September 2024 Investor Presentation September 17, 2024
Unlocking Value from Current Portfolio Midland Focused on Optimizing Recently Acquired Assets Permian Basin Summary Net Acres2 290,500 TX 1 Maximize Adjusted FCF1 & Reduce Net Debt1 2Q-24 Total Production 129.4 MBOE/d Strengthen…
Built a Decade of Inventory through Targeted Acquisitions and Organic Additions 395 Sub-50 WTI Breakeven Locations Increased sub-50 per Bbl WTI breakeven inventory by 275% since Jan-23 +68 885 4 years of drilling at current rig pace…
Point Energy Acquisition Adds High-Value, Low-Breakeven Delaware Basin Inventory Highly Productive, Low-Breakeven Inventory WCA Primary targets in 3BS, WCA and WCB underpin underwritten value 200 3BS Shale WCB 68 gross (49 net)…
Horseshoe Wells Lower Breakevens Across Portfolio VTLE Acreage Horseshoe Well Productivity Point Energy Acreage 250 Allison Unit (Midland Basin) Horseshoe Location Producing Horseshoe Locations Teller Unit (Delaware Basin) Howard…
Optimizing Delaware Basin Development Program Continuously Improving Well Cost and Optimizing Lateral Lengths 20% increase in well productivity vs. prior operators 1,200 1,050 - 1,070 1,030 - 1,050 15% decrease in current well…
2024 Development Program Rig Count Completion Crews 820 - 870 59.0 - 61.0 127.0 - 131.0 4 5 2 2 2 4 4 5% Capital Investments (MM) Oil Production (MBO/d) Total Production (MBOE/d) 30% 25% 50% 1.2 53% 88% 69% 95% 33% Delaware…
Strong Capital Structure Supported by Robust 2024 and 2025 Oil Hedges Pro Forma Debt Maturity Profile, MM Debt refinancing reduced weighted-average coupon on term debt from 9.5% to 8.2% Credit Facility Current Pro Forma Impact1…
Investment Opportunity Driven by Consistent Value Creation 1 Optimizing current portfolio to prioritize sustainable Adjusted Free Cash Flow1 2 Robust oil hedges in 2024 and 2025 to support Net Debt1 reduction 3 Decade of…
Appendix
2H-24 & FY-24 Guidance Guidance Commodity Prices Used for 3Q-24 3Q-24 4Q-24 FY-24 Jul-24 Aug-24 Sep-24 3Q-24 Avg. Production: Crude Oil: Total Production (MBOE/D) 121.0 - 127.0 134.0 - 140.0 127.0 - 131.0 WTI NYMEX (/BBO) 80.48…
Active Hedge Program Protecting Adjusted Free Cash Flow and Returns 1Hedges executed as of September 16, 2024. 14
Asset Overview1 Delaware Midland Combined Net Acres 87,800 202,700 290,500 Inventory Locations2 350 Gross 535 Gross 885 Gross Avg. Lateral Length 11,250 11,800 11,600 DC&E Well Cost3 10.3 - 10.5 MM 8.4 MM - Wells per…
2023 Sustainability Report Highlights1 Significant Progress Toward Our Environmental Targets Social and Governance Highlights Category 2019 Baseline Target 2022 Performance Target Status Diversity, Equity and Inclusion by below 12.5…
Supplemental Non-GAAP Financial Measures Adjusted Free Cash Flow Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before net changes in operating…
Supplemental Non-GAAP Financial Measures Consolidated EBITDAX Consolidated EBITDAX is a non-GAAP financial measure defined in the Company's Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled…
Supplemental Non-GAAP Financial Measures Consolidated EBITDAX The following table presents a reconciliation of net income (loss) (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented: Three months ended March 31, June…
Supplemental Non-GAAP Financial Measures Consolidated EBITDAX The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented: Three…
Supplemental Non-GAAP Financial Measures Net Debt Net Debt is a non-GAAP financial measure defined in the Company's Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash…
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