Core Oil Delaware Basin Pure-Play Third Quarter 2020 Earnings Presentation November 2, 2020
Centennial Resource Development Permian Pure-Play Northern Delaware (NM) Lea County Large, contiguous acreage position located in the oil-window of the Delaware Basin NM 80,000 net…
Centennial Resource Development Recent Highlights Generated free cash flow of 10.5mm during Q320, expect incremental FCF in Q420 Organically increased liquidity by 17mm, or 6%1, during Q320 Borrowing base reaffirmed at 700mm…
Capital Efficiency Rate of Change Operational Focus Items Structural Improvement to D&C Cost Improvements in operational efficiency and adjustments to well design significantly lowered capital costs, irrespective of commodity price…
Realizing Significant Operational Cost Improvements LOE Optimization Overview Historical LOE Unit Costs (/Boe) Transitioning more well-sites to electric power 6.03 Removal of generators, lowering equipment rental costs 5.30…
Review of Key LOE Project Field Electrification Electrification Project Overview Field Electrification Map (Reeves County, TX) Substation facilitates ongoing transition of well-sites to electric power, significant driver of recent…
Well Cost Evolution Lower Well Costs Driven by Higher Efficiencies & Structural Cost Reductions DC&F Cost / Lateral Foot - Extended Lateral Average (1.5 & 2 Section)1 1,400 1,350 1,200 1,000 950/ft 858 850/ft 850/ft…
Q320 Well Result Review Well Highlights Well Locator Map (Lea County, NM) Resumed operational activity with the completion of five DUCs in Lea County, NM Targeted the 3rd Bone Spring Sand interval with average lateral length of 9,000…
Capital Structure and Liquidity Overview Capital Structure Overview Capitalization and Liquidity ( mm) Organically increased liquidity by 17mm, or 6%, during the quarter Actual Capitalization 9/30/20 Repaid 15mm of revolver…
Hedge Position Overview Oil Hedges (Bbls/d) and Wtd. Avg. Price (/Bbl)1 Natural Gas Hedges (MMBtu/d) and Wtd. Avg. Price (/MMBtu)1 16,000 48.01 48.25 48.50 80,000 46.85 Brent 2.95 2.91 2.89 2.89 WTI 2.72 3,000 41.81 45.53 45.65…
Review of Centennials Key Objectives1 Vs. Q320 Results Operational and Financial Mindset: Q320 Actual Results Focusing on what we can control P Improve cash margin through LOE Reduced LOE per unit by 7% vs Q220 optimization and…
Centennial 2.0: Final Thoughts High-Quality Asset Base Proven Operational Execution Sustained Well Cost Reductions Improved Capital Lower Unit Cost Structure Efficiency & FCF Profile Shallowing Corporate Decline Rate No…
Hedge Position Overview Hedge Position Overview (as of October 31, 2020) FY 2020 FY 2021 Q4 Q1 Q2 Q3 Q4 2021 WTI Fixed Price Swaps Total Volume (Bbl) 1,196,000 810,000 273,000 92,000 92,000 1,267,000 Daily Volume (Bbl/d) 13,000 9,000…
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 Q2 Q3 Net income (loss) attributable to Class A Common Stock…
Reconciliation of Free Cash Flow to Operating Cash Flow Free Cash Flow (Deficit) reconciliation ( thousands)1 Three Months Ended September 30, ( in thousands) 2020 2019 Net cash provided by operating activities 45,729 104,681…
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