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4Q 2018 Earnings Presentation – Centennial Resources Development

Centennial Resources Development · Feb 25, 2019 · 17 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. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 1
    Core Oil Delaware Basin Pure-Play Fourth Quarter 2018 Earnings Presentation February 25, 2019
  2. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 2
    Centennial Resource Development Overview FY 2018 Financial & Operational Highlights Lea Increased 2018 daily oil and equivalent production volumes 81% and 92% year-over-year, respectively Announced solid well results in the Northern…
  3. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 3
    FY 2018 Annual Results Review Production (Bo/d and Boe/d) Adjusted EBITDAX1 ( mm) Cash operating costs ( / Boe)3 Oil equivalent production (Boe/d) Cash G&A 670 Oil production (Bo/d) 61,082 Production Taxes Gathering, Processing &…
  4. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 4
    FY 2018 Review: Delivering on Goals FY 2018 Guidance vs. Actuals FY 2018 Unit Cost Benchmarking2 12.20 12.46 2018 2018 11.72 11.12 Guidance Actuals 9.60 9.68 Net Average Daily Production (Boe/d) 55,750 - 64,250 61,082 7.79 8.06…
  5. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 5
    Q4 2018 Well Result Review Recent New Mexico Success Well Highlights Airstream 24 State Com 502H Well Locator Map Airstream 502H performance represents CDEVs Strongest NM well drilled by CDEV to date strongest New Mexico well…
  6. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 6
    Q4 2018 Well Result Review Recent Reeves County Delineation and Development Well Highlights Barracuda B U47H Well Locator Map Continued development across entirety of acreage Continued execution in the Upper WC A position and across…
  7. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 7
    YE 2018 Proved Reserves Summary FY 2018 Reserve statistics Proved Reserves (Mboe) Reserves growth (FY 2017 FY 2018) 40% 261,826 PV-10 growth (FY 2017 FY 2018) 70% 186,454 Organic reserves replacement ratio1 420% 82,959…
  8. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 8
    A&D and Inventory Replacement Centennial Inventory Replacement Strategy in Action: Acquired 9,000 net acres and 100 gross operated locations through acquisitions and organic leasing for 22,500 / undeveloped acre adjusted for…
  9. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 9
    Flow Assurance Summary Flow Assurance Strategy Average Texas Permian Gas Flaring by Operator1 Prevent shut-in of any Centennial operated well 20% due to takeaway constraints or gas flaring limitations Enhance realized oil pricing…
  10. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 10
    Capital Structure and Liquidity Overview Capital structure overview Capitalization and Liquidity ( mm)1 Conservative leverage profile at 12/31/18 Capitalization summary As of Net Debt / Total Book Capitalization of 17% 12/31/2018…
  11. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 11
    Centennial enters 2019 as one of the best capitalized E&P companies in the industry Net Debt / Book Capitalization (as of 9/30/18) 80% Permian Peers 70% 60% 50% 40% Industry Median: 34% 30% 20% 17% (Q4…
  12. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 12
    FY 2019 Guidance Summary Guidance summary FY 2019 Guidance Summary Announced 6 rig program and will maintain FY 2019 Guidance flexible approach to activity Production Net Average Daily Production (Boe/d) 61,500 - 70,500…
  13. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 13
    Centennial 2019 Game Plan Prioritize balance sheet protection by moderating production growth Maintain operational and financial flexibility Retain high-quality inventory, maximizing rate of return by deferring development to a more…
  14. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 14
    Q4 2018 Financial Results Financial summary (mm, unless otherwise noted)1 ( in millions, unless specified) FY 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Average Daily Production (Boe/d) 31,864 54,069 57,528 62,930 69,609 61,082…
  15. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 15
    Hedge Position Overview FY 2019 Q1 Q2 Q3 Q4 FY 2019 MidCush Basis Swaps Total Volume (Bbl) 540,000 91,000 1,380,000 920,000 2,931,000 Daily Volume (Bbl/d) 6,000 1,000 15,000 10,000 8,030 Weighted Average Price ( / Bbl) (5.34)…
  16. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 16
    Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX reconciliation ( thousands)1 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 3 months ended 3 months ended 3 months ended 3 months ended 12 months ended Adjusted EBITDAX…
  17. 4Q 2018 Earnings Presentation – Centennial Resources Development – slide 17
    Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX reconciliation ( thousands)1 Predecessor Successor 2016 2017 2018 Jan. 1, 2016 through Oct. 11, 2016 through 12 months ended 12 months ended 12 months ended Adjusted…

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