Delivering on Our Strategy in 2023 Pillar Key Ingredients Highlights Capital efficient asset base 1Q23 FCF 186 MM(1) 1 Generate Free Cash Flow Low operating costs Minimizing reinvestment rates 1Q23 5.25/Boe LOE + Cash G&A 1Q23…
High Quality Asset Base Contiguous acreage position facilitates development optimization Approximate Civitas Leasehold Positions Development Area DJ Basin Net Acres(1) Laramie Kimball Western 130,000 Northern Eastern 145,000…
High Quality Asset Base High-return wells across acreage position B-TAX Single Well IRRs at 70 WTI / 3.50 HH 100% Southern Western Eastern 90% 80% 70% 60% IRR (%) 50% 40% 30% 20% 10% 0% 0 100 200 300 400 500 600…
Operations: A Culture of Performance Efficiencies in D&C operations Improving Drilling Times & Completion Throughput Civitas Pad in Watkins Drilling 2.5-mile spud-to-spud time in 1Q23: 5.3 days 17% improvement relative to 2021-2022…
Operations: A Culture of Performance No degradation in 2022 wells & none expected in 2023 Cumulative Production (Mboe) Cumulative Production (Mbo) 225 225 200 200 175 175 2021 Vintage 150 150 125 125 2021 Vintage 2022 Vintage 100…
DJ Basin Permitting Demonstrating leadership under new regulatory process CIVI Permitting Overview Most OGDPs Approved in 2022 Among DJ Basin Operators (1) 100% of 2023 plan is permitted 9 4Q22: Approval of first Comprehensive Area…
Premier Balance Sheet Essential for reliable cash returns to shareholders ( in millions) Capitalization Table as of: 3/31/2023 Key Highlights: Revolving Credit Facility (1.85bn BB; 1.0bn ECA) 0 Financial policy and goals include: 5.0%…
Returning Capital to Our Shareholders 10.56 per Share in Dividends since 1Q22 Shareholder Return Highlights 2023E Dividend Yield(1) In 2022, Civitas paid out over 530 million in base and variable dividends In 2023, Civitas expects to…
2023 Guidance Production Total Production (MBoe/d) 160 170 D&C program reflects 2 rigs / 2 frac crews Oil Production (MBbl/d) 72 77 Expected oil price differential of -4.00-5.00/Bbl relative to WTI % Liquids 68 70% CIVI expects to pay…
50% Reduction in GHG Emissions by 2027 40% Reduction 50% Reduction 82% reduction in pneumatic venting 30% reduction in engine emissions 50% absolute emissions reduction, 2021 to 2027 12
Committed to Excellence in Social Responsibility More Than 11.2 Million Donated Visualizing ESG Performance to Social Causes in 2022 Civitas invested in a bespoke software Civitas is focused on Civitas has provided more than…
Appendix
Q2-2023 Dividend Calculation Quarterly variable dividend framework Q2 2023 Total Dividend Calculation (MM) (1) 50% of FCF (before changes in working capital (2) and after base dividend) Average Quarterly Free Cash Flows Over Prior…
Oil Hedge Positions Summary Civitas Oil Hedges (Bbl/d) Note: Hedge positions as of April 30, 2023. 16
Gas Hedge Positions Summary Civitas Gas Hedges (MMBtu/d) CIG Basis Swaps 2023: 48,050 MMBtul/d CIG Basis swaps at (0.46)/MMBtu 2024: 25,056 MMBtul/d CIG Basis swaps at (0.27)/MMBtu Note: Hedge positions as of April 30, 2023. 17
Adjusted EBITDAX Reconciliation Source: Company disclosure. in thousands. 18
Free Cash Flow Reconciliation Source: Company disclosure. in thousands. 19
Net Debt Reconciliation Source: Company disclosure. in thousands. 20
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