Investor Presentaiton
Improving Our Financial Strength
INVESTMENT-GRADE FINANCIAL POSITION
■ Strong liquidity: $2.6 billion of cash (as of 3/31/22)
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Reduced net debt by ~30% since merger close
Achieved balance sheet leverage target
Net debt to EBITDAX (Trailing 12-months)
1.4x
COMMITTED TO IMPROVING BALANCE SHEET
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(1)
Net debt-to-EBITDAX: 0.2x (year-end 2022e)"
Opportunities to retire ~$1 billion of low-premium debt
0.6x
HEDGING STRATEGY PROVIDES UPSIDE TO PRICING
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Financial strength allows for lower levels of hedging
~20% of production volumes hedged in 2022
Q1 2022 Earnings Presentation
NET DEBT-TO-EBITDAX TARGET: 1.0x
3/31/2021
MERGER CLOSE (2)
3/31/2022
(1) Assumes $100 WTI, Henry Hub strip pricing & NGL realizations at 40% of WTI.
(2) Merger closed January 7, 2021. EBITDAX annualized based on actual Q1 2021 EBITDAX.
0.2x
(1)
Year-End 2022e
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