interests in the Partnership, (b) the Partnership’s incentive distribution rights (“IDRs”) were cancelled and converted into 1,850,356 common units representing limited partner interests in the Partnership (the “IDR Elimination” and such common units, the “IDR Conversion Common Units”), and (c) the IDR Conversion Common Units were distributed on a pro-rata basis by the General Partner to the holders of its Class A Units and Class B Units, such that following such distribution, Oasis Petroleum, through its wholly-owned subsidiary OMS Holdings, is the sole member of the General Partner (the foregoing clauses (a), (b) and (c), the “Simplification Transaction”). The Contribution and Simplification Agreement also implemented among other things, a right of first refusal in favor of the Partnership with respect to the midstream opportunities in the Painted Woods and City of Williston operating areas of Oasis Petroleum and the amendment and restatement of the (x) agreement of limited partnership of the Partnership and (y) limited liability company agreement of the General Partner to reflect the Simplification Transaction. The effective date of the Simplification Transaction was January 1, 2021 and was accounted for on the closing date of March 30, 2021. As a result, net income was allocated to Oasis Petroleum’s non-controlling interests in Bobcat DevCo and Beartooth DevCo until the closing date. The cash distribution to Oasis Petroleum of $231.5 million includes: (i) $229.0 million cash component of the purchase price, (ii) $10.1 million upward adjustment to the purchase price related to the expanded project dedication to OMP in South Nesson and (iii) $7.6 million downward adjustment to the purchase price related to activity between the effective date and the close date. At March 30, 2021, Oasis Petroleum’s non-controlling interests in Bobcat DevCo and Beartooth DevCo were eliminated, and Oasis Petroleum no longer owns any of the limited liability company interests of Bobcat DevCo or Beartooth DevCo. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: March 31, 2021 December 31, 2020 (In thousands) Accrued capital costs $ 2,498 $ 3,200 Accrued operating expenses 8,678 8,204 Other accrued liabilities 11,168 6,527 Total accrued liabilities $ 22,344 $ 17,931 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: March 31, 2021 December 31, 2020 (In thousands) Pipelines $ 531,453 $ 532,546 Natural gas processing plants 303,206 301,820 Produced and flowback water facilities 123,609 123,047 Compressor stations 186,633 185,474 Other property and equipment 33,457 34,548 Construction in progress 2,645 3,384 Total property, plant and equipment 1,181,003 1,180,819 Less: accumulated depreciation, amortization and impairment (249,838) (240,877) Total property, plant and equipment, net $ 931,165 $ 939,942 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtLong-term debt consists of the following: March 31, 2021 December 31, 2020 (In thousands) Revolving Credit Facility $ 234,000 $ 450,000 8.00% senior unsecured notes due April 1, 2029 450,000 — Less: unamortized deferred financing costs on senior unsecured notes (9,762) — Total long-term debt $ 674,238 $ 450,000 Revolving Credit Facility The Partnership has a revolving credit facility among 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”). On March 22, 2021, the Partnership entered into the Fourth Amendment to the Revolving Credit Facility to, among other things, (i) provide for the occurrence of the transactions pursuant to the Simplification Transaction, (ii) amend the consolidated total leverage ratio financial covenant to no greater than 5.00 to 1.00, (iii) amend the consolidated senior secured leverage ratio to no greater than 3.00 to 1.00, (iv) amend the consolidated interest coverage ratio to no less than 2.50 to 1.00, (v) provide for the issuance of the Senior Notes (defined below), (vi) decrease the aggregate lender commitments to $450.0 million, (vii) increase pricing for credit and (viii) extend the maturity date from September 25, 2022 until at least September 30, 2024. In connection with the Fourth Amendment to the Revolving Credit Facility, the Partnership accelerated $1.1 million of unamortized deferred financing costs. The applicable margin for borrowings under the Revolving Credit Facility is based on the Partnership’s most recently tested consolidated total leverage ratio and varies from (a) in the case of Eurodollar Loans, 2.25% to 3.25%, and (b) in the case of ABR Loans or swingline loans, 1.25% to 2.25%. The unused portion of the Revolving Credit Facility is subject to a commitment fee ranging from 0.375% to 0.500%. At March 31, 2021, the aggregate commitments under the Revolving Credit Facility were $450.0 million, and the Partnership had $234.0 million of borrowings outstanding and $5.5 million of outstanding letters of credit, resulting in an unused borrowing capacity