(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
CENTENNIAL RESOURCE DEVELOPMENT, INC. | ||
By: | /s/ GEORGE S. GLYPHIS | |
George S. Glyphis Vice President, Chief Financial Officer and Assistant Secretary | ||
Date: | February 24, 2020 |
• | Increased daily oil and equivalent production volumes 23% and 25% year-over-year, respectively |
• | Announced strong co-development results from the Northern and Southern Delaware Basins |
• | Announced the divestiture of water infrastructure assets for $225 million |
◦ | Upfront cash proceeds of approximately $150 million expected to essentially fund 2020 cash flow deficit and reduce leverage metrics |
• | Increased total proved reserves by 15% with organic reserve replacement ratio of 243% |
• | Reduced total capital expenditures for the fourth consecutive quarter |
• | Plan to operate a four-rig drilling program beginning in April 2020 |
• | Reduced total capital budget by 28% to $640 million from 2019 |
• | Expect to grow crude oil production approximately 3% year-over-year |
• | Mark G. Papa to retire as Chairman and Chief Executive Officer, effective May 31, 2020 |
• | Sean R. Smith will succeed Mr. Papa as Chief Executive Officer |
• | Steven J. Shapiro to be named non-executive Chairman of the Board |
• | our business strategy and future drilling plans; |
• | our reserves and our ability to replace the reserves we produce through drilling and property acquisitions; |
• | our drilling prospects, inventories, projects and programs; |
• | our financial strategy, liquidity and capital required for our development program; |
• | our realized oil, natural gas and NGL prices; |
• | the timing and amount of our future production of oil, natural gas and NGLs; |
• | our hedging strategy and results; |
• | our competition and government regulations; |
• | our ability to obtain permits and governmental approvals; |
• | our pending legal or environmental matters; |
• | the marketing and transportation of our oil, natural gas and NGLs; |
• | our leasehold or business acquisitions; |
• | cost of developing our properties; |
• | our anticipated rate of return; |
• | general economic conditions; |
• | credit markets; |
• | uncertainty regarding our future operating results; |
• | our plans, objectives, expectations and intentions contained in this press release that are not historical; and |
• | the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2019, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. |
2020 FY Guidance | |||
Net average daily production (Boe/d) | 74,500 | — | 80,500 |
Net average daily oil production (Bbls/d) | 42,000 | — | 45,600 |
Production costs | |||
Lease operating expenses ($/Boe) | $5.90 | — | $6.50 |
Gathering, processing and transportation expenses ($/Boe) | $3.00 | — | $3.40 |
Depreciation, depletion, and amortization ($/Boe) | $15.00 | — | $17.00 |
Cash general and administrative ($/Boe) | $2.00 | — | $2.30 |
Non-cash stock-based compensation ($/Boe) | $0.90 | — | $1.10 |
Severance and ad valorem taxes (% of revenue) | 6.0% | — | 8.0% |
Capital expenditure program ($MM) | $590 | — | $690 |
Drilling and completion capital expenditure | $490 | — | $550 |
Facilities, infrastructure and other | $90 | — | $120 |
Land | $10 | — | $20 |
Operated drilling program | |||
Wells spud (gross) | 65 | — | 75 |
Wells completed (gross) | 65 | — | 75 |
Average working interest | 80% | — | 90% |
Average lateral length (feet) | 7,300 | — | 8,000 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net revenues (in thousands): | |||||||||||||||
