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Civitas Resources Inc
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Q1 2024 Earnings call Presentation
| Chris Doyle | Page 11 of 11 |
May 18, 2024
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"Q1 2024 Earnings call Presentation"
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DJ Basin – Continuous Improvement Watkins Area Outperformance • 3-mile lateral performance de-risked in 2023 • CAPs securing future; Anticipate Lowry CAP approval mid- 2024 and Arapa CAP approval late 2024 / early 2025 • ~320 remaining locations in Watkins (~80% in a CAP) Driving Operational Efficiencies in Drilling and Completions • Successfully drilled and completed 13 four-mile wells in Watkins – DJ Basin first; Averaged 9 days spud to rig release • Drilled CIVI’s initial four U-turn wells – Increasing capital efficiency and returns through longer laterals Leading-edge Application of Low-emissions Technology • 75% of rigs and crews operating on CNG or natural gas - 7,000 14,000 21,000 0 90 180 270 360 Cumulative Boe/1000' Producing Days YE 2023 Watkins Type Curve YE 2022 Watkins Type Curve 2023 & 2024 Actuals Well Performance in Watkins