Core Oil Delaware Basin Pure-Play First Quarter 2019 Earnings Presentation May 6, 2019
Centennial Resource Development Overview Q1 2019 Financial and Operational Highlights Lea Oil-Rich Delaware Core Acreage 80,200 net acres in core of Delaware Basin (89% operated) Strong operational track record Increased daily oil…
High Quality Acreage Position in Core of the Delaware Delaware Basin Well Productivity (Peak, Normalized 90-Day Oil - Bo/d/ft.) Maximum Oil Minimum Oil Scale Productivity Productivity Southern Delaware Basin Northern Delaware…
Delaware Basin Well Productivity Mid-Cap Avg. Delaware Basin Well Performance (6-Month Oil Prod.; Bo / ft.)1 CDEV Q119 Results vs FY 2018 Avg (Upper WC A)2 20.0 70 * Data from Barclays Equity Research Delaware Basin Peers Q119 well…
Reeves County Downspacing Test Outperforming Strong Upper Wolfcamp A 3-well pad from recently completed Doc Reeves County Well Locator Map Martens 3H, 9H and 16H Average IP-30 of 1,775 Boe/d; oil IP-30 of 1,444 Bo/d Wells…
Extending the 3rd Bone Spring Boundaries Strong Fundamental A T45H - Cum. Oil (Mbo) Reeves County Well Locator Map1 50 Strong Fundamental A T45H Strong Fundamental A T45H Recent CDEV 3rd Bone Spring Sand Test Industry 3rd Bone…
Airstream 502H Continues to Outperform Airstream 24 State Com 502H - Cum. Oil (Mbo) Lea County Well Locator Map 140 Airstream 24 State Com 502H Avg FY'18 2 Mile Lateral Results (All Zones) 120 100 Cumulative Oil Production…
Delivering on Competitive Unit Costs Q1 2019 Results vs Feb 19 Guidance LOE ( / Boe) GP&T ( / Boe) Cash G&A ( / Boe) DD&A ( / Boe) 4.95 17.50 3.25 2.75 4.61 2.75 14.89 4.35 15.50 2.32 2.25 1.89 Russell 6H & Stephens…
Q1 2019 Development Activity Overview Q1 2019 Development Activity Summary Q119 Gross Operated Wells Completed vs Annual Guidance Higher activity levels impacted by 65-75 carry-over from 7 rig program in 2018 Q119 completion count…
Crude & Natural Gas Flow Assurance Summary Crude Oil Flow Assurance Summary Natural Gas Flow Assurance Summary Crude oil basis and takeaway risk mitigated through two firm sales Natural gas basis and takeaway risk mitigated through…
Capital Structure and Liquidity Overview Capital structure overview Capitalization and Liquidity ( mm) Borrowing base increased by 20% to 1.2bn during Spring Redetermination Capitalization Actual (as of 3/31/19) Conservative…
Peer Leading Leverage & Capitalization Net Debt / LTM EBITDAX1 Net Debt / Total Capitalization1 46% CDEV at Q119 CDEV at YE18 41% 2.4x 2.3x 2.3x 32% 1.8x 1.6x 26% 26% 1.3x 21% 20% 1.1x 1.0x 17% Peer 1* Peer…
Industry Benchmarking Net Debt / Book Capitalization Net Debt / Book Capitalization (as of YE 18) 70% Permian Peers CDEV at Q119 60% 50% 40% Industry Median: 33% 30% 20% 20% (Q119) 17% (YE18) 10% 0%…
Q1 2019 Financial Results Financial summary (mm, unless otherwise noted)1 2018 2019 ( in millions, unless specified) Q1 Q2 Q3 Q4 Q1 Average Daily Production (Boe/d) 54,069 57,528 62,930 69,609 72,035 Average Daily Oil Production…
Hedge Position Overview FY 2019 (9 months ended 12/31/19) Q2 Q3 Q4 Bal 2019 MidCush Basis Swaps Total Volume (Bbl) 91,000 1,380,000 920,000 2,391,000 Daily Volume (Bbl/d) 1,000 15,000 10,000 8,695 Weighted Average Price ( / Bbl)…
Reconciliation of Adjusted EBITDAX to Net Income (Loss) Adjusted EBITDAX reconciliation ( thousands)1 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 2019 3 months ended 3 months ended 3 months ended 3 months ended 12 months ended 3 months…
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