Investor Presentaiton
A History of Returning Cash to Shareholders
Delivering dividend growth through the cycle
(Dividends per share)
29
CONSECUTIVE
YEARS
OF DIVIDEND PAYMENTS
$0.35
$0.30
$0.68
$1.97
VARIABLE
(1)
>$4.75
VARIABLE
FIXED
($0.44/share)
FIXED
($0.64/share)
2018
2019
2020
2021
2022e
(1) Assumes $100 WTI for remainder of 2022, Henry Hub strip pricing & NGL realizations at 40% of WTI. Also assumes 50% of excess free cash flow (adjusted free
cash flow less fixed dividends) is paid through a variable dividend. Any future dividends are authorized and determined by the board in its sole discretion.
Q1 2022 Earnings Presentation
NEW
OUR DIVIDEND FRAMEWORK
Raised fixed quarterly dividend by 45%
to $0.16 per share in 2022
Variable dividend payout includes up
to 50% of excess free cash flow
Q1 2022 dividend includes divestiture
contingency payments (pg. 18)
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