4Q and Year-end 2018 Earnings Presentation February 26, 2019 CRZO
4Q and Year-end Overview Adjusted EPS Adjusted EBITDA Margin Proved Reserves 0.56 In line with expectations 27 /Boe Driven by high-margin Eagle Ford 329 MMBoe Up 26% year-over-year Total Production Oil Production PV-10…
Recent Growth Driven by High-margin Oil Plays Total Production Crude Oil Production 17% 18% 80 45 CAGR CAGR 70 40 35 60 Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbl/d) 30 50 25 40 20 30 15 20 10 10 5 0…
Proved Reserves Provide Strong Value Support Proved Reserve Growth PV-10 Growth 350 4.5 75 25% 200% Total 4.0 PV-10 70 300 CAGR 20% 3.5 30% 65 PDP WTI 250 3.0 60 Reserves (MMBoe) WTI Oil Price (/Bbl) PV-10 ( BN)…
2019 Development Plan Paving the Way to Free Cash Flow 525-575 MM Budget Plan Details Eagle Ford Shale Drill 50-55 gross / 45-50 net operated wells Complete 75-80 gross / 70-75 net operated wells Drive development-scale…
Eagle Ford Shale Operations Summary 4Q Highlights Historical Production Drilled two large-scale multipad projects 50 Completion activity began in early 2019 40 Return to hybrid fracs yielding positive results MBoe/d 30 50%…
Eagle Ford Shale Development of Additional Large-scale Multipad Projects RPG Pena Pena Highlights 15-well project at Pena has begun flowback 21-well project at RPG being completed Scheduled to begin flowback in 2Q…
Delaware Basin Operations Summary 4Q Highlights Historical Production Increased production by 16% versus prior quarter 35 30 Completed acquisition of Phantom-area bolt-on 25 properties from Devon MBoe/d 20 Completed…
Delaware Basin Conducting Cube Tests to Optimize Development St. Clair Pad Crowley Pad Frac Sequencing Design WCA WCA WCA Bounded Unbounded Bounded 11H WCA 11H 11H 11H WCBU WCBU Bounded Unbounded WCB 12H WCBL Upper 150…
Delaware Basin Positive Results From Additional Layers Ford West Area Phantom Area Culberson Reeves Reeves 1 2 Ward 3 Wolfcamp A Wolfcamp B Wolfcamp C 30-Day Rate* 60-Day Rate* 90-Day Rate* Well Name Zone Lateral…
Financial Summary 4Q Highlights Revenue Drivers Exposure to premium-priced seaborne markets 80 55 continued to drive strong crude oil netbacks 70 50 60 Total production increased by 6% sequentially MBoe/d 50 /Boe 45…
Balance Sheet Improvement Remains a Focus Free Cash Flow Targeted for Debt Reduction Historical Leverage Metrics1 Revolving Credit Facility 3.5x Targeting 1.1 billion borrowing base commitment Leverage Net Debt / Adjusted…
Hedging Program Disciplined Strategy Protects Cash Flows 2019 Program 2020+ Program Goals Hedge 50%-75% of crude oil production Hedge 50% of crude oil production Target floor price 50/Bbl Target floor price 55/Bbl Protect…
Guidance Summary Actual Guidance Highlights 4Q 2018 1Q 2019 FY 2019 Production Volumes: Efficiency gains and cost savings Total (Boe/d) 68,328 61,100 - 62,100 66,800 - 67,800 contribute to a 35% year-over-year Crude Oil % 63% 64%…
Non-GAAP Reconciliation Reconciliation of Net Income Attributable to Common Shareholders (GAAP) to Adjusted Net Income Attributable to Common Shareholders (Non-GAAP) 4Q 2018 In thousands Per diluted Share Net Income Attributable…
Non-GAAP Reconciliation Reconciliation of Net Income (Loss) Attributable to Common Shareholders (GAAP) to Adjusted EBITDA (Non-GAAP) to Net Cash Provided by Operating Activities (GAAP) 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 (In…
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