Press Releases

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

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.

2020 Highlights:

  • Net 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").

Chief 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."    

South Nesson Project Dedication

Oasis 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 one of Oasis Petroleum's top operating areas. As part of the arrangement, Oasis Petroleum agreed to assign to Bighorn DevCo, which is 100% owned by OMP, certain assets in Bobcat DevCo specifically built to support both existing third party customers in South Nesson and future development for Oasis Petroleum. Bighorn DevCo expects 2021 capital expenditures ("CapEx") for South Nesson to range between $40 million and $44 million, including the reimbursement to Oasis Petroleum of its investment in certain assets already constructed by Bobcat DevCo. All future assets for the South Nesson project will be built at Bighorn DevCo and all future revenue from Oasis Petroleum and third parties in South Nesson will accrue to Bighorn DevCo. OMP expects to achieve a 2x build multiple on these assets and anticipates solid year-over-year EBITDA growth in Bighorn DevCo in 2022.

2021 Capital Spending and EBITDA Outlook

The following table depicts our full-year 2021 guidance for CapEx and EBITDA:





EBITDA

2021 CapEx

DevCo


OMP Ownership


1Q21 Gross


2021 Gross

Gross


Net















             (In millions)

Bighorn DevCo


100%


$16 - 20


$68 - 72

$47 - 49


$47 - 49

Bobcat DevCo


35.3%


$24 - 28


$106 - 110

$9 - 10


$3 - 4

Beartooth DevCo


70%


$8 - 10


$40 - 42

$3 - 4


$2 - 3

Total Williston




$48 - 58


$214 - 224

$59 - 63


$52 - 56

Panther DevCo


100%


$1 - 2


$7 - 9

$4 - 5


$4 - 5

Total




$49 - 60


$221 - 233

$63 - 68


$56 - 60


Note: Table totals may be slightly off due to rounding; 2021 EBITDA before public company expenses

2021 Highlights

  • Oasis Petroleum continues to complete wells in OMP dedicated areas including Wild Basin, Indian Hills, and the Delaware in 2021.
  • 2021 Gross DevCo EBITDA is expected to slightly decline compared to 2020 as OMP's sponsor curtailed activity through 2020, into early 2021 and will gradually ramp volumes through 2021.
  • Adjusted EBITDA attributable to OMP of approximately $137MM – $146MM in 2021 (net of public company expenses).
  • 1Q21 Adjusted EBITDA attributable to OMP is expected to approximate $34MM – $36MM.
  • 2021 cash public company expenses of approximately $3MM – $3.5MM.
  • Maintenance CapEx of approximately 7% – 8% of Adjusted EBITDA, which is included in the total CapEx estimate above.

Throughput Volumes

The following table shows gross volumes for 4Q20, as well as volumes guidance for 1Q21 and full-year 2021.



Metric


4Q20
Actual



1Q21
Guidance


FY21
Guidance

Bighorn DevCo










Crude oil service volumes


Mbopd


26.6



21 – 23


22 – 24

Natural gas service volumes


MMscfpd


220.8



180 – 190


170 – 180

Bobcat DevCo










Crude oil service volumes


Mbopd


19.8



18 – 20


19 – 21

Natural gas service volumes


MMscfpd


250.8



220 – 230


215 – 225

Water service volumes


Mbwpd


44.1



37 – 39


35 – 37

Beartooth DevCo










Water service volumes


Mbwpd


83.0



62 – 67


73 – 78

Panther DevCo










Crude oil service volumes


Mbopd


8.9



7 – 9


10 – 12

Water service volumes


Mbwpd


31.3



25 – 27


29 – 31

Operational and Financial Update

Select financial statistics are presented in the following table for the periods presented:




4Q20


FY20


OMP
Ownership(1)


Gross


Net


Gross


Net














(In millions)

Bighorn DevCo










Operating income

100%


$

16.0



$

16.0



$

43.0



$

43.0


Depreciation, amortization and impairment

100%


2.5



2.5



33.1



33.1


Bobcat DevCo










Operating income

35.3%


$

17.9



$

6.3



$

68.6



$

24.3


Depreciation, amortization and impairment

35.3%


4.1



1.4



33.8



11.9


Beartooth DevCo










Operating income (loss)

