Filed by: Crestwood Equity Partners LP Pursuant to Rule 425 under the
Securities Act of 1933 and deemed filed pursuant to Rule 14d-2(b) and Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Oasis Midstream Partners LP ™ ™ ™ ™ ™ ™ Commission File Number:
001-38212 ™ ™ ™ ™ ™ ™ Connections for Connections for Connections for Connections for Connections for Connections for America’ America’ America’ America’ America’ America’s s s
s s s Energy Energy Energy Energy Energy Energy Town Hall Meeting Presentation Title Presentation Title Presentation Title Presentation Title Presentation Title October 2021 Presentation Subtitle Presentation Subtitle Presentation Subtitle
Presentation Subtitle Presentation Subtitle 10/26/2021 Crestwood Midstream P Crestwood Midstream P Crestwood Midstream P Crestwood Midstream P Crestwood Midstream Pa a a a artners LP rtners LP rtners LP rtners LP rtners LP Crestwood Equity P
Crestwood Equity P Crestwood Equity P Crestwood Equity P Crestwood Equity Pa a a a artners LP rtners LP rtners LP rtners LP rtners LP
Continued Momentum in Q3 2021 Crestwood’s diversified midstream
portfolio, consistent financial and operating performance, strong balance sheet and dedicated employees continue to position us for long term success! • Crestwood to acquire Oasis Midstream in $1.8 Billion deal which will increase G&P
scale and market share in the Bakken and grows CEQP to ~$7 Billion enterprise value! • Strong operational performance in the third quarter 2021 delivered Adjusted EBITDA of $140 million, and Distributable Cash Flow of $86 million • New
commercial agreements in Powder River Basin and Delaware Basin support capital expansion projects and optimize Bucking Horse and Orla plant capacity • Strong Q3 and YTD safety results showcases our employees’ commitment to health and
safety Crestwood remains well positioned in 2021 for another successful year! ™ ™ ™ ™ Connections for America’s Energy 2
Crestwood + Oasis Midstream Combination Creates Top-3 Williston Basin
G&P Company Acquisition of Oasis Midstream follows our long-term strategy of acquiring high quality assets in our core basins of Bakken, Powder River and Delaware while maintaining balance sheet strength for future consolidation opportunities
Expanded Market Enhanced Financial Asset Leading Accelerated Share in Core Strength and Integration & Sustainability Return of Capital Basins Flexibility Synergies Initiatives • Complementary • Pro Forma 2021E • Significant
excess • Both companies • Acquired assets Williston and EBITDA >$820MM, processing capacity generate positive complement Delaware Basin ~40% increase for optimization free cash flow Crestwood policies assets versus standalone on
flaring • $25MM in identified • Conservative minimization, • Creates top-3 • YE 2022E leverage G&A and O&M financial metrics methane midstream operator of 3.0x – 3.5x synergies maintained emissions in Williston
Basin monitoring and • Strong liquidity and • $20MM in • ~5% distribution biodiversity • Strategic alignment enhanced corporate commercial synergy increase to with Oasis Petroleum credit profile opportunities $2.62/unit,
annually Combination has strong industrial logic with highly complementary assets driving increased scale, synergies, and enhanced financial strength ™ ™ ™ ™ Connections for America’s Energy 3
Crestwood + Oasis Midstream Premier Williston Basin Midstream Franchise
Complementary assets optimize Bakken processing capacity; adds Oasis Petroleum to CEQP portfolio & growth potential in the western Bakken; expect 1Q 2022 close followed by integration of Oasis systems, personnel, contracts and customers Combined
Asset Footprint Premier Bakken Position Status Quo Pro Forma Dedicated 150,000 535,000 Acres 150 MMcf/d 430 MMcf/d Processing (91% (76% Capacity utilized) utilized) Miles of 796 miles 1,296 miles Pipeline Oil Gath: 83 Oil Gath: 103 Q3 2021 Gas Proc:
136 Gas Proc: 329 Volumes Water Gath: Water Gath: (per day) 95 184 Tier 1 Drilling >650 >1,200 Locations <$50 B/E High due to New Limited due system size Commercial to processing and unused Outlook constraints capacity ™ ™
™ ™ Connections for America’s Energy 4
