Disciplined Permian Basin Producer Company Summary Midland GENERATE FREE CASH FLOW1 Net Acres 253,000 TX 4Q-23E Total Production 101.8 105.8 MBOE/d Howard Co. REDUCE % Oil 48% DEBT AND LEVERAGE Inventory Locations 725…
Exceptional Operational and Financial Performance Throughout 2023 Oil production consistently exceeding guidance Base production outperforming expectations Guidance Range Oil Production, MBO/d Strong production results from…
Acquisition Strategy Builds Scale and Extends High-Value Inventory Strong Oil Production Growth, MBO/d 2019 - 22 2023 Acquisitions E. Glasscock / Reagan 53.8 - 57.8 Howard & W. Glasscock Co. Upton & S. Reagan Co. 45.0 - 45.7 2019: 2…
High-Value Acquisitions Support Strong 2024 Development Program Oil Production, MBO/d Total Production, MBOE/d Delaware Midland Combined Midland 53.8 - 57.8 110.4 - 116.4 Net Acres 70,300 182,575 252,875 Locations 200 Gross 525 Gross…
Operational Excellence and Digital Technology Drive Base Production Outperformance CHANGE CONTINUOUS DIFFERENTIAL LEADERSHIP IMPROVEMENT TECHNOLOGY 2023 Base1 Performance vs. Initial Expectations Organizational Structure Built for…
Strong Financial Structure and Cash Flows Protected by Robust 2024 Hedges Active Hedge Program FY-24E Oil Production Hedged2 93% of anticipated 2024 oil volume hedged at 75 WTI 93% 2024 Free Cash Flow targeted for debt reduction 1…
2022 Sustainability Highlights Significant Progress Toward Our Environmental Targets Social and Governance Highlights Category 2019 Baseline Target 2022 Performance Target Status Safety by below 12.5 0 Employee safety incidents…
Investment Opportunity Driven by Expected Value Creation in 2024 Oil Production, MBO/d Free Cash Flow1,2, MM PROVEN TRACK RECORD OF EXECUTING ACCRETIVE TRANSACTIONS 53.8 - 57.8 375 GROWING 28.4 FREE CASH FLOW1 60 SUPPORTED…
Appendix
4Q-23 & FY-23 Guidance Guidance Activity Levels for 4Q-23 4Q-23 FY-23 Delaware Midland Combined Production: Avg. Op Rig Count 1.3 2.0 3.3 Total Production (MBOE/D) 101.8 - 105.8 93.6 - 94.6 Avg. Op Frac Crew 0.5 1.1 1.6 Crude Oil…
Common Stock Outstanding December 21, November 29, November 6, October 31, 2023 2023 2023 2023 Common Stock Outstanding 35,427,6011 34,803,1961,2 28,671,8781 24,760,683 2.0% Cumulative Mandatorily Convertible Series A Preferred…
Supplemental Non-GAAP Financial Measures Free Cash Flow 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 assets and liabilities…
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 (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented: Trailing Twelve Months ended (in thousands,…
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: Trailing…
Supplemental Non-GAAP Financial Measures Net Debt Net Debt is a non-GAAP financial measure defined in the Companys Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and…
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