Oil sales | $ | 220,600 | $ | 176,306 | $ | 810,655 | $ | 709,813 | |||||||
Natural gas sales | 12,901 | 15,713 | 44,556 | 62,325 | |||||||||||
NGL sales | 22,891 | 30,485 | 89,119 | 118,907 | |||||||||||
Oil and gas sales | $ | 256,392 | $ | 222,504 | $ | 944,330 | $ | 891,045 | |||||||
Average sales price: | |||||||||||||||
Oil (per Bbl) | $ | 53.25 | $ | 47.95 | $ | 52.02 | $ | 55.98 | |||||||
Effect of derivative settlements on average price (per Bbl) | (1.09 | ) | 1.41 | (1.13 | ) | 1.48 | |||||||||
Oil net of hedging (per Bbl) | $ | 52.16 | $ | 49.36 | $ | 50.89 | $ | 57.46 | |||||||
Average NYMEX price for oil (per Bbl) | $ | 56.94 | $ | 58.81 | $ | 57.03 | $ | 64.76 | |||||||
Oil differential from NYMEX | (3.69 | ) | (10.86 | ) | (5.01 | ) | (8.78 | ) | |||||||
Natural gas (per Mcf) | $ | 1.14 | $ | 1.82 | $ | 1.07 | $ | 1.97 | |||||||
Effect of derivative settlements on average price (per Mcf) | 0.09 | 0.12 | 0.29 | 0.06 | |||||||||||
Natural gas net of hedging (per Mcf) | $ | 1.23 | $ | 1.94 | $ | 1.36 | $ | 2.03 | |||||||
Average NYMEX price for natural gas (per Mcf) | $ | 2.34 | $ | 3.77 | $ | 2.52 | $ | 3.15 | |||||||
Natural gas differential from NYMEX | (1.20 | ) | (1.95 | ) | (1.45 | ) | (1.18 | ) | |||||||
NGL (per Bbl) | $ | 17.47 | $ | 23.60 | $ | 17.03 | $ | 27.45 | |||||||
Net production: | |||||||||||||||
Oil (MBbls) | 4,142 | 3,678 | 15,582 | 12,679 | |||||||||||
Natural gas (MMcf) | 11,294 | 8,615 | 41,703 | 31,707 | |||||||||||
NGL (MBbls) | 1,311 | 1,292 | 5,234 | 4,332 | |||||||||||
Total (MBoe)(1) | 7,335 | 6,404 | 27,766 | 22,295 | |||||||||||
Average daily net production: | |||||||||||||||
Oil (Bbls/d) | 45,031 | 39,978 | 42,692 | 34,737 | |||||||||||
Natural gas (Mcf/d) | 122,759 | 93,641 | 114,254 | 86,868 | |||||||||||
NGL (Bbls/d) | 14,242 | 14,043 | 14,338 | 11,868 | |||||||||||
Total (Boe/d)(1) | 79,734 | 69,609 | 76,072 | 61,082 |
(1) | Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating costs (in thousands): | |||||||||||||||
Lease operating expenses | $ | 38,899 | $ | 24,149 | $ | 145,976 | $ | 83,313 | |||||||
Severance and ad valorem taxes | 17,681 | 13,732 | 63,200 | 56,523 | |||||||||||
Gathering, processing, and transportation expense | 20,714 | 12,410 | 72,834 | 57,624 | |||||||||||
Operating costs per Boe: | |||||||||||||||
Lease operating expenses | $ | 5.30 | $ | 3.77 | $ | 5.26 | $ | 3.74 | |||||||
Severance and ad valorem taxes | 2.41 | 2.14 | 2.28 | 2.54 | |||||||||||
Gathering, processing, and transportation expense | 2.82 | 1.94 | 2.62 | 2.58 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues | |||||||||||||||
Oil and gas sales | $ | 256,392 | $ | 222,504 | $ | 944,330 | $ | 891,045 | |||||||
Operating expenses | |||||||||||||||
Lease operating expenses | 38,899 | 24,149 | 145,976 | 83,313 | |||||||||||
Severance and ad valorem taxes | 17,681 | 13,732 | 63,200 | 56,523 | |||||||||||
Gathering, processing and transportation expenses | 20,714 | 12,410 | 72,834 | 57,624 | |||||||||||
Depreciation, depletion and amortization | 122,851 | 102,083 | 444,243 | 326,462 | |||||||||||
Impairment and abandonment expense | 4,818 | 740 | 47,245 | 11,136 | |||||||||||
Exploration expense | 2,144 | 1,942 | 11,390 | 9,968 | |||||||||||
General and administrative expenses | 22,567 | 18,637 | 79,156 | 63,304 | |||||||||||
Total operating expenses | 229,674 | 173,693 | 864,044 | 608,330 | |||||||||||
Net gain (loss) on sale of long-lived assets | (842 | ) | 549 | (857 | ) | 475 | |||||||||
