Q.Live Oak Tree Problem
The bark on the Live Oak Tree in the front yard has large cracks in it and we are afraid we might lose the tree. The limbs and leaves look healthy but there is something definitely wrong with the bark on the trunk of the tree.

Likely it is a result of root rot - crown rot due to the sprinkler placement and spraying of excessive water on the base of the tree trunk.
There appears to be an extreme amount of bark loss, indicating death of the underlying growing layer. There may be some bands of conductive tissue intact and that is why the tree can still get some uptake of water and nutrients. But I expect that the damage is too severe and you will lose the tree within a year.
Consult with a local certified arborist.