2021 3Q Non GAAP Reconciliation

Non-GAAP Financial Measures

E&P Adjusted Gas Revenue

E&P Adjusted Gas Revenue is defined as total natural gas revenues less benefits from the Company's midstream business segment related to natural gas gathering and processing services recorded to consolidated gathering, processing and transportation ("GPT") expenses. E&P Adjusted Gas Revenue is not a measure of natural gas revenues as determined by GAAP. The Company believes that the presentation of E&P Adjusted Gas Revenue provides useful additional information to investors and analysts to evaluate the natural gas revenues derived from our E&P business. This non-GAAP financial measure is intended to provide investors and analysts an indication of the natural gas revenues the Company would receive if our natural gas volumes were serviced by a third party midstream operator.

The following table presents a reconciliation of the GAAP financial measure of natural gas revenues to the non-GAAP financial measure of E&P Adjusted Gas Revenue for the periods presented (in thousands):

		Successor			Predecessor			Successor			Predecessor
	Three Months		Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
	September 30,		September 30,		September 30,		September 30,
		2021			2020			2021				2020
Natural gas and NGL revenues	$	75,905	$	24,525		$	184,046		$	63,631
Intercompany impacts from midstream segment		(11,773)			(9,710)			(32,869)				(26,579)
E&P Adjusted Gas Revenue	$	64,132		$	14,815		$	151,177		$	37,052

Cash GPT and E&P GPT Reconciliation

Cash GPT is defined as total GPT less non-cash valuation charges on pipeline imbalances. E&P GPT is defined as Cash GPT less the benefits from the Company's midstream business segment related to crude oil gathering and transportation services. Cash GPT and E&P GPT are not measures of GPT as determined by GAAP. Management believes that the presentation of Cash GPT and E&P GPT provide useful additional information to investors and analysts to assess the cash costs incurred to get the Company's commodities to market without regard for certain benefits of its midstream business segment, as well as the change in value of its pipeline imbalances, which vary monthly based on commodity prices.

The following table presents a reconciliation of the GAAP financial measure of GPT expenses to the non-GAAP financial measures of Cash GPT and E&P GPT for the periods presented (in thousands):

		Successor			Predecessor			Successor			Predecessor
	Three Months		Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
	September 30,		September 30,		September 30,		September 30,
		2021			2020			2021			2020
GPT	$	16,400	$	20,328		$	52,596	$	73,557
Pipeline imbalances		547			90			1,656			(1,377)
Cash GPT	$	16,947	$	20,418	$	54,252	$	72,180
Intercompany impacts from midstream segment		1,856			1,965			5,455			5,761
E&P GPT	$	18,803	$	22,383	$	59,707	$	77,941

E&P Cash G&A Reconciliation

E&P Cash G&A is defined as general and administrative ("G&A") expenses less non-cashequity-based compensation expenses, other non-cash charges and G&A expenses attributable to the Company's midstream business segment. E&P Cash G&A is not a measure of G&A as determined by GAAP. Management believes that the presentation of E&P Cash G&A provides useful additional information to investors and analysts to assess the Company's operating costs in comparison to peers

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without regard to equity-based compensation programs, which can vary substantially from company to company, and the G&A costs associated with the Company's midstream business segment.

The following table presents a reconciliation of the GAAP financial measure of G&A expenses to the non-GAAP financial measure of E&P Cash G&A for the periods presented (in thousands):

			Successor				Predecessor			Successor				Predecessor
		Three Months			Three Months			Nine Months				Nine Months
			Ended				Ended			Ended				Ended
		September 30,			September 30,		September 30,			September 30,
			2021				2020			2021				2020
	General and administrative expenses	$	19,514		$	49,251		$	60,461		$	117,868
	Equity-based compensation expenses		(4,287)				(4,502)			(11,187)				(15,861)
	G&A expenses attributable to midstream segment		(3,670)				(5,317)			(12,709)				(17,128)
	Other non-cash adjustments		(1,025)				983			(675)				560
	E&P Cash G&A	$	10,532		$	40,415	$	35,890		$	85,439

Cash Interest and E&P Cash Interest Reconciliation

Cash Interest is defined as interest expense plus capitalized interest less amortization and write-offs of deferred financing costs and debt discounts included in interest expense, and E&P Cash Interest is defined as total Cash Interest less Cash Interest attributable to OMP. Cash Interest and E&P Cash Interest are not measures of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest and E&P Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on the Company's debt to finance its E&P activities, excluding non-cash amortization, and its ability to maintain compliance with its debt covenants.

