OMP

ANALYST NOTE: OMP (Oasis Midstream Partners LP) Date: 2026-06-13 Current Price: $23.86

1. Structural Readiness

State: Context-only Conservative Entry: — Breakout Level: — Extension: — ATR Current: 3.9% (Productive)

Structural Assessment:

2. Thesis Layer

Thesis Classification: TACTICAL / SETUP-LED Secular Exposure: None identified.

There is NO NAMED SECULAR THESIS attached to OMP as of this date. The name is not currently positioned within a specific macro narrative (e.g., "Energy Transition," "Shale Supercycle," or "Infrastructure Build-out") in the available evidence. Therefore, conviction must be derived strictly from the quality of the technical setup (once defined) and the fundamental business metrics provided in the evidence block. We are judging this name on its operational fundamentals and structural readiness, not on a broader thematic tailwind.

3. Business Analysis

Company Profile: Oasis Midstream Partners LP (OMP) operates as a midstream energy infrastructure provider. As of the latest company profile data (2026-06-12), the company delivers comprehensive services for crude oil, natural gas, and water resources across North America.

Business Model & Operations:

• Natural Gas: This segment is the primary financial driver, accounting for over 60% of fee-based revenue. Services include gathering, compression, processing, and gas lift supply (Evidence E6, E10).
• Crude Oil: OMP provides gathering, stabilization, blending, storage, and transportation. A key operational area noted is the movement from the Wild Basin operating area to Johnson's Corner (Evidence E11).
• Water Services: The company manages water-related needs, including the collection and disposal of produced/flowback water and freshwater distribution (Evidence E12).
• Revenue Mix: Third-party business accounted for approximately 17% of revenue in the second quarter of the reporting period, indicating a heavy reliance on dedicated acreage agreements (Evidence E8).

Management Expectations (Source Date: 2021-08-04):

• EBITDA Guidance: Management adjusted full-year EBITDA expectations to a range of $218 million to $224 million (Evidence E2).
• Growth Trajectory:
• 2022 EBITDA was expected to grow in the "high single digits" versus 2021 (Evidence E3).
• 2023 EBITDA had the potential to increase by "mid-teens" versus 2022, contingent upon Oasis receiving acreage dedication for the Painted Woods project (Evidence E4).
• Capital Allocation: Spending was expected to increase to $73 million–$78 million in 2021 to fund key infrastructure construction (Evidence E5).
• Volume Timing: Management indicated that volumes under each services offering would begin flowing as soon as "late 2022" (Evidence E1).

Corporate Structure Note: As of February 1, 2022, OMP functions as a subsidiary of Crestwood Equity Partners LP (Evidence E14). This structural change is a critical historical fact as of the 2026 review date, implying OMP is no longer an independent public partnership but part of a larger consolidated entity.

4. Archetype and Conviction

Archetype Candidate: Growth Leader Fit Analysis: The "Growth Leader" archetype is supported by the management's explicit guidance on EBITDA expansion (high single digits in 2022, mid-teens in 2023) and the capital expenditure plan to fund infrastructure construction. The business model relies on fee-based revenue (natural gas >60%), which typically offers higher visibility and margin stability compared to commodity-price-linked models.

Conviction Stack:

• Thesis Strength: Low. The name is tactical with no named secular thesis.
• Evidence Quality: Mixed. The fundamental evidence (E1-E8) is from August 2021, while the company profile (E9-E14) is from 2026. There is a significant time gap between the specific financial guidance and the current date. The 2021 guidance regarding "late 2022" volume flows is now historical context, but the actual 2026 performance relative to those 2021 targets is not explicitly detailed in the evidence block.
• Structural Quality: Unknown. The setup state is undefined.
• Setup Readiness: None. No breakout or forming coil is identified.
• Rerating Potential: Dependent on the successful integration into Crestwood Equity Partners LP and the realization of the growth targets set in 2021.

Valuation Context: No specific valuation multiples (P/EBITDA, EV/EBITDA) are provided in the evidence for 2026. The current price of $23.86 cannot be evaluated against a fair value range without 2026 earnings estimates or comparable trading multiples.

5. Invalidations, Strengtheners, and Gaps

What Would Invalidate:

• Evidence of significant underperformance against the 2021 guidance (e.g., failure to achieve the "mid-teens" growth in 2023 or subsequent years).
• Deterioration in the third-party revenue mix or loss of key acreage dedications (e.g., Painted Woods).

What Would Strengthen:

• Confirmation of sustained EBITDA growth exceeding the 2021 guidance trajectory.
• Successful integration and synergies realized post-acquisition by Crestwood Equity Partners LP.
• Expansion of third-party business beyond the 17% baseline.

Evidence Gaps:

• Missing 2022-2026 Financials: The evidence block contains specific guidance from 2021 but lacks actual reported results for 2022, 2023, 2024, 2025, or 2026. We do not know if the "late 2022" volume flows materialized or if the 2023 growth targets were met.
• Missing Current Fundamentals: No 2026 EBITDA, revenue, or capex figures are available to assess the current health of the business relative to the 2021 projections.

PRIVATE ANALYST CALL

Judgment: Hold Confidence: low Key evidence: OMP is a subsidiary of Crestwood Equity Partners LP as of Feb 2022; 2021 guidance indicated high-single-digit 2022 EBITDA growth and mid-teens 2023 growth; Natural gas services drive >60% of fee-based revenue. Sizing hint: N/A due to undefined setup and missing recent financials. Expected path: Management expectations from 2021 regarding volume flows and EBITDA growth should be verified against actual 2026 performance; structural integration into Crestwood should be evaluated for synergy realization. Expected horizon: Indefinite until technical setup is defined and 2026 financials are confirmed.