A CLEAR PATH TO GENERATING INVESTOR VALUE Durable adjusted organic free cash flow generation Over 500 million1 in estimated adjusted FCF2 at 50/Bbl WTI with substantial upside to higher oil price environments Disciplined reinvestment…
FOURTH QUARTER AND FULL YEAR 2020 HIGHLIGHTS 4Q20 RESULTS BUILD UPON 2H20 PIVOT FULL YEAR 2020 OUTPERFORMS EXPECTATIONS 94.9 Production 101.6 Production MBoe/d MBoe/d (Guidance: 100-101 MBoe/d) 87.5 Operational Capex 488.6…
SUSTAINED ESG TRAJECTORY ENVIRONMENT SOCIAL GOVERNANCE 44% reduction in flared natural 10% improvement in safety TRIR to Issued first comprehensive, SASB- gas volumes below 0.55 for another record year aligned sustainability…
SIGNIFICANT FOUNDATIONAL RESERVE VALUE RESERVE VOLUMES RESILIENT AT LOW PRICES ASSET VALUE UPSIDE FROM HIGH MARGIN PORTFOLIO 250 6.0 5.0 200 PDP (MMBoe) 4.0 PV10 (BN) 150 3.0 100 2.0 50 1.0 0 0.0 2019 2020 2019…
MANAGING CASH COSTS FOR IMPROVED MARGINS ALL-IN CASH COSTS1 VS REALIZATIONS2 2020 Results Permian Eagle Ford 40 Daily production (MBoe/d) 67.9 33.7 35 % Oil 57% 76% Cash G&A 30 % NGL Significant margin Prod &22% Ad Val 12%…
STRONG ADJUSTED FCF FOR ABSOLUTE DEBT REDUCTION1 OPERATIONAL CAPITAL EXPENDITURES Planning Price Reinvestment Period Assumption Rate2 1,100 50% 900 reduction 50/Bbl 75% MM 700 2022E / 2023E 55/Bbl 70% 500 300 60/Bbl 65%…
A BALANCED APPROACH TO 2021 DEVELOPMENT 2021 KEY PROGRAM ELEMENTS 2021 CAPITAL ALLOCATION1 5 wells / Average Project Size / 8,800 Net Lateral Feet per Well 3 Operated Rigs 1-2 Operated Completion Crews 55 - 65 / Gross Wells…
RELENTLESS FOCUS ON OPERATING COST REDUCTIONS 250 FY20 COST IMPROVEMENT DRIVERS Reduction in workovers, repairs, and maintenance from proactive efforts 30 million in annual Improved sand management run rate savings Optimization of…
SUSTAINABLE CAPITAL EFFICIENCY GAINS CAPITAL EFFICIENCY IMPROVING OPERATIONAL CAPITAL EVOLUTION Scaled development program benefits 1,200 Reduction of over Multi-well pads allow for cycle time reduction 1,000 50% versus PF 2019…
CASH FLOW PROTECTION WITH UPSIDE PARTICIPATION 2021 PROTECTED WITH 2022 UPSIDE POTENTIAL 2021 Oil Hedges 2021 oil production 70% hedged 80% hedged in 1H21, 60% hedged in 2H21 Ongoing optimization has increased exposure to higher oil…
ADVANCING OUR DELEVERING GOALS MEANINGFUL PROGRESS SINCE MARCH 2020 KEY MILESTONES IN REDUCING OUR NET DEBT 3.4B Organic adjusted FCF generation1 3.0B 120 MM 10% total debt reduction Exchange of senior notes 175 MM Asset…
FINANCIAL POSITION HIGHLIGHTS CAPITALIZATION TABLE Path to further debt reduction 4Q20 Organic adjusted free cash flow Cash 20 Various asset monetizations in process Significantly improved financial position Credit Facility 985…
2021 GUIDANCE 2021 GUIDANCE Total production (MBoe/d) 90.0 92.0 Oil 63% NGL 19% Gas 18% Income statement expenses (in millions, except where noted) LOE, including workovers 190.0 - 210.0 Gathering, Processing, and…
GUIDING PRINCIPLES FOR A SUSTAINABLE BUSINESS 70% - 80% Reinvestment Rate < 5% Continued Year-Over-Year ESG Production Improvement Growth Returning Value to Shareholders Commitment Commitment to Sustainable to…
GAS AND NGL HEDGES1 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 2Q22 3Q22 4Q22 FY 2022 NYMEX HENRY HUB (MMBtu, /MMBtu) Sw aps Total Volumes - 3,822,000 3,864,000 3,437,000 11,123,000 - - - - - Total Daily Volumes - 42,000 42,000 37,359 30,474 - -…
NON-GAAP ADJUSTED EBITDA1 (000s) 4Q 20 FY 2020 Net loss (505,071) (2,533,621) Loss on derivatives contracts 125,739 27,773 Gain (loss) on commodity derivative settlements, net (7,938) 95,856 Non-cash stock-based compensation expense…
NON-GAAP ADJUSTED FREE CASH FLOW1 (000s) 2Q 20 3Q 20 4Q 20 FY 2020 Net cash provided by operating activities 97,801 135,701 134,578 559,775 Changes in working capital and other 40,078 14,473 12,011 33,993 Change in accrued hedge…
NON-GAAP FULL CASH G&A COSTS1 (000s) 4Q 20 FY 2020 Total G&A expense 10,614 37,187 Change in the fair value of liability share-based awards (non-cash) (2,500) 4,110 Restricted stock share-based compensation (non-cash) and other…
NON-GAAP NET DEBT RECONCILIATION1 As of December 31, 2020 (in millions) Long-term debt 3,013 Less: Cash and cash equivalents 20 Net Debt 2,993 1. See Important Disclosures slide for additional information related to Supplemental…
NON-GAAP PV-10 RECONCILIATION1 As of December 31, 2019 2020 Standardized measure of discounted future net cash flows 4,951 2,310 Add: present value of future income taxes discounted at 10% per annum 419 35 PV-10 5,370 2,345 1.…
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