The following table presents a reconciliation of the GAAP financial measure of interest expense to the non-GAAP financial measures of Cash Interest and E&P Cash Interest for the periods presented (in thousands):

		Successor			Predecessor			Successor			Predecessor
	Three Months		Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
	September 30,		September 30,		September 30,		September 30,
		2021			2020(1)			2021				2020(1)
Interest expense	$	18,153	$	37,389		$	49,421		$	177,534
Capitalized interest		578			1,572			1,539				5,635
Amortization of deferred financing costs(2)		(1,216)			(1,443)			(14,677)				(7,590)
Amortization of debt discount		-			(2,782)			-			(8,317)
Cash Interest		17,515			34,736			36,283				167,262
Cash Interest attributable to OMP		(10,606)			(2,481)			(24,091)				(37,694)
E&P Cash Interest	$	6,909		$	32,255	$	12,192			$	129,568
__________________

1. For the nine months ended September 30, 2020, interest expense, Cash Interest and E&P Cash Interest include a specified default interest charge of $30.3MM related to the Predecessor credit facility. For the nine months ended September 30, 2020, interest expense, Cash Interest and Cash Interest attributable to OMP include a specified default interest charge of $28.0MM related to the OMP credit facility. These specified default interest charges were waived upon the Company's emergence from bankruptcy in November 2020.
2. The nine months ended September 30, 2021 includes bridge facility fees of $7.8MM which were expensed as incurred.

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Adjusted EBITDA and Adjusted EBITDA attributable to Oasis Reconciliation

Adjusted EBITDA is defined as earnings (loss) before interest expense, income taxes, depreciation, depletion, amortization, exploration expenses and other similar non-cash or non-recurring charges. Adjusted EBITDA attributable to Oasis is defined as Adjusted EBITDA less Adjusted EBITDA attributable to OMP, plus distributions from OMP for Oasis's ownership of OMP limited partner units and, prior to the Midstream Simplification, Adjusted EBITDA attributable to Oasis's retained interests in Bobcat DevCo and Beartooth DevCo (the "DevCo Interests") and distributions from OMP GP related to OMP's incentive distribution rights.

Adjusted EBITDA and Adjusted EBITDA attributable to Oasis are not measures of net income (loss) or cash flows as determined by GAAP. Management believes that the presentation of Adjusted EBITDA and Adjusted EBITDA attributable to Oasis provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, ability to generate cash from its business operations without regard to its financing methods or capital structure and, with respect to Adjusted EBITDA attributable to Oasis, the Company's ability to maintain compliance with its debt covenants under the Oasis credit facility.

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The following table presents reconciliations of the GAAP financial measures of net income (loss) including non-controlling interests and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and Adjusted EBITDA attributable to Oasis for the periods presented (in thousands):

					Successor				Predecessor				Successor				Predecessor
				Three Months			Three Months				Nine Months				Nine Months
					Ended				Ended				Ended				Ended
				September 30,			September 30,			September 30,			September 30,
					2021					2020				2021					2020
	Net income (loss) including non-controlling interests			$	83,332				$	(47,097)			$	129,376				$	(4,470,721)
	Gain on sale of properties			(5,405)					(1,473)				(228,473)					(11,652)
	(Gain) loss on extinguishment of debt			-					20				-				(83,867)
	Net (gain) loss on derivative instruments			101,790					5,071				550,342					(243,064)
	Derivative settlements			(81,443)					80,154				(160,018)					224,223
	Interest expense, net of capitalized interest(1)			18,153					37,389				49,421					177,534
	Depreciation, depletion and amortization			33,623					36,000				112,581					272,885
	Impairment			-					2,578				5					4,828,575
	Rig termination			-					1,017				-				1,279
	Exploration expenses			263					725				1,936					3,061
	Equity-based compensation expenses			4,287					4,834				11,187					16,531
	Litigation settlement			-					22,750				-				22,750
	Reorganization items, net			-					49,758				-				49,758
	Income tax benefit			-					(5,144)				-				(262,495)
	Other non-cash adjustments			816					104				164					3,114
	Adjusted EBITDA			155,416					186,686				466,521					527,911
	Adjusted EBITDA attributable to OMP			(58,178)					(57,106)				(170,456)				(170,054)
	Adjusted EBITDA attributable to DevCo Interests			-				19,808				-				60,553
	Cash distributions from OMP to Oasis			18,954					13,266				52,828					39,774
	Adjusted EBITDA attributable to Oasis	$	116,192				$	162,654			$	348,893				$	458,184
	Net cash provided by operating activities	$	294,383		$	95,010	$	644,746		$	154,905
	Derivative settlements			(81,443)					80,154				(160,018)					224,223
	Interest expense, net of capitalized interest(1)			18,153					37,389				49,421					177,534
	Rig termination			-					1,017				-				1,279
	Exploration expenses			263					725				1,936					3,061
	Deferred financing costs amortization and other			(2,523)					(2,286)				(18,811)					(19,041)
	Current tax benefit			-					-				-				(36)
	Changes in working capital			(74,233)					(48,177)				(50,917)					(39,878)
	Litigation settlement			-					22,750				-				22,750
	Other non-cash adjustments			816					104				164					3,114
	Adjusted EBITDA			155,416					186,686				466,521					527,911
	Adjusted EBITDA attributable to OMP			(58,178)					(57,106)				(170,456)				(170,054)
	Adjusted EBITDA attributable to DevCo Interests			-				19,808				-				60,553
	Cash distributions from OMP to Oasis			18,954					13,266				52,828					39,774
	Adjusted EBITDA attributable to Oasis	$	116,192				$	162,654			$	348,893				$	458,184

