Company Quick10K Filing
Oasis Midstream Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
8-K 2019-12-12 Regulation FD, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-08-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-02-28 Enter Agreement, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-20 M&A, Sale of Shares, Regulation FD, Exhibits
8-K 2018-11-09 Enter Agreement, Exhibits
8-K 2018-11-07 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-30 Regulation FD, Exhibits
8-K 2018-08-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-11 Officers, Regulation FD, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-02 Earnings, Exhibits
OMP 2019-09-30
Part I - Financial Information
Item 1. - Financial Statements (Unaudited)
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. - Quantitative and Qualitative Disclosures About Market Risk
Item 4. - Controls and Procedures
Part II - Other Information
Item 1. - Legal Proceedings
Item 1A. - Risk Factors
Item 5. - Other Information
Item 6. - Exhibits
EX-10.2 exhibit102redacted-pan.htm
EX-10.3 exhibit103redacted-pan.htm
EX-31.1 ex311-ompq320193q19mas.htm
EX-31.2 ex312-ompq320193q19mas.htm
EX-32.1 ex321-ompq320193q19mas.htm
EX-32.2 ex322-ompq320193q19mas.htm

Oasis Midstream Partners Earnings 2019-09-30

OMP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BORR
KRP 869 94 99 0 -28 18 -17 0% -0.9 -3%
HESM 2,926 109 688 0 375 505 -15 0% -0.0 13%
PTR 2,432,266 1,021,608 0 0 0 0 -0 0%
SNMP 464 195 87 0 20 56 -1 0% -0.0 4%
MCEP 200 140 79 0 0 22 65 0% 3.0 0%
VNOM 1,820 216 285 0 172 137 -13 0% -0.1 9%
OMP 1,081 508 333 339 170 212 402 102% 1.9 16%
FLMN 296 38 90 0 109 116 34 0% 0.3 37%
BSM 1,725 581 693 0 329 472 -4 0% -0.0 19%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission file number: 001-38212

Oasis Midstream Partners LP
(Exact name of registrant as specified in its charter)

Delaware 47-1208855
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1001 Fannin Street, Suite 1500
Houston, Texas
 77002
(Address of principal executive offices) (Zip Code)
(281) 404-9500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common units representing limited partner interestsOMPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 


Table of Contents
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No 

At October 31, 2019, there were 33,795,196 units representing limited partner interests (consisting of 20,045,196 common units and 13,750,000 subordinated units) outstanding.




OASIS MIDSTREAM PARTNERS LP
TABLE OF CONTENTS
 Page
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018




Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. — Financial Statements (Unaudited)
OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, 2019December 31, 2018
(In thousands, except unit data)
ASSETS
Current assets
Cash and cash equivalents$4,672  $6,649  
Accounts receivable7,793  2,481  
Accounts receivable – Oasis Petroleum77,393  80,805  
Prepaid expenses964  1,418  
Other current assets1,810  22  
Total current assets92,632  91,375  
Property, plant and equipment1,089,696  933,155  
Less: accumulated depreciation and amortization(89,129) (62,730) 
Total property, plant and equipment, net1,000,567  870,425  
Operating lease right-of-use assets5,945    
Other assets3,383  2,452  
Total assets$1,102,527  $964,252  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$2,855  $2,180  
Accounts payable – Oasis Petroleum26,769  33,014  
Accrued liabilities47,533  57,657  
Accrued interest payable273  442  
Current operating lease liabilities2,973    
Other current liabilities9    
Total current liabilities80,412  93,293  
Long-term debt431,000  318,000  
Asset retirement obligations1,596  1,514  
Operating lease liabilities2,979  —  
Other liabilities557    
Total liabilities516,544  412,807  
Equity
Limited partners
Common units (20,045,196 and 20,029,026 issued and outstanding at September 30, 2019 and December 31, 2018, respectively)
213,468  192,581  
Subordinated units (13,750,000 units issued and outstanding at September 30, 2019 and December 31, 2018)
57,989  45,937  
General Partner745  112  
Total partners’ equity
272,202  238,630  
Non-controlling interests313,781  312,815  
Total equity585,983  551,445  
Total liabilities and equity$1,102,527  $964,252  
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Table of Contents
OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
(In thousands, except per unit data)
Revenues
Midstream services – Oasis Petroleum$78,327  $65,674  $224,641  $184,103  
Midstream services – third parties1,840  567  4,792  1,438  
Product sales – Oasis Petroleum20,517  3,189  60,517  10,591  
Product sales – third parties9  2,037  38  3,314  
Total revenues100,693  71,467  289,988  199,446  
Operating expenses
Costs of product sales7,001  2,704  27,088  5,465  
Operating and maintenance17,316  17,112  52,169  47,801  
Depreciation and amortization8,983  7,189  26,474  20,212  
General and administrative7,579  5,449  24,108  17,496  
Total operating expenses40,879  32,454  129,839  90,974  
Operating income59,814  39,013  160,149  108,472  
Other expense
Interest expense, net of capitalized interest(4,512) (163) (12,469) (608) 
Other expense  (15) (4) (15) 
Total other expense(4,512) (178) (12,473) (623) 
Net income55,302  38,835  147,676  107,849  
Less: Net income attributable to non-controlling interests23,866  26,459  68,499  73,075  
Net income attributable to Oasis Midstream Partners LP31,436  12,376  79,177  34,774  
Less: Net income attributable to General Partner745    1,474    
Net income attributable to limited partners$30,691  $12,376  $77,703  $34,774  
Earnings per limited partner unit (Note 12)
Common units – basic$0.91  $0.45  $2.30  $1.27  
Common units – diluted0.91  0.45  2.30  1.26  
Weighted average number of limited partners units outstanding (Note 12)
Common units – basic20,027  13,751  20,022  13,750  
Common units – diluted20,038  13,769  20,039  13,764  









