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  Economics : Type Curve

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Delivering Strong Well Results Across Position Q2 Well Highlights Chorizo 500 Pad Review Delivered strong Q2 results across multiple Chorizo 500 pad: returned to an existing producing unit with significant stacked pay formations in the Northern and Southern Delaware Previously drilled the Chorizo 600 pads in the 3rd Bone Spring in Q219 / Q120 Drilled and completed for an average well cost of 675 / lateral foot Powdered Donut 45% improvement in DC&F costs vs prior Chorizo 600 pads Pad Reflects Centennials continued focus on capital efficiency and rate of return, driving (3rd BS / WC C) costs lower while maintaining overall well productivity Lea 150 Chorizo 600 Pad Average (Q2'19 / Q1'20 First Prod) Cumulative Oil Production (MBo) Chorizo 500 Pad Average (Q2'21 First Prod) 120 Avg FY'20 - FY'21 2 Mile Lateral (All Zones) Chorizo Pad (2nd Bone Spring) Reeves 90 60 Chimichangas 602H NM NM (3rd Bone Spring) TX TX 30 0 0 30 60 90 Days Online Chorizo Chimichangas Powdered Donut Pad Average 602H Pad Average New CDEV Development Existing Producers Illustrative Chorizo Unit Lateral length (ft.) 9,800 9,800 9,000 Formation 2nd Bone Spring development, offsetting IP30 (Boe/d) 2,295 2,722 2,530 existing 3rd Bone Spring producers 1st Bone Spring Sand IP60 (Boe/d) 1,957 2,132 2,175 2nd Bone Spring Sand % oil1 84% 82% 43% 3rd Bone Spring Sand Note: Cumulative oil production curves shown on a non-normalized basis (1) Oil cut figures shown on a two-stream basis, based on IP30 rate 6
Centennial Resource Development
September 2021

Permian Operations Development program outperforming legacy development XEC Acreage Position Reeves Relaxed Spacing Performance Currently running 5 rigs & 2 completion crews Recent development projects Reeves County 1 Dixieland: 7-well project, spacing implies 9 wells/section Relaxed Spacing 2 Big Sky: 6-well project, spacing implies 8 wells/section 25 Enhances capital efficiency Cumulative oil production per lateral foot 20 Dixieland Reduces operational risk 15 Big Sky Supports sustainable volumes (Bo/ft) & FCF profile 1 2 10 Optimizes NPV per section 5 Legacy projects (12-14 wells/section) CIMAREX ACREAGE (234K NET ACRES) WOLFCAMP BONE SPRING AVALON 0 0 50 100 150 200 250 300 350 Days Online 6
Cimarex Energy Co.
August 2021

SUCCESSFUL E-FRAC TEST CHAPARRAL PAD CHAPARRAL LOCATION DAILY OIL RATE 1000 Bbl/d 100 0 30 60 90 120 150 180 Days Online PROJECT HIGHLIGHTS CUMULATIVE OIL Three-well pad targeting Lower Spraberry, WC A, and 140 WC B in Midland Basin 120 160 total stages completed; Average 9 stages per day1 100 More than 56 million pounds of proppant delivered over 80 34,000 lateral feet MBoe 60 Powered using natural gas from CPEs local gathering system 40 Project currently outperforming type curve with daily oil 20 production average 1,000 Bbl/d per well 0 0 30 60 90 120 150 180 Days Online 1. Excludes the initial setup, compression, and safety days to ramp activity. 10
Callon Petroleum Co.
August 2021

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