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Civitas Resources Inc
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Q1 2024 Earnings call Presentation
| Chris Doyle | Page 4 of 11 |
May 19, 2024
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"Q1 2024 Earnings call Presentation"
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4 ~$1.3 B FCF (1) at $75/Bbl and $2.75/Mcf $5 change in WTI is ~$275 MM impact 2024 reinvestment rate ~50% (3) Generate Free Cash Flow $928 MM Adjusted EBITDAX (1) 336 MBoe/d; 156 MBbl/d oil $9.19 Cash costs (2) per BOE Targeting 50% DJ emissions reduction by ‘27; Committed to achieving carbon neutrality on Permian assets by YE24 Demonstrate ESG Leadership Ongoing pneumatic retrofit projects in CO lowering Scope 1 emissions; TRIR of 0.22 2024 Outlook Pillar 1Q Highlights ~$600 MM of expected dividends (5) ~$338 MM remaining on buyback authorization (6) Return Cash to Shareholders $148 MM dividends paid; $67 MM share repurchases (1) Adjusted EBITDAX is a non-GAAP measure. See reconciliation to appropriate 1Q24 GAAP measure on Slide 19. Due to the forward-looking nature of the 2024 Free Cash Flow projection and the unavailability of the specific quantifications of the amounts that would be required to reconcile such projections to the most directly comparable GAAP measure, Civitas believes it to be infeasible to provide accurate reconciliations. (2) Includes LOE, GT&P Expense, Midstream Expense, and Cash G&A. Non-GAAP measure. See slide 21 for reconciliation to appropriate GAAP measure. (3) Reinvestment rate calculated as midpoint of 2024 capex guidance / consensus 2024 EBITDAX. (4) Net leverage defined as Net Debt / last 12 months Adjusted EBITDAX. Due to the forward-looking nature of this Net Debt projection and the unavailability of the specific quantifications of the amounts that would be required to reconcile such projections to the most directly comparable GAAP measure, Civitas believes it to be infeasible to provide accurate reconciliations. (5) At $75/Bbl oil and $2.75/Mcf natural gas prices. The decision to pay dividends is subject to the discretion and approval of the Board and certain restrictive covenants contained in Civitas’ credit facility and the indentures governing its senior notes. See Slide 2 for additional information on the limitations of Civitas’ ability to pay future dividends. (6) Adjusted for the $75 MM share buyback from Vitol announced May 2, 2024 Strategy Delivering Value ~50% of FCF to balance sheet / buybacks Net leverage of 1.2x (4) by YE24 at $75 WTI Maintain Premier Balance Sheet ~$350 MM reduction in credit facility borrowings; $1.5 B financial liquidity