#1NOVEMBER 8, 2022 PERMIAN Q3 2022 Earnings Presentation RESOURCES#2Important Information PR Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward- looking statements. When used in this presentation, the words "could," "believe," "anticipate,” “intend,” “estimate," "expect," "project," "goal," "plan," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, the COVID-19 pandemic and governmental responses thereto, inflation, lack of availability of drilling and production equipment and services, risks relating to the recently-closed merger, environmental and weather risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks described in our filings with the Securities and Exchange Commission. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, such as Adjusted EBITDAX, free cash flow, adjusted free cash flow, net debt and net debt-to-EBITDAX (or "leverage"). Please refer to slide 18 for a reconciliation of Adjusted EBITDAX to net income, the most comparable GAAP measure. We believe Adjusted EBITDAX is useful as it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to financing methods or capital structure. We exclude the items listed on slide 18 from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic cost of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies. Please refer to slide 19 for a reconciliation of free cash flow and adjusted free cash flow to net cash provided by operating activities, the most comparable GAAP measure. We believe free cash flow and adjusted free cash flow are useful indicators of the Company's ability to internally fund its exploration and development activities and to service or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities or accounts payable related to capital expenditures. The Company believes that these measures, as so adjusted, present meaningful indicators of the Company's actual sources and uses of capital associated with its operations conducted during the applicable period. Our computations of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies. Free cash flow and adjusted free cash flow should not be considered as alternatives to, or more meaningful than, cash provided by operating activities as determined in accordance with GAAP or as indicator of our operating performance or liquidity. The Company defines net debt as the aggregate principal amount of the Company's long-term debt, minus cash and cash equivalents. The Company presents this metric to help evaluate its capital structure and financial leverage and believes that it is widely used by professional research analysts, including credit analysts, and others in the evaluation of total leverage. The Company presents this metric to show trends that investors may find useful in understanding the Company's ability to service its debt. This metric is widely used by professional research analysts, including credit analysts, in the valuation and comparison of companies in the oil and gas exploration and production industry. The Company does not provide guidance on the items used to reconcile between forecasted free cash flow to forecasted net cash provided by operating activities due to the uncertainty regarding timing and estimates of certain items. Therefore, we cannot reconcile forecasted free cash flow to net cash provided by operating activities without unreasonable effort. 1#3Permian Resources - Company Overview PR Premier Delaware Basin Pure-Play E&P Company Top Tier Inventory Quality & Depth Commitment to Balance Sheet Strength Differentiated Shareholder Returns & Alignment Committed to ESG & Sustainability • • • . • . Largest pure-play Delaware Basin E&P company with ~180,000 net acres, ~40,000 net royalty acres and -157,500 Boe/d of FY 2023E production¹ Scaled cash flow base and balance sheet provide increased flexibility to respond to a range of market conditions High quality asset base and inventory depth drives highly capital-efficient development plan Inventory depth supports long-term free cash flow and shareholder return profile Committed to financial discipline with strong balance sheet and liquidity Low leverage provides for a healthy balance sheet and supports return of capital program during periods