1st Quarter 2017 Earnings Call Presentation May 12, 2017
Company Highlights Large, contiguous position in the thick, oil-saturated, favorably over-pressured core of the Delaware Basin Premier Position in Core of the Acreage increased during 1Q17 to 68,546 net acres further increased to…
Operations Summary Seamlessly executing on the plan in place Rigs Drilling Fleets Fracing Production Flowing - Executing as Planned - YTD Results 2nd Wolfcamp Wolfcamp Total Bone Spring A B Drilled 1 12 3 16 Completed - 12 -…
Production Ramp Established Targets in Sight Scaling the peak towards best in class organic production growth Mid-point of 4Q17 guidance achievable with 40% FY 2017 Completions Cadence QoQ growth over the next three quarters 18 1Q17…
Pushing The Play To The East No limits encountered 3rd Bone Spring - Wolfcamp B Gross Isopach Operational Highlights Successful delineation of the eastern edge of the Wolfcamp play continues 1211-17 3H with strong production from…
Testing Increased Density Continued positive results remain encouraging Block 34 Ward Co Operational Highlights Whiskey River 98-34 1H and Pyote Flats 98-34 2H test 660 spacing in Lower PF 98-34 2H Wolfcamp A and show promising…
Big Tex Artificial Lift Improvements 3rd Bone Spring - Wolfcamp B Isopach Big Tex Type Log State Neal Lethco 3427 Wells Altura State 6 1 Current Target SNL A3427 1H (7,676 completed lateral) producing GR logR Prior Target 522 Bo/d…
Wolfcamp B Outperforming Type Curve Three new completions in 2Q17 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…
Actively De-Risking Across the Acreage and Column Past and Planned Delineation Efforts Areal Delineation Stratigraphic Delineation JAG Acreage Commentary / Delineation Plans 1 Bottom Hole Avalon & UTL 2932-17 2H&3H Offset…
First Quarter 2017 Operating Results 4Q15 4Q16 % Change 1Q16 1Q17 % Change Average Daily Production Oil (MBo/d) 2.8 5.3 90% 3.4 8.3 142% NGL (MBbl/d) 0.3 0.6 67% 0.4 0.8 108% Gas (MMcf/d) 1.5 3.1 111% 1.7 4.1 137% Total (MBoe/d)…
Full Year 2017 Guidance Development Program Highlights Full Year 2017 Guidance Summary 2017 capital focused on increasing production 2017 Guidance Range Original Updated and maintaining leasehold acreage Production No significant…
Strong Financial Position Focus on financial flexibility Maintain conservative capital structure and liquidity Capitalization Table Fund growth with IPO proceeds, cash flow and revolver Quarter End Target debt /…
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 9,163 Bbls / day of oil…
Delivering as Promised they may doubt what you say, but they believe what you do (1) Industry leading oil content 1Q17 Oil Content 1Q17 Oil & Gas Revenue (2) drives superior revenue & EBITDAX per Boe (% oil) ( / Boe) 85% 44.27…
Appendix 15
Consistent Results Across Leasehold Highly consistent results across Wolfcamp A & B 2016 and 1Q17 vintage Continuing to improve Operated wells demonstrate completions have produced productivity through average EUR of 1.2 MMBoe…
Manageable Lease Obligations Leasehold Map HBP / Lease Obligation Summary Cochise 13,319 net acres Wells Required to Hold Acreage % HBP % CDO Cochise Rem. 2017 2018 2019+ 29% 0% 5 1 30 Whiskey River 33,218 net acres Wells…
Non-GAAP Reconciliation Three Months Ended March 31, 2017 2016 (in thousands) Adjusted net income (loss) Net Income (Loss) (465,881) (7,450) Adjustments to reconcile to Adjusted Net Income Impairment of oil and natural gas…
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