Executing on Core Strategic Priorities Permian Basin Summary Net Acres2 273,000 OPTIMIZE IMPROVE FY-25E Total Production FY-25E % Oil 135.3 - 139.8 MBOE/d 47% TX Howard Co. COST STRUCTURE WTI BREAKEVEN Inventory Locations3…
Cost Reductions Driving Sustainable Increase in Adjusted Free Cash Flow1 Lease Operating Expenses, MM Projecting a 20MM annualized reduction to LOE 112.0 - 118.0 MM 107.0 - 113.0 MM Renegotiation of service contracts inherited from…
Resilient 2025 Development Program with WTI Breakeven1 of 50 per Barrel Delaware Basin Midland Basin Combined 1H-25 Program Rig Count 3.4 1.8 5.2 57 WTI Breakeven1 Frac Crews 0.9 0.4 1.3 1 D-Day Delaware Basin 2 Wells 1Q-25 2…
2025 Capital Program Supports Adjusted Free Cash Flow1 Generation Reaffirming 2025 Outlook Oil Production, MBO/d 68.0 - 72.0 64.9 61.0 - 65.0 63.0 - 66.0 135.3 - 139.8 58.0 - 62.0 Oil Production (MBO/d) Total Production…
Prioritizing Balance Sheet Improvement Through Debt Repayment Debt Maturity Profile, MM3,4 Cash Balance Targeting 300 MM1 of debt repayment for FY-25 Credit Facility Current Sr. Notes Borrowing Base 1.40 B Drawn Credit Facility…
Active Hedge Program Protecting Adjusted Free Cash Flow and Returns1 Crude Oil Hedge Position, MBO1 Natural Gas Hedge Position, MMBTU1 Natural Gas Liquids Hedge Position, MBBL1 Hedges as May 9, 2025 Subsequent Hedges Hedges as May 9,…
11 Years of High-Quality Permian Basin Inventory 925 Locations 250 Upside Midland Basin Completable Lateral Feet 8,292,000 11 Years of Inventory1 3 Years of Incremental Inventory 53 Avg. WTI Breakeven Oil Price Economically Viable;…
Optimizing Well Design to Enhance Capital Efficiency 2025 Midland Basin Horseshoe Well Development Improves Capital Efficiency 30% Utilizing advanced drilling techniques to expand long-lateral 0 MSS 1 Wells Midland Basin…
Midland Basin Overview Program Productivity Increase in 2025 versus 2024 Key Stats Midland Basin 250 12,100 LL Net Acres1 191,500 2% Increase in Volume; 3% Decrease in Lateral Length Howard Co. (70% Oil) Cumulative Gross MBOE…
Delaware Basin Overview Program Productivity Increase in 2025 versus 2024 Key Stats Delaware Basin Winkler Co. 350 Net Acres1 81,500 48% Increase in Volume; 25% Increase in Lateral Length 300 13,500 LL Cumulative Gross MBOE…
Optimized 2025 Development Drives Adjusted FCF Generation and Debt Reduction 1 Enhancing capital efficiency through increased productivity and lateral lengths 2 Targeting Net Debt1 reduction of 300 MM2 by YE-25 at current…
Appendix
2Q-25 & FY-25 Guidance Guidance Commodity Prices Used for 2Q-25 2Q-25 FY-25 Apr-25 May-25 Jun-25 2Q-25 Avg. Production: Crude Oil: Total Production (MBOE/D) 133.0 - 139.0 135.3 - 139.8 WTI NYMEX (/BBO) 62.96 58.83 58.57 60.10 Crude…
Proved Reserves Growth in 2024 Total Proved Reserves, MMBOE PV-10 Reserve Value Sensitivity, MM1 PUD PUD PD 30 455 PD 22% of Inventory Currently Booked as PUDs 5,179 405 69 4,510 30% 4,133 1,005 29% 792 3,131 644 (49) 70% 71%…
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 Adjusted Free Cash Flow Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by (used in) operating activities (GAAP) before net changes in operating assets…
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,…
Supplemental Non-GAAP Financial Measures Consolidated EBITDAX The following table presents a reconciliation of net cash provided by (used in) operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:…
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…
Supplemental Non-GAAP Financial Measures PV-10 PV-10 is a non-GAAP financial measure that is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10…
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