Exhibit 99.2 MAY 19, 2022 1) Footer(s) Transformational Combination of Centennial & Colgate

Important Information Forward-Looking Statements 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 the proposed business combination between Centennial and Colgate (the “Merger”) or the strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management of Centennial, Colgate and/or the combined company are forward-looking statements. When used in this presentation, the words “could,” “may,” “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. These statements include, but are not limited to, statements about Centennial’s and Colgate’s ability to effect the Merger; the expected benefits and timing of the Merger; future dividends and share repurchases; and future plans, expectations, and objectives for the combined company’s operations after completion of the Merger, including statements about strategy, synergies, future operations, financial position, estimated revenues, projected production, projected costs, prospects, plans, and objectives of management. While forward-looking statements are based on assumptions and analyses that management of Centennial and Colgate believe to be reasonable under the circumstances, whether actual results and developments will meet such expectations and predictions depends on a number of risks and uncertainties that could cause actual results, performance, and financial condition to differ materially from such expectations. Any forward- looking statement made in this presentation speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the proxy statement to be filed in connection with the Merger, and the other documents filed by Centennial from time to time with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the COVID-19 pandemic and the current military conflict in Ukraine, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Centennial and Colgate assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws. Neither Centennial nor Colgate gives any assurance that any of Centennial, Colgate or the combined company will achieve its expectations. Additional Information and Where to Find It This presentation relates to the proposed Merger between Centennial and Colgate. In connection with the proposed Merger, Centennial will file with the SEC a proxy statement on Schedule 14A (the “Proxy Statement”). Centennial will also file other documents regarding the proposed Merger with the SEC. The Proxy Statement will be sent or given to the Centennial stockholders and will contain important information about the Merger and related matters. INVESTORS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WITH RESPECT TO THE MERGER AND THE OTHER TRANSACTIONS CONTEMPLATED BY THE BUSINESS COMBINATION AGREEMENT. You may obtain a free copy of the Proxy Statement (if and when it becomes available) and other relevant documents filed by Centennial with the SEC at the SEC’s website at www.sec.gov. You may also obtain Centennial’s documents on its website at www.cdevinc.com. Participants in Solicitation Centennial, Colgate and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with certain matters related to the Merger and may have direct or indirect interests in the Merger. Information about Centennial’s directors and executive officers is set forth in Centennial’s Proxy Statement on Schedule 14A for its 2022 Annual Meeting of Stockholders, filed with the SEC on March 15, 2022, its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 24, 2022, and its other documents filed with the SEC. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions. Investors may obtain free copies of these documents using the sources indicated above. 1) Footer(s) 2

Establishing a Premier Permian Pure-Play Combined business uniquely ~180,000 Net Acres in positioned to drive value creation the Delaware Basin Core Northern Delaware ü Highly-aligned management team, with a (NM) track record of execution and strong returns Estimated Current Eddy Lea Production of ~135 1 MBoe/d ü High-quality, complementary asset base and differentiated inventory depth support free cash flow profile <1.0x Net Debt / LTM Culberson Loving Winkler 2 EBITDAX at YE’22 ü Strong balance sheet, well positioned to Southern Delaware (TX) increase shareholder returns framework in the Ward 15+ Years of High- near-term Quality Inventory ü Commitment to ESG and sustainability with Reeves shared focus on best practices >$1Bn of Pro Forma Free Cash Flow in FY Net Acres CDEV Colgate Pro Forma TX 49,000 75,000 124,000 2 2023 NM 25,000 30,000 55,000 Total 74,000 105,000 179,000 1) 1) R Foot epre es r(en s) ts approximate combined May month-to-date 3-stream production average for Colgate and Centennial 2) Assuming current strip pricing 3

