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OASIS PETROLEUM SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING AND EMERGES FROM CHAPTER 11 WITH A SIGNIFICANTLY STRONGER BALANCE SHEET

Stakeholder Information

On November 19, 2020, Oasis Petroleum Inc. (“Oasis Petroleum” or the “Company”) announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Oasis Petroleum successfully restructured its balance sheet and reduced its prepetition debt by $1.8 billion and resolved the Mirada litigation, pursuant to its restructuring support agreement and “pre-packaged” restructuring plan confirmed by the Bankruptcy Court on November 10, 2020.

Throughout the court-supervised process, Oasis Petroleum has continued operations as usual and met all obligations to vendors, while making normal payments to royalty owners, working interest owners and surface owners.

Oasis Petroleum’s new common stock commenced trading on the NASDAQ under the ticker symbol OAS at market open on November 20, 2020.

As previously disclosed, Oasis Midstream Partners (NASDAQ: OMP), an independent legal entity operated as a Master Limited Partnership, and all subsidiaries in which it owns an equity interest were not included in Oasis Petroleum’s Chapter 11 proceedings.

On behalf of the new board of directors, I would like to acknowledge our appreciation to our employees for their diligent work during this process.  Oasis is now uniquely positioned with a best-in-class balance sheet, a quality and sustainable long-lived asset base, and a rigorous new capital discipline that should translate into long-term value creation for our shareholders.  This new direction for Oasis will be executed within a strong ESG culture to provide value for all stakeholders. The offices of the CEO and Non-Executive Chairman have been separated to reflect the broader strategic issues including, but not limited to, balancing cash returns and growth initiatives while maintaining operational excellence and sound environmental stewardship.”

Douglas E. Brooks
Chairman of the Board