70%


$

8.4



$

5.9



$

(2.9)



$

(2.1)


Depreciation, amortization and impairment

70%


2.3



1.6



42.4



29.7


Panther DevCo










Operating income (loss)

100%


$

1.4



$

1.4



$

(26.7)



$

(26.7)


Depreciation, amortization and impairment

100%


0.2



0.2



34.4



34.4


Total OMP










DevCo operating income



$

43.7



$

29.6



$

82.0



$

38.5


Public company expenses



0.6



0.6



3.4



3.4


OMP operating income



43.1



29.0



78.6



35.1


Depreciation, amortization and impairment



9.1



5.8



143.7



109.1


Equity-based compensation expense



0.1



0.1



0.3



0.3


Capitalized interest







0.3



0.3


Maintenance CapEx



3.6



1.7



6.5



4.4


Expansion CapEx



0.6



1.6



19.8



14.6


Total CapEx



4.2



3.3



26.6



19.3


___________________

(1) OMP ownership interest as of December 31, 2020.

Liquidity and Capital Expenditures

As of December 31, 2020, OMP had cash and cash equivalents of $5.1 million and $450.0 million of borrowings outstanding under its revolving credit facility (the "Revolving Credit Facility" or "RCF") with an unused borrowing capacity of $125.0 million. OMP has flexibility to expand the aggregate commitment amount under the RCF from $575.0 million to $775.0 million, subject to certain conditions.

The following tables depict the Partnership's CapEx for the periods presented:


1Q 2020 - 3Q 2020


4Q 2020


Year Ended December 31, 2020














(In millions)

Capital expenditures

Gross


Net


Gross


Net


Gross


Net

Maintenance CapEx

$

2.9



$

2.7



$

3.6



$

1.7



$

6.5



$

4.4


Expansion CapEx

19.2



13.0



0.6



1.6



19.8



14.6


Capitalized interest

0.3



0.3



0.0



0.0



0.3



0.3


Total

$

22.4



$

16.0



$

4.2



$

3.3



$

26.6



$

19.3


 




Year Ended December 31, 2020







Capital Expenditures


(In millions)

DevCo

OMP Ownership


Gross


Net

Bighorn DevCo

100%


$

6.6



$

6.6


Bobcat DevCo

35.3%


12.6



5.3


Beartooth DevCo(1)

70%


(0.2)



(0.2)


Panther DevCo

100%


7.3



7.3


OMP Operating(2)

100%


0.3



0.3


Total



$

26.6



$

19.3


___________________

(1) Negative amount reflects differences between the estimated capital expenditures accrued in a reporting period and actual capital expenditures recognized in a subsequent reporting period.

(2) Amounts represent capitalized interest related to borrowings under the RCF.

Waiver and Forbearance Agreement

In the second quarter of 2020, the Partnership identified that a Control Agreement (as defined in the Revolving Credit Facility) had not been executed for a certain bank account before the account was initially funded with cash, which represented an event of default. In May 2020, the Partnership executed a Control Agreement with respect to the bank account, thereby completing the documentation required under the Revolving Credit Facility. On September 29, 2020, the Partnership executed a Waiver, Discharge and Forgiveness Agreement and Forbearance Extension (the "Waiver and Forbearance Agreement") to permanently waive payment of additional interest of $28.0 million owed arising from this event of default ("Specified Default Interest"). Such conditions were satisfied on November 19, 2020 and payment of Specified Default Interest was permanently waived. There were no impacts to the Partnership's compliance with the financial covenants contained in its credit agreement during this time.

