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

(1)

A New Tomorrow, Today

Nasdaq: OAS

January 2021

Building a Strong

Sustainable Oasis:

Our New E&P Model

(2)

A New Tomorrow, Today

Forward-Looking / Cautionary Statements

Non-GAAP Financial Measures

Cash 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 Cash Interest, 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 proved reserves, 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 economic conditions (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 Statements

This 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.

(3)

A New Tomorrow, Today

Nasdaq: OAS

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

(4)

A New Tomorrow, Today

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



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 BASIN

404k Net Acres | 56.1Mboepd

1

PERMIAN BASIN

24k Net Acres | 9.5Mboepd

1

1) Production as of 3Q20

(5)

A New Tomorrow, Today

Nasdaq: OAS

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 <1.0x (Debt/EBITDA)



Established capital allocation Board committee to systematize new business model

Operational Excellence



Initiated extensive third-party review of cost structure and organizational efficiency



Targeting new material operating cost and capital efficiencies

ESG Leadership



Strong commitment to safety, diversity & inclusion and community



Refreshed, diverse and independent board of experienced industry professionals



Compensation will be value creation focused, and aligned with shareholders



Further our best-in-class emissions capture

Portfolio Review



Analysis of existing E&P portfolio for fit with new business model



Review Midstream for value creation opportunities

Industry Consolidation



Opportunistically improve position through value-enhancing consolidation



Improve financial strength, investment quality, cost of capital, investment relevance

Near-Term Strategic and Financial Priorities

(6)

A New Tomorrow, Today

Implementing ESG Initiatives And Best Practices

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

Environmental, Health

and 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

(7)

A New Tomorrow, Today

Nasdaq: OAS

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 /

Committees

1

Board Chair

and CEO

Lead Independent;

Chair of NESG

1

_{; 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 public

company 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

(8)

A New Tomorrow, Today

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

Generating Significant Cash Flow to Benefit Shareholders

1) FactSet consensus and Oasis Petroleum Cleansing Materials

2) Peer FCF defined as consolidated/estimated cash from operations minus CapEx. Peer Group: CDEV, CLR, CPE, LPI, MTDR, NOG, PDCE, PE, QEP, RRC, SM, WLL WPX 3) “OAS” reflects unlevered FCF estimates from Cleansing Materials filed 9/30/2020 adjusted for cash interest/taxes

4) OAS share count reflects 20MM shares outstanding plus 2.4MM shares associated with management incentive program. All share prices as of 12/31/2020 5) Oasis to provide 2021 guidance concurrent with 4Q2020 reporting

6) 12/31/2020 figures reflect unaudited estimates ofOasis’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: <1x



Current leverage ratio: 0.6x

6

Invest well within cash flow



Rigorous capital discipline focused

on corporate level returns



Reinvestment rate significantly below

cash flow



Production growth an output rather

than an input

(9)

A New Tomorrow, Today

Nasdaq: OAS

Best-in-Class Balance Sheet Supports New Business Model

9

.

1) Peer Group: CDEV, CLR, CPE, LPI, MTDR, NOG, PDCE, PE, QEP, SM, WLL WPX

2) Excludes OMP capital structure, as OAS and OMP debt are not cross collateralized and guarantors under OAS credit facility are not responsible for OMP debt

Net Debt / Annualized 3Q20 Unhedged EBITDAX

1

0.6

1.0

1.8

2.0

2.5

2.8

2.9

3.5

3.7

3.8

4.6

5.2

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 Highlights

2 Equity



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 Cash

3



$575MM RBL facility



$260MM drawn on 12/31/2020



LIBOR + 300-400 bps with 100 bps floor



$6.8MM of LCs



1

st

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:

<1.0X

(10)

A New Tomorrow, Today

$67

$49

2020 Budget

Current Run Rate

E&P

Driving Better Margins And Increased Capital Productivity

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 2020

3) 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 2020

1 2020 Capital Budget

Reductions

3 _($MM)

Proactive E&P Cash G&A

Reductions

2 _($MM)

$7.72

_$6.75

$9.12

$6.84

$3.38

$2.17

$1.37

$2.16

2Q20

3Q20

E&P LOE

E&P GM&T & Diffs

E&P Cash G&A

Production Taxes

$21.59

$17.92

₂₇

%

$575

$243

$595

$248

Original Plan

New Plan

Low

High

58 %

(11)