Transaction Overview TRANSACTION STRUCTURE Transaction Highly Accretive 1 § CDEV to combine with Colgate in a ~$7.0bn merger of equals transaction, valuing Colgate at ~$3.9bn Across all Key Metrics ‒ 269.3mm CDEV shares issued to the current Colgate equity holders 2 ‒ CDEV to assume Colgate outstanding debt upon closing (current net debt of ~$1.4bn) P ‒ $525mm of cash consideration Accretive to Cash Flow, Free Cash 3 Flow & NAV Per Share § Pro forma equity ownership : Existing CDEV shareholders ~53%, Colgate equity holders ~47% LEADERSHIP & GOVERNANCE § Sean Smith (current CDEV CEO) to serve as Executive Chair P Positioned to Deliver More Robust § Will Hickey and James Walter (current Colgate CEOs) to serve as Co-CEOs Shareholder Returns § Matt Garrison (current CDEV COO) and George Glyphis (current CDEV CFO) to continue their respective roles § Board of Directors: ‒ Inside Directors will include Sean Smith, Will Hickey, James Walter, Robert Tichio (Riverstone) and Billy Quinn (Pearl) P ‒ 6 additional independent directors will be appointed at closing of the transaction Stronger Pro-Forma Asset Quality & Inventory Depth § New company name to be announced by closing § Company to be headquartered in Midland, TX, and maintain a significant Denver, CO presence for the foreseeable future APPROVALS & TIMING P § Unanimously approved by the Centennial and Colgate Boards of Directors Enhanced Overall Credit Quality & Cost of Capital § Transaction subject to customary closing conditions, including the approval of CDEV shareholders and regulatory approvals § Expected closing during the second half of 2022 P Increased Size, Scale & Capital Efficiency 1) 1) F Toot rane sac r(st)ion value based on CDEV 5-day VWAP as of May 17, 2022 2) Colgate debt consists of $1bn of Senior Unsecured Notes and ~$450mm of revolving credit facility debt as of 5/18/22 3) Pro forma ownership based on CDEV fully diluted shares outstanding as of 5/18/22 4

Colgate Energy Overview Track Record of Consistent, Returns-Driven Execution & Value Creation Colgate Acreage Map COMPANY OVERVIEW § Midland-based private E&P co-founded by Will Hickey and James Walter in 2015 Northern Delaware (NM) ‒ Lead multi-disciplinary team of over 70 office employees and ~95 field personnel ~30,000 Net Acres Lea ‒ Successfully partnered in Co-CEO responsibilities since inception ‒ Supportive, long-term investment from Pearl Energy Investments & NGP Energy Capital § ~70,000 Boe/d, ~105,000 net acres and ~25,000 net royalty acres in the core of the Delaware Basin ‒ ~90% operated, ~95% held by production and ~75% average operated working interest Eddy ‒ Inventory economics enhanced by royalty and minerals portfolio, with 78% average 8/8ths NRI § Strategy driven by shareholder return focus – high return inventory driving cash flow generation and dividends Loving Winkler EXECUTION TRACK RECORD P § Opportunistic, value-driven approach to strategic transactions Built Core Delaware § Executed 5 large acquisitions, 100+ bolt-on acquisitions, ~40 trades and 10+ Southern Delaware (TX) Position divestitures Ward Culberson ~75,000 Net Acres P § Multi-rig development program since 2018 Consistent, Efficient Reeves Development § Currently operating 5 rigs and two full time completion crews P § High margin assets and prudent balance sheet approach protect business from Maintained Strong Balance commodity downcycles Sheet § Maintained leverage below 1.0x throughout 2020 downturn Current Production Total Net Net Royalty 1 (Boe/d) Acres Acres P § Began dividend program in December 2020 Track Record of Shareholder Returns § $25mm quarterly dividend implemented in Q1’22 ~70,000 ~105,000 ~25,000 1) 1) R Foot epre es r(en s) ts approximate May month-to-date 3-stream production average 5

Creating a Differentiated E&P Platform Focused on Delivering Enhanced Equity Returns COMBINING BEST PRACTICES OF TWO HIGH-PERFORMING TEAMS § Ability to combine leading edge operational practices § Continue momentum of commercial success BUILDING A PLATFORM WITH STRATEGIC DIFFERENTIATION § Scaled cash flow base and balance sheet provide path to significant shareholder returns § Increased flexibility to respond to a range of market conditions LONG RUNWAY OF INVENTORY PROVIDES FLEXIBILITY § Adjacent acreage positions with high-return inventory support highly capital-efficient development plan § >15 years of inventory life at current drilling pace MAXIMIZING SHAREHOLDER ALIGNMENT § One of the largest management ownership interests of any public E&P company § M&A strategy solely focused on shareholder value SHARED COMMITMENT TO ESG & SUSTAINABILITY § Both companies have realized significant reductions in emissions intensity and flaring to-date § Prioritizing further ESG improvement in pro forma company, supported by increased scale and acreage overlap 1) Footer(s) 6

