Slide 1: Colgate Energy Investor Presentation Q1 2022
COLGATE ENERGY Investor Presentation Q1 2022 CONFIDENTIAL
Slide 2: Colgate Energy Overview
Colgate Energy Overview Centennial Merger: On May 19th, Colgate and CDEV announced a merger of equals transaction, creating a premier Delaware Basin pure-play Colgate will be suspending its regularly scheduled $25mm dividend until closing Additional merger detail provided at www.cdevinc.com Hedge Tr
Slide 3: Establishing a Premier Permian Pure-Play
Establishing a Premier Permian Pure-Play Combined business uniquely positioned to drive value creation ~180,000 Net Acres in the Delaware Basin Core Highly-aligned management team, with a track record of execution and strong returns High-quality, complementary asset base and differentiated inventory
Slide 4: Transaction Overview
Transaction Overview TRANSACTION STRUCTURE CDEV to combine with Colgate in a ~$7.0bn merger of equals transaction, valuing Colgate at ~$3.9bn1 – 269.3mm CDEV shares issued to the current Colgate equity holders – CDEV to assume Colgate outstanding debt2 upon closing (current net debt of ~$1.4bn) – $5
Slide 5: Q1 2022 Financial Review
Q1 2022 Financial Review Production (Boepd) EBITDAX ($MM) Unhedged Free Cash Flow ($MM) Unhedged Controllable Cash Costs per Boe Unhedged Cash Margin D&C / Lateral Ft Oil (MBbls) Gas (MMcf) NGL (MBbls) Total (MBoe) Net Daily Production (Boepd) % Oil % Oil Hedged Oil Sales Gas Sales NGL Sales Other I
Slide 6: Operational & Financial Metrics Over Time
Operational & Financial Metrics Over Time Overall cost structure continues to be peer leading: - Controllable cash costs increased 1% quarter over quarter to $7.76 per boe - D&C / Lateral Ft increased 3% quarter-over-quarter, with Colgate team diligently monitoring and combating cost inflation - Col
Slide 7: Colgate's Commitment to ESG
Colgate’s Commitment to ESG Prioritizing ESG Management Focus and Oversight Operational Best Practices Environmental and Safety Cassius’s executive team manages the Company’s approach to ESG including operation, social and governance priorities ESG Committee reports to Cassius Board with team held a
Slide 8: Appendix
Appendix
Slide 9: Hedging Summary
Hedging Summary Colgate Hedgebook Summary Q3 2022 Q4 2022 FY 2022 FY 2023 FY 2024 Crude Oil Hedges WTI Swaps (Bopd) Avg Price Mid-Cush Swaps (Bopd) Avg Price Roll Swaps (Bopd) Avg Price Natural Gas Hedges Henry Hub Swaps (MMBtu/d) Avg Price Waha Basis Swaps (MMBtu/d) Avg Price Henry Hub Collars (MMB
Slide 10: Disclaimer
Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” under applicable securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Colgate Energy Partners III, LLC’s (including its subsidiari
Slide 11: Non-GAAP Definitions
Non-GAAP Definitions This presentation includes certain financial measures that are not calculated in accordance with GAAP. These measures include (i) EBITDAX, (ii) Free Cash Flow, (iii) PV-10, (iv) leverage ratio, (v) net debt, (vi) Cash Margin and (vii) Controllable Cash Costs. These non-GAAP fina