Crestwood + Oasis Midstream Expanding our Delaware Basin Footprint Oasis
Midstream assets are strategically located near Nautilus system and will be easily integrated into our Delaware Operations Combined Asset Footprint Expanded Delaware Basin Position • Crude oil and produced water gathering system in Loving,
Ward and Winkler counties, Texas • 100,000 gross acreage dedication from Percussion Petroleum (acquired acreage from Oasis Petroleum) • ~40 miles of crude oil gathering pipelines with 95 MBbl/d of gathering capacity • ~50 miles of
produced and flowback water gathering pipelines and three SWDs with 60 MBbl/d of permitted disposal capacity • OMP Delaware Permian assets will be wholly owned by Crestwood and not included in CPJV ™ ™ ™ ™ Connections
for America’s Energy 5
Crestwood + Oasis Midstream: A Strategic Partnership Oasis Midstream
transaction builds a better platform to create future growth and long-term value for CEQP and OMP investors! • The combined company has significant financial and operational scale to create long-term value • The Williston and Delaware
Basins are vital to supply increasing demand due to superior economics and productivity • Midstream consolidation is a necessary strategy to increase customer opportunities, optimize capacities, capture synergies and drive long-term returns
• Crestwood is very experienced at seamlessly integrating G&P assets; optimizing assets is our core operating strength • Merger increases CEQP’s free cash flow allowing us options to improve investor value through organic
expansions, debt paydown, distribution increases or unit buy-backs We look forward to welcoming Oasis Midstream employees to the Crestwood Family! ™ ™ ™ ™ Connections for America’s Energy 6
Strategic Alignment with Oasis Petroleum Crestwood is pleased to welcome
Oasis Petroleum, a premier pure-play Bakken E&P operator, as a new customer and equity partner Oasis Petroleum Overview Leading Pure-Play Bakken Operator • Oasis Petroleum is mid-cap E&P operator with an enterprise Key value of >$2
Bn and EBITDA of over $700MM >670 tier-1 drilling Stats locations • Strong credit profile with no pro forma debt and significant 72 liquidity Mboepd 87% • High quality operator focused on returns and disciplined Operated production
growth 76% • Attractive inventory and economics drives free cash flow Working business model Interest $9.50 • Active development plan with significant low-cost inventory LOE/Boe • Oasis Petroleum will own 22% of CEQP’s total
units outstanding “The combination of Crestwood and Oasis Midstream creates a midstream leader well positioned with size, scale and a diversified customer base. Crestwood’s experienced team brings a track record of operational
excellence.” -- Danny Brown, Chief Executive Officer, Oasis Petroleum Crestwood and Oasis Petroleum share a focus on ESG, financial discipline and generating sustainable returns for our stakeholders ™ ™ ™ ™ Connections
for America’s Energy Source: Oasis Petroleum October 2021 investor presentation. 7
rd 3 Party Producer Opportunities in the Bakken By combining the CEQP and
OMP assets in the Bakken, we will be positioned to realize commercial synergies in our footprint through strong existing relationships CEQP Pipelines OMP Pipelines ™ ™ ™ ™ Connections for America’s Energy 8
Merger Creates A Bigger, Better, Stronger Crestwood in 2022 Transaction
drives significant growth in Enterprise Value, Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow (1) Enterprise Value 2021E Adjusted EBITDA $8,000 $1,000 +36% +37% ~$800 $800 $6,000 $600 $4,000 $400 $2,000 $200 $0 $0 Standalone Pro Forma
Standalone Pro Forma (2) 2021E Distributable Cash Flow 2021E Free Cash Flow $600 $600 +38% +51% $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 – $0 Standalone Pro Forma Standalone Pro Forma Crestwood immediately achieves enhanced financial
scale and drives increasing DCF/unit in 2022 and beyond as synergies are captured and assets are integrated ™ (1) As of September 30, 2021. ™ ™ ™ Connections for America’s Energy 9 (2) Distributable cash flow to common
unitholders less growth capital.
