Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Oasis Petroleum — Merger or Acquisition (October 2021)
20 slides from Chord Energy's merger presentation, Oct 26, 2021
Slide 1: A New Tomorrow, Today
A New Tomorrow, Today October 2021 Building a Stronger, More Sustainable Oasis: Transformational Actions to Enhance Shareholder Value Exhibit 99.2
Slide 2: Forward-Looking / Cautionary Statements
Forward-Looking / Cautionary Statements Non-GAAP Financial Measures E&P Adjusted Gas Revenue, Cash GPT, E&P GPT, E&P Cash G&A, Cash Interest, E&P Cash Interest, Adjusted EBITDA, Adjusted EBITDA attributable to Oasis, E&P Adjusted EBITDA, E&P Free Cash Flow, Adjusted Net Income (Loss) Attributable to
Slide 3: Participants in the Solicitation
Participants in the Solicitation Crestwood, OMP and their respective directors, executive officers and general partners, and the Company and its directors and executive officers, may be deemed to be participants in the solicitation of consents from the unitholders of OMP in respect of the transactio
Slide 4: Strategic Merger of OMP and Crestwood Equity Partners (CEQP)
Strategic Merger of OMP and Crestwood Equity Partners (CEQP) Transaction OMP merging with CEQP with Oasis receiving a combination of cash and stock for its interest in OMP 33.85MM common OMP LP units for $150MM in cash and ~21.0MM CEQP common LP units Non-economic OMP GP stake for $10MM in cash Attr
Slide 5: Combination Creates Premier, Diversified Midstream Franchise
Combination Creates Premier, Diversified Midstream Franchise Robust Nationwide Platform Diversified Midstream Position Across 5 Basins Pro Forma Highlights OMP PF YE 2022E leverage: <3.5x PF float ~$2.1Bn Significant pro forma FCF generation High Quality Customer Base $1.8 Enterprise Value ($Bn) ~$6
Slide 6: Transforming Oasis into Premier Operator
Transforming Oasis into Premier Operator Strategic Rationale for Oasis Oasis receives significant value for its interest in OMP, addressing sum of the parts disconnect Oasis deconsolidates financials post close highlighting E&P operations Oasis maintains ownership position with upside in leading mid
Slide 7: The Financial Impact to Oasis
The Financial Impact to Oasis Oasis E&P Valuation ($MM) Consolidated (before OMP Merger)4 Pro Forma (after OMP Merger with CEQP)5 OMP $631 Net Debt Mkt. Cap. EV Midstream Units E&P EV $2,381 $3,103 $2,282 $723 OAS $92 $2,381 OAS $92 $160 $2,313 $636 $1,677 Mkt. Cap. EV Midstream Units E&P EV $821 Ne
Slide 8: The Oasis Value Proposition vs. Peers
The Oasis Value Proposition vs. Peers Peer EV and EBITDA estimates and prices from Factset as of 10/25/21. Peer balance sheet data as of last reported period (6/30/21) adjusted for announced A&D, Peer Group: CDEV, CLR, CPE, ERF, LPI, MTDR, NOG, PDCE, RRC, SM, WLL. Net Debt for OAS as of 9/30/21 pro
Slide 9: Key Accomplishments Transforming Oasis
Key Accomplishments Transforming Oasis 2021 Strategic Accomplishments Strategic Focus / Simplified Story Exited the Permian, while building scale in Williston Basin Executed multiple transactions delivering significant value from OMP to Oasis shareholders Cash to Oasis via simplification in March OM
Slide 10: Significant Cash Generation and Return of Capital in 2021
Significant Cash Generation and Return of Capital in 2021 January February March April May June July August October November December June 29 Oasis announces monetization of 3.6MM common units in OMP at a price of $24 / unit Cash Generation Return of Capital Organic E&P FCF $320-340MM (Estimate thro
Slide 11: Oasis Next Steps
Oasis Next Steps Transitions to Building on Accomplishments and Driving Future Value Maintain Capital Discipline Enhance returns (corporate and shareholder) and increase free cash flow without accelerating activity on current assets Realize operational and financial synergies from recent transaction
Slide 12: Oasis is the Premier E&P Investment Opportunity
Oasis is the Premier E&P Investment Opportunity Wild Basin South Nesson Indian Hills Painted Woods North Alger Red Bank Cottonwood Montana South Antelope Fort Berthold 497k Net Acres 87% Operated 76% Working Interest Legacy Acquired 77.7 Mboepd1 Returns-Focused Business Model Focused on delivering c
Slide 13: Appendix
Appendix QASIS | Anew Tomorrow, Today Nasdag: OAS
Slide 14: Focused ESG Initiatives And Best Practices
Focused ESG Initiatives And Best Practices Note: More details on our ESG initiatives can be found on the Oasis website: www.oasispetroleum.com/sustainability/ Environmental Best in Class Gas Capture Flared gas 50%+ less than peer average in North Dakota Capture gas for other operators, reducing indu
Slide 15: Driving Better Margins And Increased Capital Productivity
Driving Better Margins And Increased Capital Productivity E&P Costs do not include any benefit from midstream cash flows. Includes impact from Williston acquisition. 2020 Cash G&A excludes restructuring and professional fees as well as costs associated with RIFs. 4Q21 Run Rate assumes Williston Basi
Slide 16: Updated Guidance
Updated Guidance ($MM except per unit) OMP Cash Flow Attributable to OAS in 20213 OMP Capital Structure MM 2021 Distribution per Unit 2021E PF Distribution ($MM) Public Units 14.8 OAS Units 33.8 $2.21 $78.7 Total Units 48.6 Oasis is providing select preliminary unaudited financial results for 3Q21.
Slide 17: Oasis Financial and Operational Results
Oasis Financial and Operational Results See subsequent slides for reconciliations Excludes restructuring and RIF related expenses in 1Q21 only Reflects cash OMP distributions to OAS during respective quarter OAS adjusted EBITDA conforms to definition of EBITDA in OAS credit facility and excludes OMP
Slide 18: Reconciliation from Consolidated Financial Statements to E&P Business
Reconciliation from Consolidated Financial Statements to E&P Business Adjusting for midstream benefits and credits Reflects cash distributions paid to OAS from OMP in respective quarter Adjustment to Gas Revenue, LOE, GP&T are related to midstream credits for consolidating purposes. G&A and EBITDA a
Slide 19: Oasis and OMP Financial Highlights
Oasis and OMP Financial Highlights Borrowing base was increased to $900MM on 10/21/21 upon the closing of the Williston Basin acquisition Cash is pro forma for closing of Williston Basin acquisition, but does not include cash from OMP sale. OAS & OMP Balance Sheet on 9/30/21 ($MM) OMP Financial High
Slide 20: Contact Information
Contact Information Oasis Petroleum 1001 Fannin Street, Suite 1500 Houston, Texas, 77002 Main: (281) 404-9500 Owner Relations (Toll Free): (855) 209-8370 Investor Relations: Danny Brown (CEO) Michael Lou (CFO) Bob Bakanauskas (Director, IR) (281) 404-9600 ir@oasispetroleum.com www.OasisPetroleum.com
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