Taking Strategic Action + Acquiring Core Midland Basin 4.275B headline purchase price (Sources: Cash, Equity & Bakken Proceeds) Divesting Bakken 0.825B all cash consideration Immediately Accretive at Strip: Next Twelve…
Core Midland Basin Transaction Overview Acquired Asset Profile Substantial Pro Forma Scale 75 MBOE/d estimated at close (80% Oil & condensate) Gaines Dawson Borden 1.5B NTM EBITDA at strip (+/- 5/bbl WTI = 115 MM EBITDA )1 7 active…
Delivering on Durable Returns Strategy Immediately Accretive CF/share, FCF/share, shareholder returns/share, NAV/share, oil mix Attractively valued at 2.8x NTM EBITDA and 19% NTM Free Cash Flow Yield at strip Extends Permian…
Achieves Key Financial Targets Key Accretion Metrics at Strip Attractive Acquisition Valuation: 2.8x NTM EBITDA & 19% NTM FCF Yield at strip Per Share Accretion Cash Flow NTM +14% 2024 +12% Immediately +20% per share base…
Acquired Acreage Aligns with Core Permian Strong and Repeatable Well Results Wells Consistent with Legacy OVV1 Multi-zone development across up to 6 benches today Permian: 12 Month Cumulative Oil Mbbls / 1,000 ft Further delineating…
Encouraging Upside From Offset OVV Wells 1Q23 OVV Sugarloaf Development in Northern Martin Strong 1Q23 Results1 7 well pad development across 4 benches (MSB, JM, UL SPRBY, Dean) 22 2023 OVV Permian Average 1Q23 OVV Sugarloaf Actuals…
Proven Offset Industry Performance Map Highlights Select Recent Industry Well Results 130 FANG Vineyard ENCAP Biff / McFly ENCAP Chopper / Goocher Reliance Blue Beauty 15-22 IP30 Bo/d: 790 IP30 Bo/d: 960 IP30 Bo/d: 1,235 IP30 Bo/d:…
Enhances 23 Program with a Strong 24 Outlook Updated 2024 Streamlined and enhanced portfolio supports 2023 2023 Scale through-cycle durable return strategy Total Production 500 525 520 545 3-5% reduction in LOE & T&P per BOE post…
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Appendix
Optimized Portfolio High-Quality Multi-Basin Portfolio Four high return assets each with deep Premium inventory Montney Innovation and best practices distributed across the portfolio Strong production across all products & advantaged…
Acquisition Adds to Well Positioned Permian Ops Midland Basin Wet Sand Mine Combined Permian Scale Provides Efficiencies Cross-basin economies of scale driven by extended footprint Increased operational flexibility and reduced rig…
Quarterly 2023 Guidance Cadence Capex ( MM) Achieving Normalized Run-Rate Operations by 4Q23 1,000 Substantial seller activity in 2H22 & 1H23 normalizing by 4Q23 Narrowed 750 1Q23 Guide Higher 3Q23 capital due to winding down wells…
Bakken Divestiture Details Calhoun Pad Development All Cash Proceeds 825 (MM) Lowers Required Debt & Equity Funding Asset Footprint 46k (Net Acres) YE22 Production Profile 37 MBOE/d 1Q23 Estimated Production (60%…
Committed to Capital Allocation Framework Our Proven 4B pro forma mid-cycle EBITDA Framework 1x Mid-Cycle +1B from previous level (3B was old mid-cycle EBITDA) Leverage Target Post Base Dividend Reaffirmed Substantial increase in…
Thoughtful Balance Sheet Management Proven & Consistent Debt Reduction Profile (B) Well Positioned Go Forward Committed to ongoing debt reduction 7.3 7.1 Substantial FCF earmarked for Balance Sheet 6.9 6.9 6.4 6.0 - 6.5 Focused on…
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