Oasis Midstream Partners Announces Operations and Guidance Update

HOUSTON, June 18, 2018 /PRNewswire/ -- Oasis Midstream Partners LP (NYSE: OMP) (the "Partnership" or "OMP") has signed multiple third party agreements in the Williston Basin. These agreements span across all three of OMP's development companies ("DevCos"). OMP now has enhanced visibility on revenue and EBITDA growth across all product lines, including oil gathering and transportation, natural gas gathering and processing, produced water gathering and disposal and freshwater distribution. Substantially all of the EBITDA growth is underpinned by long term, fixed fee contracts. These third party projects in combination with robust growth at Oasis Petroleum position OMP to extend its runway of peer leading 20% annualized distribution growth.

"OMP has a large and strategically located asset in one of the premier oil basins in North America," said Taylor Reid, Chief Executive Officer of OMP. "Due to OMP's symbiotic relationship with Oasis Petroleum, the Partnership has been able to invest in the future growth trends of the Williston Basin for the benefit of both Oasis and third parties. A great example of our ability to capitalize on opportunities is our investment in the 200 MMscfpd gas processing plant in Wild Basin. This investment was facilitated by our intimate understanding of both the subsurface and infrastructure environment within the Williston Basin. We identified a need for incremental processing capacity in the basin due to growing gas production and limited Williston Basin infrastructure to handle additional volumes. Additionally, OMP has leveraged its other assets to capture third party growth across our platform."

Guidance Update
OMP is updating its expectations for capital expenditures ("CapEx") in 2018 based on investment required to fulfill third party agreements and current views on CapEx to support Oasis volume growth. The third party agreements and the associated incremental CapEx are spread across all three DevCos, including CapEx in Bobcat to gather third party volumes to Gas Plant II, which continues to stay on time and on budget. OMP has already commenced investment of capital for third party projects during the second quarter of 2018. The following table provides OMP's updated CapEx expectations for 2018:

The following table provides 2019 estimates including and excluding the impact of today's announcements. The estimates reflect current ownership that OMP has in each DevCo and do not include any impact from any future OAS drop-downs. The identified opportunities lead to a 14% increase in expected 2019 EBITDA and LP coverage of 1.5x vs. 1.3x excluding the new agreements. 2018 EBITDA guidance remains unchanged at $61-$65 million.

Forward-Looking Statements
This press release 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 press release that address activities, events or developments that the Partnership 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 press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Partnership, including the Partnership's capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Partnership 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 Partnership, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, the Partnership's ability to integrate acquisitions into its existing business, changes in oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in the estimates of proved reserves and forecasted production results of the Partnership's customers, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Partnership's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Partnership's business and other important factors. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Partnership'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 Partnership 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.

About Oasis Midstream Partners LP
Oasis Midstream is a growth-oriented, fee-based master limited partnership initially formed by Oasis Petroleum (NYSE: OAS) to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the oil and natural gas operations of Oasis Petroleum and strategically positioned to capture volumes from other producers. Oasis Midstream's initial assets are located in the Williston Basin area of North Dakota and Montana. For more information, please visit Oasis Midstream's website at www.oasismidstream.com.

Contact:
Oasis Midstream Partners LP
Bob Bakanauskas, (281) 404-9638
Director, Investor Relations 

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SOURCE Oasis Midstream Partners LP