Key Takeaways Strong start to 2024; Volume outperformance offsetting divestment 1 impacts (no change to annual guidance) Permian execution ahead of plan; Accelerated D&C cycle times 2 and improving operating costs Executed…
Strategy Delivering Value Pillar 1Q Highlights 2024 Outlook 928 MM Adjusted EBITDAX(1) 1.3 B FCF(1) at 75/Bbl and 2.75/Mcf Generate Free 336 MBoe/d; 156 MBbl/d oil 5 change in WTI is 275 MM impact Cash Flow 9.19 Cash costs(2) per…
2024 Capital Plan 2024E Capex by Business Unit Reiterate 1.8 2.1 B FY 2024 Capital Expenditures 60% Permian / 40% DJ Basin 150 MM lower than original 2024 outlook improved cycle times across business, enhanced productivity in DJ…
2024 Sales Volume Outlook 1Q24 Outperformance and Operational 2024E Total Sales Volume 325 345 MBoe/d Efficiencies Offsetting Asset Sales No changes to oil or equivalent guidance represents a 1.5% uplift in volume expectations before…
Permian Basin Overview Asset Highlights Premier rock in Lower 48 with multiple 1Q24 Production: 167 MBoe/d, 50% oil 1,120 Development Locations proven targets 2024 Activity: 120 - 140 gross wells 1 2024 Avg. Completed Lateral (88%…
Permian Performance Ahead of Plan Footage Drilled Per Day Per Rig Completion Barrels Per Day Per Crew New Wells Performing in line 22% with Acquisition Assumptions 1,800 28% 120,000 Drilling Times Reduced; 900 60,000 Higher…
Permian Drilling Establishing Our Performance 1Q24 Total Footage Drilled Per Day Per Rig (Midland & Delaware) 2,000 CIVI above Top Basin Operators 1,900 CIVI '24 CIVI Increased Lateral Footage and 2024 1,500 Reduced Days on…
DJ Basin Overview 454k net acres WY NE One of the lowest UT breakeven oil basins in the U.S. KS KS AZ NM Track record of continuous improvement Asset Highlights 1Q24 Production: 169 MBoe/d, 43% oil 2024 development…
DJ Basin Continuous Improvement Watkins Area Outperformance Well Performance in Watkins 3-mile lateral performance de-risked in 2023 21,000 YE 2023 Watkins Type Curve CAPs securing future; Anticipate Lowry CAP approval mid- YE 2022…
Leading FCF & Shareholder Returns Asset Quality and Low Reinvestment Rate Illustrative FCF Allocation at 75 WTI / 2.75 HH Driving Best-in-Class Free Cash Flow 8% 2024 reinvestment rate estimated at 50%(1) Dividend Yield Free cash flow…
Maximizing Shareholder Returns Quarterly Variable Dividend Framework 2Q24 Dividend 50% of Free Cash Flow (before changes in working capital and after base dividend) 2Q24 Total Dividend Calculation (MM) ( 1) Av erage Quarterly Free…
Existing Capital Structure Illustrative Cap Table: Capital Structure Updates (MM) As of 03/31/2024 Revolving Credit Facility due 2028 400 Total liquidity of 1.5 B as of March 31, 2024 with Revolving Credit Total Secured Debt 400…
2024 Guidance at 75 WTI and 2.75 HH 2024 Guidance 1Q Actuals Comment Total Production Asset performance offsetting asset sales; 2Q flat 325 345 336 (MBoe/d) to 1Q, 3Q growth from TILs Oil Production Asset performance offsetting…
Appendix
Oil Hedge Position Summary Contract Period 2Q24 3Q24 4Q24 1Q25 2Q25 Crude Oil Derivatives (volumes in Bbl/day and prices in /Bbl) Swaps NYMEX WTI Volumes 16,491 24,036 25,997 16,000 15,000 Weighted-Average Contract Price 70.52…
Natural Gas Hedge Position Summary Contract Period 2Q24 3Q24 4Q24 2025 Natural Gas Derivatives (volumes in MMBtu/day and prices in /MMBtu) Swaps NYMEX HH Volumes 31,686 161,578 131,701 -- Weighted-Average Contract Price 2.68 2.68 2.71…
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