of weaker commodity prices Highly-aligned management team with track record of delivering differentiated returns Returning >50% of Free Cash Flow to shareholders on a go-forward basis² with current base dividend yield of 1.8%³ Commitment to ESG and sustainability with focus on combined best practices Published Corporate Sustainability Reports and targeting additional near & long-term sustainability goals PR Key Statistics Eddy ~180,000 Net Acres Lea ~157,500 Boe/d FY23E Production Delaware Basin New Mexico 15+ Years High-Quality Inventory ~$8.5bn Enterprise Value³ Culberson Texas <1.0x Current Leverage4 PR Acreage Loving Winkler Reeves Ward Based on mid-point on Preliminary FY 2023 Outlook ranges (2) Variable return program to begin in Q1'23, payable in Q2'23 (3) Market data as of November 7, 2022 (4) Current leverage represents Net Debt / Q3'22 LQA EBITDAX and includes full EBITDAX contribution from Legacy Colgate assets 2#43 Permian Resources Q3'22 Highlights PERMIAN RESOURCES Closed transformational merger of equals between Centennial and Colgate on September 1st, creating $8.5bn Permian Basin pure-play Reported strong net cash flow from operations of $388mm and adjusted free cash flow of $159mm Announced robust return of capital program, returning at least 50% of free cash flow after base dividend starting in 2023 Announced inaugural quarterly base dividend of $0.05 per share Strong progress to date towards realizing significant synergies from enhanced size and shared best practices Recently entered into revised midstream contract to price a significant amount of residue natural gas at Houston Ship Channel based pricing Maintained strong balance sheet and low leverage profile Q3'22 Financial Summary (1) EBITDAX and adjusted Free cash flow are non-GAAP financial measures; reconciliation of EBITDAX and adjusted free cash flow included on slides 18 and 19, respectively Production Overview Average Daily Production (Boe/d) 92,003 Average Daily Oil Production (Bo/d) 48,499 % Oil 53% Cash Flow & Income Overview ($ mm) $549.8 $380.5 $198.9 $159.3 Total Oil & Gas Revenue Adjusted EBITDAX1 Total Capital Expenditures Adjusted Free Cash Flow¹ Unit Cost Overview ($ / Boe) Lease Operating Expense $4.84 Gathering, Processing & Transportation $3.55 Cash G&A $1.78 Depreciation, Depletion & Amortization $12.94 Balance Sheet Overview ($ mm) Cash and Cash Equivalents Total Debt Outstanding Net Debt Liquidity PR $45.5 $2,365.8 $2,320.3 $989.7 Note: PR Q3'22 results include 2 months of standalone Legacy CDEV results and 1 month of combined Legacy CDEV and Colgate results due to September 1, 2022 merger closing#5Differentiated Size and Scale in the Premier Oil Basin Significant Low-Cost Production Base 2023E Total Production (Mboe/d) 158 Scaled Oil Production Supports Strong Margins 2023E Oil Production (Mbo/d) 82 PR Differentiated Acreage Position in the Permian Permian Basin Net Acres (# 000s) 180 PDCE CHRD CIVI PR SM MTDR CPE ESTE MGY CHRD PDCE PR CIVI SM MTDR CPE ESTE MGY PR ESTE CPE MTDR SM PDCE CHRD CIVI MGY Note: Peer production figures based on consensus median estimates, acreage numbers from most recent public investor materials; PR production figures represent the mid-point of Preliminary 2023 Outlook 4#6Initiating Dividend Program with Q3 2022 Base Dividend Inaugural Base Dividend Declared inaugural $0.05 per share quarterly dividend in Q3 2022 ($0.20 per share annually) • Dividend will be paid on November 29th, to shareholders of record as of November 21st Represents 1.8% annualized base dividend yield¹ Base dividend supported below $40 per barrel WTI over a multi-year period Committed to sustainable base dividend growth over time Base Dividend Yield (%) 1 3.1% 2.8% 2.0% 1.8% 1.8% 1.7% 1.7% 1.7% 1.5% 1.2% 1.0% (1) Base Dividend Yield based on Bloomberg market data as of 11/7/2022 and Q3 2022 dividend declarations CHRD CIVI CTRA FANG PR PDCE PXD S&P 500 MGY SM 0.5% DVN MTDR CPE LPI ESTE 5 PR#7PR Return of Capital Program Overview PR Shareholder Returns Framework Base Dividend $0.05 per share quarterly with commitment to sustainable Base Dividend growth Variable Return of Capital Expected to begin Q1'231 Variable Return of at least 50% of free