The accompanying notes are an integral part of these condensed consolidated financial statements.

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OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Partnership
Common UnitsSubordinated UnitsGeneral PartnerNon-controlling InterestsTotal
(In thousands) 
Balance as of December 31, 2018$192,581  $45,937  $112  $312,815  $551,445  
Contributions from non-controlling interests—  —  —  2,532  2,532  
Distributions to non-controlling interests—  —  —  (21,922) (21,922) 
Distributions to unitholders(9,020) (6,188) (112) —  (15,320) 
Equity-based compensation119  —  —  —  119  
Other2,881  (79) —  (2,977) (175) 
Net income12,630  8,675  238  21,796  43,339  
Balance as of March 31, 2019199,191  48,345  238  312,244  560,018  
Contributions from non-controlling interests—  —  —  1,709  1,709  
Distributions to non-controlling interests—  —  —  (21,659) (21,659) 
Distributions to unitholders(9,421) (6,463) (238) —  (16,122) 
Equity-based compensation100  —  —  —  100  
Other(102) (115) —  —  (217) 
Net income15,241  10,466  491  22,837  49,035  
Balance as of June 30, 2019205,009  52,233  491  315,131  572,864  
Contributions from non-controlling interests—  —  —  870  870  
Distributions to non-controlling interests—  —  —  (26,086) (26,086) 
Distributions to unitholders(9,823) (6,737) (491) —  (17,051) 
Equity-based compensation84  —  —  —  84  
Net income18,198  12,493  745  23,866  55,302  
Balance as of September 30, 2019$213,468  $57,989  $745  $313,781  $585,983  















The accompanying notes are an integral part of these condensed consolidated financial statements.

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OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(UNAUDITED)
Partnership
Common UnitsSubordinated UnitsGeneral PartnerNon-controlling InterestsTotal
(In thousands) 
Balance as of December 31, 2017$167,401  $79,173  $  $313,446  $560,020  
Contributions from non-controlling interests—  —  —  23,565  23,565  
Distributions to non-controlling interests—  —  —  (38,316) (38,316) 
Distributions to unitholders(5,498) (5,493) —  —  (10,991) 
Equity-based compensation63  —  —  —  63  
Net income4,977  4,977  —  21,575  31,529  
Balance as of March 31, 2018166,943  78,657    320,270  565,870  
Contributions from non-controlling interests—  —  —  16,097  16,097  
Distributions to non-controlling interests—  —  —  (17,441) (17,441) 
Distributions to unitholders(5,406) (5,397) —  —  (10,803) 
Equity-based compensation103  —  —  —  103  
Other(128) —  —  —  (128) 
Net income6,222  6,222  —  25,041  37,485  
Balance as of June 30, 2018167,734  79,482    343,967  591,183  
Contributions from non-controlling interests—  —  —  83,016  83,016  
Distributions to non-controlling interests—  —  —  (47,308) (47,308) 
Distributions to unitholders(5,650) (5,636) —  —  (11,286) 
Equity-based compensation114  —  —  —  114  
Net income6,189  6,187  —  26,459  38,835  
Balance as of September 30, 2018$168,387  $80,033  $  $406,134  $654,554  















