Executing on Our Business, Delivering on Our Promises 1 Closed transformative Permian transactions on August 2, 2023 Advancing integration with 6-month transition services agreements in place 2Q23 results exceed expectations for…
Strategy Continues to Drive Value Pillar Key Ingredients Highlights Capital efficient asset base YTD FCF 380 MM(1) 1 Generate Free Cash Flow Low operating costs Minimizing reinvestment rates 2Q23 4.73/Boe LOE + Cash G&A YTD capex…
DJ Basin WY NE One of the lowest UT breakeven oil basins in America KS AZ NM 100% of 2023 plan permitted; 80+% of 2024 permits in hand or in Asset Highlights process 2Q23 Production Low operating costs and 173 MBoe/d,…
Permian Basin Asset Highlights Premier rock in Lower 48 with multiple 2Q23 Production: 107 MBoe/d, 50% oil(1) 800 High Quality Locations(2): 265 locations 75% IRR 1 proven targets 2Q23 Activity: 7 operated rigs, 4-5 completion…
Returning Capital to Our Shareholders SHAREHOLDER RETURN HIGHLIGHTS 2023E DIVIDEND YIELD (1,2) Nearly 350 MM in base and variable dividends paid in the first half of 2023 Civitas repurchased 300 MM of its outstanding common stock…
Illustrative Pro Forma Capital Structure ( in millions) As of 6/30/2023 MAINTAINING LONG-TERM BALANCE SHEET STRENGTH Illustrative Capitalization Table: Pro Forma Acquisitions(1) Rev olv ing Credit Facility 715 1.1x estimated net…
Updated 2023 Guidance Permian Pro Forma 2023 Activity Levels Legacy Civitas 2024 Aug 23 Dec 23 5 Months Permian Current: Total Production (MBoe/d) 160 170 100 110 200 220 270 290 DJ 2 rigs Permian 7 rigs Oil Production 72 77 53 58…
Estimated 50% Reduction in DJ 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 10
Committed to Excellence in Social Responsibility Carbon Neutrality 1.8 Million Donated to Local Social Causes in 2022 Civitas is focused on Civitas aims to maintain scope 1 and Civitas has provided more than scope 2 carbon…
A Stronger, More Sustainable Civitas DJ BASIN 470,000 net acres High Quality, Diversified Portfolio 1,000 locations 2Q23 Production: 173 Significant Free Cash Flow Mboe/d Peer-Leading Shareholder Returns Strong Balance Sheet…
Appendix
Q3 2023 Dividend Calculation Quarterly Variable Dividend Framework Q3 2023 Total Dividend Calculation (MM) (1) (2) 50% of FCF (before changes in working capital Av erage Quarterly Free Cash Flow s Ov er Prior 12 Months 240 and…
Gas Hedge Positions Summary Civitas Gas Hedges (MMBtu/d) 50,000 48,007 47,703 2.34 - 2.96 2.38 - 2.96 CIG Basis Hedges 3Q23-4Q23: 47,855 MMBtu/d at (0.46) 2024: 25,056 MMBtu/d at (0.27) 40,000 33,691 33,473 2.50 - 3.37 2.21 - 2.90…
Permian Midstream & Marketing Overview DELAWARE OIL MIDLAND OIL Majority gathered by Plains and Salt Creek Midstream No MVCs or take-or-pay contracts Plains agreements expire 2031-2033 Majority gathered by Medallion and Plains with most…
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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