The EP features four different versions of the title track "Oxygen", originally from the band's 2014 album, To Be Kind. The versions include an edit by Mute Records founder Daniel Miller, a live version recorded at Primavera Sound festival, an early version recorded at band leader Michael Gira's home studio and an acoustic version recorded at Studio Mute.

A "Japan Only" edition adds the track 'She Loves Us!'.

PopMatters critic Eric Risch wrote: "Despite none of the four versions here reaching the original’s length, the Oxygen EP is not fuel efficient enough for the daily commute and provides more torque than required for a Sunday drive." Risch further added: "Revealing the true horsepower behind “Oxygen”, this collection should be handled by a professional driver on a closed course."

All tracks written by Michael Gira.

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