cash flow after Base Dividend through combination of variable dividends and opportunistic share repurchases Illustrative Return Mechanics PR Quarterly FCF Base Dividend Excess Free Cash Flow × Payout Ratio (50%) Total Variable Return Variable Return allocated between Variable Dividends & Share Repurchases 2023 Shareholder Returns Outlook 2023E Free Cash Flow of ~$1.1bn at current strip pricing $0.20 per share annual base dividend to shareholders (~$110mm notionally) ~$490mm additional return to shareholders via variable dividend or share repurchases Implies anticipated base + variable return of ~$600mm in 2023 at current strip pricing (1) Variable return program to begin in Q1'23, payable in Q2'23 FY 2023 Shareholder Returns Sensitivity ~$1.1bn Base Dividend Variable Return Excess FCF $90 WTI Strip $80 WTI $70 WTI $60 WTI 6#8Meaningful Cost Savings & Operational Synergies Tangible Synergy Realization Targeting ~$65mm of annual cost synergies across D&C capital, LOE and G&A Translates to over $450mm total present value over the next decade PR Combining Best Practices to Drive Cost Savings Implementing D&C design changes to reduce cycle times and well costs Applied shared best practices, including new bottom hole assembly (BHA) technology and optimized drilling parameters Ongoing high-grading of drilling fleet to high-spec rigs Leveraging complementary asset base to reduce LOE Expanded water recycling program to legacy Colgate acreage • • Extended existing electrical substation grids to offset assets Optimizing G&A to drive efficiency Definitive organizational structure in-place with majority of positions located in Midland, TX Expect significant reduction in cash G&A per BOE going forward 7#9Strong Balance Sheet Supports Business Plan and Shareholders Overview • • . Permian Resources is committed to maintaining a strong balance sheet with significant financial flexibility Closed on a new $2.5bn borrowing base revolving credit facility with an elected commitment amount of $1.5bn, concurrent with closing of the merger Attractive hedge book in place to support continued debt reduction Long-term sustainable free cash flow supports low-debt, low leverage profile and provides financial flexibility Balance sheet supports differentiated capital return program PR PR Capital Structure Overview (as of 9/30/22) ($, millions) Cash and cash equivalents Revolving Credit Facility 5.375% Senior Unsecured Notes due 2026² 7.750% Senior Unsecured Notes due 20262 Actual 9/30/22 $45.5 550.0 289.4 300.0 6.875% Senior Unsecured Notes due 20272 356.4 3.250% Senior Unsecured Exchangeable Notes due 20282 170.0 5.875% Senior Unsecured Notes due 20292 700.0 $2,365.8 $2,320.3 Total Debt Net Debt Liquidity ($mm) Borrowing Base Current Leverage¹ <1.0x Long-Term Leverage Target 0.5-1.0x (1) Current leverage represents Net Debt/ Q3'22 LQA EBITDAX and includes full EBITDAX contribution from Legacy Colgate assets (2) Reflects the aggregate principal amount and is not adjusted for unamortized debt issuance costs and discounts $2,500.0 Elected Commitments $1,500.0 Total Liquidity Less: RCF Borrowings (550.0) Less: Letters of Credit (5.8) ~$1bn Plus: Cash and cash equivalents 45.5 Liquidity Utilization $989.7 37% 8#10Maturity Profile Provides Financial Flexibility Permian Resources Debt Maturity Profile ($mm)1 RBL Borrowings 5.375% Notes due 2026 7.750% Notes due 2026 6.875% Notes due 2027 3.250% Convert. Notes due 2028 5.875% Notes due 2029 $2,500 Borrowing Base $1,500 Elected Commitments Staggered maturity profile: 2026 - 2029 with no maturities until January 2026 $645mm of Senior Notes callable today, with remaining $1bn callable in 2024 $589 $550 $300 $356 No near-term maturities $170 2022 2023 2024 (1) Reflects the aggregate principal amount and is not adjusted for unamortized debt issuance costs and discounts $289 $700 2025 2026 2027 2028 2029 PR 9#11Proactively Managing Natural Gas Pricing and Transportation ✓ Advantaged Pricing Flow Assurance Hedge Protection Integrated Midstream Partners Ample Processing Capacity Proactive Management • Entered into a revised midstream contract in September to sell a significant portion of residue natural gas at Houston Ship