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2020.2 OAS Presentation.Vf2.Pdf February 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, the Company’s unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or ability to integrate acquisitions into its existing business, changes in oil and natural gas prices, probabilistic methods are used for the estimation. The accuracy of any reserve estimate depends on weather and environmental conditions, the timing of planned capital expenditures, availability the quality of available data, the interpretation of such data and price and cost assumptions made by of acquisitions, uncertainties in estimating proved reserves and forecasting production reserve engineers. In addition, the results of drilling, testing and production activities of the exploration results, operational factors affecting the commencement or maintenance of producing wells, and development companies may justify revisions of estimates that were made previously. If the condition of the capital markets generally, as well as the Company's ability to access significant, such revisions could impact the Company’s strategy and future prospects. Accordingly, them, the proximity to and capacity of transportation facilities, and uncertainties regarding reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately environmental regulations or litigation and other legal or regulatory developments affecting recovered. The SEC also permits the disclosure of separate estimates of probable or possible the Company's business and other important factors. Should one or more of these risks or reserves that meet SEC definitions for such reserves; however, we currently do not disclose probable uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual or possible reserves in our SEC filings. results and plans could differ materially from those expressed in any forward-looking statements. 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 Any forward-looking statement speaks only as of the date on which such statement is made barrel of oil and $2.62 per MMBtu of natural gas. The reserve estimates for the Company are based on and the Company undertakes no obligation to correct or update any forward-looking reports prepared by DeGolyer and MacNaughton ("D&M"). statement, whether as a result of new information, future events or otherwise, except as required by applicable law. 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. 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 Portfolio Diversity through prudent capital allocation . 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 . Delivering moderate growth Financial Strength . Significant free cash flow protected by hedges . Reducing debt 3 Size and Scale Expansive footprint focused on top US oil plays Williston Delaware Total Extensive acreage position Net Acres (thousands) 408 25 433 spanning two premier basins Avg. Rigs in 2020 2 2 4 with decades of low-cost 2020 Gross Op Completions 45-55 20-25 65-80 inventory 4Q19 Production (MBoepd) 79.5 7.9 87.4 Williston Position Delaware Position Top-Tier Lea Top-Tier Additional Upside North Cottonwood Winkler South Loving Cottonwood Red Alger Bank Painted Montana Woods Indian Wild Hills Basin Ward 4 Portfolio Diversity in the Top US Oil Plays Capitalizing on long-lived inventory in both the Williston and Delaware Williston Delaware Basin Basin Williston Basin Cornerstone Repeatable, Portfolio asset delivering capital efficient Strategy + free cash flow growth Expanding take Multiple options Access to away capacity through major oil underpinned by Gulf Coast hubs DAPL Peer leading Development Top Tier well productivity mode improves Returns with lower well capital costs productivity Significant FCF Growth engine Free Cash generation to to reach FCF fund Delaware & Flow inflection repay debt Delaware Commodity Over 2/3 oil with Basin 80%+ oil Mix rich gas/NGLs Complementary portfolio of oil weighted assets drives excess shareholder returns 5 Williston Basin – Cornerstone Asset Top-tier acreage position delivers +FCF Impressive Results Across Position (1) 250 200 Williston Highlights 150 . Cornerstone asset with 91% of Oasis’ production and 100 strong cash margins CumulativeMbo 50 . Gas capture 14% better than basin average good 0 for cash flow and good for the environment 0 30 60 91 122 152 183 213 243 274 304 335 365 . Strong FCF supports Delaware growth engine Days 2016+ entire Williston avg Indian Hills (15) Painted Woods (3) N. Alger/S. Cottonwood (4) . Decades of top-tier inventory at breakeven prices Red Bank (11) below $45 WTI . Proven results across Wild Basin, Indian Hills, Oasis Performance at Top of Peer Group
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