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Q1 2020 Earnings Presentation – Centennial Resource Development

Centennial Resource Development · May 4, 2020 · 12 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. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 1
    Core Oil Delaware Basin Pure-Play First Quarter 2020 Earnings Presentation May 4, 2020
  2. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 2
    Recent Financial Highlights & Operational Update Reduced current operated rig count from five to zero, suspending near term drilling and completions Revised total capital budget 60% below original guidance Plan flexible approach to…
  3. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 3
    Centennial Resource Development Overview Key Company Statistics Company Overview Operational Overview Large contiguous oil-rich acreage in the core of the Southern and Northern Delaware Basins Production Top tier technical team…
  4. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 4
    Driving Down Unit Costs LOE (/Boe) Cash G&A (/Boe) Lease Operating Expenses (LOE) 5.30 Electricity: Transition to electric power, 4.99 resulting in lower equipment rental 2.12 1.99 costs Artificial Lift: Transition to lower…
  5. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 5
    YTD 2020 D&C Performance Review Drilling Efficiency (Spud to RR)1 Completion Stages Pumped Per Day2 Spud to RR decrease of 28% from H119 Stages per day increase of 44% over H119 27.0 8.2 21.9 6.4 19.4 5.7 H1 2019 H2…
  6. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 6
    Recent Northern Delaware Well Results Hagberry 9 State Com 501H Chorizo 2-Well Pad Well Locator Map (NM) 70 Hagberry 9 State Com 501H 70 Chorizo Pad Avg Avg FY'19 1.5 Mile Lateral Avg FY'19 2 Mile Lateral 60 60 50 50…
  7. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 7
    Capital Structure and Liquidity Overview Capital Structure Overview Capitalization and Liquidity ( mm) Solid leverage profile at 3/31/20 Actual Capitalization (as of 3/31/20) First Lien debt / LTM EBITDAX of 0.4x Cash and cash…
  8. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 8
    Debt Maturity Schedule Debt Maturity Schedule ( mm) Credit Facility Borrowings 5.375% Senior Unsecured Notes 6.875% Senior Unsecured Notes 700 No bond maturities until 2026 Borrowing Base1 500 2 400 2 235mm drawn 235…
  9. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 9
    FY 2020 Capital Guidance Summary Guidance summary FY 2020 Guidance Summary D&C Capital Expenditures In response to the current macro environment, Centennial Facilities, Infra, Land & Other recently suspended all drilling and…
  10. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 10
    Hedge Position Overview FY 2020 Q2 Q3 Q4 Bal. 2020 WTI Fixed Price Swaps Total Volume (Bbl) 2,852,000 2,300,000 184,000 5,336,000 Daily Volume (Bbl/d) 31,341 25,000 2,000 19,404 Weighted Average Price ( / Bbl) 26.14 26.83 36.36…
  11. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 11
    Quarterly Financial Results Financial summary (mm, unless otherwise noted)1 FY 2019 FY 2020 ( in millions, unless specified) Q1 Q2 Q3 Q4 Q1 Average Daily Production (Boe/d) 72,035 76,122 76,312 79,734 71,820 Average Daily Oil…
  12. Q1 2020 Earnings Presentation – Centennial Resource Development – slide 12
    Reconciliation of Adjusted EBITDAX to Net Income (Loss) Adjusted EBITDAX reconciliation ( thousands)1 FY 2019 FY 2020 ( in thousands, unless specified) Q1 Q2 Q3 Q4 Q1 Net income (los s) attributable to com mon shareholders (8,112)…

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