of $210.5 million. For the three months ended March 31, 2021, the weighted average interest rate incurred on borrowings under the Revolving Credit Facility was 2.1%. At December 31, 2020, the Partnership had $450.0 million of borrowings outstanding under the Revolving Credit Facility and a de minimis outstanding letter of credit. The fair value of the Revolving Credit Facility approximates its carrying value since borrowings under the Revolving Credit Facility bear interest at variable rates, which are tied to current market rates. The Partnership was in compliance with the covenants under the Revolving Credit Facility at March 31, 2021. The Revolving Credit Facility contains customary events of default, as well as cross-default provisions with other indebtedness of the Partnership and its restricted subsidiaries. If an event of default occurs and is continuing, the lenders may declare all amounts outstanding under the Revolving Credit Facility to be immediately due and payable. There are no cross-default provisions between the Revolving Credit Facility and Oasis Petroleum’s revolving credit facility. Senior Unsecured Notes On March 30, 2021, the Partnership and OMP Finance Corp. (“OMP Finance” and together with the Partnership, the “Issuers”) issued in a private placement $450.0 million of 8.00% senior unsecured notes due April 1, 2029 (the “Senior Notes”). The Senior Notes were issued at par and resulted in net proceeds, after deducting the underwriters’ gross spread, of $442.1 million. The Partnership used the net proceeds from the Senior Notes to: (i) make a distribution to OMS of $231.5 million in connection with the Simplification Transaction, (ii) repay $204.0 million of outstanding principal borrowings and $0.5 million of accrued interest under the Revolving Credit Facility and (iii) pay approximately $6.1 million in fees and other expenses. The Partnership recorded deferred financing costs of $9.8 million in connection with the Senior Notes offering, which are being amortized over the term of the Senior Notes. Interest on the Senior Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2021. The fair value of the Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 measurement, was $460.1 million at March 31, 2021. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Issuers, along with the Partnership’s wholly-owned subsidiaries (the “Guarantors”). The Senior Notes guarantees are joint and several obligations of the Guarantors. The Issuers and Guarantors do not have any significant restrictions on the ability to obtain funds from its subsidiaries by dividend or loan. In addition, there are no restrictions on the subsidiaries to transfer funds, and as such, there are no restricted net assets to disclose. The indenture governing the Senior Notes contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit the Partnership’s ability and the ability of its restricted subsidiaries, including OMP Finance, to incur |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | InventoryInventory consists primarily of spare parts and equipment related to the Partnership’s 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 judgments when making any adjustments necessary to reduce the carrying value to net realizable value. The carrying value of the Partnership’s inventory was $7.0 million at March 31, 2021 and December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021. There have been no material changes to the Partnership’s commitments and contingencies disclosed in its 2020 Annual Report. 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. |
Partnership Equity and Distribu
Partnership Equity and Distributions | 3 Months Ended |
Mar. 31, 2021 | |
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 periods presented: Distributions Limited Partners General Partner Period Record Date Distribution Date Distribution per limited partner unit Common units Subordinated units IDRs (In thousands) Q4 2020 March 8, 2021 March 18, 2021 $0.54 $10,842 $7,425 $1,027 Subordinated unit conversion. On March 19, 2021, the first business day following the payment of the Partnership’s distribution for the fourth quarter of 2020, the subordination period under our partnership agreement terminated in accordance with the terms thereof, and the Partnership’s 13,750,000 subordinated units representing limited partner interests, all of which were held by OMS Holdings, automatically converted into common units on a one-to-one basis. Cash distributions. On May 3, 2021, the Board of Directors of the General Partner declared the quarterly cash distribution for the first quarter of 2021 of $0.55 per unit. This distribution will be payable on May 27, 2021 to unitholders of record as of May 17, 2021. Incentive distribution rights. All of the Partnership’s IDRs, all of which were held by the General Partner, were eliminated in connection with the Simplification Transaction. See Note 4 — Transactions with Affiliates. Simplification Transaction. On March 30, 2021, the Partnership acquired Oasis Petroleum’s remaining 64.7% limited liability company interest in Bobcat DevCo and its remaining 30.0% limited liability company interest in Beartooth DevCo. See Note 4 – Transactions with Affiliates . |
