Oasis Midstream Partners LP Just Filed Its Quarterly Report: Earnings (Loss) Per ...

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 and six months ended June 30, 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 June 30,Six Months Ended June 30,
2021202020212020
(In thousands)
Basic weighted average common units outstanding48,611 20,045 35,407 20,043 
Dilutive effect of restricted awards— — 
Diluted weighted average common units outstanding48,620 20,045 35,416 20,043 

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 June 30, 2021
Limited Partners
Common unitsSubordinated unitsTotal
(In thousands, except per unit data)
Net income attributable to Oasis Midstream Partners LP
Distributions$26,745 $— $26,745 
Undistributed earnings attributable to Oasis Midstream Partners LP8,409 — 8,409 
Net income attributable to Oasis Midstream Partners LP$35,154 $— $35,154 
Weighted average limited partners units outstanding
Common units – basic48,611 
Common units – diluted48,620 
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic$0.72 
Diluted0.72 
Anti-dilutive restricted units
Three Months Ended June 30, 2020
General PartnerLimited Partners
IDRsCommon unitsSubordinated unitsTotal
(In thousands, except per unit data)
Net income attributable to Oasis Midstream Partners LP
Distributions$1,027 $10,833 $7,425 $19,285 
Undistributed earnings attributable to Oasis Midstream Partners LP— (4,396)(3,015)(7,411)
Net income attributable to Oasis Midstream Partners LP$1,027 $6,437 $4,410 $11,874 
Weighted average limited partners units outstanding
Common units – basic20,045 
Common units – diluted20,045 
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic$0.32 
Diluted0.32 
Anti-dilutive restricted units16 
Six Months Ended June 30, 2021
Limited Partners
Common unitsSubordinated unitsTotal
(In thousands, except per unit data)
Net income attributable to Oasis Midstream Partners LP
Distributions$37,587 $7,425 $45,012 
Undistributed earnings attributable to Oasis Midstream Partners LP13,743 2,300 16,043 
Net income attributable to Oasis Midstream Partners LP$51,330 $9,725 $61,055 
Weighted average limited partners units outstanding
Basic35,407 
Diluted35,416 
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic$1.45 
Diluted1.45 
Anti-dilutive restricted units
Six Months Ended June 30, 2020
General PartnerLimited Partners
IDRsCommon unitsSubordinated unitsTotal
(In thousands, except per unit data)
Net income (loss) attributable to Oasis Midstream Partners LP
Distributions$2,054 $21,666 $14,850 $38,570 
Undistributed loss attributable to Oasis Midstream Partners LP— (58,182)(39,913)(98,095)
Net income (loss) attributable to Oasis Midstream Partners LP$2,054 $(36,516)$(25,063)$(59,525)
Weighted average limited partners units outstanding
Basic20,043 
Diluted20,043 
Net loss attributable to Oasis Midstream Partners LP per limited partner unit
Basic$(1.82)
Diluted(1.82)
Anti-dilutive restricted units

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Entry into a Material Definitive - Oct. 8, 2021
Entry into a Material Definitive - Sept. 30, 2021

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