Income from operations | 25,876 | 49,360 | 79,429 | 283,190 | |||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (16,148 | ) | (8,220 | ) | (55,991 | ) | (26,358 | ) | |||||||
Net gain (loss) on derivative instruments | 660 | 367 | (1,561 | ) | 15,336 | ||||||||||
Other income | 13 | 12 | 334 | 8 | |||||||||||
Total other income (expense) | (15,475 | ) | (7,841 | ) | (57,218 | ) | (11,014 | ) | |||||||
Income before income taxes | 10,401 | 41,519 | 22,211 | 272,176 | |||||||||||
Income tax expense | (739 | ) | (8,711 | ) | (5,797 | ) | (59,440 | ) | |||||||
Net income | 9,662 | 32,808 | 16,414 | 212,736 | |||||||||||
Less: Net income attributable to noncontrolling interest | (44 | ) | (1,828 | ) | (616 | ) | (12,837 | ) | |||||||
Net income attributable to Class A Common Stock | $ | 9,618 | $ | 30,980 | $ | 15,798 | $ | 199,899 | |||||||
Income per share of Class A Common Stock: | |||||||||||||||
Basic | $ | 0.03 | $ | 0.12 | $ | 0.06 | $ | 0.76 | |||||||
Diluted | $ | 0.03 | $ | 0.12 | $ | 0.06 | $ | 0.75 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Adjusted EBITDAX reconciliation to net income: | |||||||||||||||
Net income attributable to Class A Common Stock | $ | 9,618 | $ | 30,980 | $ | 15,798 | $ | 199,899 | |||||||
Net income attributable to noncontrolling interest | 44 | 1,828 | 616 | 12,837 | |||||||||||
Interest expense | 16,148 | 8,220 | 55,991 | 26,358 | |||||||||||
Income tax expense | 739 | 8,711 | 5,797 | 59,440 | |||||||||||
Depreciation, depletion and amortization | 122,851 | 102,083 | 444,243 | 326,462 | |||||||||||
Impairment and abandonment expense | 4,818 | 740 | 47,245 | 11,136 | |||||||||||
Non-cash portion of derivative (gain) loss | (4,108 | ) | 5,853 | (4,094 | ) | 5,274 | |||||||||
Stock-based compensation expense | 6,998 | 5,848 | 26,315 | 18,854 | |||||||||||
Exploration expense | 2,144 | 1,942 | 11,390 | 9,968 | |||||||||||
(Gain) loss on sale of long-lived assets | 842 | (549 | ) | 857 | (475 | ) | |||||||||
Adjusted EBITDAX | $ | 160,094 | $ | 165,656 | $ | 604,158 | $ | 669,753 |
(in thousands) | December 31, 2019 | December 31, 2018 | ||||||
Total equity | $ | 3,270,701 | $ | 3,243,869 | ||||
Long-term debt, net | 1,057,389 | 691,630 | ||||||
Unamortized debt discount and debt issuance costs on Senior Notes | 17,611 | 8,370 | ||||||
Long-term debt | 1,075,000 | 700,000 | ||||||
Less: cash and cash equivalents | (10,223 | ) | (18,157 | ) | ||||
Net debt (Non-GAAP) | 1,064,777 | 681,843 | ||||||
Book capitalization (GAAP)(1) | $ | 4,328,090 | $ | 3,935,499 | ||||
Book capitalization (non-GAAP)(2) | $ | 4,345,701 | $ | 3,943,869 | ||||
Debt / book capitalization (GAAP)(3) | 24 | % | 18 | % | ||||
Net debt / book capitalization (non-GAAP)(4) | 25 | % | 17 | % |
(1) | Book capitalization (GAAP) is calculated as total equity plus long-term debt, net. |
(2) | Book capitalization (non-GAAP) is calculated as total equity plus long-term debt. |
(3) | Debt / book capitalization (GAAP) is calculated as long-term debt, net divided by book capitalization (GAAP). |
(4) | Net debt / book capitalization (non-GAAP) is calculated as net debt divided by book capitalization (non-GAAP). |
Period | Volume (Bbl) | Volume (Bbls/d) | Weighted Average Differential ($/Bbl)(1) | |||||||
Crude oil basis swaps | January 2020 - March 2020 | 273,000 | 3,000 | $ | 0.67 | |||||
April 2020 - June 2020 | 273,000 | 3,000 | 0.67 | |||||||
July 2020 - September 2020 | 276,000 | 3,000 | 0.67 | |||||||
October 2020 - December 2020 | 276,000 | 3,000 | 0.67 |
Period | Volume (MMBtu) | Volume (MMBtu/d) | Weighted Average Fixed Price ($/MMBtu)(1) | ||||||||
