building a strong sustainable oasis: our new e&p model · 2021. 1. 4. · a new tomorrow, today....

A New Tomorrow, Today Nasdaq: OAS

January 2021

Building a Strong Sustainable Oasis: Our New E&P Model

A New Tomorrow, Today

A New Tomorrow, Today Nasdaq: OAS 2

Forward-Looking / Cautionary Statements

Non-GAAP Financial MeasuresCash Interest, Adjusted EBITDAX, E&P Cash G&A, Free Cash Flow, Adjusted Net Income (Loss) Attributable to Oasis, Adjusted Diluted Earnings (Loss) Attributable to Oasis Per Share and Recycle Ratio are supplemental financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP measures should not be considered in isolation or as a substitute for interest expense, net income (loss), operating income (loss), net cash provided by (used in) operating activities, earnings (loss) per share or any other measures prepared under GAAP. Because CashInterest, Adjusted EBITDAX, Free Cash Flow, Adjusted Net Income (Loss) Attributable to Oasis, Adjusted Diluted Earnings (Loss) Attributable to Oasis Per Share and Recycle Ratio exclude some but not all items that affect net income (loss) and may vary among companies, the amounts presented may not be comparable to similar metrics of other companies. Reconciliations of these non-GAAP financial measures to their most comparable GAAP measure can be found in the annual report on Form 10-K, quarterly reports on Form 10-Q and on our website at www.oasispetroleum.com. Amounts excluded from these non-GAAP measure in future periods could be significant.

Cautionary Statement Regarding Oil and Gas Quantities The Securities Exchange Commission (the “SEC”) requires oil and gas companies, in their filings with the SEC, to disclose provedreserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economicconditions (using unweighted average 12-month first day of the month prices), operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities of the exploration and development companies may justify revisions of estimates that were made previously. If significant, such revisions could impact the Company’s strategy and future prospects.Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. The SEC also permits the disclosure of separate estimates of probable or possible reserves that meet SEC definitions for such reserves; however, we currently do not disclose probable or possible reserves in our SEC filings.

Proved reserves at December 31, 2019 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on the trailing 12-month average first-day-of-the-month prices of $55.85 per barrel of oil and $2.62 per MMBtu of natural gas. The reserve estimates for the Company are based on reports prepared by DeGolyer and MacNaughton ("D&M").

Our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.

Forward-Looking StatementsThis presentation, including the oral statements made in connection herewith, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company’s ability to capitalize on its emergence from restructuring and to implement its realigned initiatives and strategies, the Company's drilling program, production, derivative instruments, capital expenditure levels and other guidance included in this presentation. When used in this presentation, the words "could," "should," "will,“ "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements contain such identifying words. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the headings “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in the Company’s filings with the Securities and Exchange Commission. These include, but are not limited to changes in oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions and divestitures and the ability to integrate acquisitions into its existing business, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, access to and terms of credit in the commercial banking and other debt markets, the condition of the capital markets generally, as well as the Company's ability to access them, cash flows and liquidity, the proximity to, availability of, and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business and other important factors. In addition, the Company’s forward-looking statements address the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the novel coronavirus 2019 pandemic and the actions of foreign oil producers to increase crude oil production and the expected impact on our business, operations, earnings, and results as well as the risks and uncertainties associated with the impact of the Company’s ability to respond to such risks on its actual results. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.


A Stronger Oasis Aligned with Shareholder Interests

3

Best-in-Class Balance Sheet

Returns-Focused Business Model

High Quality Assets Generating Significant Free Cash Flow

ESG Leadership

Strong Strategic Direction Aligned

with Shareholders

The Right Team to Execute


Today’s Oasis has an industry leading financial profile tailored to the new environment. We are focused on generating free cash flow and delivering competitive shareholder returns with our low-cost assets.

