Building a Stronger, Sustainable Oasis with Strategic Acquisition in Williston Basin May 2021 A New Tomorrow, Today A New Tomorrow, Today Nasdaq: OAS
Oasis Acquiring Top Tier Assets in Williston Basin Highlights Summary of Transaction Adds to size and scale of our Cornerstone Asset at a compelling Purchase Price 745MM valuation 1Q21 volumes of 27 Mboepd and 95,000 net acres All…
Overview Pro Forma for Strategic Acquisition Key Statistics Williston Basin Acreage Position Williston Statistics OAS Acquisition1 Pro Forma Focus Area Net Williston Acres (000s) 402 95 497 New Focus Area Long-term Upside Held by…
Additional Highlights of Acquisition Deal Considerations Highly FCF accretive Accretive Deal at Attractive Valuation Incremental FCF 550MM through 2024 at strip1,2 Valuation attractive vs. recent deals Greater than 20% accretive to…
New Oasis Built for the New Environment Williston Acquisition Furthers New Strategy New Oasis New Environment Todays Oasis has an industry leading financial profile tailored to the new environment. We are Best-in-class balance sheet…
Best-in-Class Balance Sheet Supports New Business Model 1Q21 Net Debt / 2021E EBITDA1 Current Capital Structure Highlights2 4.0 Equity 3.7 3.5 21MM shares of common stock 3.2 3.0 2.5 2.6 2.5 PEER AVERAGE: 2.2X 2.2 2.4 Cash and…
Significant Upside Potential for OAS Shares OAS Adjusted EBITDA(MM)1 Implied Upstream EV / EBITDA(MM)2 Pro forma 2021E OAS EBITDA at 55/bbl WTI OAS EV 2,149 617 - 637 - OAS' OMP LP unit value 792 OMP LP Distributions 82 = Upstream…
Progress on Strategic and Financial Priorities Returns: Capital allocation committee reviews options in rigorous, systematized framework Free cash generation: Forecasting 200MM+ of free cash flow in 20211 New Business Model Return of…
Focused ESG Initiatives And Best Practices Environmental, Health and Safety Human Capital Governance Increased female (+15%) and minority Best in Class Gas Capture (+39%) percent of the total professional New Board of Directors…
Generating More Significant Cash Flow to Benefit Shareholders 2021E Hedged FCF Yield1,2,3 20% Pro forma FCF yield Invest well within cash flow 18% improves significantly Rigorous capital discipline focused 18% on corporate level…
Capital Allocation Framework Systematic Investment Framework Capital Investment Cycle Return to Shareholders via Dividend or Share Repurchase Return of Capital Allocation Accountability Debt Repayment Allocate Capital Compare…
Driving Better Margins And Increased Capital Productivity Improving E&P LOE per Boe1 Proactive E&P Cash G&A E&P Capital Budget Reductions Performance Reductions2 ( per Boe) (MM)3 10.50 5% 10.50 2.15 585 9.50 40% 60% 1.35 1.25…
Bakken Cornerstone Asset Focus Area New Focus Area Long-term Upside Cottonwood Competitive Advantages 497k Net Acres Contiguous core asset with Strong FCF from proven / North Alger 91% of OAS production and highly predictable…
Bakken - Deep Top-Tier Inventory Bakken Inventory Overview OAS Williston Basin Performance1 25 12 Month Total Oil (Mbbl/1,000) 12+ years of top-tier inventory at 2021 completion pace Breakevens between 30-45 WTI w/15% discount rate…
Permian Premier, Multi-Stacked Oil Focused Asset Competitive Advantages 24k Net Acres Repeatable, capital efficient Strong inventory and compelling deployment economics 7.2 Advantaged geologic position Optimizing parent-child…
Permian Inventory Positioned for Long-Term Returns Permian Inventory Overview Permian Spacing Wells per Zone 10+ years of top-tier inventory at 2021 completion pace 3rd Bone Springs Shale Measured program generates attractive rates…
Midstream Simplification Created Significant Shareholder Value Simplification Highlights1 Other Actions Cash Inflow & Debt Reduction 100MM Share Repurchase Program OAS received 231.5MM of cash before taxes and fees Additional means…
Midstream Position Generates FCF and Valuation Transparency Oasis Midstream Partners (OMP) Position OMP Distributions 2021E PF Post simplification, Oasiss significant midstream cash flow is OMP Capital Units (MM) % of Total 2021…
A Stronger Oasis Aligned with Shareholder Interests Returns-Focused ESG Leadership Business Model High Quality Assets Strong Strategic Generating Significant Direction Aligned Free Cash Flow with Shareholders Best-in-Class New…
Appendix A New Tomorrow, Today Nasdaq: OAS 21
Highly Experienced Management Team with Fresh Perspective Senior management team with extensive expertise in the oil and gas industry NIKO DANNY BROWN TAYLOR REID MICHAEL LOU Chief Executive Officer President & Chief…
New Board Driving Our Strategic Plan Independent, Douglas E. Daniel E. Samantha F. John D. N. John Robert J. Cynthia L. Brooks Brown Holroyd Jacobi Lancaster, Jr. McNally Walker experienced and OAS Roles / Board Chair Director Chair…
Incentives Aligned with Long-Term Value Creation Vesting Schedule Time-Based 100% 25% 25% 25% 25% RSUs RSUs - 4 year ratable vesting 50% 100% Relative TSR Relative TSR PSU - Peers PSUs vs. 50% 3 year and 50% 4 year vesting…
2021 Guidance (MM except per unit) OAS E&P Metrics FY20211 2Q21 OMP Cash Flow Attributable to OAS Oil Volumes (Mbbl/d) 44.5 - 47.0 33.5 - 35.5 Annual 2021E PF OMP Capital Total Volumes (Mboe/d) 67.5 - 71.0 52.0 - 55.0 MM Distribution…
Oasis Financial and Operational Results See subsequent slides for reconciliations Financial Highlights (MM) 4Q20 1Q21 Key Operating Statistics 4Q20 1Q21 Footnotes Oil Revenues 143.0 185.8 Oil Production (Boepd) 38,646 36,806 1)…
Reconciliation from Consolidated Financial Statements to E&P Business Adjusting for midstream benefits and credits MM except per unit 4Q20 1Q21 1 Consolidated() Adjustment () E&P() Consolidated() Adjustment1() E&P() Revenue 34.5 -7.7…
4Q20 Consolidated Financial Metrics (MM) Select Consolidated Financial Statistics 1) On November 19, 2020 (the Emergence Date) Oasis emerged from voluntary bankruptcy under 1 Chapter 11 of the Bankruptcy Code. Beginning on the Emergence…
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