Multi-user multiple-input multiple-output (MU-MIMO) cellular systems with an excess of base station (BS) antennas (Massive MIMO) offer unprecedented multiplexing gains and radiated energy efficiency. Oscillator phase noise is introduced in the transmitter and receiver radio frequency chains and severely degrades the performance of communication systems. We study the effect of oscillator phase noise in frequency-selective Massive MIMO systems with imperfect channel state information (CSI). In particular, we consider two distinct operation modes, namely when the phase noise processes at the $M$ BS antennas are identical (synchronous operation) and when they are independent (non-synchronous operation). We analyze a linear and low-complexity time-reversal maximum-ratio combining (TR-MRC) reception strategy. For both operation modes we derive a lower bound on the sum-capacity and we compare their performance. Based on the derived achievable sum-rates, we show that with the proposed receive processing an $O(\sqrt{M})$ array gain is achievable. Due to the phase noise drift the estimated effective channel becomes progressively outdated. Therefore, phase noise effectively limits the length of the interval used for data transmission and the number of scheduled users. The derived achievable rates provide insights into the optimum choice of the data interval length and the number of scheduled users.