Investor Presentaiton
Q4 2022 and FY 2023 Preliminary Outlook
PR
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FY 2023 Overview
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Currently operating an eight-rig drilling program and expect to reduce to a
seven-rig program in November 2022
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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
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(~10% Q4'22- Q4'23 Growth)
Oil Production
78-86 MBo/d
(~52% oil, ~71% liquids)
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Total capital guidance of ~$1.25bn
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Implies 15% inflation vs FY 2022 levels
Expect de minimis cash taxes for FY 2023
Q4 2022 Outlook
~140,000 150,000 Boe/d
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~73,000 - 77,000 Bo/d (~52% oil at midpoint)
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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)
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