New Oasis Built for the New Environment

4

Best-in-class balance sheet (p. 9)

New business model focused on returns

New board of directors, with enhanced governance, aligned with shareholders (p. 7)

Quality asset base delivering significant free cash flow

Material Midstream value & optionality (p. 14)

Generate free cash flow and competitive shareholder returns (p. 8)

Understanding the energy transition and its opportunities

Embracing environmental, social and governance initiatives (p. 6)

Alignment of management incentives

Consolidation to build scale and relevance

WILLISTON BASIN404k Net Acres | 56.1Mboepd1

PERMIAN BASIN24k Net Acres | 9.5Mboepd1

1) Production as of 3Q20

New Oasis New Environment


New Business Model

Free cash flow generation (after capital program) Planning to return capital to shareholders this year Returns above cost of capital and target leverage


Implementing ESG Initiatives And Best Practices

6

Note: More details on our ESG initiatives can be found on the Oasis website: www.oasispetroleum.com

Environmental, Healthand Safety

Best in Class Gas Capture

– Flared gas percentage ~2/3 less than peer average in North Dakota

– Capture gas for other operators, reducing industry-wide emissions

Strong record of fluid and emission containment

Environmental impact of our operations complemented by control of extensive infrastructure

16% per year reduction in reportable spills (2015-2019)

Human Capital

Comprehensive benefits including health care for employees at every level in the organization and retirement plan dollar matching

Oasis Academy for Success learning system supports job-specific training

Soft skill and leadership development and training

Committed to our Communities

– Deeply involved in the areas in which we work and are active

– Employees involved in broad range of charitable organizations in ND & TX

– Work with NextOp to attract US Military veterans for open positions at Oasis

Governance

New Board of Directors

– 83% independent

– Diverse industry-leading experts across multiple disciplines

– Declassified Board

Established Nominating, Environmental, Social & Governance Committee to oversee ESG policies and initiatives

Directors to be elected by a majority of votes rather than plurality

Special meetings may be called by shareholders representing 25% or more of outstanding shares

No supermajority voting requirements

Implementing compensation practices aligned with shareholders

http://www.oasispetroleum.com/


New Board Driving Our Strategic Plan

7

Douglas E. Brooks

Samantha F. Holroyd

John D. Jacobi

N. John Lancaster, Jr.

Robert J. McNally

Cynthia L.Walker

OAS Roles / Committees1

Board Chair and CEO

Lead Independent; Chair of NESG1; A&R

Chair of Comp; NESG

Comp;NESG

A&R; Comp

Chair of A&R;NESG

Industry Leadership - Marathon Oil- Energy XXI

- Yates Petroleum - Aurora Oil & Gas

- Golden Advisors- Lantana Energy- TPG Sixth Street

- Denham- Royal Dutch Shell

- Javelin Energy- Jacobi-Johnson

- Covey Park

- Oyster Creek- Riverstone

- CSFB

- EQT- EQM Midstream- Precision Drilling- Warrior Energy- Simmons & Co

- Occidental- Goldman Sachs

Current and Previous Board(s)

- California Resources- Chaparral Energy - Madalena Energy

- Energy XXI- Yates

- Aurora Oil & Gas

- Gulfport Energy - Pioneer Energy- Comstock Resources

- Liberty Oilfield- Magellan Midstream- Cobalt International

- Warrior Energy- Dalbo Holdings

- EQT- Summit Midstream

- Sempra Energy

Current or past publiccompany CEO or C-suite ✓ ✓ ✓ ✓E&P/Midstream Operations ✓ ✓ ✓ ✓ ✓ ✓Capital Allocation/Investment ✓ ✓ ✓ ✓ ✓ ✓Environmental, health and safety management ✓ ✓ ✓ ✓

Mergers and acquisitions ✓ ✓ ✓ ✓ ✓ ✓

Independent, experienced and

aligned with shareholders

83% Independent New Board provides

an updated perspective 33% of directors are

women

Average of 30+ years of industry experience Leadership roles across

upstream, midstream, oil services, investing, banking, advising and finance

1) NSEG - Nominating, Environmental, Social & Governance Committee, A&R – Audit and Reserves. Comp – Compensation


22%

19%17% 17%

16%13%

11% 10%9% 8%

6%4%

-5%

-9%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Significant FCF Yield and Leverage Below Targeted Levels