Management Ownership Maximizes Alignment 1 % of Pro Forma Equity Owned by Management Team ~12% Pro Forma Company Management Ownership of ~12% Meaningfully Higher Than Peer Group Average of ~1% Peer Average:~1% S 1) ourcFeoot : Ce arp (s it)alIQ and public filings (1) Comparable companies excludes controlled companies. Peer figures assume direct beneficial ownership held by management team only. 7

Combining Leading Returns-Driven Teams Colgate Total Annualized Returns CDEV Total Annualized Shareholder Returns 1 2 (Since 2016 ) (Since April 2020 ) 55% 396% 13% 74% 10% 26% 1 2 3 1 2 3 S&P 500 E&P Index E&P Index S&P 500 Differentiated returns relative to both the E&P Significant outperformance since Sean sector and broader market since initial equity Smith’s appointment as Centennial’s CEO investment in 2016 (April 2020) S 1) ourcF eoot : Ble oro (s m ) berg as of 5/18/2022. 1) Represents annualized return from 1/4/2016 through 5/18/2022 2) Represents annualized return from 4/1/2020 through 5/18/2022 8

Strong Balance Sheet with Financial Flexibility OVERVIEW Pro Forma Leverage Profile 1.1x § Pro forma company to maintain a strong balance ~1.0x <1.0x sheet with significant financial flexibility ‒ Anticipate ~1.0x Net Debt / LTM EBITDAX at closing & maintaining longer-term leverage of <1.0x CDEV Pro Forma Pro Forma ‒ No near-term maturities (3/31/22) (at close) (YE'22) ‒ Commencing a pro forma credit facility upsize in Commitment to maintaining <1.0x leverage for 2023 and beyond the near-term Pro Forma Senior Unsecured Note Maturity Profile ($mm) § Combined company free cash flow generation between announcement and closing expected to 5.375% Notes due 2026 (CDEV) 7.750%. Notes due 2026 (Colgate) significantly reduce revolver borrowings at close 6.875% Notes due 2027 (CDEV) 3.250% Convert. Notes due 2028 (CDEV) § Hedge strategy supports pro forma balance sheet $700 5.875% Notes due 2029 (Colgate) strength $589 § Balance sheet strength underpins robust pro forma $300 $356 shareholder return program and enhances overall strategic flexibility $170 $289 2022 2023 2024 2025 2026 2027 2028 2029 1) Footer(s) 9

Applying Combined Best Practices to Drive Synergies Operational Efficiencies Corporate Efficiencies Margin Enhancement Average Spud-to-Spud (# Days) Q1’22 Cash G&A / Boe Q1’22 Unhedged EBITDAX Margin ($/Boe) $2.13 ~20 ~$50 ~$47 ~14 $0.99 ü Application of Centennial’s enhanced drilling and completion cycle times ‒ Potential to reduce total pro forma rig count, but maintain development activity levels and growth profile ü Margin expansion from Colgate’s strong cost structure and netbacks ‒ Colgate operating at lower per unit costs with stronger oil realizations and NRIs ü Opportunity for increased utilization of water recycling technology ‒ Larger scale supports greater opportunity for field-wide recycling infrastructure and execution ü Increased acreage position to drive strategic acreage transactions ‒ Both companies have strong track record of acreage enhancement (swaps / trades and bolt-on acquisitions), with ability to work from larger footprint going forward ü Additional corporate-level synergy potential ‒ Accretive debt refinancing potential from larger pro forma scale and strong balance sheet 1) Footer(s) 10

Shared Commitment to ESG Program PRIORITIZING ESG SAFE WORKPLACE ESG excellence is a core focus of the pro forma business, Maintaining the safety and well-being of employees, with both companies having Board committees devoted to contractors and communities is of key importance to the ESG initiatives, executive compensation tied to ESG pro forma company. Both companies exhibit best-in-class performance, and published Corporate Sustainability workplace safety metrics and strive for continual Reports. improvement. SOCIAL IMPACT ENVIRONMENTAL FOCUS The pro forma company is dedicated to making positive Centennial and Colgate focus on continually reducing their impacts in the communities where we live and work, environmental impact, having both demonstrated reduced participating in partnerships with the town of Pecos, natural gas flaring and GHG emissions intensity. Midland schools, The Permian Strategic Partnership and numerous other non-profits in TX, NM and CO. Colgate GHG Emissions (Intensity) Natural Gas Flaring (% of total) ESG Commitment In Practice CDEV Significant reduction in greenhouse Driving continued improvement in 1.7% 37.8 Reducing greenhouse gas emissions gas emissions from both Companies minimizing flaring P 1.4% 0.9% 0.8% 17.7 Minimizing natural gas flaring P 13.3 12.1 Maintaining safe and responsible P operations 2020 2021 Q3'21 Q4'21 1) Footer(s) 11

