Oasis Midstream Partners LP Announces Year Ended December 31, 2020 Earnings and Declares Fourth Quarter Distribution of $0.54/unit

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[{"type":"text","content":"HOUSTON, Feb. 24, 2021 /PRNewswire/ -- Oasis Midstream Partners LP (Nasdaq: OMP) (the \"Partnership\" or \"OMP\") today announced financial results for the quarter and year ended December 31, 2020 and updated its 2021 outlook.\n2020 Highlights:\nNet income was $69.3MM and net cash from operating activities was $47.2MM in 4Q20. Exceeded high-end of 4Q20 Adjusted EBITDA guidance. 4Q20 Adjusted EBITDA(1) was $52.1MM and net Adjusted EBITDA(1) to the Partnership was $34.9MM. Distributable Cash Flow (\"DCF\") was $30.8MM in 4Q20(1), resulting in distribution coverage of 1.6x. Free Cash Flow (\"FCF\") was $9.9MM in 4Q20(1). CapEx net to OMP totaled $19.3MM in 2020, lower than CapEx guidance. Default interest charges previously incurred permanently waived (see \"Waiver and Forbearance Agreement\" below). Declared quarterly cash distribution of $0.54 per unit. Gas capture from Oasis Petroleum volumes in Wild Basin was approximately 98% in 2020.(1) Non-GAAP financial measure. See \"Non-GAAP Financial Measures\" below for definitions of all non-GAAP financial measures included herein and reconciliations to the most directly comparable measures under United States generally accepted accounting principles (\"GAAP\").\nChief Executive Officer, Taylor Reid, commented, \"Oasis Midstream Partners had a solid fourth quarter as an increase in third party volumes and continued cost control drove strong financial performance. Additionally, capital spending fell below the low-end of our forecast as the OMP team continues to manage costs and spending exceptionally well to maximize margins and free cash generation. In addition, OMP declared a quarterly cash distribution of $0.54 per unit and will continue to monitor market conditions and adjust its operational and financial strategy as appropriate. As we look to 2021, OMP is taking a prudent approach to capital spending designed to accommodate activity levels of our sponsor.\" \nSouth Nesson Project Dedication \nOasis Petroleum has approved an expansion of its dedication to OMP in South Nesson to now include crude oil and produced water services. OMP received the dedication for natural gas gathering and processing, as well as gas lift supply in 2019, and OMP expects volumes under each service offering to flow in 2022. South Nesson is located between Johnson's Corner and OMP's gas plant complex and is ...

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