8

Generating Significant Cash Flow to Benefit Shareholders

1) FactSet consensus and Oasis Petroleum Cleansing Materials2) Peer FCF defined as consolidated/estimated cash from operations minus CapEx. Peer Group: CDEV, CLR, CPE, LPI, MTDR, NOG, PDCE, PE, QEP, RRC, SM, WILL WPX3) “OAS” reflects unlevered FCF estimates from Cleansing Materials filed 9/30/2020 adjusted for cash interest/taxes4) OAS share count reflects 20MM shares outstanding plus 2.4MM shares associated with management incentive program. All share prices as of 12/31/20205) Oasis to provide 2021 guidance concurrent with 4Q2020 reporting6) 12/31/2020 figures reflect unaudited estimates of Oasis’s debt and cash balance as of that date and may differ from the cash and cash equivalents and long-term debt balances in the Company’s audited financial statements prepared in accordance with GAAP

Return capital to shareholders Board evaluating return to

shareholder alternatives and opportunities

Potential to pay a meaningful dividend

Maintain strong balance sheet and low leverage Leverage target:


Best-in-Class Balance Sheet Supports New Business Model

9

.1) Peer Group: CDEV, CLR, CPE, LPI, MTDR, NOG, PDCE, PE, QEP, SM, WILL WPX2) Excludes OMP capital structure, as OAS and OMP debt are not cross collateralized and guarantors under OAS credit facility are not responsible for OMP debt3) 12/31/2020 figures reflect unaudited estimates of Oasis’s debt and cash balance as of that date and may differ from the cash and cash equivalents and long-term debt balances in the Company’s audited financial statements prepared in accordance with GAAP

Net Debt / Annualized 3Q20 Unhedged EBITDAX1

0.61.0

1.8 2.02.5 2.8

2.93.5 3.7 3.8

4.65.2

6.3

0

1

2

3

4

5

6

7

OAS A B C D E F G H I J K L

AVERAGE: 3.1X

New Capital Structure Highlights2Equity 20MM shares of common stock 60MM shares authorized 2.4MM shares reserved for LTIP (not currently issued) 1.6MM warrants – exercise price of $94.57

Debt and Cash3

$575MM RBL facility $260MM drawn on 12/31/2020 LIBOR + 300-400 bps with 100 bps floor $6.8MM of LCs 1st redetermination – 4/1/2021 Matures – May 2024 Leverage ratio covenant < 3.0x EBITDAX (TTM)

$10.7MM of cash on 12/31/2020

Robust Hedging Program Minimizes Downside Risk

HH Gas Hedging MMBtu/d Price

Dec '20 - Dec '21 10,000 $2.92

Dec '20 - Jun'22 30,000 $2.82

WTI Oil Hedging 2021 2022 2023

Mbopd 29.0 19.0 14.0 Weighted Avg WTI Swap Price $42.09 $42.74 $43.68

OAS Target:


$67

$49

2020 Budget Current Run RateE&P

Driving Better Margins And Increased Capital Productivity

10

1) See appendix for details. E&P Costs do not include any benefit from midstream cash flows that return to Oasis, which are reflected in chart “Midstream Cash Flows to OAS.”2) Cash G&A excludes restructuring and professional fees as well as costs associated with RIF in 20203) Reflects E&P & Other Capital: Other capital includes administrative capital, but excludes capitalized interest. E&P CapEx excludes acquisitions

Aggressively Managing Costs per Boe in 20201

2020 Capital Budget Reductions3 ($MM)

Proactive E&P Cash G&A Reductions2 ($MM)

$7.72 $6.75

$9.12

$6.84

$3.38

$2.17

$1.37

$2.16

2Q20 3Q20E&P LOE E&P GM&T & DiffsE&P Cash G&A Production Taxes

$21.59

$17.92 27% $575

$243

$595

$248

Original Plan New Plan

Low High

58%

17%


$300

$79

$53

11

Compelling Valuation for OAS Shareholders

OAS EV($MM)1,4 OAS Adjusted EBITDAX($MM)23Q20A Annualized OAS EBITDAX Ex-hedges

OAS RBL Drawn Less

Cash

OAS MarketCapitalization

1) Market cap reflects 20MM shares + 2.4 MM shares associated with management incentive program x price on 12/31/20; OAS has $260MM drawn on RBL with $10.7MM of cash as of 12/31/20202) See Definitions of all non-GAAP measures and reconciliations to their most comparable GAAP measure can be found on the Oasis website at www.oasispetroleum.com. E&P EBITDAX excludes midstream ownership credits which are included in consolidated GAAP financials. DevCo portion

