Instructions

1. Step 1
   In a medium skillet over medium heat, cook bacon until crispy, 10 minutes. Use a slotted spoon to transfer to a paper towel-lined plate. Remove all but 1 tablespoon of grease and reserve for later. 
   Step 2
   Return skillet over medium heat and add mushrooms and bell peppers. Cook until mushrooms are golden and bell peppers are soft, 5 minutes. Season with salt and pepper. Add to plate with bacon. 
   Step 3
   In a small saucepan over medium heat, add water and milk and bring to a boil. Stir in oats and continue to boil until thickened and oats are soft, about 5 minutes. Stir in cheddar and most of the green onions, reserving some for garnish. Season with salt and pepper to taste. 
   Step 4
   Return skillet over medium-low heat and add 2 tablespoons of reserved bacon grease. Crack eggs into skillet and cook until whites are just set, but yolks are still runny, 3 to 4 minutes. Carefully tilt pan and spoon grease over eggs to help cook tops. Season with salt and pepper. 
   Step 5
   Divide oatmeal between two bowls and top each with an egg, bacon, mushrooms, and peppers. Top with reserved green onions and more cheddar.