Earnings (Loss) Per Limited Par
Earnings (Loss) Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2021 | |
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. For periods prior to the conversion of subordinated units and IDR Elimination, the Partnership had more than one class of participating securities and used 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. For the three months ended March 31, 2021 and 2020, the diluted earnings (loss) per share calculation 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, 2021 2020 (In thousands) Basic weighted average common units outstanding 22,052 20,041 Dilutive effect of restricted awards 4 — Diluted weighted average common units outstanding 22,056 20,041 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, 2021 Limited Partners Common units Subordinated units Total (In thousands, except per unit data) Net income attributable to Oasis Midstream Partners LP Distribution declared $ 10,842 $ 7,425 $ 18,267 Undistributed earnings attributable to Oasis Midstream Partners LP 4,956 2,678 7,634 Net income attributable to Oasis Midstream Partners LP $ 15,798 $ 10,103 $ 25,901 Weighted average limited partners units outstanding Basic 22,052 Diluted 22,056 Net loss attributable to Oasis Midstream Partners LP per limited partner unit Basic $ 0.72 Diluted 0.72 Anti-dilutive restricted units 8 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 income attributable to Oasis Midstream Partners LP per limited partner unit Basic $ (2.14) Diluted (2.14) Anti-dilutive restricted units 10 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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, 2020 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, 2020 (“2020 Annual Report”). |
Simplification Transaction | Simplification Transaction On March 30, 2021, the Partnership closed the Simplification Transaction (defined below) with Oasis Petroleum to acquire Oasis Petroleum’s remaining ownership interests in Bobcat DevCo and Beartooth DevCo. In addition, the Simplification Transaction eliminated the incentive distribution rights held by the General Partner (the “IDRs”) (see Note 4 — Transactions with Affiliates). Prior to the Simplification Transaction, the Contributed Assets (defined below) were reflected as non-controlling interests in the Partnership’s unaudited condensed consolidated financial statements. In accordance with FASB authoritative guidance under ASC 810-10 for non-controlling interests in a common control transaction, the Partnership accounted for the Simplification Transaction as an equity transaction and adjusted the carrying amount of non-controlling interests in the condensed consolidated financial statements to reflect the change in ownership interests. Furthermore, as the Partnership acquired additional interests in previously consolidated subsidiaries, the Simplification Transaction did not result in a change in reporting entity, as defined under the FASB Accounting Standards Codification Topic 805, Business Combinations, and was accounted for on a prospective basis. |
Consolidation | Consolidation The Partnership’s condensed consolidated financial statements include its accounts and the accounts of the DevCos, each of which is a wholly-owned subsidiary of the Partnership and controlled by the Partnership through the General Partner. All intercompany balances and transactions have been eliminated upon consolidation. |
Risk and Uncertainties | 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. |
Significant Accounting Policies and Recent Accounting Pronouncements | Significant Accounting Policies There have been no material changes to the Partnership’s critical accounting policies and estimates from those disclosed in the 2020 Annual Report. 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 |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Ownership Interests in DevCos | As of March 31, 2021, the Partnership’s assets in the DevCos were as follows: DevCo Areas Served Service Lines Bighorn DevCo Wild Basin – Natural gas processing – Crude oil terminaling – Crude oil transportation Bobcat DevCo Wild Basin – Natural gas gathering – Natural gas compression – Gas lift supply – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal Beartooth DevCo Alger – Produced and flowback water gathering – Produced and flowback water disposal – Freshwater supply and distribution Panther DevCo Permian Basin – Crude oil gathering – Produced and flowback water gathering – Produced and flowback water disposal |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (In thousands) Service revenues Crude oil, natural gas and NGL revenues $ 45,094 $ 53,977 Produced and flowback water revenues 22,969 31,862 Total service revenues 68,063 85,839 Product revenues Crude oil, natural gas and NGL revenues 30,589 14,436 Freshwater revenues 1,721 6,352 Total product revenues 32,310 20,788 Total revenues $ 100,373 $ 106,627 |