of EBITDAX reflects retained interest in Bobcat and Beartooth DevCos. OMP distributions reflect distributions for Oasis’s ownership of OMP units and OMP GP.3) OAS EBITDAX is 3Q20 annualized and defined as E&P EBITDAX + OMP distributions + DevCo EBITDA, peers based on 2021E (from Factset); Peer Group: CDEV, CLR, CPE, LPI, MTDR, NOG, PDCE, PE, QEP, RRC, SM, WILL WPX. As of 12/31/204) 12/31/2020 figures reflect unaudited estimates of Oasis’s debt and cash balance as of that date and may differ from the cash and cash equivalents and long-term debt balances in the Company’s audited financial statements prepared in accordance with GAAP

Attractive EV/EBITDAX Valuation Compared to E&P Peers at ~4.5x3

Compelling Valuation3EV/EBITDAX (2021E)

2.53.2 3.3

3.7 3.8 3.84.3 4.5

5.2 5.3 5.55.6 5.7

6.7

0

1

2

3

4

5

6

7

8$432

E&P EBITDAX

OMP Distributions

Retained midstream

$830

$249

$1,079

3Q20


Bakken – Cornerstone Asset

12

1) Production as of 3Q202) Percent operated and working interest is based on producing wells

Contiguous core asset with 87% of OAS production and strong cash margins

One of the largest producers and acreage holders

Strong FCF from proven / highly predictable asset base

Peer leading well cost and performance

Competitive Advantages


404k Net Acres

56.1Mboepd1

92%Operated2

71%Working Interest2

Nasdaq: OAS

10+ Years of Top-Tier Inventory Drives Free Cash Flow


Permian – Premier, Multi-Stacked Oil Focused Asset

Repeatable, capital efficient deployment

Advantaged geologic position

Oil-rich and multi-stacked pay zones

– 80%+ oil mix

Strong inventory and compelling economics

Optimizing parent-child relationships and flow back

Improving well costs & overall capital efficiency

Competitive Advantages


1) Production as of 3Q202) Percent operated and working interest is based on producing wells

24k Net Acres

9.5Mboepd1

99%Operated2

92%Working Interest2

13Nasdaq: OAS

Extensive Multi-Stacked Inventory in the Core of the Delaware Basin


Midstream Position Generates FCF and Creates Optionality

14

Oasis Midstream Partners (OMP) Position Significant (~68%) ownership position in top tier midstream

company

OMP is a leading owner, developer, operator and acquirer of a diversified portfolio of midstream assets in North America

Generates significant distributions with strong coverage and balance sheet

Third party customers provide significant revenue and additions will be a priority for future

Retained Midstream Interests Receives meaningful cash flow from retained DevCo ownership

interest

Evaluating Optimal Structure and Value Creation Options


A Stronger Oasis Aligned with Shareholder Interests

15

Best-in-Class Balance Sheet

Returns-Focused Business Model

High Quality Assets Generating Significant Free Cash Flow

ESG Leadership

Strong Strategic Direction Aligned

with Shareholders

The Right Team to Execute


Appendix

16


Highly Experienced Management Team

1717

Senior management team with extensive expertise in the oil and gas industry

Deep knowledge of Oasis’ business

Brings differentiated and advanced skills in identification, acquisition and execution of resource conversion opportunities

DOUG BROOKSBoard Chair & Chief Executive Officer

39 years of oil & gas industry experience

Previously CEO at Yates Petroleum, Aurora Oil and Gas and Energy XXI

Multiple positions at Marathon Oil

TAYLOR REIDPresident & Chief Operating Officer

COO since inception in 2007


Multiple positions at Conoco Phillips and Burlington Resources

MICHAEL LOUEVP & Chief Financial Officer

CFO or similar capacities since 2009


10 years energy investment banking

CFO of private E&P company

NIKOLORENTZATOSEVP General Counsel and Corporate Secretary

GC since 2010


Senior Counsel with Targa Resources, ConocoPhillips and Burlington Resources


Oasis 3Q20 Financial and Operational ResultsSee slide 19 for reconciliations

18

Oil Revenues 155.1 Gas Revenues 14.8 Total Oil & Gas Revenue 169.9 Other Services Margin (0.0)Purchased Oil and Gas margin (2.6)Realized Hedges 80.2 Other Income / non-cash adjustments 1.6 Operating Costs

