Managements Established Track Record of Creating Value Continues Prior Companies 4,000 Sale/Current Enterprise Value ( MM) 4,000 3,500 3,000 2,500 2,000 1,500 750 1,000 333 500 34 0 Colt Resources Lariat Petroleum Latigo…
Steady, Strategic Plan Yields Repeatable Results Proprietary Optimized Development Plan Data Shareholder Returns & Analytics Infrastructure Lower Costs Contiguous Acreage Position Capital Efficiency A disciplined…
Capitalizing on Our Contiguous Acreage Position 145,499 gross/125,967 net acres The Company has identified 2,000 locations from its total inventory that support lateral lengths of 10,000+ on its contiguous acreage Centralized…
Contiguous Acreage Facilitated Robust Infrastructure Investments PIPELINE INFRASTRUCTURE 45 Miles CRUDE GATHERING 80 Miles WATER GATHERING / RECYCLED DISTRIBUTION 188 Miles NATURAL GAS GATHERING & DISTRIBUTION 165,000…
Prior Investments in Infrastructure Provide Tangible Benefits Yield capital & LOE savings, plus increased revenues & 3rd party income Enable multi-well pad drilling & operational flexibility Minimize trucking 2016 Benefits 2017…
LMS Crude Gathering System Benefits 84% FY-17E gross operated production gathered on pipe LPI leasehold Medallion Pipeline LMS Oil gathering lines (existing) LMS Oil gathering lines (constructing) LMS Crude station Reduces time…
Significant Benefits through Water Infrastructure Investments LPI leasehold Water storage 10 MMBW Water treatment facility (existing) Water treatment facility (constructing) Water lines (existing) FY-17E produced water…
Proprietary Modeling Accelerates Value Creation Extensive, High-Quality Data + In-House Technology Development = Increased Value Proprietary Field Testing of Active Data Earth Model NAV-Maximized Completions Internal Theories…
Strategic Testing Leading to High-Quality, Multi-Zone Co-Development 12 LPI Total Hz 17 LPI Landing Points Wells Drilled Landing Points Big Data Clearfork Upper/Middle Predictive Spraberry Analytics 4,500 gross ft of prospective…
2,400 lb/ft Field Tests Confirm Internal Models 300 46% Outperformance to Average Cumulative Production (MBOE) 250 1.3 MMBOE type curve 200 150 50% Pre-drill model uplift prediction when utilizing 100 2,400 lb/ft…
Internal Models Accelerate Completions Design Evolution Proprietary workflows are shortening time from concept to field implementation, enabling continual optimization of completions designs Prior 2H-15 Testing 1H-17 Testing 2H-17…
Testing Co-Development of Landing Points Potential to add additional high-value inventory in the UWC with current testing 1,500 Upper Wolfcamp Vertical Pressure Monitor Well 530 Middle Wolfcamp Lower Wolfcamp LPI…
Proprietary Workflows Deliver Well Productivity Improvements 37% Outperformance to 1.3 MMBOE type curve 600 Cumulative Production (MBOE) 500 400 300 200 100 Individual producing wells Cumulative production avg.…
Maintaining Financial Flexibility No debt due until 2022 1,000 MM Revolver 950 MM currently callable + 350 MM callable in 2018 900 MM Liquidity Debt Maturity Summary 1,200 1,000 Debt ( MM) 800 600 Currently 400…
Disciplined Risk Management Philosophy Insures Long-Term Value Hedge Settlements and Product Revenue vs WTI Price 250 100 Hedges provided cash flow stability during volatile pricing 90 200 WTI Price (/Bbl) 80 MM 150 70…
Oil, Natural Gas & Natural Gas Liquids Hedges Hedge Totals 2H-17 FY-18 Oil total floor volume (Bbl) 3,454,600 6,704,875 Oil wtd-avg floor price (/Bbl) 55.82 46.34 Nat gas total floor volume (MMBtu) 13,606,400 23,805,500 Nat gas wtd-avg…
3Q-17 and 4Q-17 Guidance 3Q-17 4Q-17 Production (MBOE/d)... 60 - 62 61 - 64 Product % of total production: Crude oil.. 44% - 46% 45% - 47% Natural gas liquids...... 26% - 27% * Natural gas.... 27% - 28% * Price Realizations…
APPENDIX
2017 Capital and Operating Expectations 1 2017 Capital Budget FY-17E Drilling & Completions 530 MM 4 Hz rigs 80 60 - 65 Hz wells drill & complete 10,000 lateral length average Multi-well package development expected to mitigate…
UWC & MWC 1.3 MMBOE Cumulative Production Type Curve 1.3 MMBOE Cumulative Production Type Curve 600 Cumulative Production 500 400 (MBOE) 300 200 100 0 12 Months 24 Months 36 Months 48 Months 60 Months Cumulative…
Drilling & Completions Efficiencies Drive Savings 10,000 D&C Capital Savings1 10 9 8 D&C Capital Per Well ( MM) 7 Cost-Efficient Development 6 Longer laterals 5 Multi-well packages 4 8.2 Zipper fracing High-spec rigs 3…
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