Investor Resources

Schedule K-1 Tax Information
Your 2017 Schedule K-1 is available at www.taxpackagesupport.com/oasis.  A hard copy will be mailed to you during the week of March 12, 2018.

Unitholders with questions concerning their Schedule K-1 should contact:

Oasis Midstream Partners LP
Tax Package Support
P.O. Box 799060
Dallas, Texas  75379-9060
(833) 608-3510

Disclaimer
The following is provided for your general information and is not intended to be, nor should it be construed as, tax advice.  The tax information discussed here is based on existing federal and state laws and regulations as interpreted by us.  Before undertaking any tax filing, we suggest that you refer to the appropriate federal and state income tax laws or consult with your personal tax advisor.

 

What is Oasis Midstream Partners’ ticker symbol?

Oasis Midstream Partners’ ticker symbol is OMP on the NYSE.

What is a Schedule K-1?

Oasis Midstream Partners LP (“OMP” or the “Partnership”) is a publicly-traded master limited partnership that has not elected to be treated as a corporation, and is therefore treated as a partnership for federal income tax purposes. As a partnership, it is not a taxable entity and does not incur tax liability. Instead, all income and expenses flow through to the unitholders to be reported on each unitholder’s tax return. OMP is required to file a Form 1065 with the IRS, which includes a Schedule K-1 for each unitholder reporting the unitholder’s respective tax information. You will need a Schedule K-1 to complete your tax return.

How do I get a Schedule K-1?

A tax package will be mailed directly to your address of record in March 2018. You can also access your tax package online by visiting our website www.taxpackagesupport.com/oasis. Additional features available on our website include the ability to download a file which can be imported into TurboTax, compute the potential gain or loss when selling your units, and make change requests to your ownership information.

What if I do not receive a schedule K-1

If you do not receive your Schedule K-1 by March 20, 2018, please call (833) 608-3510.

How do I access my Schedule K-1 electronically?

Access to our website will require your first and last name, an email address (which will become your username), and a password. Once you gain access to the website, you will be prompted to identify the account(s) you wish to access by entering the SSN or EIN of the unitholder.  Unitholders will be allowed to provide access to a third party, such as an accountant or tax advisor. If you encounter any difficulties when logging in to the website, please call (833) 608-3510.

What is included in the tax package that I will receive?

In the tax package you receive, the Partnership is providing the following documents to you:

  1. Schedule K-1 (Form 1065)
  2. State Schedule
  3. Ownership Schedule
  4. Sales Worksheet (only applicable to those who sold units in 2017)
  5. Individualized Income Tax Reporting Package Instructions and FAQs
  6. IRS Partner’s Instructions for Schedule K-1 (Form 1065)

What should I do if the information in my tax package is incorrect?

Corrections to your ownership schedule and account information can be made by:

  • Submitting a change request at www.taxpackagesupport.com/oasis
  • Contacting Tax Package Support at (833) 608-3510
  • Or mailing your corrections to:

Oasis Midstream Partners LP
Tax Package Support
P.O. Box 799060
Dallas, Texas  75379-9060

Why am I receiving a Schedule K-1 rather than a Form 1099?

Form 1099 is used to report dividends and interest, rather than partnership information, which is reported on a Schedule K-1.   While a holder of corporate stock receives a Form 1099 each year detailing required tax data, a unitholder of a partnership receives a tax reporting package including a Schedule K-1 and other forms to file with his or her income tax return.  This tax reporting package shows a partner’s allocable share of the partnership’s income, gains, losses and deductions.

What is the difference between a corporation and a partnership?

Generally, a corporation is subject to federal and state income taxes, but a partnership is not.  All of the income, gains, losses and deductions of a partnership are passed through to the partners who are required to show their allocated share of these amounts on their income tax returns.

What is the difference between units of a partnership and shares of a stock?

A partner in a publicly traded partnership owns units of the partnership rather than shares of stock and receives cash distributions rather than dividends.  Any cash distributions made by a partnership are not taxable as long as the partner’s tax basis in that partnership exceeds zero.

Where can I get additional information on partnerships and the tax treatment for partnerships?

The Master Limited Partnership Association is a trade association representing the publicly traded partnerships commonly known as master limited partnerships (MLPs. Following is their website, which contains basic information about MLPs and the tax treatment associated with them: www.mlpassociation.org.