Preliminary Pro Forma Outlook KEY CORPORATE OBJECTIVES § Maximizing corporate-level returns§ Generating FCF and returning it to shareholders § Returns and payback driven capital allocation strategy§ Focus on maintaining low leverage throughout cycles § Relentless approach to achieving cost leadership§ Thoughtful hedging program to protect downside § Growth when it enhances near-term FCF§ Commitment to ESG Scaled Production Efficient Development FCF-Focused Growth ~10% ~145 Mboe/d ~140 Wells Q4’22 – Q4’23 Production Q4’22E Production Operated Wells Drilled / Year Growth Disciplined Cost Control Low Leverage Significant Free Cash Flow < $7.00 / Boe < 1.0x > $1.0bn 1 1 Target LOE + Cash G&A / Boe Net Debt / LTM Leverage by YE’22 Pro Forma 2023E FCF Note: Formal pro forma company guidance to be provided at closing or shortly thereafter 1) 1) F Aoot ssue m r( ess) current Strip pricing 12

Differentiated Return of Capital Profile 2022E All-In Return of Capital Yield – Permian Peers Base Dividend Variable Dividend ~1% Share Repurchase <1% ~3% Share ~7% ~8% Repurchase ~4% ~5% Base Dividend ~2% ~2% <1% <1% ~1% 0% ~1% 0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 + SMid-Cap Peers Large-Cap Peers Repurchase Program Base Dividend Pro Forma Return Policy Colgate: $25mm quarterly base dividend in Pro Forma Company positioned to CDEV: $350mm 2-year share buyback place deliver additional returns in the near- authorization (implies ~$0.04 / pro forma share) term S 1) ourcFe: oot Co em r(s p )any filings and FactSet data as of 5/18/22 Note: Large Cap peers represents DVN, FANG, and PXD; SMid-Cap Peers include CPE, ESTE, MTDR, and SM 13

Premier Permian Pure-Play Delivering on Key Investor Criteria Eddy ü Premier asset quality and inventory depth Northern Delaware (NM) ~55,000 Net Lea ü Significant operational & financial scale Acres ü Disciplined, differentiated growth Southern Delaware Winkler Loving ü Sustainable free cash flow generation (TX) ~124,000 Net Acres ü Accelerated, robust shareholder return program Ward ü Strong balance sheet and financial flexibility Reeves ü Commitment to ESG & sustainability Pecos Pro Forma Acreage 1) Footer(s) 14

Appendix 1) Footer(s)

Management Team Positioned for Success Executive Team Board of Directors Will Hickey James Walter Sean Smith Co-Chief Executive Officer Co-Chief Executive Officer Executive Chair • Current President, Co-CEO and Co- • Current President, Co-CEO and Co- • Centennial Chief Executive Officer and director Founder of Colgate Founder of Colgate since April 2020 • Previously worked at EnCap Investments • Previously worked at Denham Capital and • Previously served as Chief Operating Officer of and Pioneer Natural Resources Boston Consulting Group Centennial George Glyphis Matt Garrison Directors Independent Directors Chief Financial Officer Chief Operating Officer Insider Directors • Chief Financial Officer of Centennial since • Chief Operating Officer of Centennial since • Sean Smith • 6 independent October 2016 April 2020 directors to be • Will Hickey appointed at • Previously served as a Managing Director in • Previously served as VP of Geosciences at • James Walter closing the Oil & Gas Investment Banking practice Centennial and Division Exploration • Billy Quinn at J.P. Morgan Manager for EOG Resources in their Midland Division • Robert Tichio 1) Footer(s) 16

