Oasis Midstream Partners LP : February 2020 Investor Presentation

Forward-Looking / Cautionary Statements

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 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 presentation 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 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 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. 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 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 the ability to integrate them into the Partnership's existing business, 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, availability of, 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. In addition, the Partnership'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. 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.

Cautionary Statement Regarding Oil and Gas Quantities

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. 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 Partnership's strategy and future prospects. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Any negative revisions in the reserve estimates of the Partnership's customers, including Oasis Petroleum Inc., could have a negative impact on the Partnership's business and future prospects.

Non-GAAP Financial Measures

Cash Interest, Adjusted EBITDA and Distributable Cash Flow are financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial 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 or any other measures prepared under GAAP. 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 the Partnership's website atwww.oasismidstream.com. Amounts excluded from these non-GAAP measure in future periods could be significant.

Industry and Market Data

This presentation has been prepared by the Partnership and includes market data and other statistical information from sources believed by the Partnership to be reliable, including independent industry publications, government publications or other published independent sources. Although the Partnership believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness. Some data is also based on the Partnership's good faith estimates, which are derived from its review of internal sources as well as the independent sources described above.

Trademarks and Trade Names

The Partnership owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The Partnership's use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with the Partnership or an endorsement or sponsorship by or of the Partnership. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Partnership will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks and trade names.

Oasis Midstream Partners - Premier Gathering and Processing Company

Strategic Partnership with

Oasis ("OAS")Diversified Midstream Platform

Capital Efficient InfrastructureStrong track record of developing third-party business

1) Production as of 3Q20

Stable and Predictable Free

Cash Flow

ESG Leadership

Strategic Partnership with Sponsor, Oasis

OMP Highlights

•  Attractive midstream contracts

•  Symbiotic relationship with parent leading to strong alignment with OMP unit holders (p. 5)

•  Peer leading balance sheet - 3x Net Debt to EBITDA (p. 11)

•  Premier gas processing assets in Williston Basin (p. 7)

•  Extensive midstream footprint and deep subsurface knowledge drives 3rd party customer growth success

  (p. 6)

Sponsor Highlights

•  Best-in-class balance sheet

•  New business model focused on returns

•  New board of directors, with enhanced governance, aligned with OAS shareholders

•  Quality asset base delivering significant free cash flow from upstream and midstream business