E&P LOE 41.4 E&P GM&T 22.3 E&P Cash G&A 1 13.1 Production Taxes 13.0

Total E&P Operating Costs 89.8 Adjusted E&P EBITDAX 159.2

Cash distributions from midstream ownership 33.1 Other adjustments 2 (4.1)

OAS Adjusted EBITDAX 3 188.2 OAS Unhedged Adjusted EBITDAX 108.0 OAS CapEx 4E&P CapEx 8.7 Midstream CapEx from retained DevCo ownership (1.2)Total CapEx 7.4 Pro forma interest 5 3.1 Free Cash Flow

Hedged 177.7 Unhedged 97.5

1) Excludes litigation contingency of $22.75MM and $26.3MM of restructuring related expenses2) In accordance with OAS credit facility to capture cash flows not associated with OMP3) OAS adjusted EBITDAX conforms to definition of EBITDAX in OAS credit facility and excludes OMP EBITDA4) Excludes capitalized interest. Midstream CapEx reflects adjustments to prior reporting periods5) Assumes interest based on Exit Revolver Exposure for entire period6) 12/31/2020 figures reflect unaudited estimates of Oasis’s debt and cash balance as of that date and may differ from the cash and cash equivalents and long-term debt balances in the Company’s audited financial statements prepared in accordance with GAAP

Financial Highlights ($MM)Oil Production (Bopd) 43,748 Gas Production (Mcfpd) 130,981 Total Production (Boepd) 65,578 NYMEX WTI ($/Bbl) 40.96 Realized Oil Price 38.52 NYMEX Henry Hub ($/mmBtu) 1.99 Realized Gas Price 1.23 Operating Costs per boe

E&P LOE 6.85 E&P GM&T 3.69 E&P Cash G&A1 2.17 Production Taxes 2.16

Total Operating Costs 14.88 Adjusted E&P EBITDAX per boe 26.39

Key Operating Statistics ($MM)

Borrowing Base 575.0 Borrowing under revolver 260.0 LCs 6.8 Total Revolver Exposure 268.8 Other Debt (9/30/20) 6.3 Total Debt 273.1 Cash 10.7 Liquidity 318.9 Estimated Annual Interest 5 12.5 Leverage (12/31/20 Net Debt to 3Q20 Annualized OAS Adjusted EBITDAX)

Hedged 0.4xUnhedged 0.6x

Balance Sheet 12/31/20 ($MM)6 unless otherwise noted


Reconciliation from Consolidated Financial Statements to E&P BusinessAdjusting for midstream benefits and credits

19

1) Adjustment to Gas Revenue, LOE, GM&T are related to midstream credits for consolidating purposes. G&A and EBITDAX adjustments are related to restructuring costs incurred in 2Q20 and 3Q20. Note that G&A does not include litigation contingency of $22.75MM accrued in 3Q20

2Q20 3Q20Consolidated($) Adjustment1 ($) E&P($) Consolidated($) Adjustment1($) E&P($)

Gas RevenueRevenue 12.8 (5.6) 7.1 24.5 (9.7) 14.8 Price per MCF 1.32 (0.58) 0.74 2.04 (0.81) 1.23

Lease Operating ExpenseLOE 29.6 8.4 38.0 29.4 12.0 41.4 LOE per Boe 6.01 1.71 7.72 4.87 1.99 6.85

Gathering, Marketing, and Transport

GM&T 23.8 1.8 25.5 20.3 2.0 22.3 GM&T per Boe 4.83 0.36 5.19 3.37 0.33 3.69

E&P Cash G&ACash G&A 28.8 (8.4) 20.4 39.4 (26.3) 13.1 Cash G&A per Boe 4.77 (1.39) 3.38 6.54 (4.37) 2.17

Per Unit($) Per Unit($)

Differentials

NYMEX WTI ($/Bbl) 27.35 40.96 Realized Oil Price 24.45 38.52 Oil Differential per Bbl 2.90 2.44 NYMEX Henry Hub ($/mmBtu) 1.75 1.99 Realized Gas Price per Mcf 0.74 1.23 Gas Differential per Mcf 1.01 0.76 Total Differential 3.93 3.15 GM&T 5.19 3.69 Differential + GMT 9.12 6.84