1 Centennial Hedge Position Overview FY 2022 FY 2023 FY 2024 Q3 Q4 Bal. 2022 Q1 Q2 Q3 Q4 2023 Q1 2024 WTI Fixed Price Swaps Total Volume (Bbl) 782,000 690,000 1,472,000 225,000 227,500 92,000 92,000 636,500 -- -- Daily Volume (Bbl/d) 8,500 7,500 8,000 2,500 2,500 1,000 1,000 1,744 -- -- Weighted Average Price ($ / Bbl) $65.46 $65.63 $65.54 $73.51 $73.25 $72.98 $72.98 $73.26 -- -- WTI Collars Total Volume (Bbl) 368,000 368,000 736,000 540,000 546,000 368,000 368,000 1,822,000 -- -- Daily Volume (Bbl/d) 4,000 4,000 4,000 6,000 6,000 4,000 4,000 4,992 -- -- Weighted Average Ceiling ($ / Bbl) $102.07 $97.85 $99.96 $87.77 $87.77 $88.81 $88.81 $88.19 -- -- Weighted Average Floor ($ / Bbl) $76.25 $76.25 $76.25 $73.33 $73.33 $73.75 $73.75 $73.50 -- -- Mid-Cush Basis Swaps Total Volume (Bbl) 552,000 552,000 1,104,000 -- -- -- -- -- -- -- Daily Volume (Bbl/d) 6,000 6,000 6,000 -- -- -- -- -- -- -- Weighted Average Price ($ / Bbl) $0.29 $0.29 $0.29 -- -- -- -- -- -- -- WTI Roll Fixed Price Swaps Total Volume (Bbl) 920,000 920,000 1,840,000 -- -- -- -- -- -- -- Daily Volume (Bbl/d) 10,000 10,000 10,000 -- -- -- -- -- -- -- Weighted Average Price ($ / Bbl) $0.71 $0.71 $0.71 -- -- -- -- -- -- -- Henry Hub Fixed Price Swaps Total Volume (MMBtu) 2,760,000 1,540,000 4,300,000 -- -- -- -- -- -- -- Daily Volume (MMBtu/d) 30,000 16,739 23,370 -- -- -- -- -- -- -- Weighted Average Price ($ / MMBtu) $3.24 $3.15 $3.21 -- -- -- -- -- -- -- Henry Hub Collars Total Volume (MMBtu) 1,840,000 2,450,000 4,290,000 4,500,000 3,640,000 3,680,000 3,680,000 15,500,000 1,820,000 1,820,000 Daily Volume (MMBtu/d) 20,000 26,630 23,315 50,000 40,000 40,000 40,000 42,466 20,000 4,973 Weighted Average Ceiling ($ / MMBtu) $3.97 $5.06 $4.59 $7.12 $6.86 $6.86 $7.28 $7.04 $5.31 $5.31 Weighted Average Floor ($ / MMBtu) $3.50 $3.87 $3.71 $4.00 $3.56 $3.56 $3.60 $3.70 $3.25 $3.25 Waha Differential Basis Swaps Total Volume (MMBtu) 1,840,000 1,840,000 3,680,000 2,250,000 2,275,000 2,300,000 2,300,000 9,125,000 -- -- Daily Volume (MMBtu/d) 20,000 20,000 20,000 25,000 25,000 25,000 25,000 25,000 -- -- Weighted Average Price ($ / MMBtu) ($0.45) ($0.45) ($0.45) ($1.11) ($1.11) ($1.11) ($1.11) ($1.11) -- -- N 1)ote:F H oot ed eg res (s) shown from H2’22 through FY’24 to reflect expected closing in H2’22 1) Hedge position as of 5/18/22 17

