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EX - 99.1 2 ex991cdevq22021 earningsrel.htm EX - 99.1 CENTENNIAL RESOURCE DEVELOPMENT , INC Centennial Resource Development Announces Second Quarter 2021 Results DENVER , August 3 , 2021 ( GLOBE NEWSWIRE ) -- Centennial Resource Development , Inc. ( " Centennial ” or the " Company " ) ( NASDAQ : CDEV ) today announced second quarter 2021 financial and operational results . Recent Financial and Operational Highlights • Generated Company record free cash flow and reduced total debt outstanding • Improved leverage metrics significantly quarter - over - quarter • Increased daily crude oil production 13 % compared to the prior quarter • • Delivered solid well results from the Northern and Southern Delaware Basins Continued to drive strong operational efficiencies • Added 2022 oil hedges at attractive prices Financial Results For the second quarter , Centennial generated net cash from operating activities of $ 107.3 million and free cash flow¹ of $ 34.2 million . The Company reported a net loss during the quarter of $ 25.1 million , or $ 0.09 per diluted share , compared to net income of $ 5.3 million , or $ 0.02 per diluted share , in the prior year period . Average daily crude oil production during the second quarter was 31,912 barrels of oil per day ( " Bbls / d " ) compared to 37,411 Bbls / d in the prior year period . Total equivalent production for the quarter averaged 61,647 barrels of oil equivalent per day ( " Boe / d " ) compared to 68,245 Boe / d in the prior year period . Second quarter average daily crude oil and total equivalent production increased 13 % and 14 % , respectively , compared to the prior quarter . " Centennial's second quarter results prove our ability to generate substantial free cash flow through our two - rig drilling program , " said Sean R. Smith , Chief Executive Officer . “ For the remainder of the year , our primary focus is free cash flow generation and organic de - leveraging , both of which are occurring at a more rapid pace than originally anticipated . ” Second Quarter Operational Results Centennial continues to efficiently develop its Delaware Basin position through the co - development of multiple intervals with extended laterals . In Lea County , New Mexico , the three - well Chorizo 12 State Com pad ( average 100 % WI ) was completed in late March targeting the Second Bone Spring Sand interval with average 9,800 - foot laterals . The wells averaged 2,295 Boe / d , or 1,919 Bbls / d of oil , for the 30 - day initial production ( “ IP ” ) period . " The Chorizo pad highlights the quality of our asset base , posting an average 60 - day IP rate of over 1,600 barrels of oil per day per well , " said Smith . Also in New Mexico , the Chimichangas 12 State Com 602H ( 50 % WI ) was completed targeting the Third Bone Spring Sand interval with an approximate 9,800 - foot lateral . The well had a 30 - day IP rate of 2,722 Boe / d ( 82 % oil ) , or 227 Bbls / d of oil per 1,000 foot of lateral , and produced approximately 105,000 barrels of oil during its first 60 days on production .