Merger Disclosures No Offer or Solicitation: This communication relates to
the proposed transaction between Oasis Midstream and Crestwood. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote
approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No
offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where You Can Find It: In connection with the proposed transaction,
Crestwood will file a registration statement on Form S-4, including a preliminary consent statement/prospectus for the unitholders of Oasis Midstream with the U.S. Securities and Exchange Commission (“SEC”). INVESTORS AND UNITHOLDERS OF
CRESTWOOD AND OASIS MIDSTREAM ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PRELIMINARY CONSENT STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. The definitive consent statement/prospectus, when available, will be sent to unitholders of Oasis Midstream in connection with the
solicitation of consents of Oasis Midstream unitholders relating to the proposed transactions. Investors and unitholders may obtain a free copy of the preliminary or definitive consent statement/prospectus (each when available) filed by Crestwood or
Oasis Midstream with the SEC from the SEC’s website at www.sec.gov. Unitholders and other interested parties will also be able to obtain, without charge, a copy of the preliminary or definitive consent statement/prospectus and other relevant
documents (when available) from Crestwood’s website at https://www.crestwoodlp.com/investors/ or from Oasis Midstream’s website at http://oasismidstream.investorroom.com. Participants in the Solicitation: Crestwood, Oasis Midstream and
their respective directors, executive officers and general partners, and Oasis Petroleum and its directors and executive officers may be deemed to be participants in the solicitation of consents from the unitholders of Oasis Midstream. Information
about these persons is set forth in the Crestwood’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 26, 2021, Oasis Midstream’s Annual Report on Form 10-K for the year ended
December 31, 2020, which was filed with the SEC on March 8, 2021, and subsequent statements of changes in beneficial ownership on file for each of Crestwood and Oasis Midstream with the SEC. Unitholders and investors may obtain additional
information regarding the interests of such persons, which may be different than those of the respective companies’ unitholders generally, by reading the preliminary or definitive consent statement/prospectus, or other relevant documents
regarding the transaction (if and when available), which may be filed with the SEC. ™ ™ ™ ™ Connections for America’s Energy 10
Forward-Looking Statements
Thestatementsinthiscommunicationregardingfutureevents,occurrences,circumstances,activities,performance,outcomesandresultsare
forward-lookingstatements.Althoughthesestatementsreflectthecurrentviews,assumptionsandexpectationsofCrestwood’smanagement,
themattersaddressedhereinaresubjecttonumerousrisksanduncertaintieswhichcouldcauseactualactivities,performance,outcomesand resultstodiffermateriallyfromthoseindicated.Suchforward-lookingstatementsinclude,butarenotlimitedto,statementsaboutthebenefits
thatmayresultfromthemergerandstatementsaboutthefuturefinancialandoperatingresults,objectives,expectationsandintentionsand
otherstatementsthatarenothistoricalfacts.FactorsthatcouldresultinsuchdifferencesorotherwisemateriallyaffectCrestwood’sfinancial
condition,resultsofoperationsandcashflowsinclude,withoutlimitation,thepossibilitythatexpectedcostreductionswillnotberealized,orwill
notberealizedwithintheexpectedtimeframe;fluctuationsincrudeoil,naturalgasandNGLprices(including,withoutlimitation,lower commoditypricesforsustainedperiodsoftime);theextentandsuccessofdrillingefforts,aswellastheextentandqualityofnaturalgasand
crudeoilvolumesproducedwithinproximityofCrestwoodassets;failureordelaysbycustomersinachievingexpectedproductionintheiroil andgasprojects;competitiveconditionsintheindustryandtheirimpactonourabilitytoconnectsuppliestoCrestwoodgathering,processing
andtransportationassetsorsystems;actionsorinactionstakenornon-performancebythirdparties,includingsuppliers,contractors, operators,processors,transportersandcustomers;theabilityofCrestwoodtoconsummateacquisitions,successfullyintegratetheacquired
businesses,realizeanycostsavingsandothersynergiesfromanyacquisition;changesintheavailabilityandcostofcapital;operating
hazards,naturaldisasters,weather-relateddelays,casualtylossesandothermattersbeyondCrestwood’scontrol;timelyreceiptofnecessary
governmentapprovalsandpermits,theabilityofCrestwoodtocontrolthecostsofconstruction,includingcostsofmaterials,laborandright-of-
wayandotherfactorsthatmayimpactCrestwood’sabilitytocompleteprojectswithinbudgetandonschedule;theeffectsofexistingandfuture
lawsandgovernmentalregulations,includingenvironmentalandclimatechangerequirements;theeffectsofexistingandfuturelitigation;and
risksrelatedtooursubstantialindebtedness,aswellasotherfactorsdisclosedinCrestwood’sfilingswiththeU.S.SecuritiesandExchange Commission.YoushouldreadfilingsmadebyCrestwoodwiththeU.S.SecuritiesandExchangeCommission,includingAnnualReportson
Form10-KandthemostrecentQuarterlyReportsandCurrentReportsforamoreextensivelistoffactorsthatcouldaffectresults.Readersare cautionednottoplaceunduerelianceonforward-lookingstatements,whichreflectmanagement’sviewonlyasofthedatemade.Crestwood
doesnotassumeanyobligationtoupdatetheseforward-lookingstatements. ™ ™ ™ ™ Connections for America’s Energy 11
Q&A ™ ™ ™ ™ Connections for America’s
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