Channel pricing Provides additional flow assurance and reduced exposure to Waha regional prices No minimum volume commitments Natural Gas Takeaway and Pricing Overview • Significant portion of PR's natural gas production is expected to receive Gulf Coast pricing in FY 2023 • Incremental protection provided through hedges • - ~67,500 MMBtu/d fully hedged (Henry Hub + Waha Basis) in FY 2023 Anticipate that -33% of 2023 residue gas volumes to be exposed to Waha prices Partners with some of the largest midstream providers in the basin to ensure reliable takeaway to end-markets - Significant long-term relationships in place with Enterprise, Kinetik and Targa PR FY 2023E Residue Gas Price Exposure Expect -33% of FY 2023 residue gas volumes to be exposed to Waha prices Houston Ship Channel Fully Hedged Waha Gas Spot Waha Gas 10 10#12Combined Focus on ESG Excellence PR MINIMIZING OUR IMPACT Minimizing surface disturbance through comprehensive planning and reducing water usage through recycling are principal components of our business ܟ REDUCING EMISSIONS Continued focus on further reduction in GHG emissions intensity through the elimination of routine flaring, improved facility designs, robust LDAR program and collaboration with our midstream providers SHAREHOLDER ALIGNMENT Our performance-focused compensation philosophy, coupled with one of the largest management ownership interests in the industry, drives differentiated shareholder alignment GHG Emissions (Intensity) 1,2 22.5 (44%) Reduction 12.7 PERMIAN RESOURCES Methane Emissions (Intensity) 1,2 3.8 (37%) Reduction 2.4 BENEFITING COMMUNITIES We are dedicated to making positive impacts in the communities where we live and work, partnering with the town of Pecos, Midland schools, Permian Strategic Partnership and numerous other non-profits in TX, NM and CO DIVERSITY AND INCLUSION We are committed to a diverse workforce because we believe employees with different backgrounds, experiences and skillsets drive a culture of innovation which allows us to achieve superior results SAFE WORKPLACE Maintaining the safety and well-being of employees, contractors and communities is of key importance. We work to maintain safe operating environments and implement policies and procedures that support our commitment to protecting our employees and partners Natural Gas Flaring (% of total)1 7.1% (76%) Reduction 1.7% 2020 2021 2020 2021 2020 2021 (1) All figures shown on a combined basis for Legacy Centennial and Legacy Colgate (2) Intensity measures represent metric tons of CO2e / MBoe 11#13Establishing the Premier Permian Pure-Play Eddy Delaware Basin Lea Culberson Texas Reeves New Mexico Loving Winkler • . Ward · PERMIAN RESOURCES Premier asset quality and inventory depth Significant operational & financial scale Disciplined, differentiated growth Sustainable free cash flow generation Accelerated, robust shareholder return program Strong balance sheet and financial flexibility Commitment to ESG & sustainability PR Acreage PR 12#14Appendix MADE IN KOREA HTUNDAT PR#15Q4 2022 and FY 2023 Preliminary Outlook PR • FY 2023 Overview • • Currently operating an eight-rig drilling program and expect to reduce to a seven-rig program in November 2022 • Potential to reduce rig count during 2023, assuming expected operational efficiencies are achieved Average lateral length of ~9,000 ft Average working interest for operated completions of ~80% (average 8/8ths NRI of ~78%) Projected oil realization of 96 - 99% of WTI FY 2023 Preliminary Outlook Total Production 150 165 MBoe/d - (~10% Q4'22- Q4'23 Growth) Oil Production 78-86 MBo/d (~52% oil, ~71% liquids) • Total capital guidance of ~$1.25bn • Implies 15% inflation vs FY 2022 levels Expect de minimis cash taxes for FY 2023 Q4 2022 Outlook ~140,000 150,000 Boe/d - ~73,000 - 77,000 Bo/d (~52% oil at midpoint) • Total capex of $300 - $325mm Q4 development program assumes ~38 - 42 spuds and completions (1) Represents total controllable cash costs (LOE, GP&T and cash G&A); note, initial merger roll-out outlook (as of 5/19/22) included only LOE & Cash G&A line items (2) Inflation percentage based on mid-point of range Cash Costs $7.25-$8.75 / Boe (LOE + Cash G&A + GP&T Expense)1 