Changes in Contract Assets and Liabilities | The following table summarizes the changes in contract liabilities for the three months ended March 31, 2021: (In thousands) Balance as of December 31, 2020 $ 5,421 Cash received — Revenue recognized (112) Balance as of March 31, 2021 $ 5,309 |
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, 2021: (In thousands) 2021 (excluding three months ended March 31, 2021) $ 12,864 2022 17,175 2023 10,896 2024 11,089 2025 2,768 Total $ 54,792 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, 2021 December 31, 2020 (In thousands) Accrued capital costs $ 2,498 $ 3,200 Accrued operating expenses 8,678 8,204 Other accrued liabilities 11,168 6,527 Total accrued liabilities $ 22,344 $ 17,931 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following: March 31, 2021 December 31, 2020 (In thousands) Pipelines $ 531,453 $ 532,546 Natural gas processing plants 303,206 301,820 Produced and flowback water facilities 123,609 123,047 Compressor stations 186,633 185,474 Other property and equipment 33,457 34,548 Construction in progress 2,645 3,384 Total property, plant and equipment 1,181,003 1,180,819 Less: accumulated depreciation, amortization and impairment (249,838) (240,877) Total property, plant and equipment, net $ 931,165 $ 939,942 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consists of the following: March 31, 2021 December 31, 2020 (In thousands) Revolving Credit Facility $ 234,000 $ 450,000 8.00% senior unsecured notes due April 1, 2029 450,000 — Less: unamortized deferred financing costs on senior unsecured notes (9,762) — Total long-term debt $ 674,238 $ 450,000 |
Partnership Equity and Distri_2
Partnership Equity and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 periods presented: Distributions Limited Partners General Partner Period Record Date Distribution Date Distribution per limited partner unit Common units Subordinated units IDRs (In thousands) Q4 2020 March 8, 2021 March 18, 2021 $0.54 $10,842 $7,425 $1,027 |
Earnings (Loss) Per Limited P_2
Earnings (Loss) Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 (In thousands) Basic weighted average common units outstanding 22,052 20,041 Dilutive effect of restricted awards 4 — Diluted weighted average common units outstanding 22,056 20,041 |
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, 2021 Limited Partners Common units Subordinated units Total (In thousands, except per unit data) Net income attributable to Oasis Midstream Partners LP Distribution declared $ 10,842 $ 7,425 $ 18,267 Undistributed earnings attributable to Oasis Midstream Partners LP 4,956 2,678 7,634 Net income attributable to Oasis Midstream Partners LP $ 15,798 $ 10,103 $ 25,901 Weighted average limited partners units outstanding Basic 22,052 Diluted 22,056 Net loss attributable to Oasis Midstream Partners LP per limited partner unit Basic $ 0.72 Diluted 0.72 Anti-dilutive restricted units 8 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 income attributable to Oasis Midstream Partners LP per limited partner unit Basic $ (2.14) Diluted (2.14) Anti-dilutive restricted units 10 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 100,373 | $ 106,627 |
Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 68,063 | 85,839 |
Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 32,310 | 20,788 |
Crude oil, natural gas and NGL revenues | Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 45,094 | 53,977 |
Crude oil, natural gas and NGL revenues | Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 30,589 | 14,436 |
Produced and flowback water revenues | Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,969 | 31,862 |
Freshwater revenues | Product revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,721 | $ 6,352 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Assets and Contract Liabilities Activity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Contract with Customer, Liability [Abstract] | |
Balance as of December 31, 2020 | $ 5,421 |
Cash received | 0 |
Revenue recognized | (112) |
Balance as of March 31, 2021 | $ 5,309 |
Revenue Recognition - Estimated
Revenue Recognition - Estimated Timing of Remaining Performance Obligation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
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. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 54,792 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation period | 9 months |
Remaining performance obligation | $ 12,864 |
