4th Quarter 2016 Earnings Call Presentation March 24, 2017
Company Highlights Large, contiguous position in the thick, oil-saturated, favorably over-pressured core of the Delaware Basin Year-end 2016 acreage increased to 66,393 net acres further increased during 1Q17 to 68,416 net acres…
Track Record of Oil-Weighted Reserves Growth 2016 total proved reserves increased 190% Total Reserves Growth (1) year-over-year to 37.7 MMBoe 91% liquids 190% Growth 38% proved developed 37.7 Impressive reserves growth…
2016 Achievements Set Up Promising 2017 (1) Jagged Peaks spud to rig release time has Drilling Days Improvement decreased 21 days per well since 2015 Drilling Days, Spud to Rig Release 50 D&C capex / 1,000 completed feet has fallen…
Pushing The Play To The East, Testing Spacing 3rd Bone Spring - Wolfcamp B Gross Isopach Operational Highlights Successful delineation of the eastern edge of the Wolfcamp play continues with first production from the Chupacabra 1213-7…
Big Tex Artificial Lift Improvements 3rd Bone Spring - Wolfcamp B Gross Isopach State Neal Lethco 3427 Wells SNL A3427 (7,676 completed lateral) producing 558 Bo/d (7-day average) after ESP install SNL B3427 (7,357 completed lateral)…
Wolfcamp B Outperforming Type Curve Wolfcamp B Gross Isopach State Eiland 9-33 Production Highly prospective Wolfcamp B interval is present across majority of Jagged Peaks acreage position Up to 625 gross isopach thickness State…
Fourth Quarter and Full Year Operating Results 4Q15 4Q16 % Change FY2015 FY2016 % Change Average Daily Production Oil (MBo/d) 2.8 5.3 90% 2.0 4.6 136% NGL (MBbl/d) 0.3 0.6 67% 0.2 0.5 117% Gas (MMcf/d) 1.5 3.1 111% 1.1 2.6 135%…
Full Year 2017 Guidance Development Program Highlights Full Year 2017 Guidance Summary 2017 capital focused on increasing production 2017 Guidance Range and maintaining leasehold acreage Production Average Daily Production (Boe/d)…
Strong Financial Position Focus on financial flexibility Capitalization Table Maintain conservative capital structure and liquidity Year End 12/31/2016 Pro Forma Fund growth with IPO proceeds, cash flow (1) and revolver in millions…
Oil Hedging Overview Maintain a multi-year rolling hedge program to protect cash flow and support capital program Current Midland / Cushing Basis Swaps outstanding of 1,000 Bbls/d at (1.39) / Bbl for FY 2018 Approximately 43% of the…
Appendix 13
Appendix: Non-GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, 2016 2015 2016 2015 (in thousands) Adjusted Net Income (Loss) Net Income (Loss) (1,971) (6,785) (9,760) (7,484) Adjustments to reconcile…
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