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Fiscal Year 2017 Earnings Presentation – Centennial Resources Development

Centennial Resources Development · Feb 28, 2018 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 1
    Core Oil Delaware Basin Pure-Play Fiscal Year 2017 Earnings Presentation February 26, 2018
  2. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 2
    Recent Financial and Operational highlights Increased fourth quarter daily oil production 30% versus Q3 Grew 2017 oil and equivalent production volumes 233% and 278% year-over-year, respectively Raised the Companys 2020 oil…
  3. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 3
    Centennial Resource Development Overview Industry-leading production growth Increased Q4 2017 average daily oil production volumes by 30% compared to Q3 2017 Realized over 230% oil production growth from 2016 to 2017 2018E oil…
  4. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 4
    2017 Game Plan Review Delivering on our goals Grow net oil production 215% to 18,200 Bo/d in 2017 P Exceeded high-end of oil production target (Actual: 19,161 Bo/d; 230%+ growth) Become mid-cap technical leader in G&G and well…
  5. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 5
    FY 2017 Quarterly Results Production (Bo/d and Boe/d) Adjusted EBITDAX1 ( mm) Cash operating costs2 ( / Boe) Oil equivalent production (Boe/d) Cash G&A 120.3 Oil production (Bo/d) 44,304 Production Taxes Gathering, Processing &…
  6. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 6
    Initial 3rd Bone Spring Sand Result Outperforming Weaver State C T34H overview Weaver State C T34H performance vs. 2017 average2 Weaver State C T34H: Centennials first 25.0 Weaver State C T34H (9,350' lateral) Cumulative oil…
  7. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 7
    Initial 3rd Bone Spring Carbonate Results Big House C-3H overview Big House C-3H actual performance vs. extended lateral 60 Big House C3H is one of the first Big House C-3H (4,150' lateral) 1 Big House C-3H (implied 9,500' lateral)…
  8. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 8
    Q4 2017 Well Result Highlights Reeves County Big House A 4 57-60 1H / B 4 57-60 2H1 Blackstone West 1H / 2H2 Sundown 1H2 Strong result from 660 downspacing test, Two well pad averaging over 1,200 Bo/d Strong Lower Wolfcamp A result…
  9. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 9
    Q4 2017 Well Result Highlights Lea County Romeo 1H1 Pirate State 101H1 Tour Bus 23 State 503H & 504H1 Initial Lea County well outperforming Encouraging results from 2nd Bone Spring in Positive initial Avalon well 2017 average…
  10. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 10
    Overall Delaware Basin Completion Benchmarking Delaware Basin Oil Well Performance (180-Day Cumulative Production; Bo / ft.) Data set: Over 2,000 Delaware Basin wells drilled since January 2015 (includes all formations) Peer results…
  11. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 11
    Southern Delaware 2017 Wolfcamp Completions 2017 Texas Wolfcamp Completions (Daily Average; Bo / 1,000) 60-Day Average 90-Day Average 250 250 Large-cap Average 60-Day Daily Production (Bo / 1,000) Average 90-Day Daily…
  12. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 12
    2018 Portfolio Shift to Extended Lateral Development Oil Volume Comparison (Cumulative MBo)1 Portfolio weighting (based on wells brought on line) 180 Single Section Laterals Extended Laterals Carpenter State 3H Brooks 4H (4,300'…
  13. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 13
    YE 2017 Proved Reserves Summary Reserve statistics Proved Reserves (Mboe) Drill-bit F&D costs1 5.47 / Boe 186,454 Proved developed F&D costs2 10.62 / Boe Organic reserves Reserve growth: 125% replacement ratio3 950%…
  14. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 14
    Active Portfolio Management Transaction overview Asset map N. Delaware S. Delaware acquisition divestiture Closing date: Feb-18 Mar-181 Acquired 4,000 net acres at 24,100 / acre Transaction value ( mm) 94.7 140.7 Net acreage…
  15. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 15
    Centennial provides investors with peer-leading growth Production Per Debt-Adj. Share Growth (2017-22E CAGR) Cash Flow Per Debt-Adj. Share Growth (2017-22E CAGR) 39% 34% 33% 37% 36% 31% 34% 34% 27% 26% 26% 25% 21% 24%…
  16. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 16
    Low leverage profile Net Debt / Total Capitalization1 Net Debt / LQA EBITDAX1 44% 2.5x 2.4x 1.7x 25% 24% 23% 1.3x 1.3x 19% 19% 18% 1.1x 0.8x 0.6x 8% 4% 0.1x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7…
  17. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 17
    Capital structure and liquidity overview Capital structure overview Capitalization ( mm)1 Ongoing commitment to conservative leverage profile As of Net Debt / Q4 annualized EBITDAX of 0.6x 12/31/2017 Net Debt / Total Capitalization…
  18. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 18
    Centennial 2018 Game Plan Grow net oil production 85% to 35,500 Bo/d Grow net oil production from 19,200 Bo/d in 2017 to 65,000 Bo/d in 2020 Maintain mid-cap industry leadership position regarding oil shale G&G and well completion…
  19. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 19
    2018 Guidance Summary Guidance summary FY 2018 Guidance Summary CDEV is currently running 7 rigs with no additional rigs FY 2018 Guidance expected throughout 2018 Production Net Average Daily Production (Boe/d) 55,000 - 63,500…
  20. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 20
    Q4 2017 Financial Results Financial summary (mm, unless otherwise noted)1 ( in millions, unless specified) Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017 Average Daily Production (Boe/d) 18,469 29,664 34,700 44,304 31,864 Average Daily…
  21. Fiscal Year 2017 Earnings Presentation – Centennial Resources Development – slide 21
    Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX reconciliation ( thousands)1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 3 months ended 3 months ended 3 months ended 3 months ended 12 months ended Adjusted EBITDAX…

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