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 | $ 17,175 |
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 | $ 10,896 |
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 | $ 11,089 |
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 | 1 year |
Remaining performance obligation | $ 2,768 |
Transactions with Affiliates (D
Transactions with Affiliates (Details) - USD ($) $ in Millions | Mar. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Related Party Transaction [Line Items] | |||
Cash distributions, cash consideration | $ 229 | ||
Cash distributions, upward adjustment to purchase price | 10.1 | ||
Cash distributions, downward adjustment to purchase price | $ 7.6 | ||
Bobcat DevCo | Oasis Midstream Partners, LP | |||
Related Party Transaction [Line Items] | |||
Percentage acquired | 64.70% | ||
Beartooth DevCo | Oasis Midstream Partners, LP | |||
Related Party Transaction [Line Items] | |||
Percentage acquired | 30.00% | ||
Commercial Agreements with OPNA, Oasis Petroleum Marketing LLC (“OPM”) and OMS | Oasis | Centralized Corporate, General and Administrative Services | |||
Related Party Transaction [Line Items] | |||
General and administrative | $ 6.9 | $ 7.6 | |
Simplification Transaction | Oasis | |||
Related Party Transaction [Line Items] | |||
Consideration contributed | $ 512.5 | ||
General partner cash distributions | $ 231.5 | ||
Limited partners ownership interest (in shares) | 12,949,644 | ||
Convertible units, limited partners interest (in shares) | 1,850,356 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued capital costs | $ 2,498 | $ 3,200 |
Accrued operating expenses | 8,678 | 8,204 |
Other accrued liabilities | 11,168 | 6,527 |
Total accrued liabilities | $ 22,344 | $ 17,931 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,181,003 | $ 1,180,819 | $ 1,180,819 |
Less: accumulated depreciation, amortization and impairment | (249,838) | (240,877) | |
Total property, plant and equipment, net | 931,165 | 939,942 | $ 939,942 |
Pipelines | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 531,453 | 532,546 | |
Natural gas processing plants | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 303,206 | 301,820 | |
Produced and flowback water facilities | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 123,609 | 123,047 | |
Compressor stations | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 186,633 | 185,474 | |
Other property and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 33,457 | 34,548 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 2,645 | $ 3,384 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | |||
Total long-term debt | $ 674,238 | $ 450,000 | |
Unsecured Debt | |||
Line of Credit Facility [Line Items] | |||
Less: unamortized deferred financing costs on senior unsecured notes | 9,762 | 0 | |
Senior Notes Due April 2029 | Unsecured Debt | |||
Line of Credit Facility [Line Items] | |||
Long-term debt, gross | 450,000 | $ 450,000 | 0 |
Less: unamortized deferred financing costs on senior unsecured notes | 9,800 | ||
Debt instrument, interest rate | 8.00% | ||
Revolving Credit Facility | The Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Long-term debt, gross | $ 234,000 | $ 450,000 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - The Credit Agreement - Line of Credit - USD ($) $ in Millions | Mar. 22, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | |||
Debt obligations, maximum leverage ratio | 500.00% | ||
Debt obligation, maximum senior secured leverage ratio | 300.00% | ||
Debt obligation, maximum consolidated interest coverage ratio | 250.00% | ||
Decrease in aggregate lender commitments | $ 450 | ||
Accelerate deferred financing costs | $ 1.1 | ||
Maximum aggregate commitment amount | $ 450 | ||
Line of credit outstanding | 234 | $ 450 | |
Letters of credit outstanding | 5.5 | ||
Unused borrowing capacity | $ 210.5 | ||
Weighted average interest rate (percent) | 2.10% | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee rate (percent) | 0.375% | ||
Minimum | Eurodollar | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 2.25% | ||
Minimum | Alternate Based Rate (ABR) | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 1.25% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee rate (percent) | 0.50% | ||
Maximum | Eurodollar | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 3.25% | ||
Maximum | Alternate Based Rate (ABR) | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 2.25% |
Long-Term Debt - Senior Unsecur
Long-Term Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Mar. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||||
Payments on revolving credit facility | $ 223,500 | $ 0 | ||
Payments for other fees | $ 6,100 | |||
Simplification Transaction | Oasis | ||||
Line of Credit Facility [Line Items] | ||||
General partner cash distributions | 231,500 | |||
Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Deferred financing costs | 9,762 | $ 0 | ||
