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3Q 2018 Earnings – Centennial Resources Development

Centennial Resources Development · Nov 5, 2018 · 15 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. 3Q 2018 Earnings – Centennial Resources Development – slide 1
    Core Oil Delaware Basin Pure-Play Third Quarter 2018 Earnings Presentation November 5, 2018
  2. 3Q 2018 Earnings – Centennial Resources Development – slide 2
    Centennial Resource Development Overview Q3 2018 Financial and Operational Highlights Asset Map Delivering production growth Increased daily crude oil production 15% quarter-over-quarter and 71% year-over-year Increased daily…
  3. 3Q 2018 Earnings – Centennial Resources Development – slide 3
    Centennial Game Plan Stay focused as pure-play Delaware Basin company Maintain high, unhedged oil growth through 2020 Post 2020 become FCF positive, establish dividend and continue strong (but not inordinate) oil growth rate Not…
  4. 3Q 2018 Earnings – Centennial Resources Development – slide 4
    Recent Bolt-On Acquisitions Update Acquisition Overview Well Locator Map Recently closed bolt-on acquisitions in the Northern and Southern Delaware totaling 2,900 net acres N. Delaware acquisitions Northern Delaware Acquisitions S.…
  5. 3Q 2018 Earnings – Centennial Resources Development – slide 5
    Centennial Inventory / A&D Review YTD 2018 Inventory Additions Centennial Growth / A&D Strategy Add organic inventory through exploration of untested uphole zones Pursue tactical bolt-on acquisitions at reasonable valuations,…
  6. 3Q 2018 Earnings – Centennial Resources Development – slide 6
    Q3 2018 Well Results Review Northern Delaware Highlights Pirate State 301H Tour Bus 23 State 2-Well Pad Well Locator Map Best 1st Bone Spring well completed in NM First pad development opportunity in NM 50 Tour Bus 23 State 505H…
  7. 3Q 2018 Earnings – Centennial Resources Development – slide 7
    Q3 2018 Well Results Review Southern Delaware Highlights Big House 3-Well Pad War Eagle A Unit L49H Well Locator Map Co-development across 3 WC formations Big Chief area delineation well outperforming 60 60 Big House D (U WC A)…
  8. 3Q 2018 Earnings – Centennial Resources Development – slide 8
    Delaware Basin Well Productivity (Texas only) Average Oil Well Performance Since 2017 (9-Month Cumulative Oil Production; Bo / ft.) Large-caps 30 26 25 20 Cumulative Oil / Foot Median: 18 Bo / Ft. 15 10…
  9. 3Q 2018 Earnings – Centennial Resources Development – slide 9
    Flow Assurance Summary Crude and Natural Gas Firm Transportation & Firm Sales Overview August 2018: Executed crude oil firm sales agreement with BP 20,000 Bo/d beginning in January 2019, increasing to 30,000 Bo/d in 2020 through…
  10. 3Q 2018 Earnings – Centennial Resources Development – slide 10
    Unit Cost Benchmarking: YTD Q3 2018 1 12.63 12.20 11.94 11.10 11.23 3.64 9.99 3.38 9.68 4.18 2.75 3.18 8.40 8.50 8.07 3.01 2.84 2.05 2.06 2.41 3.31 2.69 3.05 2.71 3.01 3.23 3.39 2.67 0.91 1.99 6.42 6.15…
  11. 3Q 2018 Earnings – Centennial Resources Development – slide 11
    Q3 2018 Capital Structure and Liquidity Overview Capital structure overview Capitalization and Liquidity ( mm)1 Conservative leverage profile Capitalization summary As of Net Debt / Total Book Capitalization of 13% 9/30/2018 Cash…
  12. 3Q 2018 Earnings – Centennial Resources Development – slide 12
    Maintaining Low Leverage Profile Net Debt / Total Capitalization1 Net Debt / LQA EBITDAX1,2 47% 1.4x 1.3x 1.3x 1.1x 33% 28% 0.8x 25% 0.8x 24% 0.7x 18% 13% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 CDEV…
  13. 3Q 2018 Earnings – Centennial Resources Development – slide 13
    Q3 2018 Financial Results Summary Financial summary (mm, unless otherwise noted) ( in millions, unless specified) Q3 2017 Q2 2018 Q3 2018 Oil Production (Bo/d) 21,108 31,271 36,027 Natural Gas Production (MMcf/d) 51,444 83,205…
  14. 3Q 2018 Earnings – Centennial Resources Development – slide 14
    Hedge Position Overview FY 2018 FY 2019 Q4 Bal 18 Q1 Q2 Q3 Q4 FY 2019 MidCush Basis Swaps Total Volume (Bbl) 828,000 828,000 540,000 91,000 1,380,000 920,000 2,931,000 Daily Volume (Bbl/d) 9,000 9,000 6,000 1,000 15,000 10,000…
  15. 3Q 2018 Earnings – Centennial Resources Development – slide 15
    Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX reconciliation ( thousands)1 Q3 2017 Q2 2018 Q3 2018 3 months ended 3 months ended 3 months ended Adjusted EBITDAX reconciliation to net income: Sept 30, 2017 June…

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