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Form 8-K Oasis Midstream Partners For: Aug 05

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August 5, 2020 9:04 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
____________________________________________________________________
FORM 8-K 
 ____________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2020
 
 ____________________________________________________________________
OASIS MIDSTREAM PARTNERS LP
(Exact name of registrant as specified in its charter)
 
____________________________________________________________________
 
Delaware 001-38212 47-1208855
(State or other jurisdiction of
incorporation or organization)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
 
1001 Fannin Street, Suite 1500
Houston, Texas
 77002
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (281) 404-9500
Not Applicable.
(Former name or former address, if changed since last report)
____________________________________________________________________
  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common units representing limited partner interestsOMPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 Emerging growth company☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒




Item 2.02 Results of Operations and Financial Condition.
On August 4, 2020, Oasis Midstream Partners LP (the “Partnership” or “OMP”) announced its quarterly cash distribution for the quarter ended June 30, 2020. A copy of the Partnership’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
On August 5, 2020, the Partnership announced its results for the quarter ended June 30, 2020. A copy of the Partnership’s press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
 
Exhibit No.  Description of Exhibit
Press Release dated August 4, 2020.
  Press Release dated August 5, 2020.
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
THE INFORMATION CONTAINED IN ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 and EXHIBIT 99.2 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  
OASIS MIDSTREAM PARTNERS LP
(Registrant)
Date: August 5, 2020By:OMP GP LLC, its general partner
  By:/s/ Nickolas J. Lorentzatos
  Nickolas J. Lorentzatos
  Executive Vice President, General Counsel and Corporate Secretary

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Exhibit 99.1

Oasis Midstream Partners Announces Quarterly Distribution for Second Quarter 2020

Houston, Texas — August 4, 2020 — Oasis Midstream Partners LP (NASDAQ: OMP) (“Oasis Midstream” or the “Partnership”) today declared a quarterly cash distribution of $0.54 per unit for the second quarter of 2020. The distribution will be paid on August 27, 2020, to all OMP unitholders of record at the close of business August 14, 2020.

About Oasis Midstream Partners LP
Oasis Midstream is a growth-oriented, fee-based master limited partnership initially formed by Oasis Petroleum (Nasdaq: OAS) to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the oil and natural gas operations of Oasis Petroleum and strategically positioned to capture volumes from other producers. Oasis Midstream's initial assets are located in the Williston Basin area of North Dakota and Montana. For more information, please visit Oasis Midstream’s website at www.oasismidstream.com.

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



Exhibit 99.2
Oasis Midstream Partners LP Announces Quarter Ended June 30, 2020 Earnings

Houston, Texas — August 5, 2020 — Oasis Midstream Partners LP (Nasdaq: OMP) (“OMP” or the “Partnership”) today announced financial and operating results for the second quarter of 2020.
Second Quarter 2020 Highlights
•Declared the quarterly cash distribution of $0.54 per unit.
•Net income was $22.7 million and net cash from operating activities was $51.5 million.
•Adjusted EBITDA(1) was $40.0 million and Adjusted EBITDA attributable to Oasis Midstream Partners LP(1) was $25.8 million.
•Distributable cash flow(1)(2) (“DCF”) was $20.4 million and DCF coverage was 1.1x(2).
•Reduced direct operating expenses approximately 34% from the first quarter of 2020.
•Delaware Basin crude oil volumes almost tripled from the first quarter of 2020 to 12.6 Mbopd during the second quarter of 2020. The increase was driven largely by third party volumes.
•Delaware Basin produced water volumes increased approximately 70% from the first quarter of 2020 to 50.7 Mbowpd during the second quarter of 2020.

(1) Non-GAAP measure. See “Non-GAAP Financial Measures” below for definitions of all non-GAAP measures included herein and reconciliations to the most directly comparable financial measures under United States generally accepted accounting principles (“GAAP”).
(2) DCF for the second quarter of 2020 was reduced by an additional interest charge of $2.1 million pursuant to the Limited Waiver (defined below). Excluding the impact of the additional interest, DCF and DCF coverage would have been $22.5 million and 1.2x for the three months ended June 30, 2020, respectively.