The accompanying notes are an integral part of these condensed consolidated financial statements.
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OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
20192018
(In thousands)
Cash flows from operating activities:
Net income$147,676  $107,849  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization26,474  20,212  
Equity-based compensation expenses303  280  
Deferred financing costs amortization660  235  
Working capital and other changes:
Change in accounts receivable(1,255) 8,747  
Change in prepaid expenses454  682  
Change in accounts payable and accrued liabilities(2,173) 18,895  
Change in other assets and liabilities, net(1,953)   
Net cash provided by operating activities170,186  156,900  
Cash flows from investing activities:
Capital expenditures(170,850) (219,819) 
Net cash used in investing activities(170,850) (219,819) 
Cash flows from financing activities:
Capital contributions from non-controlling interests5,111  115,502  
Distributions to non-controlling interests(69,667) (103,065) 
Distributions to unitholders(48,493) (33,080) 
Deferred financing costs(811) (331) 
Proceeds from revolving credit facility118,000  123,000  
Principal payments on revolving credit facility(5,000) (35,000) 
Other(453)   
Net cash provided by (used in) financing activities(1,313) 67,026  
Increase (decrease) in cash and cash equivalents(1,977) 4,107  
Cash:
Beginning of period6,649  883  
End of period$4,672  $4,990  
Supplemental non-cash transactions:
Change in accrued capital expenditures$(13,690) $(4,520) 
Change in asset retirement obligations81  180  
Reimbursement of capital expenditures from Oasis Petroleum  7,176  







