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1Q 2020 Earnings Presentation – Diamondback Energy, Inc.

Diamondback Energy, Inc. · May 4, 2020 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 1
    Investor Presentation May 2020 1
  2. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 2
    Diamondback Energy: Leading Pure-play Permian Operator Large Cap Permian pure-play E&P: Diamondback Acreage Map 350,000 net Midland and Delaware basin acres(1) 12,300 gross (8,100 net) horizontal locations(1) Low Cost Structure and…
  3. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 3
    Diamondback: Investment Highlights Q1 2020 oil production of 201.4 Mbo/d, up 3% from Q4 2019 and 12% from Q1 2019 Completed 80 gross operated wells and 780k lateral feet in Q1 2020; over 40% of updated Q1 2020 Highlights estimated…
  4. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 4
    Decisive Action Taken to Combat Commodity Price Volatility Original 2020 Plan Current 2020 Plan 10% 15% y/y oil growth Flat y/y production; conserve Operating Plan(1) with free cash flow capital and protect dividend Downside 50%…
  5. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 5
    Overview of 2020 Guidance and Capital Budget Prior 2020 Revised 2020 Implied 2020 Guidance Q2 Q4 Avg. 2019A Q1 2020A Guidance Guidance Q2 Q4 vs. 2019 vs. Q1 2020A Oil Production Flat Net Mbo/d(1) 188 210 188 201 184 Net…
  6. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 6
    Current Hedges Maximize Downside Protection For Remainder 2020 2020 Crude Oil Hedges 95% Up 70% since February 0 Q2 Q4 2020 Hedge Protection(1) Q2 Q4 2020 Hedges (Bo/d) Three-way Collars Remaining 2020 Basis Oil Hedges 100% Hedged…
  7. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 7
    Oil Takeaway Solutions Q1 2020 Realizations: Oil Takeaway Solutions Unhedged oil realizations of 45.10 in Q1 2020 represented 99% of WTI pricing for the quarter Future unhedged realizations will be heavily dependent Gatherer: OMOG…
  8. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 8
    Overview of Oil Purchasers and Contracts Oil Contract Pricing Details: Unhedged Oil Exposure by Purchaser and Price Contract formulas for realized oil pricing are based on a combination of trade month and calendar month pricing Base…
  9. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 9
    Peer-Leading Cash Margins and Operating Costs Diamondback Interest Adjusted Cash Operating Costs and Realized Cash Margins Over Time ( / Boe)(1)(2) LOE Prod. taxes G&T Cash G&A Interest Cash Margin (% of Realized /Boe) 20 77% 77% 79%…
  10. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 10
    Track Record of Aligning Development with Commodity Prices FANG has a track record of achieving robust production growth while spending within cash flow, with a willingness and demonstrated ability to adjust activity levels quickly to…
  11. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 11
    Significant Reduction to Capital Costs Diamondback has realized significant capital cost savings through a combination of internal optimization and service cost concessions: Midland Basin: 100 / Ft. savings YTD; Delaware Basin: 100 /…
  12. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 12
    Midland Basin Inventory and Development Strategy Diamondback Midland Basin Inventory: Midland Basin Premium Zone Spacing and Overview 7,000 gross (4,970 net) horizontal locations with an average lateral length of 8,300 feet Midland…
  13. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 13
    Delaware Basin Inventory and Development Strategy Diamondback Delaware Basin Inventory: Delaware Basin Premium Zone Spacing and Overview 5,200 gross (3,170 net) horizontal locations with an average lateral length of 7,600 feet…
  14. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 14
    Capital Structure and Liquidity Net debt to Q1 2020 annualized adjusted EBITDA FANGs Liquidity and Capitalization (MM) of 1.9x FANG's Consolidated Capitalization 3/31/2020 Standalone liquidity of 1.9 billion as of March Cash and cash…
  15. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 15
    Updated 2020 Guidance Immediately responded to unprecedented decline in 2020 Guidance Diamondback Viper oil prices; announced updated 2020 plan in March Net Production Mboe/d(1) 295.0 310.0 22.5 27.0 2020 calling for 40% reduction in…
  16. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 16
    Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl/day, /Bbl) Crude Oil Hedges Q2 2020 Q3 2020 Q4 2020 1H 2021 2H 2021 15,000 11,000 11,000 Swaps - WTI 46.77 43.47 43.47 14,000 14,000 14,000 5,000 5,000 Swaps -…
  17. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 17
    Current Hedge Summary: Oil Basis and Natural Gas Consolidated Crude Oil Basis Hedges (Bbl/day, /Bbl) Crude Oil Hedges Q2 2020 Q3 2020 Q4 2020 1H 2021 2H 2021 45,538 45,087 45,087 Basis Swaps - WTI (1.33) (1.33) (1.33) 2,637 8,000…
  18. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 18
    Differential Per Share Metrics and Cost Structure Return On and Return Of Capital Significant Resource Potential Conservative Financial Management Strategic Acquisitions and Execution Efficient Conversion of Resource to…
  19. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 19
    APPENDIX 20
  20. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 20
    Environmental, Social and Governance (ESG) Diamondback is deeply committed to the safe and responsible development of its resources As our organization has grown to be in a leadership position in the Permian Basin, we continue to…
  21. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 21
    Recent Changes to ESG and Compensation Diamondback seeks to expand its best in class track record on both disclosure and performance as it relates to sustainable long-term development of its natural resources 2020 Proxy Report…
  22. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 22
    Build-out of Midstream Assets Through Rattler Midstream Rattler Midstream: Rattler Midstream Asset Map Publicly-traded midstream subsidiary (NASDAQ: RTLR) created by Diamondback Spanish Trail North: Howard County: Sourced Water…
  23. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 23
    Viper Update Viper Energy Partners: Viper Mineral and Royalty Assets Publicly-traded mineral and royalty subsidiary VNOM royalty acreage (NASDAQ: VNOM) created by Diamondback FANG acreage Focused on owning and acquiring minerals…
  24. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 24
    High Growth, Oil Weighted Reserves YE19 proved reserves increased 14% y/y to 1,128 Total Reserve Growth (MMBoe) (1) MMBoe (711 MMBo, 67% PDP) FANG Standalone VNOM PDP reserves of 760 MMBoe, up 18% y/y; PDP oil 1,128 reserves of 457…
  25. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 25
    Limelight Prospect Emerging Mississippian Oil Potential Diamondback Limelight Acreage Map Limelight Type Log Atoka-Bend Early geologic Morrow assessments indicate Limelight Seal the target to be a significant oil source and…
  26. 1Q 2020 Earnings Presentation – Diamondback Energy, Inc. – slide 26
    Diamondback Energy Corporate Headquarters Adam Lawlis, Vice President, Investor Relations 500 West Texas Ave., Suite 1200 (432) 221-7400 Midland, TX 79701 irdiamondbackenergy.com www.diamondbackenergy.com 27

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