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_________________

1. For the nine months ended September 30, 2020, the Company incurred specified default interest charges of $30.3MM related to the Predecessor credit facility and $28.0MM related to the OMP credit facility. These specified default interest charges were waived upon the Company's emergence from bankruptcy in November 2020.

E&P Adjusted EBITDA and E&P Free Cash Flow Reconciliations

The Company defines E&P Free Cash Flow as Adjusted EBITDA from its E&P segment plus distributions to Oasis for its ownership of OMP, less E&P Cash Interest, capital expenditures for E&P and other, excluding capitalized interest. E&P Free Cash Flow is not a measure of net income (loss) or cash flows as determined by GAAP. Management believes that the presentation of E&P Free Cash Flow provides useful additional information to investors and analysts for assessing the financial performance of its E&P business as compared to its peers and its ability to generate cash from its E&P operations and midstream ownership interests after interest and capital spending. In addition, E&P Free Cash Flow excludes changes in operating assets and liabilities that relate to the timing of cash receipts and disbursements, which the Company may not control, and changes in operating assets and liabilities may not relate to the period in which the operating activities occurred.

The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes including non-controlling interests from the Company's E&P segment to the non-GAAP financial measures of E&P Adjusted EBITDA and E&P Free Cash Flow for the periods presented (in thousands):

Income (loss) before income taxes including non-controlling interests

Gain on sale of properties

(Gain) loss on extinguishment of debt

Net (gain) loss on derivative instruments

Derivative settlements

Interest expense, net of capitalized interest(1)

Depreciation, depletion and amortization

Impairment

Exploration expenses

Rig termination

Equity-based compensation

Litigation settlement

Reorganization items, net

Other non-cash adjustments

E&P Adjusted EBITDA

Distributions to Oasis from OMP and DevCo Interests(2) E&P Cash Interest(1)

E&P and other capital expenditures

Midstream capital expenditures attributable to DevCo Interests(2)

Capitalized interest

E&P Free Cash Flow

		Successor		Predecessor			Successor
	Three Months	Three Months			Nine Months
		Ended		Ended			Ended
	September 30,	September 30,		September 30,
		2021			2020			2021
				$	(96,556)		$	18,910
$	44,040
		(5,399)			(1,473)			(233,502)
		-		20			-
		101,790			5,071			550,342
		(81,443)			80,154			(160,018)
		7,156			34,636			23,445
		23,974			31,175			83,976
		-		992			3
		263			463			1,936
		-		1,279			-
		4,144			4,502			10,518
		-		22,750			-
		-		49,758			-
		816			104			185
		95,341			132,875			295,795
		18,954			33,070			52,828
		(6,909)			(32,255)			(12,192)
		(42,551)			(10,223)			(124,575)
					1,246			-
		-
		578
				1,572			1,539
$	65,413		$	126,285	$	213,395

Predecessor

Nine Months

Ended

September 30,

2020

$ (4,726,179)

(11,652)

(83,867)

(243,064)

224,223

139,338

255,505

4,717,306

3,061

1,279

15,909

22,750

49,758

3,114

367,481

100,320

(129,568)

(202,507)

(6,467)

5,635

• 134,894

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