1 Colgate Hedge Position Overview FY 2022 FY 2023 FY 2024 Q3 Q4 Bal. 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 WTI Fixed Price Swaps Total Volume (Bbl) 1,840,000 1,840,000 3,680,000 1,350,000 1,365,000 1,380,000 1,380,000 5,475,000 637,000 637,000 644,000 644,000 2,562,000 Daily Volume (Bbl/d) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 7,000 7,000 7,000 7,000 Weighted Average Price ($ / Bbl) $104.31 $98.30 $101.31 $93.15 $89.97 $87.35 $85.10 $88.86 $82.03 $80.29 $78.64 $77.22 $79.54 Mid-Cush Basis Swaps Total Volume (Bbl) 1,840,000 1,840,000 3,680,000 1,350,000 1,365,000 1,380,000 1,380,000 5,475,000 637,000 637,000 644,000 644,000 2,562,000 Daily Volume (Bbl/d) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 7,000 7,000 7,000 7,000 Weighted Average Price ($ / Bbl) $0.69 $0.67 $0.68 $0.48 $0.48 $0.46 $0.46 $0.47 $0.43 $0.43 $0.43 $0.43 $0.43 WTI Roll Fixed Price Swaps Total Volume (Bbl) 1,840,000 1,840,000 3,680,000 1,350,000 1,365,000 1,380,000 1,380,000 5,475,000 637,000 637,000 644,000 644,000 2,562,000 Daily Volume (Bbl/d) 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 7,000 7,000 7,000 7,000 7,000 Weighted Average Price ($ / Bbl) $3.38 $2.47 $2.92 $1.31 $1.25 $1.24 $1.24 $1.26 $0.74 $0.74 $0.74 $0.74 $0.74 Henry Hub Fixed Price Swaps Total Volume (MMBtu) 2,005,893 1,892,715 3,898,608 1,670,157 1,572,752 1,486,925 1,413,628 6,143,462 464,919 446,321 429,388 413,899 1,754,527 Daily Volume (MMBtu/d) 21,803 20,573 21,188 18,557 17,283 16,162 15,366 16,831 5,109 4,905 4,667 4,499 4,794 Weighted Average Price ($ / MMBtu) $8.03 $8.06 $8.05 $7.64 $4.70 $4.70 $4.90 $5.55 $5.01 $3.93 $4.01 $4.32 $4.33 Henry Hub Collars Total Volume (MMBtu) 3,054,107 3,167,285 6,221,392 2,154,843 2,294,748 2,423,075 2,496,372 9,369,038 1,355,081 1,373,679 1,410,612 1,426,101 5,565,473 Daily Volume (MMBtu/d) 33,197 34,427 33,812 23,943 25,217 26,338 27,134 25,669 14,891 15,095 15,333 15,501 15,206 Weighted Average Ceiling ($ / MMBtu) $11.41 $11.65 $11.53 $16.90 $8.15 $7.85 $9.10 $10.34 $15.00 $6.45 $6.52 $7.30 $8.77 Weighted Average Floor ($ / MMBtu) $7.00 $7.00 $7.00 $6.00 $3.50 $3.50 $3.50 $4.07 $3.50 $3.00 $3.00 $3.25 $3.19 Waha Differential Basis Swaps Total Volume (MMBtu) 5,060,000 5,060,000 10,120,000 3,825,000 3,867,500 3,910,000 3,910,000 15,512,500 1,820,000 1,820,000 1,840,000 1,840,000 7,320,000 Daily Volume (MMBtu/d) 55,000 55,000 55,000 42,500 42,500 42,500 42,500 42,500 20,000 20,000 20,000 20,000 20,000 Weighted Average Price ($ / MMBtu) ($0.72) ($0.81) ($0.77) ($1.09) ($1.40) ($1.42) ($1.41) ($1.33) ($0.59) ($0.67) ($0.66) ($0.64) ($0.64) N 1)ote:F H oot ed eg res (s) shown from H2’22 through FY’24 to reflect expected closing in H2’22 1) Hedge position as of 5/18/22 18

1 Q1 2022 Unhedged EBITDAX Margin Reconciliation CDEV Unhedged EBITDAX Margin Reconciliation Colgate Unhedged EBITDAX Margin Reconciliation FY 2022 FY 2022 ($ in thousands, unless specified) Q1 ($ in thousands, unless specified) Q1 Net income (loss) ($131,858) Net income $15,802 Interest expense 17,888 Interest expense 13,154 Interest income (7) Income tax expense 6,776 Depreciation, depletion and amortization 50,004 Depreciation, depletion and amortization 71,009 Accretion of discount on asset retirement obligations 314 Impairment and abandonment expenses 2,627 Loss on derivatives not designated as hedges 333,187 Non-cash derivative loss 86,645 Net cash settlements paid on commodity derivatives (64,343) 2 Stock-based compensation expense 18,834 Non-cash stock-based compensation 19,815 Exploration and other expenses 2,307 Exploration and abandonments 54 Loss on sale of long-lived assets (82) Net (gain) loss on disposition of assets and other (9,258) Adjusted EBITDAX $217,072 Adjusted EBITDAX $215,796 Plus: Realized cash settlement derivative loss / (gain) 42,878 Plus: Realized Derivative Loss / (Gain) 64,343 Unhedged EBITDAX $259,950 Unhedged EBITDAX $280,139 Total Net Production (Mboe) 5,522 Total Production (Mboe) 5,645 Unhedged EBITDAX Margin per Boe ($ / Boe) $47.07 Unhedged EBITDAX Margin per Boe ($ / Boe) $49.63 1) 1) F Uoot nhe ed r(g se )d EBITDAX margin 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 19