Chief Executive Officer, Taylor Reid, commented, “The second quarter was marked by unprecedented volatility and disruption in the energy sector. Considering this difficult environment, the OMP team executed exceptionally well by maintaining strong operational reliability and effectively managing costs. While macro conditions have improved significantly relative to the April lows, including a faster than anticipated restart of shut-in production, OMP is retaining a prudent spending outlook given continued uncertainty. Second quarter performance coupled with stabilizing conditions allowed OMP to declare a distribution of $0.54 per unit. OMP will continue to monitor market conditions and adjust its operational and financial strategy as appropriate. Additionally, OMP remains focused on the health and safety of our employees, contractors, and communities.”
Outlook Update
•Capital expenditures (“CapEx”) net to OMP are expected to range from $5 million to $10 million during the second half of 2020. Total 2020 CapEx net to OMP of $25 million to $30 million is more than 60% below original 2020 guidance.
•OMP observed a resumption of shut-in production during June and currently expects performance in the second half of 2020 to benefit from higher, more stable basin volumes.
•2020 EBITDA is expected to range from $130 million to $140 million based on current market conditions.


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Operational and Financial Update
The following table presents select operational and financial data:
2Q20
OMP Ownership(1)
GrossNet
(In millions)
Bighorn DevCo
Operating income100 %$8.9  $8.9  
Depreciation and amortization100 %5.3  5.3  
Total CapEx100 %1.7  1.7  
Bobcat DevCo
Operating income35.3 %$15.8  $5.6  
Depreciation, amortization and impairment35.3 %4.2  1.5  
Total CapEx35.3 %0.3  0.1  
Beartooth DevCo
Operating income70 %$2.0  $1.4  
Depreciation and amortization70 %2.3  1.6  
Total CapEx70 %0.3  0.2  
Panther DevCo
Operating income100 %$2.4  $2.4  
Depreciation, amortization and impairment100 %0.3  0.3  
Total CapEx100 %0.2  0.2  
Total OMP
DevCo operating income$29.1  $18.3  
Public company expenses1.2  1.2  
Partnership operating income27.9  17.1  
Depreciation, amortization and impairment12.1  8.7  
Equity-based compensation expense0.1  0.1  
Capitalized interest0.1  0.1  
Maintenance CapEx0.3  0.5  
Expansion CapEx2.1  1.7  
Total CapEx2.5  2.3  
__________________
(1)Represents OMP’s ownership in each DevCo as of June 30, 2020.












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The following table presents throughput volumes for the second quarter of 2020:
Metric2Q20 Actual
Bighorn DevCo
Crude oil service volumesMBopd26.0
Natural gas service volumesMMscfpd155.2
Bobcat DevCo
Crude oil service volumesMBopd21.1
Natural gas service volumesMMscfpd193.0
Water service volumesMBowpd44.3
Beartooth DevCo
Water service volumesMBowpd53.7
Panther DevCo
Crude oil service volumesMBopd12.6
Water service volumesMBowpd50.7

