Creating Value from High-Quality Permian Basin Position Oil Production, MBo/d Permian Basin Summary 63.3 - 65.3 61.7 OPTIMIZE Net Acres2 267,300 46.3 TX COST STRUCTURE FY-25E Total Production 136.5 - 139.5 MBOE/d 61.7 65.3 46.3…
Sustainably Lower Expenses Drive Adjusted Free Cash Flow1 Generation Total Production, MBOE/d Oil Production, MBO/d 2Q-25 Highlights 61.0 - 65.0 133.0 - 139.0 137.9 62.1 252 MM 338 MM 36 MM Cash Flows from Consolidated Adjusted…
Successful Optimization Efforts Driving Improved Cost Outlook Lease Operating Expenses, MM Optimized cost structure reduces ongoing expenses by 6% versus initial expectations 115.0 - 120.0 109.0 - 115.0 110.7 107.0 - 113.0…
Disciplined 2025 Capital Program Supports Adjusted Free Cash Flow1 Outlook Reaffirming 2025 Outlook Oil Production, MBO/d 68.0 - 72.0 64.9 63.3 - 65.3 136.5 - 139.5 62.1 58.0 - 62.0 Oil Production (MBO/d) Total Production…
Capital Efficiency Improving in 2H-25 Midland Basin Program Productivity Delaware Basin Program Productivity 300 500 12,400 LL 15,400 LL (67% Oil) Cumulative Gross MBOE Cumulative Gross MBOE (69% Oil) 400 (Production per…
2H-25 Development Program On Schedule 2H-25 Turn-in-Line Program Midland Basin Delaware Basin Fat Chance Fat Chance Package Package Producing (3Q-25) (3Q-25) Howard Co. 8 Mile Package Army & NavySouth Army/Navy South (12…
Prioritizing Balance Sheet Improvement Through Debt Repayment Debt Maturity Profile, MM3 Cash Balance Targeting 310 MM1 of debt repayment for FY-25, including Credit Facility Current Sr. Notes Drawn Credit Facility 27 MM of…
Active Hedging Program Underpins Cash Flow Crude Oil Hedge Position, MBO1 Natural Gas Hedge Position, MMBTU1,2 Natural Gas Liquids Hedge Position, MBBL1 Hedges as June 17, 2025 Subsequent Hedges Hedges as June 17, 2025 Subsequent Hedges…
Optimized Well Designs Extend and Improve Inventory 2025 Midland County Horseshoe Well Development Established core competencies in advanced drilling techniques 0 MSS 1 Wells Midland Basin to expand long-lateral development…
11 Years of High-Quality Permian Basin Inventory 920 Locations 245 Upside Midland Basin Completable Lateral Feet 8,232,000 11 Years of Inventory1,2 3 Years of Incremental Inventory2 53 Avg. WTI Breakeven Oil Price Economically…
Maximizing Adjusted Free Cash Flow1 Generation and Reducing Debt 1 Targeting Net Debt1 reduction of 310 MM2 by YE-25 at current commodity prices 2 Sustainable LOE and G&A savings enhancing cash flow and debt repayment 3 95% of…
Appendix
3Q-25 & FY-25 Guidance Guidance Commodity Prices Used for 3Q-25 3Q-25 FY-25 Jul-25 Aug-25 Sep-25 3Q-25 Avg. Production: Crude Oil: Total Production (MBOE/D) 128.0 - 134.0 136.5 - 139.5 WTI NYMEX (/BBO) 67.24 68.91 67.95 68.03 Crude…
Proved Reserves Growth in 2024 Total Proved Reserves, MMBOE PV-101 Reserve Value Sensitivity, MM 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 This release includes certain forward-looking non-GAAP measures. Due to the forward-looking nature of such measures, no reconciliations of these non-GAAP measures to their respective most directly…
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 period presented: Three months ended (in…
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 period 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…