Core Oil Delaware Basin Pure-Play Fourth Quarter and Full-Year 2019 Earnings Presentation February 24, 2020
2019 and 2020 Centennial Highlights Recent Financial and Operational Highlights FY 2019 daily oil and equivalent production volumes increased 23% and 25% year-over-year, respectively Announced strong Q4 2019 co-development results…
Centennial Resource Development Overview Key Company Statistics (FY 2019)1 Asset Overview Operational Overview Large contiguous oil-rich acreage in the core of the Southern and Northern Delaware Basins Production High degree of…
Maintaining Strong Execution 2019 Actuals vs Guidance FY 2019 production came Initial Updated FY 2019 FY 2019 Guidance FY 2019 Guidance Actual in at high-end of updated guidance ranges and above initial FY19 Production Low High P…
Capital Efficiency Driving FY 2019 Performance Original 2019 Actual FY 2019 % Guidance1 Result Change Wells Spud 75 83 +11% Operational efficiencies drove more activity despite dropped rig in Wells Completed 70 84 +20%…
Improving Cycle Times, Maintaining Execution Operational Efficiency Improvements Development Statistics Spud to Rig Release Days1 Well Targeting - % in zone 38% reduction in spud to rig release 31.2 days from Q4 2018 to Q4 2019…
Q4 2019 Southern Delaware Results Bodacious 2-Well Pad (TX) Lucy Prewit 3-Well Pad (TX) Well Locator Map (TX) 50 Bodacious Pad Avg. 50 Lucy Prewit Pad Avg. Avg FY'19 1.5 Mile Lateral Avg FY'19 1.5 Mile Lateral 40 40 Bodacious…
Q4 2019 Northern Delaware Results Duck Hunt 4-Well Pad (NM) Airstream 4-Well Pad (NM) Well Locator Map (NM) 50 Duck Hunt Pad Avg. 50 Airstream Pad Avg. Avg FY'19 1.5 Mile Lateral Avg FY'19 2 Mile Lateral 40 40 Cumulative Oil…
Reeves County Water System Divestiture Overview Transaction Overview CDEV SWD Asset Overview Announced sale of Southern Delaware produced water assets to WaterBridge Resources LLC for 225mm total transaction value, including 150mm…
Water System Divestiture Impacts Operational Impact Entering into long-term agreement with existing midstream FY 2019 CDEV Southern Delaware Produced Water Allocation (% of water by disposal method) partner in the Southern Delaware…
FY 2019 Acreage Optimization Inventory replacement efforts Asset Overview 3,340 net acres added through Southern Delaware (TX) Northern Delaware (NM) organic leasing 3,310 net acres added through Ward acquisitions and other…
Capital Structure and Liquidity Overview Capital Structure Overview Capitalization and Liquidity ( mm) Conservative leverage profile at 12/31/19 Actual Capitalization (as of 12/31/19) Net Debt / Total Book Capitalization of 25% Cash…
Debt Maturity Schedule Debt Maturity Schedule ( mm) Credit Facility Borrowings 5.375% Senior Unsecured Notes 1,200 6.875% Senior Unsecured Notes Borrowing Base1 800 Elected Commitments No bond maturities until 2026 500…
Industry Benchmarking Net Debt / Book Capitalization Net Debt / Book Capitalization (CDEV as of Q419, peers as of Q319) 60% CDEV SMID-Cap E&Ps1 All E&P Companies 50% 40% Industry Median: 37% 30% 25% 20%…
Production & Capital Investment 2019 vs 2020E Actual Guidance Change 1 2019 2020E ( / ) (%) Production Net Average Daily Production (MBoe/d) 76.1 77.5 1.4 +2% Net Average Daily Oil Production (MBo/d) 42.7 43.8 1.1 +3%…
FY 2020 Guidance Summary Guidance summary FY 2020 Guidance Summary Currently running 5 rigs and plan to drop to FY 2020 Guidance 4 rigs in April Production Net Average Daily Production (Boe/d) 74,500 - 80,500 3 rigs in Southern…
Reconciliation of Adjusted EBITDAX to Net Income (Loss) Adjusted EBITDAX reconciliation ( thousands)1 FY 2019 ( in thousands, unless specified) FY 2018 Q1 Q2 Q3 Q4 FY 2019 Net incom e (loss) attributable to common shareholders…
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