MAY 4, 2022 1 1) Footer(s) First Quarter 2022 Earnings Presentation Important Information 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 l ...

Part I—FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's unaudited statements show a net income of $15.8 million, reversing a prior-year loss [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $3.96 billion, driven by increases in cash and accounts receivable Consolidated Balance Sheets (in thousands) | | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $189,434 | $86,535 | | **Total property and equipment, net** | $3,727,063 | $3,685,820 | | **TOTAL ASSETS** | **$3,958,532** | **$3,804,594** | | **Total current liabilities** | $299,727 | $167,899 | | **Long-term debt, net** | $801,203 | $825,565 | | **Total liabilities** | **$1,187,455** | **$1,053,874** | | **Total Shareholders' equity** | **$2,771,077** | **$2,750,720** | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **$3,958,532** | **$3,804,594** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The company achieved a net income of $15.8 million, driven by an 81% rise in oil and gas sales Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Oil and gas sales** | $347,277 | $192,391 | | **Total operating expenses** | $182,222 | $158,403 | | **Income (loss) from operations** | $165,137 | $34,032 | | **Net gain (loss) on derivative instruments** | ($129,523) | ($51,199) | | **Net income (loss)** | **$15,802** | **($34,645)** | | **Diluted income (loss) per share** | **$0.05** | **($0.12)** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations more than doubled to $160.1 million, funding investments and debt repayment Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$160,120** | **$72,346** | | **Net cash used in investing activities** | **($84,088)** | **($46,598)** | | **Net cash used in financing activities** | **($34,788)** | **($20,609)** | | **Net increase (decrease) in cash** | $41,244 | $5,139 | | **Cash, cash equivalents and restricted cash, end of period** | $51,179 | $13,478 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail a new credit facility, stock compensation, derivative losses, and revenue composition - In February 2022, the company entered into an amended and restated five-year secured credit facility, increasing elected commitments to **$750 million** and the borrowing base to **$1.15 billion**, extending maturity to February 2027[69](index=69&type=chunk) - Total stock-based compensation expense was **$19.3 million in Q1 2022**, up from $15.0 million in Q1 2021, with liability awards comprising the majority of the expense[101](index=101&type=chunk) - The company recognized a **net loss of $129.5 million** on derivative instruments in Q1 2022, compared to a $51.2 million loss in Q1 2021[127](index=127&type=chunk) Oil and Gas Sales Breakdown (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Oil sales | $262,767 | $133,726 | | Natural gas sales | $39,018 | $35,451 | | NGL sales | $45,492 | $23,214 | | **Total Oil and gas sales** | **$347,277** | **$192,391** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 results to higher commodity prices, leading to increased revenue and cash flow [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Revenues rose 81% to $347.3 million, fueled by higher commodity prices and a 13% production increase - The increase in production volumes was driven by the successful completion of **49 new wells** since Q1 2021, compared to 20 wells in the prior period[181](index=181&type=chunk) - Interest expense **decreased by $4.3 million** year-over-year, primarily due to the redemption of Senior Secured Notes in April 2021 and lower borrowings on the credit facility[193](index=193&type=chunk) Q1 2022 vs Q1 2021 Performance Summary | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | $347.3M | $192.4M | 81% | | **Average Daily Production (Boe/d)** | 61,359 | 54,202 | 13% | | **Average Realized Oil Price ($/Bbl)** | $89.17 | $52.62 | 69% | | **Lease Operating Expenses ($/Boe)** | $5.20 | $5.30 | (2)% | | **Severance & Ad Valorem Taxes** | $25.1M | $12.6M | 99% | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved, fully funding capital expenditures and paying down its credit facility - The company funded its Q1 2022 capital expenditures of **$114.7 million entirely from cash flows from operations** and expects to fund its full-year budget of $365-$425 million similarly[200](index=200&type=chunk) - In February 2022, the Board of Directors authorized a stock repurchase program to acquire up to **$350 million** of outstanding common stock through April 1, 2024[176](index=176&type=chunk)[201](index=201&type=chunk) - As of March 31, 2022, the company had **no borrowings outstanding** under its new credit facility and **$744.2 million in available borrowing capacity**[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, managed through derivative instruments - A hypothetical **10% change** in the NYMEX forward curve for crude oil as of March 31, 2022, would change the fair value of derivative positions by approximately **$45 million**[232](index=232&type=chunk) - The company's Credit Agreement is based on a SOFR spread, exposing it to interest rate risk; however, as of March 31, 2022, there were **no borrowings outstanding**[233](index=233&type=chunk)[234](index=234&type=chunk) Derivative Fair Value Change (in thousands) | Description | Amount | | :--- | :--- | | Net fair value as of Dec 31, 2021 | $(34,910) | | Cash settlement payments, net | $42,878 | | Mark-to-market losses | $(129,523) | | **Net fair value as of Mar 31, 2022** | **$(121,555)** | [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the quarter-end - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2022[237](index=237&type=chunk) - **No material changes** occurred during the quarter ended March 31, 2022, that are reasonably likely to materially affect the company's internal control over financial reporting[238](index=238&type=chunk) Part II—OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a legal dispute with a potential loss exposure of up to $7.6 million - The company is in a legal dispute over pipeline capacity charges during Winter Storm Uri, with a potential loss exposure estimated to be between **zero and $7.6 million**[154](index=154&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last annual filing - There have been **no material changes** in the company's risk factors from those described in its 2021 Annual Report[241](index=241&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including required certifications - Exhibits filed include the Second Amended and Restated 2016 Long Term Incentive Plan and certifications from the CEO and CFO pursuant to **Section 302 of the Sarbanes-Oxley Act**[243](index=243&type=chunk)

Centennial Resource Development, Inc. (CDEV) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Sean R. Smith – Chief Executive Officer Matthew R. Garrison – Executive Vice President & Chief Operating Officer George S. Glyphis – Executive Vice President & Chief Financial Officer Hays Mabry – Senior Director, Investor Relations Conference Call Participants Jordan Levy – Truist Securities Davis Petros – RBC Capital Markets Zach Parham – JPMorgan Chase & Co. John Annis – Stifel Finan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 CENTENNIAL RESOURCE DEVELOPMENT, INC. (Exact name of registrant as specified in its charter) Delaware 47-5381253 (State of Incorporation) (I.R.S. Employer Identification No.) 1001 Seventeenth Street, Suite 1800 Denver, Colorado 80202 For the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Sec ...

Centennial Resource Development, Inc. (CDEV) Q4 2021 Earnings Conference Call February 24, 2022 10:00 AM ET Company Participants Hays Mabry - Senior Director, IR Sean Smith - CEO George Glyphis - EVP & CFO Matt Garrison - EVP & COO Conference Call Participants Scott Hanold - RBC Capital Markets Neal Dingmann - Truist Securities Operator Good morning, and welcome to Centennial Resource Development Conference Call to Discuss its Fourth Quarter and Full-Year 2021 Earnings. Today's call is being recorded. A rep ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-37697 CENTENNIAL RESOURCE DEVELOPMENT, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 47-5381253 (State of Incorp ...

Centennial Resource Development, Inc. (CDEV) Q3 2021 Earnings Conference Call November 4, 2021 8:00 AM ET Company Participants Hays Mabry - Director, Investor Relations Sean Smith - Chief Executive Officer George Glyphis - Executive Vice President and Chief Financial Officer Matt Garrison - Executive Vice President and Chief Operating Officer Conference Call Participants Neal Dingmann - Truist Securities Chris Dendrinos - RBC Capital Markets Operator Good morning and welcome to Centennial Resource Developme ...

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