A New Tomorrow, Today

Nasdaq: OAS

$300

$79

$53

11

Compelling Valuation for OAS Shareholders

OAS EV($MM)

1,4

_{OAS Adjusted EBITDAX($MM)}

2 3Q20A Annualized OAS EBITDAX Ex-hedges

OAS RBL

Drawn Less

Cash

OAS Market

Capitalization

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 12/31/2020

2) 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 forOasis’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, WLL WPX. As of 12/31/20 4) 12/31/2020 figures reflect unaudited estimates ofOasis’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 ~4.5x

3 Compelling Valuation

3 EV/EBITDAX (2021E)

2.5 3.2 3.3

3.7 3.8 3.8

4.3 4.5

5.2 5.3

5.5 5.6 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

(12)

A New Tomorrow, Today

Bakken – Cornerstone Asset

2) 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

A New Tomorrow, Today

404k

Net Acres

56.1 Mboepd

1

92 %

Operated

2

71 %

Working

Interest

2

10+ Years of Top-Tier Inventory

Drives Free Cash Flow

(13)

A New Tomorrow, Today

Nasdaq: OAS

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

A New Tomorrow, Today

2) Percent operated and working interest is based on producing wells

24k

Net Acres

9.5 Mboepd

1

99 %

Operated

2

92 %

Working

Interest

2

13 Nasdaq: OAS

Extensive Multi-Stacked Inventory in the Core

of the Delaware Basin

(14)

A New Tomorrow, Today

Midstream Position Generates FCF and Creates Optionality

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

(15)

A New Tomorrow, Today

Nasdaq: OAS

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

(16)

A New Tomorrow, Today

(17)

A New Tomorrow, Today

Nasdaq: OAS

Highly Experienced Management Team

17 17



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 BROOKS

Board 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 REID

President & Chief

Operating Officer



COO since inception

in 2007



35 years of oil & gas

industry experience



Multiple positions at

Conoco Phillips and

Burlington Resources

MICHAEL LOU

EVP & Chief Financial Officer



CFO or similar

capacities since 2009



23 years of oil & gas

industry experience



10 years energy

investment banking



CFO of private E&P

company

NIKO

LORENTZATOS

EVP General Counsel and

Corporate Secretary



GC since 2010



21 years of oil & gas

industry experience



Senior Counsel with

Targa Resources,

ConocoPhillips and

Burlington Resources

(18)

A New Tomorrow, Today

Oasis 3Q20 Financial and Operational Results

See slide 19 for reconciliations

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

4

E&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 expenses 2) In accordance with OAS credit facility to capture cash flows not associated with OMP

3) OAS adjusted EBITDAX conforms to definition of EBITDAX in OAS credit facility and excludes OMP EBITDA 4) Excludes capitalized interest. Midstream CapEx reflects adjustments to prior reporting periods

5) Assumes interest based on Exit Revolver Exposure for entire period

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&A

1

_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

0.4x

Unhedged

0.6x

(19)

A New Tomorrow, Today

Nasdaq: OAS

Reconciliation from Consolidated Financial Statements to E&P Business

Adjusting 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

3Q20

Consolidated($)

Adjustment

1

_($)

_E&P($)

_{Consolidated($)}

_Adjustment

1

_($)

_E&P($)

Gas Revenue

Revenue

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 Expense

LOE

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&A

Cash 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

(20)

A New Tomorrow, Today

Oasis and OMP Financial Highlights

1,2

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 finance lease liabilities are as of 9/30/20. OMP net debt as of 9/30/20

OAS & OMP Leverage ($MM)

OMP Financial Highlights – 3Q20 Actuals ($MM)

OAS

OMP

Revolving credit facility

Capacity

$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

(21)

A New Tomorrow, Today

Nasdaq: OAS

21 Contact Information

Oasis

1001 Fannin Street, Suite 1500

Houston, Texas, 77002

Main: (281) 404-9500

Owner Relations (Toll Free): (855) 209-8370

Investor Relations:

Douglas E. Brooks (CEO)

Michael Lou (CFO)

Bob Bakanauskas (Director, IR)

(281) 404-9600