Quarterly Distribution

On February 24, 2021, the board of directors of the General Partner declared the quarterly distribution for the fourth quarter of 2020 of $0.54 per unit. In addition, the General Partner will receive a cash distribution of $1.0 million attributable to the incentive distribution rights related to earnings for the fourth quarter of 2020.  These distributions will be payable on March 18, 2021 to unitholders of record as of March 8, 2021. Upon payment of the fourth quarter cash distribution, the subordination period will expire and the requirements under the partnership agreement for the conversion of all outstanding subordinated units is expected to be satisfied. As a result, on March 19, 2021, all 13,750,000 subordinated units, which are currently owned entirely by Oasis Petroleum, will be converted into common units on a one-for-one basis and thereafter will participate on terms equal with all other common units in distributions from available cash.

The board of directors of our General Partner may change our cash distribution policy at any time, and we do not have a legal or contractual obligation to pay cash distributions quarterly or on any other basis or at our minimum quarterly distribution rate.

Qualified Notice

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Conference Call Information

Investors, analysts and other interested parties are invited to listen to the webcast and call:

Date:


Thursday, February 25, 2021

Time:


11:30 a.m. Central Time

Live Webcast:


https://www.webcaster4.com/Webcast/Page/1777/39883  

Website:


www.oasismidstream.com

Sell-side analysts with a question may use the following dial-in:

Dial-in:


888-317-6003

Intl. Dial in:


412-317-6061

Conference ID:


6806223

A recording of the conference call will be available beginning at 1:30 p.m. Central Time on the day of the call and will be available until Thursday, March 4, 2021 by dialing:

Replay dial-in:


877-344-7529

Intl. replay:


412-317-0088

Replay code:


10152155

The conference call will also be available for replay for approximately 30 days at www.oasismidstream.com.

Contact:
Oasis Midstream Partners LP
Bob Bakanauskas, (281) 404-9600
Director, Investor Relations

Forward-Looking Statements

This press release 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 press release 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 press release 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 press release. 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. These include, but are not limited to, the Partnership's ability to integrate acquisitions into its existing business, changes in crude oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, 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 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. 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.

About Oasis Midstream Partners LP

Oasis Midstream Partners LP is a premier gathering and processing master limited partnership formed by its sponsor, Oasis Petroleum Inc. to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the crude oil and natural gas operations of Oasis Petroleum Inc. and are strategically positioned to capture volumes from other producers. For more information, please visit the Partnership's website at www.oasismidstream.com.

 

OASIS MIDSTREAM PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(Unaudited)



December 31,


2020


2019






(In thousands)

ASSETS




Current assets




Cash and cash equivalents

$

5,147



$

4,168


Accounts receivable

4,295



5,969


Accounts receivable – Oasis Petroleum

66,283



77,571


Inventory

6,986




Prepaid expenses

3,695



1,923


Other current assets

649



138


Total current assets

87,055



89,769


Property, plant and equipment

1,180,819



1,155,503


Less: accumulated depreciation, amortization and impairment

(240,877)



(98,982)


Total property, plant and equipment, net

939,942



1,056,521


Operating lease right-of-use assets

1,643



5,207


Other assets

2,053



3,172


Total assets

$

1,030,693



$

1,154,669


LIABILITIES AND EQUITY




Current liabilities




Accounts payable

$

2,226



$

2,478


Accounts payable – Oasis Petroleum

28,074



27,139


Accrued liabilities

17,931



50,210


Accrued interest payable

360



508


Current operating lease liabilities

945



3,005


Other current liabilities

471



594


Total current liabilities

50,007



83,934


Long-term debt

450,000



458,500


Asset retirement obligations

774



1,747


Operating lease liabilities

733



2,216


Other liabilities

5,521



3,644


Total liabilities

507,035



550,041


Equity




Limited partners




Common units (20,061,366 and 20,045,196 issued and outstanding at December 31, 2020
and December 31, 2019, respectively)

193,536



225,339


Subordinated units (13,750,000 units issued and outstanding at December 31, 2020 and
December 31, 2019)

44,030



66,005


General Partner

1,027



1,026


Total partners' equity

238,593



292,370


Non-controlling interests

285,065



312,258


Total equity

523,658



604,628


Total liabilities and equity

$

1,030,693



$

1,154,669


 

OASIS MIDSTREAM PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



Three Months Ended December 31,


Year Ended December 31,


2020


2019(1)


2020


2019(1)