Liquidity
As of June 30, 2020, the Partnership had cash and cash equivalents of $27.1 million and $487.5 million of borrowings outstanding under its revolving credit facility. The aggregate commitments under the Partnership’s revolving credit facility were $575.0 million at June 30, 2020, and the Partnership had an unused borrowing capacity of $87.5 million. The Partnership has the ability to further increase the commitments on the revolving credit facility to $775.0 million.
As a result of ongoing internal oversight processes during the six months ended June 30, 2020, the Partnership identified that a Control Agreement (as defined in the Partnership’s amended credit agreement) had not been executed for a certain bank account (the “JPM Account”) held at JPMorgan Chase Bank, N.A. (“JPMorgan”), who is a lender under the Partnership’s revolving credit facility. The Control Agreement serves to establish a lien in favor of the lenders under the Partnership’s revolving credit facility with respect to the JPM Account. On May 11, 2020, the Partnership executed a Control Agreement with both Wells Fargo Bank, N.A., as administrative agent under the revolving credit facility, and JPMorgan, thereby completing the documentation required under the revolving credit facility. Despite the Control Agreement’s execution, the failure to have had it in place before the JPM Account was initially funded with cash represented a past Event of Default (as defined in the Partnership’s amended credit agreement). On May 15, 2020, the Partnership entered into a limited waiver (the “Limited Waiver”) of this past Event of Default with the Majority Lenders (as defined in the Partnership’s amended credit agreement), which provides forbearance of additional interest owed arising from this past Event of Default until the earlier of (i) November 10, 2020 and (ii) an Event of Default. Pursuant to the Limited Waiver, the Partnership recorded additional interest charges during the three and six months ended June 30, 2020 of $2.1 million and $28.0 million, respectively. The Limited Waiver excludes the additional interest from the calculation of the interest coverage ratio financial covenant.
The Partnership was in compliance with the covenants under its revolving credit facility at June 30, 2020.
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Quarterly Distribution
On August 4, 2020, the board of directors of OMP GP LLC (our “General Partner”) declared the quarterly cash distribution for the second 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 second quarter of 2020. These distributions will be payable on August 27, 2020 to unitholders of record as of August 14, 2020.


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:  Wednesday, August 5, 2020
Time:  11:30 a.m. Central Time
Live Webcast:https://www.webcaster4.com/Webcast/Page/1777/36117
Website:  www.oasismidstream.com
Or:
Dial-in:  888-317-6003
Intl. Dial in:  412-317-6061
Conference ID:  4983726
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 Wednesday, August 12, 2020 by dialing:
Replay dial-in:  877-344-7529
Intl. replay:  412-317-0088
Replay code:  10146772
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. 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, developments in the global economy, particularly the public health crisis related to the novel coronavirus 2019 (“COVID-19”) pandemic and the adverse impact thereof on demand for crude oil and natural gas and our customers’ demand for our services, the risk of further impairments, the Partnership’s ability to integrate acquisitions into its existing business, changes in crude oil and natural gas prices, weather and environmental
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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, an inability of Oasis Petroleum Inc. (“Oasis Petroleum”) or our other customers to meet their operational and development plans on a timely basis or at all 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. In addition, certain of our forward-looking statements address the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the COVID-19 pandemic and the actions of foreign oil producers (most notably Saudi Arabia and Russia) to increase crude oil production and the expected impact on our businesses, operations, earnings and results. Because considerable uncertainty exists with respect to foreign oil production and the future pace and extent of a global economic recovery from the effects of the COVID-19 pandemic, we cannot predict whether or when crude oil production and economic activities will return to normalized levels.
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 growth-oriented, fee-based 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.
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OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

June 30, 2020December 31, 2019
(In thousands, except unit data)
ASSETS
Current assets
Cash and cash equivalents$27,141  $4,168  
Accounts receivable7,448  5,969  
Accounts receivable – Oasis Petroleum51,518  77,571  
Inventory7,608  —  
Prepaid expenses2,697  1,923  
Other current assets1,674  138  
Total current assets98,086  89,769  
Property, plant and equipment1,182,552  1,155,503  
Less: accumulated depreciation, amortization and impairment(222,771) (98,982) 
Total property, plant and equipment, net959,781  1,056,521  
Operating lease right-of-use assets3,709  5,207  
Other assets2,616  3,172  
Total assets$1,064,192  $1,154,669  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$843  $2,478  
Accounts payable – Oasis Petroleum24,010  27,139  
Accrued liabilities26,399  50,210  
Accrued interest payable28,496  508  
Current operating lease liabilities2,524  3,005  
Other current liabilities629  594  
Total current liabilities82,901  83,934  
Long-term debt487,500  458,500  
Asset retirement obligations1,788  1,747  
Operating lease liabilities1,210  2,216  
Other liabilities5,094  3,644  
Total liabilities578,493  550,041  
Equity
Limited partners
Common units (20,061,366 and 20,045,196 issued and outstanding at June 30, 2020 and December 31, 2019, respectively)
167,292  225,339  
Subordinated units (13,750,000 units issued and outstanding at June 30, 2020 and December 31, 2019)
26,109  66,005  
General Partner1,027  1,026  
Total partners’ equity194,428  292,370  
Non-controlling interests291,271  312,258  
Total equity485,699  604,628  
Total liabilities and equity$1,064,192  $1,154,669  

