Delivering Value through Core Strategic Pillars Midland OPTIMIZE Permian Basin Summary TX COST STRUCTURE Net Acres2 290,945 3Q-24 Total Production 133.3 MBOE/d Howard Co. 3Q-24 % Oil 44% MAXIMIZE Inventory Locations3 885…
Operational Execution and Acquisition Integration Driving 2H-24 Momentum 3Q-24 Highlights Total Production, MBOE/d Oil Production, MBO/d Increased 4Q-24 Guidance 2% Increased 4Q-24 Guidance 2% 246 MM 310 MM 34 MM 133.3 134 - 140…
Point Energy Acquisition Delivering Differential Value Versus Initial Expectations Base Oil Production Outperforming by 20% Cave Bear DSU New Turn-in-Lines Outperforming by 30% 6,000 Actual 75 Actual Cumulative Gross Oil (MBO)…
Delaware Basin Focus To Enhance 2025 Capital Efficiency Continuously Improving Well Cost and Optimizing Lateral Lengths 75% of 2025E capital program allocated to the Delaware Basin 1,200 1,050 - 1,070 1,030 - 1,050 DC&E, per…
Optimizing Cost Structure Lowers Breakevens and Improves Capital Efficiency Sub-50 WTI 395 Breakeven Locations 4 years of drilling at current rig pace with an average Inventory Quality Supports Capital Efficient Development which…
Optimized 2024 Development Program Rig Count Completions Crews 845 - 870 60.9 - 61.7 131.0 - 132.5 5 2 2 2 4 4 4 5% Capital Investments (MM) Oil Production (MBO/d) Total Production (MBOE/d) 25% 25% 50% 1.2 53% 58% 100% 95%…
Capital Structure Supported by 2024-25 Oil Hedges Current Debt Maturity Profile, MM Targeting 400mm of debt repayment by YE-25 from Adj. FCF1,3 Credit Facility Current Expect to maintain leverage ratio of 1.5x3 through YE-25…
Strong 2H-24 Momentum Improves 2025 Outlook 1 Point Energy acquisition outperforming production expectations by 20-30% 2 Enhanced 2025 capital efficiency driven by increased Delaware Basin activity 3 Targeting total debt…
Appendix
4Q-24 & FY-24 Guidance Guidance Commodity Prices Used for 4Q-24 4Q-24 FY-24 Oct-24 Nov-24 Dec-24 4Q-24 Avg. Production: Crude Oil: Total Production (MBOE/D) 137.0 - 143.0 131.0 - 132.5 WTI NYMEX (/BBO) 71.56 69.37 68.97 69.97 Crude…
Active Hedge Program Protecting Adjusted Free Cash Flow and Returns 1Hedges executed as of November 5, 2024. 13
Asset Overview1 Delaware Midland Combined Net Acres 86,235 204,710 290,945 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…
2024 Sustainability Report Highlights Continued Progress Toward Sustainability Targets CATEGORY TARGET 2023 PERFORMANCE3 TARGET PROGRESS Scope 1 Below 12.5 mtCO2e/MBOE Achieved by GHG emissions intensity1 2019 baseline of 26.03…
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 September 30,…
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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