(In thousands, except per unit data)

Revenues








Midstream services – Oasis Petroleum

$

61,997



$

84,615



$

268,337



$

317,072


Midstream services – third parties

326



1,739



11,367



6,531


Product sales – Oasis Petroleum

28,274



26,025



68,115



86,543


Product sales – third parties

17



7



40



45


Total revenues

90,614



112,386



347,859



410,191


Operating expenses








Costs of product sales

15,780



8,738



32,385



35,826


Operating and maintenance

13,888



19,251



57,917



74,226


Depreciation and amortization

9,076



9,533



40,237



36,358


Impairment





103,441




General and administrative

8,722



6,787



35,329



31,009


Total operating expenses

47,466



44,309



269,309



177,419


Operating income

43,148



68,077



78,550



232,772


Other income (expense)








Interest expense, net of capitalized interest

(2,602)



(4,627)



(12,783)



(17,538)


Other income (expense) (2)

28,710



1



546



(3)


Total other income (expense)

26,108



(4,626)



(12,237)



(17,541)


Net income

69,256



63,451



66,313



215,231


Less: Net income attributable to Delaware Predecessor



360





4,464


Less: Net income attributable to non-controlling interests

13,920



24,612



43,238



93,111


Net income attributable to Oasis Midstream Partners LP

55,336



38,479



23,075



117,656


Less: Net income attributable to General Partner

1,027



998



4,088



2,472


Net income attributable to limited partners

$

54,309



$

37,481



$

18,987



$

115,184


Earnings per limited partner unit








Common units – basic and diluted

$

1.61



$

1.11



$

0.56



$

3.41


Weighted average number of limited partners units outstanding








Common units – basic

20,045



20,029



20,044



20,024


Common units – diluted

20,055



20,040



20,058



20,032


____________________

(1) Retrospectively adjusted for transfer of net assets between entities under common control.

(2) Three months ended December 31, 2020 includes permanent waiver of additional interest expense of $28.0 million previously incurred in the first quarter of 2020. See "Waiver and Forbearance Agreement" above for additional information.


Non-GAAP Financial Measures

Cash Interest

Cash Interest is a supplemental non-GAAP financial measure that is used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. The Partnership defines Cash Interest as interest expense plus capitalized interest less amortization of deferred financing costs included in interest expense. Cash Interest is not a measure of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on our debt, excluding non-cash amortization, and our ability to maintain compliance with our debt covenants.

The following table presents a reconciliation of the GAAP financial measure of interest expense, net of capitalized interest, to the non-GAAP financial measure of Cash Interest for the periods presented:


Three Months Ended
December 31,


Year Ended December 31,


2020


2019(1)


2020


2019(1)










(In thousands)

Interest expense, net of capitalized interest

$

2,602



$

4,627



$

12,783



$

17,538


Capitalized interest

2



272



324



905


Amortization of deferred financing costs

(274)



(287)



(1,089)



(946)


Cash Interest

$

2,329



$

4,612



$

12,018



$

17,497


Less: Cash Interest attributable to Delaware Predecessor



(160)





(813)


Less: Cash Interest attributable to non-controlling interests

(3)



(3)



(12)



(11)


Cash interest attributable to Oasis Midstream Partners LP

$

2,326



$

4,449



$

12,006



$

16,673


__________________

(1) Retrospectively adjusted for transfer of net assets between entities under common control.

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. The Partnership defines Adjusted EBITDA as earnings before interest expense (net of capitalized interest), income taxes, depreciation, amortization, equity-based compensation expenses and other similar non-cash adjustments. Adjusted EBITDA should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Management believes that the presentation of Adjusted EBITDA provides information useful to investors and analysts for assessing the Partnership's results of operations, financial performance and its ability to generate cash from its business operations without regard to its financing methods or capital structure, coupled with the Partnership's ability to maintain compliance with its debt covenants. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

Distributable Cash Flow ("DCF") and Free Cash Flow ("FCF")

DCF and FCF are supplemental non-GAAP financial measures that are used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. The Partnership defines DCF as Adjusted EBITDA attributable to the Partnership less Cash Interest attributable to the Partnership and maintenance capital expenditures attributable to the Partnership. The Partnership defines FCF as DCF less expansion capital expenditures attributable to the Partnership and unitholder distributions. DCF and FCF should not be considered alternatives to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Management believes that the presentation of DCF and FCF provide information useful to investors and analysts for assessing the Partnership's results of operations, financial performance and ability to generate cash from its business operations without regard to its financing methods or capital structure, coupled with the Partnerships ability to make distributions to its unitholders. The GAAP measures most directly comparable to DCF and FCF are net income and net cash provided by operating activities.