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OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In thousands, except per unit data)
Revenues
Midstream services – Oasis Petroleum$56,946  $74,211  $138,939  $151,274  
Midstream services – third parties5,242  1,825  9,088  2,952  
Product sales – Oasis Petroleum3,869  24,348  24,657  40,000  
Product sales – third parties6  19  6  29  
Total revenues66,063  100,403  172,690  194,255  
Operating expenses
Costs of product sales2,215  12,022  10,647  20,087  
Operating and maintenance14,508  17,276  31,348  36,966  
Depreciation and amortization11,881  8,691  22,078  17,682  
Impairment216  —  101,983  —  
General and administrative9,286  7,834  17,737  16,557  
Total operating expenses38,106  45,823  183,793  91,292  
Operating income (loss)27,957  54,580  (11,103) 102,963  
Other expenses
Interest expense, net of capitalized interest(5,186) (4,330) (35,443) (8,299) 
Other expenses(101) (4) (143) (4) 
Total other expenses(5,287) (4,334) (35,586) (8,303) 
Net income (loss)22,670  50,246  (46,689) 94,660  
Less: Net income attributable to Delaware Predecessor—  1,211  —  2,286  
Less: Net income attributable to non-controlling interests10,796  22,837  12,836  44,633  
Net income (loss) attributable to Oasis Midstream Partners LP11,874  26,198  (59,525) 47,741  
Less: Net income attributable to General Partner1,027  491  2,034  729  
Net income (loss) attributable to limited partners$10,847  $25,707  $(61,559) $47,012  
Earnings (loss) per limited partner unit
Common units – basic$0.32  $0.76  $(1.82) $1.39  
Common units – diluted0.32  0.76  (1.82) 1.39  
Weighted average number of limited partner units outstanding
Common units – basic20,045  20,024  20,043  20,020  
Common units – diluted20,045  20,034  20,043  20,037  

7

Non-GAAP Financial Measures
Cash Interest, Adjusted EBITDA and DCF 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. These non-GAAP financial measures should not be considered in isolation or as a substitute for interest expense, net income, operating income, net cash provided by operating activities or any other measures prepared under GAAP. Because Cash Interest, Adjusted EBITDA and DCF exclude some but not all items that affect interest expense, net income and net cash provided by operating activities and may vary among companies, the amounts presented may not be comparable to similar metrics of other companies.
Cash Interest
Cash Interest is defined 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 the Partnership’s debt, excluding non-cash amortization, and the Partnership’s ability to maintain compliance with its 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 June 30,Six Months Ended June 30,
 
2020(1)
2019
2020(1)
2019
(In thousands)
Interest expense, net of capitalized interest$5,186  $4,330  $35,443  $8,299  
Capitalized interest68  240  317  302  
Amortization of deferred financing costs(271) (226) (541) (417) 
Cash Interest$4,983  $4,344  $35,218  $8,184  
Less: Cash Interest attributable to Delaware Predecessor—  (208) —  (456) 
Less: Cash Interest attributable to non-controlling interests(3) (3) (6) (5) 
Cash Interest attributable to Oasis Midstream Partners LP$4,980  $4,133  $35,212  $7,723  
__________________
(1)For the three and six months ended June 30, 2020, interest expense, Cash Interest and Cash Interest attributable to Oasis Midstream Partners LP each include additional interest charges of $2.1 million and $28.0 million pursuant to the Limited Waiver, respectively. Excluding these additional interest charges, Cash Interest attributable to Oasis Midstream Partners LP would have been $2.8 million for the three months ended June 30, 2020 and $7.2 million for the six months ended June 30, 2020.
Adjusted EBITDA
Adjusted EBITDA is defined as earnings (loss) before interest expense (net of capitalized interest), income taxes, depreciation, amortization, impairment, equity-based compensation expenses and other similar non-cash adjustments. Adjusted EBITDA attributable to Oasis Midstream Partners LP is defined as Adjusted EBITDA less Adjusted EBITDA attributable to Oasis Petroleum’s retained interests in two of the Partnership’s DevCos, Bobcat DevCo and Beartooth DevCo. Adjusted EBITDA should not be considered an alternative to net income (loss), 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 the Partnership’s ability to generate cash from its business operations without regard to the Partnership’s 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 (loss) and net cash provided by operating activities.
Distributable Cash Flow
DCF is defined as Adjusted EBITDA attributable to Oasis Midstream Partners LP less Cash Interest attributable to Oasis Midstream Partners LP and maintenance capital expenditures attributable to Oasis Midstream Partners LP. DCF should not be considered an alternative to net income (loss), 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 provides information useful to investors and analysts for assessing the Partnership’s results of operations, financial performance and the
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Partnership’s ability to generate cash from its business operations without regard to the Partnership’s financing methods or capital structure, coupled with the Partnership’s ability to make distributions to its unitholders. The GAAP measures most directly comparable to DCF are net income (loss) and net cash provided by operating activities.
The following table presents reconciliations of the GAAP financial measures of net income (loss) and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and DCF for the periods presented:
9


