Strategic Goals Provide Foundation to Achieve Sustainable Shareholder Value Creation Maintain Financial Transition to Free Cash Flow (FCF)1 generation is complete Discipline Reducing absolute debt and leverage while growing…
Increased Near-Term Cash Flow Outlook Measured Capital Investment Yields Moderate Production Growth Free Cash Flow1 (MM) Meaningful Free Cash Flow generation in 2H19 and beyond Continuous production growth per debt adjusted…
Increasing Free Cash Flow as Asset Matures Consistent Capital Investment Flattens the Base Decline Moderating Base Moderating Base Decline Decline11Leads Leads to 2020E Free Cash Flow Yield2 vs Peers3 Lower Maintenance Capex 70%…
Reducing Leverage While Improving Liquidity Upstream Net Debt1 (mm) 2.5x 2019E 2020E 2021E 2022E Bonds RBL Net Debt/EBITDAX Daily Production per Debt-Adjusted Share1 2019E 2020E 2021E 2022E Liquidity Increase Driven…
Updated 2019 Guidance Improving Capital Efficiency 2019 Guidance Details Production 2019E Original 2019E New Change Net Sales (MBoe/d) 87.5 93.0 84.0 88.0 (5%) Oil (MBbl/d) 43.0 45.5 41.0 43.0 (5%) Capital Expenditures (MM) Drilling…
Preliminary 2020 Outlook 2020 Preliminary Outlook Details 2020 outlook reflects a 1+ rig & 1+ frac fleets operated program Production 2020E Net Sales (MBoe/d) 92.0 97.0 Oil (MBbl/d) 41.0 43.0 2020 Operated Development Schedule…
Well Positioned To Deliver Value High-Quality Rock, Proven Operations, Attractive Subsidiaries Highly economic wells with low breakeven prices High Quality Top quality rock with minimal vertical penetrations Inventory In Place 10+…
Access to Multiple Gas Processors Provides Important Diversity XOG DJ Basin Acreage Rocky Mountain Midstream (RMM) CO Laramie Kimball East Greeley gathering line is operational No longer constrained by midstream allocations Western…
Extraction Acreage: Minimal Vertical Penetration Top-Tier Rock Under Cities of Greeley and Broomfield MBo Greeley Area Oil Production1 160 Vertical well 140 Cumulative Oil (normalized to 2 mi.) 120 100 80 60 Peer1…
Hawkeye Area High Return, High Working Interest Drilling Locations Hawkeye Area Well Results 69,000 net acres 140,000 S Hawkeye Nio (2 wells) Multiple Operator Agreements in place, minimizing N Hawkeye 2018 Avg (6 wells)…
Operations Improvements Reducing Industry-Leading Cycle Times Core DJ Basin Two Mile Cycle Times Niobrara (Standard Completions) 30 Lateral Length D&C Cost F&D Cost EUR (ft) ( million) (/Boe)1 (MBoe) 1 mile 4,200 2.9 10.96 325 25…
Broomfield Development Program The Gold Standard in the DJ Basin Ultra-Low Emission Facilities 99.9% of emissions captured No Tanks = No Emissions + More Revenue No permanent oil storage All line-powered electrical Production…
Broomfield Development Program Setting a New Standard in Operational & Environmental Excellence Drilling and Completion: Offset to prolific Coyote Trails wells Outstanding rock qualities with minimal vertical penetrations First pad…
Elevation Midstream, LLC Full Midstream Solution that Drives Value Asset Map1 Constructing crude oil, natural gas and water gathering systems including two CGFs Unlocks years of development opportunities in XOGs southern acreage…
Significant Emission Reduction Improvements Consistently Exceeding the Standard Setting the Standard for Clean Air Elimination of oil tanks, liquids transported via pipeline1 Extraction Air Quality Utility power for gas compression…
The Extraction Way Safe, Responsible and Reliable GOLD P LAT I N U M AWA R D 1,775,000 L EA D E R FA C I L I T Y WINNER Hours without an GOLD Leader Awarded to top 10% 2018 Rocky employee lost time Award from of companies with a…
Well-Positioned in Colorado After Passage of SB-181 Expect No Impact to Core Drilling Inventory Extraction already operates within the spirit of SB-181 in severalaspects: Obtaining local Statutory pooling only Best-in-Class Best…
Operating with Extensive Local Community Support Proposition 112 No Vote % by County Approved Core % of Core County & Extraction Core Acreage Permits1 Acreage Adams 32 32% Arapahoe 67 22% Broomfield 54 3% Weld Larimer - 6% Larimer…
Management Aligned with Shareholders Through Ownership & Compensation Metrics Significant Management Management and Director ownership 9%1 Financial Goals (45%) 2019 Management Return on Invested Capital & Free Cash Flow Short…
Why Extraction Now Top-Tier Asset Base Generating Free Cash Flow Transition to FCF Complete High Quality Inventory in Place Prioritizing Debt Reduction Proven Operations Team Colorado Open for Business Focused on Growth…
APPENDIX
Capital Structure and Market Summary Value to Returning Value to Shareholders Shareholders Capitalization and Liquidity (MM) XOG Repurchased 50 million nominal value Cash1 8 of senior notes for 39 million, a 21% discount to par…
Cash Flow Protection Through Hedges Strong hedge portfolio protects cash flow Maintain a multi-year rolling hedge program 2020 positions: 3,200 MBbls of oil hedged with swaps that have an average price of 60/Bbl 9,725 MBbls of oil…
Longer Laterals Lead to Increased Economics Niobrara average lateral length: 1.7 miles Codell average lateral length: 1.5 miles Niobrara (Standard Completions) Codell Lateral Length D&C Cost F&D Cost EUR Lateral Length D&C Cost F&D…
High Caliber Management Team Name Position Prior Experience Years in Industry Mark Erickson CEO, Chairman and Co-Founder 36+ President, Director and Co-Founder Matt Owens 11+ (Acting CEO) Eric Jacobsen Senior Vice President,…
Board of Directors Name Position Background Mr. Erickson serves as Chairman, CEO and Co-Founder of Extraction. Prior to this, he served as Chairman Mark Erickson Chairman, CEO, Co-Founder and CEO of PRE Resources, LLC from 2010 to 2014…
Elevation Financing Summary Buildout Fully Financed Without Cash Outlay from Extraction Secured perpetual preferred equity commitment of up to 500 million from funds managed or advised by GSO Capital Partners LP (GSO) for the…
Significant Components of Elevation Midstream Extraction Oil & Gas, Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) September 30, December 31, 2019 2018 Condensed Balance Sheets Cash and cash equivalents…
Reconciliation of Non-GAAP Measures The following table presents a reconciliation of Discretionary Cash Flow and Free Cash Flow to the GAAP financial measure of Net cash provided by operating activities for each of the periods…
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