Production Taxes 6.5% -8.5% (% of revenue) Total Capex $1.15-$1.35bn (~15% Inflation vs FY 20222) Development Program 140-160 TILS (135-155 Spuds) 14#16Differentiated Shareholder Alignment PR % of Total Equity Owned by CEO1 8% 7% 6% 5% 4% 3% 2% 1% 0% PR Significant CEO ownership of ~6% separates PR from peers Permian Resources has adopted a performance-focused compensation philosophy, driving differentiated shareholder alignment Significant senior leadership insider ownership: One of the largest CEO ownership levels in the industry • Management team compensation shifting towards performance-based equity compensation: The Company's Co-CEOs will receive compensation solely in performance stock units (PSUs) with no cash salary or bonus Director compensation has been redesigned to increase weighting of equity compensation for the Company's Board of Directors PSUs will be increasingly used for equity awards to the Company's leadership team (CEO, EVP, SVP and VP) to further align officer compensation with shareholders Sources: IHS Markit's BD Corporate, Company filings and Colgate estimates. (1) Comparable companies exclude controlled companies. Peer figures assume direct beneficial ownership held by CEO only 15#17Quarterly Financial Results Financial Summary ($mm, unless otherwise noted) 1 FY 2021 FY 2022 ($ in millions, unless specified) Average Daily Production (Boe/d) Q1 Q2 Q3 Q4 FY 2021 Q1 Q2 Q3 54,202 61,647 65,121 62,649 60,939 61,359 70,240 92,003 Average Daily Oil Production (Bo/d) % Oil 28,239 31,912 33,529 34,468 32,058 32,741 36,696 48,499 52% 52% 51% 55% 53% 53% 52% 53% Total Revenue $192.4 $232.6 $288.5 $316.4 $1,029.9 $347.3 $472.7 $549.8 Pre-Hedge Realized Oil Price ($/Bbl) $52.62 $60.99 $65.31 $72.78 $63.50 $89.17 $104.69 $89.02 Adjusted EBITDAX² $99.8 $126.8 $170.9 $187.1 $584.6 $217.1 $297.3 $380.5 Net Income (loss)³ ($34.6) ($25.1) $37.1 $160.8 $138.2 $15.8 $191.8 $343.5 Lease Operating Expense ($ / Boe) $5.30 $4.10 $4.79 $5.01 $4.78 $5.20 $4.52 $4.84 Gathering, Processing & Transportation ($ / Boe) 4.23 3.47 4.03 3.75 3.86 3.96 4.03 3.55 Severance & Ad Valorem Taxes ($ / Boe) 2.58 2.81 2.97 3.64 3.02 4.54 5.43 4.93 Cash G&A ($/ Boe) 2.18 1.81 2.08 2.61 2.17 2.13 1.95 1.78 Depreciation, Depletion & Amortization ($ / Boe) 13.08 13.09 12.69 13.16 13.00 12.86 12.85 12.94 Total Capital Expenditures $72.9 $83.2 $78.9 $86.5 $321.5 $114.7 $140.6 $198.9 Cash and Cash Equivalents $10.9 $4.7 $5.0 $9.4 $9.4 $50.6 $201.1 $45.5 Total Debt Outstanding4 $1,102.9 Net Debt $1,091.9 Liquidity $514.8 $1,070.8 $1,066.1 $445.7 $1,020.8 $840.8 $840.8 $815.8 $815.8 $2,365.8 $1,015.8 $831.4 $831.4 $765.2 $614.7 $2,320.3 $493.5 $678.6 $678.6 $794.8 $945.3 $989.7 Note: Q3'22 results represent legacy Centennial for the months of July and August and include amounts related to legacy Centennial and legacy Colgate for the month of September Amounts may not sum due to rounding (1) (2) (3) (4) Adjusted EBITDAX is not presented in accordance with generally accepted accounting principles in the United States Net Income represents total consolidated net income before adjusting for noncontrolling interest (only applicable in Q3'22); Q3'22 net income attributable to Class A common stock was $224.4mm Reflects the aggregate principal amount PR 16#18Hedge Book Overview Hedge Position Detail PR FY 2022 FY 2023 FY 2024 Q4 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 WTI Fixed Price Swaps Total Volume (Bbl) Daily Volume (Bbl/d) 2,530,000 27,500 1,575,000 1,592,500 1,472,000 1,472,000 17,500 17,500 16,000 16,000 6,111,500 16,744 1,092,000 1,092,000 1,104,000 12,000 12,000 12,000 1,104,000 12,000 Weighted Average Price ($ / Bbl) $89.17 $90.58 $87.64 $86.36 $84.11 $87.24 $78.46 $77.30 $76.21 $75.27 4,392,000 12,000 $76.81 WTI Collars Total Volume (Bbl) 644,000 810,000 819,000 644,000 Daily Volume (Bbl/d) 7,000 9,000 9,000 7,000 644,000 7,000 2,917,000 0 0 0 0 0 7,992 0 0 0 0 0 Weighted Average Ceiling ($ / Bbl) $104.17 $91.15 $91.15 $92.70 $92.70 $91.83 $0.00 $0.00 $0.00 $0.00 $0.00 Weighted Average Floor ($ / Bbl) $80.00 $75.56 $75.56 $76.43 $76.43 $75.94 $0.00 $0.00 $0.00 $0.00 $0.00 Mid-Cush Basis Swaps Total Volume (Bbl) 1,848,886 729,999 739,499 749,000 