Senior Notes Due April 2029 | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt, gross | $ 450,000 | 450,000 | 0 | |
Debt instrument, interest rate | 8.00% | |||
Proceeds from issuance of debt | $ 442,100 | |||
Deferred financing costs | 9,800 | |||
Senior Notes Due April 2029 | Unsecured Debt | Fair Value, Inputs, Level 1 | ||||
Line of Credit Facility [Line Items] | ||||
Fair value of debt | 460,100 | |||
The Credit Agreement | Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt, gross | $ 234,000 | $ 450,000 | ||
Payments on revolving credit facility | 204,000 | |||
OMP Revolving Line of Credit | Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of line of credit, accrued interest | $ 500 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 6,986 | $ 6,986 |
Partnership Equity and Distri_3
Partnership Equity and Distributions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Distribution Made to Limited Partner [Line Items] | |
Distribution per limited partner unit (in dollars per share) | $ / shares | $ 0.54 |
Common Units | Limited Partners | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution declared | $ 10,842 |
Subordinated Units | Limited Partners | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution declared | 7,425 |
Subordinated Units | General Partner | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution declared | $ 1,027 |
Partnership Equity and Distri_4
Partnership Equity and Distributions - Narrative (Details) - $ / shares | May 03, 2021 | Mar. 30, 2021 | Mar. 19, 2021 | Dec. 31, 2020 |
Distribution Made to Limited Partner [Line Items] | ||||
Distribution per limited partner unit (in dollars per share) | $ 0.54 | |||
Bobcat DevCo | Oasis Midstream Partners, LP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Percentage acquired | 64.70% | |||
Beartooth DevCo | Oasis Midstream Partners, LP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Percentage acquired | 30.00% | |||
Subsequent Event | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distribution per limited partner unit (in dollars per share) | $ 0.55 | |||
Subordinated Units | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Convertible units, limited partners interest (in shares) | 13,750,000 |
Earnings (Loss) Per Limited P_3
Earnings (Loss) Per Limited Partner Unit - Calculation of Basic and Diluted Weighted Average Number of Units Outstanding (Details) - Common Units - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Basic weighted average common units outstanding (shares) | 22,052 | 20,041 |
Diluted weighted average common units outstanding (in shares) | 22,056 | 20,041 |
Limited Partners | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Basic weighted average common units outstanding (shares) | 22,052 | 20,041 |
Dilutive effect of restricted awards (shares) | 4 | 0 |
Diluted weighted average common units outstanding (in shares) | 22,056 | 20,041 |
Earnings (Loss) Per Limited P_4
Earnings (Loss) Per Limited Partner Unit - Net Income per Limited Partner Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income attributable to Oasis Midstream Partners LP | ||
Distribution declared | $ 18,267 | $ 19,285 |
Undistributed earnings attributable to Oasis Midstream Partners LP | 7,634 | (90,684) |
Net income attributable to Oasis Midstream Partners LP | $ 25,901 | $ (71,399) |
Net loss attributable to Oasis Midstream Partners LP per limited partner unit | ||
Diluted (in usd per share) | $ 0.72 | $ (2.14) |
General Partner | ||
Net income attributable to Oasis Midstream Partners LP | ||
Distribution declared | $ 1,027 | |
Undistributed earnings attributable to Oasis Midstream Partners LP | 0 | |
Net income attributable to Oasis Midstream Partners LP | $ 1,027 | |
Common Units | ||
Weighted average limited partners units outstanding | ||
Basic (in shares) | 22,052 | 20,041 |
Diluted (in shares) | 22,056 | 20,041 |
Common Units | Limited Partners | ||
Net income attributable to Oasis Midstream Partners LP | ||
Distribution declared | $ 10,842 | $ 10,833 |
Undistributed earnings attributable to Oasis Midstream Partners LP | 4,956 | (53,784) |
Net income attributable to Oasis Midstream Partners LP | $ 15,798 | $ (42,951) |
Weighted average limited partners units outstanding | ||
Basic (in shares) | 22,052 | 20,041 |
Diluted (in shares) | 22,056 | 20,041 |
Net loss attributable to Oasis Midstream Partners LP per limited partner unit | ||
Basic (in usd per share) | $ 0.72 | $ (2.14) |
Diluted (in usd per share) | $ 0.72 | $ (2.14) |
Anti-dilutive restricted units (shares) | 8 | 10 |
Subordinated Units | Limited Partners | ||
Net income attributable to Oasis Midstream Partners LP | ||
Distribution declared | $ 7,425 | $ 7,425 |
Undistributed earnings attributable to Oasis Midstream Partners LP | 2,678 | (36,900) |
Net income attributable to Oasis Midstream Partners LP | $ 10,103 | $ (29,475) |