Civitas Disrupting Energy for Good Strategic pillars DJ BASIN 1 2 3 4 371,000 net acres Generate Maintain Return Demonstrate 100 gross wells in 2024 (88% WI) significant premier capital to ESG leadership free cash flow balance…
Compelling Upside to Civitas Valuation Peer EV / 2025E EBITDA multiples(1) 5.7x Positioned with operating scale in the lowest- 4.8x 4.6x 4.2x cost breakeven oil basins in U.S. 4.1x 4.0x 3.5x 3.4x 3.3x 3.3x 3.1x 2.9x 2.6x Leading…
Key 3Q Messages Return of capital to shareholders of 227 MM; Variable return 1 currently prioritized 100% to share buybacks Adjusted EBITDAX(1) of 910 MM; 4Q24 oil volumes anticipated 3% 2 higher (October 2024 oil avg. 165 MBbl/d)…
Prioritizing Balance Sheet and Buybacks Return of capital program provides flexibility for 3Q24 Return of capital (MM) significant value creation Average quarterly adj. free cash flow over prior 12 months(1) 256 50% of FCF (after base…
Permian Basin Quarterly Overview 3Q Highlights 3Q Operational Results Capex: 229 MM (24 spuds, 17 fracs, net) Well performance in-line with plan, with 1 promising early-time results on CIVI Production: 189 MBoe/d, 47% oil 2…
Optimizing Development for Incremental Returns Midland Wolfcamp A/B performance(1) CIVIs development approach maximizes project returns 100 Midland Anchored in incremental economics, focusing on well spacing, completion intensity,…
Extending Wolfcamp D Development Area South Midland Wolfcamp D performance(1) CIVIs 2024 Wolfcamp D results unlock resource value in the Midland Basin 80 2024 Wolfcamp A/B 15% higher Results and returns are competitive with…
Continuously Reducing Well Costs Midland Basin A/B 2-mile well costs down 13% YTD Midland Basin Wolfcamp A/B avg. 2-mile to 740/ft well cost (DC&E, per lateral foot) Incremental drivers in 3Q24 include: 25-40% completions fuel savings…
Ground Game and Execution Increase Returns 2024 Midland Basin trade CIVI acreage swap has unlocked significant value across 30 Wolfcamp A, B, and D locations; simul-frac completions currently underway with expected 1Q25 project TIL…
DJ Basin Quarterly Overview 3Q Highlights 371k net acres East Wattenberg WY NE Larimer Weld UT Colorado state-record well produced West Wattenberg KS 165 MBbl of oil in the first 90 days KS AZ NM Previously-planned…
Strong Well Performance Across DJ Basin 2024 Peer Comparison(1) Recent wells highlighting CIVI asset quality Hunt pad (2Q TIL) 100 6 wells 1.9-mile avg. lateral Civitas Max 30-day IP: 693 Bbl/d oil Peers Cumulative oil production…
Watkins Area Continuing to Outperform Multiple Colorado records on 4-mile wells Strong 4-mile well performance(1) Drilling Completions Production 100 Longest drilled Longest completed Highest 4-mile results outperform well: lateral:…
Colorado Regulatory Progress Continues May 2024: Senate Bill 24-229 and 24-230 signed into law - governor, oil & gas industry and environmental activists agree to end ongoing and future initiatives that would hinder development…
4Q Guidance Significant Increase in Volumes and FCF FY24 Guide YTD 3Q Actuals 4Q Guide 4Q Commentary Total Production 335 345 342 347 353 Increase led by DJ Basin; Permian decline (MBoe/d) Oil Production 157 163 157 162 166 Increase…
Confidence in 4Q24 Oil Increase 4QE oil volume 162 166 MBbl/d 3Q TIL count in DJ Basin and Watkins activity Oct. 2024 Production driving production uplift; Permian decline Avg of 165 MBbl/d driven by very few TILs remaining in 2024…
Appendix
Demonstrating ESG Leadership Environmental Social Governance Reducing our environmental footprint We believe a diverse, inclusive, and is not only the right thing to do, but Our commitment to strong agile workforce is a value also a…
Capital Structure Illustrative Cap Table: (MM) As of 09/30/2024 CIVI prepaid 37.5 MM of Vencer deferred consideration in July 2024 Revolving Credt Facility due 2028 800 Total Secured Debt 800 Total liquidity of 1.4 B as of September 30,…
Track Record of Capital Return to Shareholders Cumulative return of capital (B) Current return of capital framework Share repurchases Variable dividend 1.7 Base dividend 1.5 1.2 1.0 50% 0.8 0.7 0.5 50% 1Q23 2Q23 3Q23…
Oil Hedge Position Summary Contract Period 4Q24 1Q25 2Q25 3Q25 4Q25 Crude Oil Derivatives (volumes in Bbl/day and prices in /Bbl) Swaps NYMEX WTI Volumes 25,997 19,000 19,000 22,000 5,000 Weighted-Average Contract Price 70.77 72.74…
Natural Gas Hedge Position Summary Contract Period 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Natural Gas Derivatives (volumes in MMBtu/day and prices in /MMBtu) Swaps NYMEX HH Volumes 131,701 110,000 110,000 110,000 110,000 -- -- --…
Adjusted EBITDAX Reconciliation Adjusted EBITDAX is a non-GAAP measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and non-recurring charges.…
Adjusted Free Cash Flow Reconciliation Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less…
Cash General and Administrative Reconciliation Cash general and administrative is a non-GAAP measure that excludes stock-based compensation, that we believe affects the comparability of operating results as it is non-cash. Cash general…
Net Debt Reconciliation Net Debt is a supplemental non-GAAP financial measure that is used by management and external users of the Companys consolidated financial statements, such as industry analysts, investors, lenders and rating…
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