749,002 2,967,500 637,000 637,000 644,000 644,000 Daily Volume (Bbl/d) 20,097 8,111 8,126 8,141 8,141 8,130 7,000 7,000 7,000 Weighted Average Price ($ / Bbl) $0.62 $0.55 $0.55 $0.52 $0.52 $0.53 $0.43 $0.43 $0.43 7,000 $0.43 2,562,000 7,000 $0.43 WTI Roll Fixed Price Swaps Total Volume (Bbl) 2,760,000 1,350,000 1,365,000 Daily Volume (Bbl/d) 30,000 Weighted Average Price ($ / Bbl) $1.85 15,000 $1.34 15,000 $1.25 1,380,000 15,000 $1.23 1,380,000 5,475,000 637,000 637,000 644,000 644,000 2,562,000 15,000 $1.22 15,000 7,000 7,000 7,000 7,000 7,000 $1.26 $0.75 $0.74 $0.73 $0.72 $0.74 Henry Hub Fixed Price Swaps Total Volume (MMBtu) Daily Volume (MMBtu/d) Weighted Average Price ($ / MMBtu) 3,432,715 37,312 $5.86 1,670,157 18,557 $7.64 1,572,752 17,283 $4.70 1,486,925 16,162 $4.70 1,413,628 15,366 $4.90 6,143,462 16,831 $5.55 464,919 5,109 $5.01 446,321 4,905 429,388 413,899 1,754,527 4,667 4,499 4,794 $3.93 $4.01 $4.32 $4.33 Henry Hub Collars Total Volume (MMBtu) 5,617,285 Daily Volume (MMBtu/d) 61,057 7,104,843 78,943 6,389,748 70,217 6,563,075 71,338 6,636,372 72,134 26,694,038 73,134 3,175,081 1,373,679 1,410,612 1,426,101 7,385,473 34,891 15,095 15,333 15,501 20,179 Weighted Average Ceiling ($ / MMBtu) $9.11 $10.33 $7.62 $7.52 $8.22 $8.47 $9.44 $6.45 $6.52 $7.30 $7.91 Weighted Average Floor ($ / MMBtu) $5.64 $4.67 $3.64 $3.64 $3.66 $3.92 $3.36 $3.00 $3.00 $3.25 $3.20 Waha Differential Basis Swaps Total Volume (MMBtu) 6,900,000 6,075,000 6,142,500 6,210,000 6,210,000 24,637,500 1,820,000 1,820,000 1,840,000 1,840,000 7,320,000 Daily Volume (MMBtu/d) 75,000 67,500 67,500 67,500 67,500 67,500 20,000 20,000 20,000 20,000 20,000 Weighted Average Price ($ / MMBtu) ($0.72) ($1.10) ($1.30) ($1.30) ($1.30) ($1.25) ($0.59) ($0.67) ($0.66) ($0.64) ($0.64) 17#19Reconciliation of Adjusted EBITDAX to Net Income (Loss) Adjusted EBITDAX Reconciliation ($ thousands) 1 ($ in thousands, unless specified) Net income (loss) attributable to Class A Common Stock FY 2021 Q1 FY 2022 Q2 Q3 $138,175 $15,802 $191,826 $224,359 Net income (loss) attributable to noncontrolling interest 119,145 Interest expense Income tax expense (benefit) 61,288 13,154 14,326 28,807 569 6,776 41,487 31,169 Depreciation, depletion and amortization 289,122 71,009 82,117 109,500 Impairment and abandonment expense 32,511 2,627 506 498 (Gain) loss on extinguishment of debt 22,156 Non-cash derivative (gain) loss 16,700 86,645 (39,514) (213,503) Stock-based compensation expense² 56,320 18,834 (2,487) 18,896 Exploration and other expenses 7,883 2,307 1,954 2,352 Merger and integration expense 5,685 59,270 (Gain) loss on sale of long-lived assets (34,168) (82) 1,406 3 Proceeds from terminated sale of assets Adjusted EBITDAX (5,983) $584,573 $217,072 $297,306 $380,496 Note: Q3'22 results represent legacy Centennial for the months of July and August and include amounts related to legacy Centennial and legacy Colgate for the month of September (1) Adjusted EBITDAX is a non-GAAP financial measure (2) Includes stock-based compensation for equity awards and also for cash-based liability awards that have not yet been settled in cash, both of which relate to general and administrative employees only. Stock-based compensation amounts for geographical and geophysical personnel are included within the Exploration and other expenses line item PR 18#20Free Cash Flow Reconciliation Free Cash Flow Reconciliation ($ thousands)1 ($ in thousands) Net cash provided by operating activities Changes in working capital: Accounts receivable Three Months Ended September 30, 2022 $388,277 2021 $153,507 ($55,998) $9,515 Prepaid and other assets ($6,163) ($1,812) Accounts payable and other liabilities ($27,148) ($5,148) Operating cash flow before working capital changes $298,968 $156,062 Less: total capital expenditures incurred ($198,900) ($78,900) Free cash flow $100,068 $77,162 Merger & integration expense $59,270 Adjusted free cash flow $159,338 $77,162 Note: Q3'22 results represent legacy Centennial for the months of July and August and include amounts related to legacy Centennial and legacy Colgate for the month of September (1) Free cash flow and Adjusted free cash flow are non-GAAP financial measures PR 19