 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
(In thousands)
Net income (loss)$22,670  $50,246  $(46,689) $94,660  
Depreciation and amortization11,881  8,691  22,078  17,682  
Impairment216  —  101,983  —  
Equity-based compensation expense67  100  133  219  
Interest expense, net of capitalized interest5,186  4,330  35,443  8,299  
Adjusted EBITDA40,020  63,367  112,948  120,860  
Less: Adjusted EBITDA attributable to Delaware Predecessor—  1,461  —  2,819  
Less: Adjusted EBITDA attributable to non-controlling interests14,208  25,836  40,746  50,483  
Adjusted EBITDA attributable to Oasis Midstream Partners LP25,812  36,070  72,202  67,558  
Less: Cash Interest attributable to Oasis Midstream Partners LP4,980  4,133  35,212  7,723  
Less: Maintenance capital expenditures attributable to Oasis Midstream Partners LP460  3,167  1,893  4,834  
Distributable Cash Flow attributable to Oasis Midstream Partners LP(1)
$20,372  $28,770  $35,097  $55,001  
Net cash provided by operating activities$51,479  $58,611  $113,145  $115,704  
Interest expense, net of capitalized interest5,186  4,330  35,443  8,299  
Changes in working capital(16,375) 648  (35,099) (2,729) 
Other non-cash adjustments(270) (222) (541) (414) 
Adjusted EBITDA40,020  63,367  112,948  120,860  
Less: Adjusted EBITDA attributable to Delaware Predecessor—  1,461  —  2,819  
Less: Adjusted EBITDA attributable to non-controlling interests14,208  25,836  40,746  50,483  
Adjusted EBITDA attributable to Oasis Midstream Partners LP25,812  36,070  72,202  67,558  
Less: Cash Interest attributable to Oasis Midstream Partners LP4,980  4,133  35,212  7,723  
Less: Maintenance capital expenditures attributable to Oasis Midstream Partners LP460  3,167  1,893  4,834  
Distributable Cash Flow attributable to Oasis Midstream Partners LP(1)
$20,372  $28,770  $35,097  $55,001  
Distributions declared
Limited partners$18,258  $16,560  $36,516  $32,443  
Incentive distribution rights1,027  491  2,054  729  
Total distributions$19,285  $17,051  $38,570  $33,172  
DCF coverage ratio(1)
1.1 x1.7 x0.9 x1.7 x
__________________
(1)DCF attributable to Oasis Midstream Partners LP for the three and six months ended June 30, 2020 was reduced by additional interest charges of $2.1 million and $28.0 million, respectively, pursuant to the Limited Waiver. Excluding the impact of these additional interest charges, DCF attributable to Oasis Midstream Partners LP and the DCF coverage
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ratio would have been $22.5 million and 1.2x for the three months ended June 30, 2020, respectively, and $63.1 million and 1.6x for the six months ended June 30, 2020, respectively.

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