Core Oil Delaware Basin Pure-Play Second Quarter 2019 Earnings Presentation August 5, 2019
Q2 2019 Highlights Increased daily oil production volumes 38% from Q2 2018 and 6% from Q1 2019 Increased full-year 2019 oil and oil equivalents production guidance by 5% and 8%, respectively, while maintaining full-year capex…
Drilling Program Results: YTD 2019 vs. 2018 2019 Development Overview Average Cumulative Oil Production (Bo) YTD 2019 vs. FY 2018 (All Wells) Diversified development across 70,000 stacked pay in the Northern and 10% uplift realized…
Chorizo 601H Best CDEV Well Drilled To-Date Chorizo 601H Overview Best CDEV well drilled to-date Four of the top five wells in CDEV history drilled in Q2 2019 (Chorizo 601H, Duck Hunt 501H, Red Rock T34H and Red Rock U30H) 3rd Bone…
Recent Co-Development Results Outperforming Asset map Red Rock 4-Well Pad (TX) Duck Hunt 3-Well Pad (NM) Southern Delaware (TX) Red Rock Pad Avg Duck Hunt Pad Avg 60 60 Avg FY'18 2 Mile Lateral Result (All Zones) Avg FY'18 1.5 Mile…
Significant Operational Efficiencies Realized in 2019 Cycle Time Improvements Development Activity H1 2018 (7 rigs) H1 2018 (7 rigs) H1 2019 (6 rigs) H1 2019 (6 rigs) Increased development activity levels from H1 2018, despite…
Raising Production Guidance While Reducing Rigs LTM Oil Production (Bo/d) FY 2019 Oil Production Guidance (Mbo/d) Realization of drilling and completion efficiencies 43,105 39.5 42.5 outpacing original expectations, driving 36.5…
CDEV Marketing Summary Marketing & Flow Assurance Summary Q2 2019 Residue Gas Pricing Overview1 Crude Oil Overview 80% of CDEV Q2 gross 0.81 residue gas volume received Crude oil basis and takeaway risk mitigated through…
Low G&A Costs Relative to Peers 2019E G&A Benchmarking1 Permian Peers - Cash G&A ( / Boe)3 2019E MBoe per Employee vs. 2019E EBITDA per Employee2 3.17 180 160 2.90 2019E MBoe per Employee 140 CDEV 2.75 120 100 80 60…
Updated FY 2019 Guidance Summary Guidance summary Updated FY 2019 Guidance Summary Initial Updated % Chg. Maintaining original capital budget FY 2019 Guidance FY 2019 Guidance Production guidance Net Average Daily Production…
Capital Structure and Liquidity Overview Capital structure overview Capitalization and Liquidity ( mm) Conservative leverage profile at 6/30/19 Capitalization Actual (as of 6/30/19) Net Debt / Total Book Capitalization of 21% Cash…
Peer Leading Leverage & Capitalization Net Debt / LTM EBITDAX1 Net Debt / Total Capitalization1 3.0x CDEV at Q219 44% CDEV at Q119 42% 41% 2.5x 2.4x 36% 1.7x 1.7x 27% 24% 1.4x 1.3x 21% Peer 1* Peer 2 Peer 3* Peer…
Quarterly Financial Results Financial summary (mm, unless otherwise noted)1 2018 2019 ( in millions, unless specified) Q1 Q2 Q3 Q4 Q1 Q2 Average Daily Production (Boe/d) 54,069 57,528 62,930 69,609 72,035 76,122 Average Daily Oil…
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