Operational Execution; Enhancing Returns 2Q25 Results August 2025
Key 2Q25 Messages Operating Results Outperformed Expectations in 2Q Beat on oil volumes, capital expenditures, and operating costs Cost Optimization and Capital Efficiency Initiative on Track 2025 savings impact of 40 MM; 2026…
Decisive YTD Actions Strengthen Financial Position 1 Entered 2025 optimizing free cash flow with 150 MM reduction in capex 2 Added 17 MMBbls of oil hedges YTD; currently hedged 60% through end of 2025 with avg. floor of 67 per…
Well Costs Reductions Delivered in All Basins Well costs (DC&E) 2024 plan per lateral foot 2025 plan Current (DC&E) 1,000 950 (7)% Current (D&C) 880 850 725 (5)% 790 685 700 670 (3)% 650 610 585 Delaware Midland DJ Key…
Accelerating Value Through Non-core Asset Sales Divested DJ Basin assets CIVI acreage 435 MM non-core asset divestments, significantly Divested acreage(1) exceeding 300 MM annual target Realizing 2026E EBITDAX multiple 4x 2026…
Reinstating 50/50 Allocation to Buybacks/Debt 1 Base dividend commitment Illustrative 2025E FCF allocation 0.50 per quarter; current annual yield 7% 2 Continuous focus on debt reduction 2025 non-core asset divestments exceeding plan…
2Q Results / 3Q Guidance
Strong 2Q25 Performance Delivered Cash Opex(3) per BOE Added 9 MMBbls of new oil hedges 749 MM Adj. EBITDAX(1) & down 10% to 10.19 3Q25 3Q26 123 MM Adj. FCF(2) Oil growth of 6% to 750 MM 149 MBbl/d unsecured bond, Cost…
Permian Basin Overview 2Q25 highlights N Delaware 1 S Delaware 2 10% oil production growth quarter over quarter with LOE per BOE down 17% 1 2 3 Well costs decreased 7% in Delaware and 5% in Midland since beginning of 2025 Delaware…
Delaware Execution Exceeding Expectations Delaware drilling efficiency Feet drilled per day Delaware drilling and completions operations 1,600 realizing significant efficiencies 20% 1,400 Improved drilling performance driven by BHA…
DJ Basin Overview NE 2Q25 highlights UT CIVI acreage Sustained production quarter over quarter with significant growth KS Divested acreage(2) anticipated in 3Q KS Well costs decreased 3% per foot to 650 (D,C &E) AZ NM Sustained…
DJ Basin Efficiencies Ahead of Plan DJ drilling efficiency YTD Record-setting drilling performance Spud to spud (days) 9.9 10.0 Drilled and completed largest step out in basin 9,150 (Invicta) 2025 Plan Actual 7.0 6.6 4-mile cycle…
Unlocking Value through Trades and Long Laterals Invicta development top-tier resource in Watkins Early-time production performance Ground game trade into Invicta driving value through expertise in 2 drilling long laterals Cum. oil…
Delivering Third Quarter Growth Total volumes Oil production MBoe per day MBbl per day Divestment Impact Divestment Impact 350 5.5% 160 5.5% 300 140 250 120 200 100 2Q25 3Q25E 2Q25 3Q25E Capital expenditures Cash…
2025 Guidance Update Full-year Guidance Current Status Quo Divestment adjusted FY Range Divestment Impact(1) FY Range Oil production 150 155 (2) 148 153 (MBbl/d) Total production 325 335 (4) 321 331 (MBoe/d) Total cash opex(2)…
Appendix
Hedge Position Summary Contract period 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Crude oil derivatives (volumes in Bbl/day and prices in /Bbl) Swaps NYMEX WTI volumes 48,363 74,700 33,000 44,500 12,000 -- Weighted-average contract price 70.85…
Adjusted EBITDAX Reconciliation Adjusted EBITDAX is a supplemental non-GAAP financial measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash…
Adjusted Free Cash Flow Reconciliation Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less…
Net Debt Reconciliation Net Debt is a supplemental non-GAAP financial measure that is used by management and external users of the Companys consolidated financial statements, such as industry analysts, investors, lenders and rating…
Cash General and Administrative Reconciliation Cash general and administrative is a non-GAAP measure that excludes stock-based compensation, that we believe affects the comparability of operating results as it is non-cash. Cash general…
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