The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA, DCF and FCF for the periods presented:


Three Months Ended
December 31,


Year Ended December 31,


2020


2019(1)


2020


2019(1)










(In thousands)

Net income

$

69,256



$

63,451



$

66,313



$

215,231


Depreciation and amortization

9,076



9,533



40,237



36,358


Impairment





103,441




Equity-based compensation expenses

68



75



268



378


Interest expense, net of capitalized interest

2,602



4,627



12,783



17,538


Other non-cash adjustments(2)

(28,900)





(885)




Adjusted EBITDA

52,102



77,686



222,157



269,505


Less: Adjusted EBITDA attributable to Delaware Predecessor



613





5,510


Less: Adjusted EBITDA attributable to non-controlling interests

17,247



27,657



77,802



105,053


Adjusted EBITDA attributable to Oasis Midstream Partners LP

34,855



49,416



144,355



158,942


Cash interest attributable to Oasis Midstream Partners LP

2,326



4,449



12,006



16,673


Maintenance capital expenditures attributable to Oasis Midstream
Partners LP

1,715



1,752



4,376



8,346


Distributable cash flow

30,814



43,215



127,973



133,923


Expansion capital expenditures attributable to Oasis Midstream
Partners LP

1,649



32,430



14,611



189,321


Unitholder distributions

19,285



18,149



77,140



66,613


Free cash flow

$

9,880



$

(7,364)



$

36,222



$

(122,011)










Net cash provided by operating activities

$

47,164



$

76,961



$

213,569



$

252,539


Interest expense, net of capitalized interest

2,602



4,627



12,783



17,538


Changes in working capital

31,512



(3,615)



(2,219)



374


Other non-cash adjustments(2)

(29,176)



(287)



(1,976)



(946)


Adjusted EBITDA

52,102



77,686



222,157



269,505


Less: Adjusted EBITDA attributable to Delaware Predecessor



613





5,510


Less: Adjusted EBITDA attributable to non-controlling interests

17,247



27,657



77,802



105,053


Adjusted EBITDA attributable to Oasis Midstream Partners LP

34,855



49,416



144,355



158,942


Cash interest attributable to Oasis Midstream Partners LP

2,326



4,449



12,006



16,673


Maintenance capital expenditures attributable to Oasis Midstream
Partners LP

1,715



1,752



4,376



8,346


Distributable cash flow

30,814



43,215



127,973



133,923


Expansion capital expenditures attributable to Oasis Midstream
Partners LP

1,649



32,430



14,611



189,321


Unitholder distributions

19,285



18,149



77,140



66,613


Free cash flow

$

9,880



$

(7,364)



$

36,222



$

(122,011)










Distributions Declared








Limited partners

$

18,258



$

18,258



$

73,033



$

68,106


General partner

1,027



1,027



4,107



2,472


Total distributions(3)

$

19,285



$

19,285



$

77,140



$

70,578










DCF coverage ratio

1.6

x


2.2

x


1.7

x


1.9

x

____________________

(1) Retrospectively adjusted for transfer of net assets between entities under common control.

(2) Three months ended December 31, 2020 includes non-cash gain associated with the permanent waiver of additional interest expense of $28.0 million previously incurred in the first quarter of 2020. See "Waiver and Forbearance Agreement" above for additional information.

(3) Represents distributions declared associated with earnings of the reporting period presented. Unitholder distributions are generally paid in the reporting period after the period of associated earnings.

 

SOURCE Oasis Midstream Partners LP