Natural gas swaps - Henry Hub | April 2020 - October 2020 | 6,420,000 | 30,000 | $ | 2.03 |
(1) | These natural gas swap contracts are settled based on NYMEX Henry Hub price as of the specified settlement date. |
December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||
Proved developed reserves: | |||||||||||
Oil (MBbls) | 74,842 | 63,317 | 41,786 | ||||||||
Natural gas (MMcf) | 237,791 | 180,542 | 126,065 | ||||||||
NGL (MBbls) | 32,743 | 23,093 | 12,133 | ||||||||
Total proved developed reserves (MBoe)(1) | 147,216 | 116,500 | 74,929 | ||||||||
Proved undeveloped reserves: | |||||||||||
Oil (MBbls) | 75,317 | 79,449 | 59,147 | ||||||||
Natural gas (MMcf) | 264,639 | 222,310 | 201,147 | ||||||||
NGL (MBbls) | 34,499 | 28,825 | 18,853 | ||||||||
Total proved undeveloped reserves (MBoe)(1) | 153,923 | 145,326 | 111,525 | ||||||||
Total proved reserves: | |||||||||||
Oil (MBbls) | 150,159 | 142,766 | 100,933 | ||||||||
Natural gas (MMcf) | 502,430 | 402,852 | 327,212 | ||||||||
NGL (MBbls) | 67,242 | 51,918 | 30,986 | ||||||||
Total proved reserves (MBoe)(1) | 301,139 | 261,826 | 186,454 | ||||||||
Proved developed reserves % | 49 | % | 44 | % | 40 | % | |||||
Proved undeveloped reserves % | 51 | % | 56 | % | 60 | % | |||||
Reserve values (in millions): | |||||||||||
Standard measure of discounted future net cash flows | $ | 2,062.4 | $ | 2,479.9 | $ | 1,503.3 | |||||
Discounted future income tax expense | 135.5 | 499.6 | 244.8 | ||||||||
Total proved pre-tax PV 10% (2) | $ | 2,197.9 | $ | 2,979.5 | $ | 1,748.1 |
(1) | Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe. |
(2) | Total proved pre-tax PV 10% (“Pre-tax PV 10%”) may be considered a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”) and is derived from the standardized measure of discounted future net cash flows (the ‘‘Standardized Measure’’), which is the most directly comparable GAAP financial measure. Pre-tax PV 10% is computed on the same basis as the Standardized Measure but without deducting future income taxes. We believe Pre-tax PV 10% is a useful measure for investors when evaluating the relative monetary significance of our oil and natural gas properties. We further believe investors may utilize our Pre-tax PV 10% as a basis for comparison of the relative size and value of our proved reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. Our management uses this measure when assessing the potential return on investment related to our oil and gas properties and acquisitions. However, Pre-tax PV 10% is not a substitute for the Standardized Measure. Our Pre-tax PV 10% and Standardized Measure do not purport to present the fair value of our proved oil, NGL and natural gas reserves. |
Cover Page Cover Page |
Feb. 24, 2020 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0001658566 |
Document Type | 8-K |
Document Period End Date | Feb. 24, 2020 |
Entity Registrant Name | Centennial Resource Development, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37697 |
Entity Tax Identification Number | 47-5381253 |
Entity Address, Address Line One | 1001 Seventeenth Street, |
Entity Address, Address Line Two | Suite 1800 |
Entity Address, City or Town | Denver |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80202 |
City Area Code | 720 |
Local Phone Number | 499-1400 |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share |
Trading Symbol | CDEV |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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