The accompanying notes are an integral part of these condensed consolidated financial statements.
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OASIS MIDSTREAM PARTNERS LP
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. 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 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.
Contributed businesses. The Partnership conducts its business through its ownership of development companies: Bighorn DevCo LLC (“Bighorn DevCo”), Bobcat DevCo LLC (“Bobcat DevCo”) and Beartooth DevCo LLC (“Beartooth DevCo,” and collectively with Bighorn DevCo and Bobcat 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 September 30, 2019, the Partnership’s assets and ownership interests in the DevCos were as follows:
DevCosAreas ServedService LinesPartnership Ownership
Bighorn DevCoWild Basin
South Nesson
Natural gas processing
Crude oil stabilization
Crude oil blending
Crude oil and natural gas liquids storage
Crude oil transportation
100.0 
Bobcat DevCoWild Basin
South Nesson
Natural gas gathering
Natural gas compression
Gas lift
Crude oil gathering
Produced and flowback water gathering
Produced and flowback water disposal
34.4 
Beartooth DevCoAlger
Cottonwood
Hebron
Indian Hills
Red Bank
Wild Basin
Produced and flowback water gathering
Produced and flowback water disposal
Freshwater supply and distribution
70.0 
Nature of business. 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. These services include (i) gas gathering, compression, processing, gas lift and natural gas liquids (“NGL”) 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 three DevCos in which the Partnership has the right to provide its full suite of midstream services to support existing and future third party volumes.
The Partnership is not a taxable entity for United States federal income tax purposes and is not subject to income tax in any states in which the Partnership operates, as of September 30, 2019. As taxes are generally borne by its partners through the allocation of taxable income, the Partnership does not record deferred taxes related to the aggregate difference in the basis of its assets for financial and tax reporting purposes.
2. 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, 2018 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.
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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, 2018 (“2018 Annual Report”).
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 (“VIE”). On November 19, 2018, the Partnership completed its acquisition of an additional 15% ownership interest in Bobcat DevCo and an additional 30% ownership interest in Beartooth DevCo. The Partnership determined its acquisition of additional ownership interests in Bobcat DevCo and Beartooth DevCo was a reconsideration event in accordance with the rules of the Financial Accounting Standards Board (“FASB”) for VIEs and completed a reassessment of its prior conclusions that Bobcat DevCo and Beartooth DevCo were each VIEs.
With respect to Bobcat DevCo, management determined that OMS’s equity at risk was established with non-substantive voting rights, making Bobcat DevCo a VIE under the rules of the FASB. Through its 100% ownership interest in OMP Operating LLC (“OMP Operating”), which owns a controlling interest in Bobcat DevCo, the Partnership has the authority to direct the activities that most significantly affect the economic performance of this entity and the obligation to absorb losses or the right to receive benefits that could be potentially significant. Therefore, the Partnership is considered the primary beneficiary of Bobcat DevCo and is required to consolidate this entity in its financial statements under the VIE consolidation model.
The Partnership has determined that Bighorn DevCo and Beartooth DevCo are not VIEs due to OMP Operating’s 100% and 70% ownership interest in Bighorn DevCo and Beartooth DevCo, respectively, which is proportional to its voting rights through its controlling interests. The Partnership has a controlling financial interest in Bighorn DevCo and Beartooth DevCo, through its 100% ownership interest in OMP Operating and is required to consolidate Bighorn DevCo and Beartooth DevCo 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 65.6% and 30%, respectively, as of September 30, 2019.
Significant Accounting Policies
There have been no material changes to the Partnership’s critical accounting policies and estimates from those disclosed in the 2018 Annual Report, other than as noted below.
Leases. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use (“ROU”) asset and related liability on the balance sheet for leases with durations greater than twelve months and also requires certain quantitative and qualitative disclosures about leasing arrangements. Accounting Standards Codification 842, Leases (“ASC 842”), was subsequently amended by various Accounting Standards Updates, which provided additional implementation guidance.
The Partnership adopted the new standard as of January 1, 2019, using the required modified retrospective approach and elected the option to recognize a cumulative effect adjustment of initially applying the guidance to the opening balance of retained earnings in the period of adoption. Prior period amounts were not adjusted.
The Partnership elected the package of practical expedients under the transition guidance within the new standard, including the practical expedient to not reassess under the new standard any prior conclusions about lease identification, lease classification and initial direct costs; the use-of hindsight practical expedient; the practical expedient to not reassess the prior accounting treatment for existing or expired land easements; and the practical expedient pertaining to combining lease and non-lease components for all asset classes. In addition, the Partnership elected not to apply the recognition requirements of ASC 842 to short-term leases, and as such, recognition of lease payments for short-term leases are recognized in net income on a straight line basis. See Note 8 — Leases for the adoption impact and disclosures required by ASC 842.
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3. Revenue Recognition
Disaggregation of revenues
The following table presents revenues associated with contracts with customers for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
(In thousands)
Service revenues
Crude oil and natural gas revenues$49,553  $34,347  $143,434  $98,489  
Produced and flowback water revenues30,614  31,893  85,999  87,052  
Total service revenues80,167  66,240  229,433  185,541  
Product revenues
Natural gas and NGL revenues15,388    42,246    
Freshwater revenues5,138  5,227  18,309  13,905  
Total product revenues20,526  5,227  60,555  13,905  
Total revenues$100,693  $71,467  $289,988  $199,446  
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 and nine months ended September 30, 2019 and 2018, 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. No material contract balances were recorded in the condensed consolidated financial statements at September 30, 2019 or December 31, 2018.
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 September 30, 2019:
(In thousands)
2019 (excluding the nine months ended September 30, 2019)$3,555  
202022,697  
202127,272  
202219,244  
202312,624  
Thereafter14,642  
Total$100,034  
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
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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; (ii) contracts with an original expected duration of one year or less; and (iii) contracts for which the Partnership recognizes revenue under the right to invoice practical expedient.
4. 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.
Expenses. Oasis Petroleum provides substantial labor and overhead support for the Partnership pursuant to a 15-year services and secondment agreement (the “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 $6.7 million and $4.5 million from affiliate transactions with Oasis Petroleum for the three months ended September 30, 2019 and 2018, respectively, and include $21.5 million and $15.3 million from affiliate transactions with Oasis Petroleum for the nine months ended September 30, 2019 and 2018, respectively.
2019 Capital Expenditures Arrangement. On February 22, 2019, the Partnership entered into a memorandum of understanding (the “MOU”) with Oasis Petroleum regarding the funding of Bobcat DevCo’s capital expenditures for the 2019 calendar year (the “2019 Capital Expenditures Arrangement”). Pursuant to the Amended and Restated Limited Liability Company Agreement of Bobcat DevCo LLC, as amended (the “First A&R Bobcat LLCA”), the Partnership and Oasis Petroleum are each required to make pro-rata capital contributions to Bobcat DevCo in accordance with their respective percentage ownership interests in Bobcat DevCo.
Pursuant to the MOU, the Partnership agreed to make up to $80.0 million of capital expenditures to Bobcat DevCo that Oasis Petroleum would otherwise be required to contribute under the First A&R Bobcat LLCA. In connection with execution of the MOU, the Partnership and Oasis Petroleum amended the First A&R Bobcat LLCA and entered into the Second Amended and Restated Limited Liability Company Agreement of Bobcat DevCo LLC (the “Second A&R Bobcat LLCA”). The Second A&R Bobcat LLCA includes provisions applicable to the disproportionate capital contributions that the Partnership will make to Bobcat DevCo in connection with the 2019 Capital Expenditures Arrangement. Pursuant to the Second A&R Bobcat LLCA, upon the occurrence of a disproportionate capital contribution, the percentage interests of the Partnership and Oasis Petroleum in Bobcat DevCo will be adjusted to take into account the amount of the disproportionate capital contribution. During the three and nine months ended September 30, 2019, the Partnership made capital contributions to Bobcat DevCo pursuant to the 2019 Capital Expenditures Arrangement of $13.4 million and $66.2 million, respectively. As a result, the Partnership’s ownership interest in Bobcat DevCo increased from 25% as of December 31, 2018 to 34.4% as of September 30, 2019.
5. Accrued Liabilities
Accrued liabilities consist of the following:
September 30, 2019December 31, 2018
(In thousands) 
Accrued capital costs$29,264  $42,953  
Accrued operating expenses17,219  13,539  
Other accrued liabilities1,050  1,165  
Total accrued liabilities$47,533  $57,657  

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6. Property, Plant and Equipment
Property, plant and equipment consists of the following:
September 30, 2019December 31, 2018
(In thousands)