September 2021 Barclays CEO Energy Power Conference – Centennial Resource Development

Centennial Resource Development · Sep 9, 2021 · 16 slides

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Delaware Basin Pure-Play Barclays CEO Energy-Power Conference September 9, 2021
Centennial Resource Development Overview Core Acreage and Strong Execution Track Record P FCF profile Generated record FCF in Q2 and reduced total debt outstanding Asset Map (81,700 Net Acres) supports organic de-leveraging and…
Progress Report on Key 2021 Targets Overview 2021E Targets1,2 Free Cash Flow ( mm) Centennial is outperforming original expectations for free cash flow and organic de-leveraging, as a result of: 140 - 170 Continued cost control…
Differentiated Inventory Quality and Depth Overview Proven Productive Avalon Formations High-quality inventory located in the core of the Delaware Basin with significant development runway 15+ years of economic inventory, assuming…
Delivering Strong Well Results Across Position Q2 Well Highlights Chorizo 500 Pad Review Delivered strong Q2 results across multiple Chorizo 500 pad: returned to an existing producing unit with significant stacked pay formations in…
Q2 2021 Operations Dashboard Continuing to Drive Strong Operational Efficiencies Spud to Rig Release (Days) Lateral Length (Feet) Q221 wells delivered for % Two Section Laterals average gross cost of 800 / ft.1 100% 9,400' 17.3…
Building a Fundamentally Stronger Business Model 1 Corporate Decline Rate 2 DC&F Cost / Lateral Foot2 50% Corp. Decline 1,275 Rate (%) Avg. Operated 35% Rig Count1 800 6 Shallower Structural 2 Corporate Well Cost YE'19…
Generating Significant Free Cash Flow Free Cash Flow Estimates (mm) 140 - 170 (68) 2020 2021E 2022E Target 1 Consensus 2 Centennial has transitioned to generating sustainable free cash flow, driving organic de-leveraging…
Highly Attractive Free Cash Flow Yield 2022E Free Cash Flow Yield (as a % of Market Cap) by S&P 500 Sector 20% 15% 10% FCF / Market Cap Yield Avg. 6% 5% 0% (5%) Note: Analysis based on S&P 500 constituent…
No Near-Term Senior Note Maturities Debt Maturity Profile as of 6/30/21 (mm)1 Credit Facility Borrowings 5.375% Sr. Unsecured Notes 6.875% Sr. Unsecured Notes 3.250% Sr. Unsecured Convertible Notes 700 Borrowing Base…
Capital Structure & Liquidity Overview Overview at 6/30/21 Capitalization and Liquidity ( mm) Borrowings of 255mm on Credit Facility Actual Leverage: Capitalization 6/30/21 Net Debt / LTM EBITDAX of 3.0x Cash and cash equivalents…
Review of Key Environmental Initiatives % of Natural Gas Volumes Flared Recycled Water Volumes (% of total sourced) Significant increase in gas capture rate Continued emphasis on utilizing as much recycled water as possible during…
Centennial 2.0: Investment Highlights Sustainable Free Cash Flow Generation Improved Cash Flow Profile Significantly Lower Cost Structure Rapid Organic De-Leveraging Balance Sheet Strong Liquidity Focus No Near-Term Debt…
Appendix 15
Reconciliation of Adjusted EBITDAX to Net Income (Loss) Adjusted EBITDAX reconciliation1 FY 2020 FY 2021 ( in thousands, unless specified) Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) attributable to Class A Common Stock (547,983) 5,330…
Reconciliation of Free Cash Flow to Operating Cash Flow Free Cash Flow (Deficit) reconciliation1 Full Year Ended December 31, Three Months Ended June 30, ( in thousands) 2020 2019 2021 2020 Net cash provided by operating…

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