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Contango Oil & Gas
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August 2021 Corporate Presentation
| Allan D. Keel | Page 4 of 11 |
May 08, 2024
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"August 2021 Corporate Presentation"
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+ 47% 15% 38% Oil NGL Gas The Pro-Forma Company at a Glance 4 Key Portfolio Attributes Current Operations Across the L48 1H’21 Production: ~115 MBoe/d 1H’21 Ann. Unhedged Adj. EBITDA (3) : ~$846 MM 1H’21 Ann. Unhedged Levered FCF (4) : ~$712 MM 2021E PDP Decline (1) : (18%) Net Debt / NTM EBITDA (5) : ~1.2x Proved PV-10 (6) : ~$4.0 Bn Proved PV-0 (6) : ~$7.5 Bn ? Substantial cash flow generation ? Long-lived, low decline rate (average of 18%) (1) 1. Strong and predictable PDP base ? Extensive low-risk, high return development opportunities (>$3 Bn of gross capital opportunity) ? Minimal CDO requirements and assets largely held by production allow for returns-focused reinvestment decisions 2. Meaningful inventory for low-risk growth 1H 2021 PF Production by Basin (2) YE 2020 SEC Reserves by Commodity 62% liquids Diversified, Well-Capitalized U.S. Independent Oil and Gas Company With Consistent Strategy Since 2011 Independence Basin Footprint Contango Basin Footprint Pro Forma Metrics (7) Note: Current operations map based on primary areas of operation and not indicative of the full combined asset base. (1) Represents projected pro forma PDP decline from February 2021 – February 2022 based on current management assumptions of the Company and Contango. (2) “Other” includes non Eagle Ford minerals and other PDP assets. (3) Represents unhedged annualized Independence pro forma 1H 2021 adjusted EBITDA plus Contango annualized unhedged 1H 2021 adjusted EBITDA. (4) Represents unhedged adjusted EBITDA less cash interest expense less cash taxes less development capital expenditures. (5) Represents Independence net debt at 6/30/2021 plus Contango net debt at 6/30/2021 divided by pro forma NTM adjusted EBITDA. (6) Based on SEC YE reserve reports. (7) The data of Independence comprising a part of such pro forma data represents a preliminary estimate based on the midpoint of an estimated range of 90 - 95 MBoe/d, $700MM - $726MM and $565MM - $593MM with respect to 1H’21 Production, 1H’21 Ann. Unhedged Adj. EBITDA and 1H’21 Ann. Unhedged Levered FCF, respectively. Eagle Ford Barnett Permian Mid-Continent Rockies 25% 20% 28% 10% 8% 9% Eagle Ford Barnett Rockies Mid-Con Permian Other