$MM($)

EBITDAX Reconciliation to OAS credit agreement

Oasis Consolidated EBITDAX 186.7 Less: OMP DevCo EBITDAX 57.9 Add: EBITDAX Attributable to OAS 19.8 Add: Cash Distributions from OMP to OAS 13.3 Add: Adjustment (1) 26.3 EBITDAX per OAS credit agreement 188.2

$MM except per unit


Oasis and OMP Financial Highlights1,2

20

1) Debt is calculated in accordance with respective credit facility definitions. OAS and OMP debt are not cross collateralized and guarantors under OAS credit facility are not responsible for OMP debt. OAS revolver, cash, and LCs, are as of 12/31/20 and surety bonds and financelease liabilities are as of 9/30/20. OMP net debt as of 9/30/20

2) 12/31/2020 figures reflect unaudited estimates of Oasis’s debt and cash balance as of that date and may differ from the cash and cash equivalents and long-term debt balances in the Company’s audited financial statements prepared in accordance with GAAP

OAS & OMP Leverage ($MM) OMP Financial Highlights – 3Q20 Actuals ($MM)OAS OMP

Revolving credit facilityCapacity $575.0 $575.0 Outstanding Borrowings 260.0 $487.5 Surety bonds 2.3 $2.5 Letters of credit 6.8 $0.0 Finance lease liabilities 4.1 $0.3 Total debt 273.1 $490.3 Cash 10.7 $34.7 Net Debt $262.4 $455.6 3Q20 EBITDAX (OAS is unhedged) $108.0 $37.3 Leverage (Net Debt to Annualized EBITDAX) 0.6x 3.05x

Bighorn Bobcat Beartooth Panther Total

Gross Operating Income $16.7 $22.5 $6.5 $1.7 $47.4

Gross Depreciation & Impairment $3.5 $4.1 $2.3 $0.6 $10.5

Gross Midstream EBITDA $20.2 $26.6 $ 8.8 $2.3 $57.9 OMP Ownership 100% 35% 70% 100%

Net OMP EBITDA $20.2 $9.5 $6.2 $2.3 $38.2 less: Cash PubCo Expenses $0.9

Net OMP EBITDA (net of PubCo expenses) $37.3 less: Cash interest $2.5

less: Maintenance CapEx $0.8

Distributable Cash Flow $34.1 Declared Distribution

LP $18.3

GP $1.0

Total Declared Distribution $19.3 Coverage 1.8x Guided Coverage for 3Q20 ~1.6-1.7x

A New Tomorrow, Today Nasdaq: OAS21

Contact Information

Oasis 1001 Fannin Street, Suite 1500Houston, Texas, 77002Main: (281) 404-9500Owner Relations (Toll Free): (855) 209-8370Investor Relations: Douglas E. Brooks (CEO) Michael Lou (CFO)Bob Bakanauskas (Director, IR)(281) 404-9600www.OasisPetroleum.com

21

Slide Number 1Forward-Looking / Cautionary StatementsA Stronger Oasis Aligned with Shareholder InterestsNew Oasis Built for the New EnvironmentNear-Term Strategic and Financial PrioritiesImplementing ESG Initiatives And Best Practices New Board Driving Our Strategic Plan Generating Significant Cash Flow to Benefit ShareholdersBest-in-Class Balance Sheet Supports New Business ModelDriving Better Margins And Increased Capital ProductivityCompelling Valuation for OAS ShareholdersBakken – Cornerstone AssetPermian – Premier, Multi-Stacked Oil Focused AssetMidstream Position Generates FCF and Creates OptionalityA Stronger Oasis Aligned with Shareholder InterestsAppendixHighly Experienced Management TeamOasis 3Q20 Financial and Operational Results�See slide 19 for reconciliationsReconciliation from Consolidated Financial Statements to E&P Business�Adjusting for midstream benefits and creditsOasis and OMP Financial Highlights1,2Contact Information

building a strong sustainable oasis: our new e&p model · 2021. 1. 4. · a new tomorrow, today....

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