Investor Presentation Forward-Looking / Cautionary Statements - PowerPoint PPT Presentation

May 2020 Investor Presentation

Forward-Looking / Cautionary Statements Forward-Looking Statements Non-GAAP Financial Measures This presentation, including the oral statements made in connection herewith, contains Cash Interest, Adjusted EBITDA, E&P Cash G&A, Free Cash Flow, Adjusted Net Income (Loss) forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 Attributable to Oasis, Adjusted Diluted Earnings (Loss) Attributable to Oasis Per Share and Recycle and Section 21E of the Securities Exchange Act of 1934. All statements, other than Ratio are supplemental financial measures that are not presented in accordance with generally statements of historical facts, included in this presentation that address activities, events or accepted accounting principles in the United States (“GAAP”). These non-GAAP measures should not developments that the Company expects, believes or anticipates will or may occur in the be considered in isolation or as a substitute for interest expense, net income (loss), operating income future are forward-looking statements. Without limiting the generality of the foregoing, (loss), net cash provided by (used in) operating activities, earnings (loss) per share or any other forward-looking statements contained in this presentation specifically include the expectations measures prepared under GAAP. Because Cash Interest, Adjusted EBITDA, Free Cash Flow, of plans, strategies, objectives and anticipated financial and operating results of the Adjusted Net Income (Loss) Attributable to Oasis, Adjusted Diluted Earnings (Loss) Attributable to Company, including the Company's drilling program, production, derivative instruments, Oasis Per Share and Recycle Ratio exclude some but not all items that affect net income (loss) and capital expenditure levels and other guidance included in this presentation. When used in this may vary among companies, the amounts presented may not be comparable to similar metrics of presentation, the words "could," "should," "will,“ "believe," "anticipate," "intend," "estimate," other companies. Reconciliations of these non-GAAP financial measures to their most comparable "expect," "project," the negative of such terms and other similar expressions are intended to GAAP measure can be found in the annual report on Form 10-K, quarterly reports on Form 10-Q and identify forward- looking statements, although not all forward-looking statements contain such on our website at www.oasispetroleum.com. Amounts excluded from these non-GAAP measure in identifying words. These statements are based on certain assumptions made by the future periods could be significant. Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Cautionary Statement Regarding Oil and Gas Quantities Such statements are subject to a number of assumptions, risks and uncertainties, many of The Securities Exchange Commission (the “SEC”) requires oil and gas companies, in their filings with which are beyond the control of the Company, which may cause actual results to differ the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of materially from those implied or expressed by the forward-looking statements. When geoscience and engineering data, can be estimated with reasonable certainty to be economically considering forward-looking statements, you should keep in mind the risk factors and other producible—from a given date forward, from known reservoirs, and under existing economic conditions cautionary statements described under the headings “Risk Factors” and “Cautionary (using unweighted average 12-month first day of the month prices), operating methods, and Statement Regarding Forward-Looking Statements” included in the Company’s filings with the government regulations—prior to the time at which contracts providing the right to operate expire, Securities and Exchange Commission. These include, but are not limited to changes in oil unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or and natural gas prices, weather and environmental conditions, the timing of planned capital probabilistic methods are used for the estimation. The accuracy of any reserve estimate depends on expenditures, availability of acquisitions and divestitures and the ability to integrate the quality of available data, the interpretation of such data and price and cost assumptions made by acquisitions into its existing business, uncertainties in estimating proved reserves and reserve engineers. In addition, the results of drilling, testing and production activities of the exploration forecasting production results, operational factors affecting the commencement or and development companies may justify revisions of estimates that were made previously. If maintenance of producing wells, the condition of the capital markets generally, as well as the significant, such revisions could impact the Company’s strategy and future prospects. Accordingly, Company's ability to access them, cash flows and liquidity, the proximity to and capacity of reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately transportation facilities, and uncertainties regarding environmental regulations or litigation and recovered. The SEC also permits the disclosure of separate estimates of probable or possible other legal or regulatory developments affecting the Company's business and other important reserves that meet SEC definitions for such reserves; however, we currently do not disclose probable factors. In addition, the Company’s forward-looking statements address the various risks and or possible reserves in our SEC filings. uncertainties associated with the extraordinary market environment and impacts resulting from the novel coronavirus 2019 pandemic and the actions of foreign oil producers to Proved reserves at December 31, 2019 are estimated utilizing SEC reserve recognition standards and increase crude oil production and the expected impact on our business, operations, earnings, pricing assumptions based on the trailing 12-month average first-day-of-the-month prices of $55.85 per and results. Should one or more of these risks or uncertainties occur, or should underlying barrel of oil and $2.62 per MMBtu of natural gas. The reserve estimates for the Company are based on assumptions prove incorrect, the Company’s actual results and plans could differ materially reports prepared by DeGolyer and MacNaughton ("D&M"). from those expressed in any forward-looking statements. Our production forecasts and expectations for future periods are dependent upon many assumptions, Any forward-looking statement speaks only as of the date on which such statement is made including estimates of production decline rates from existing wells and the undertaking and outcome of and the Company undertakes no obligation to correct or update any forward-looking future drilling activity, which may be affected by significant commodity price declines or drilling cost statement, whether as a result of new information, future events or otherwise, except as increases. required by applicable law. 2

Oasis Strategy and Investment Highlights  Large, operated contiguous blocks allow for capital efficient development Size and Scale  Proven ability to execute bolt-ons in a capital-efficient manner to further enhance operational scale  Ability to rapidly respond to changing external markets through prudent capital allocation Portfolio Diversity  Free cash flowing assets can internally fund growth assets  Core position in two top oil basins in North America  Decades of low-breakeven locations in Williston and Asset Quality Delaware  Superior returns and capital efficiency  Positive free cash flow protected by hedges Financial Strength  Reducing debt 3

Adjusting to the Current Environment Managing costs and preserving long-term value 1Q20 Results Adjusting to Current Environment   Volumes of 80.1 Mboepd - 2% above midpoint Expect to be FCF+ and repay debt at strip pricing guidance  2020 E&P and other CapEx reduced by 50-60%  Oil volumes of 54.1 Mbopd - 1% above midpoint  Preserving value by limiting production (shut-ins / guidance curtailments / deferred completions) based on market  Crude differentials $3.19/Bbl off NYMEX WTI conditions   LOE decreased 6% sequentially to $6.83/Boe Reducing operating costs Adjusted EBITDA (1) of $167MM   Expect G&A to continue to decrease in 2020 E&P and other CapEx (2) of $151MM - below plan   Continue to drive well costs down while improving DSU economics  Reduced senior unsecured notes principle by  $157MM Flexibility to complete DUCs and recommence drilling based on market conditions  Captured 94% of our natural gas vs. North Dakota average of ~83% 1) 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. 2) E&P CapEx excludes capitalized interest, midstream CapEx and acquisitions for both 1Q20 actuals and plan. 4