Carbon Energy Corporation · OTC:CRBO
Carbon Energy — Shareholder Meeting (June 2022)
15 slides from Carbon Energy's shareholder meeting presentation, Jun 10, 2022
Slide 1: Carbon Energy Corporation Annual Meeting Presentation
Carbon Energy Corporation Annual Meeting Presentation June 10, 2022 1
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES Forward-Looking Statements The slides contain certain information that predicts, projects, or uses future events as expectations or possibilities (each, a “forward-looking statement”). Except for historical information, statements made in the slide presentation, including those
Slide 3: Carbon Energy Corporation ownership of Carbon California Company
Carbon Energy Corporation Carbon California Company LLC 53.92% 3
Slide 4: Carbon Energy Corporation
Carbon Energy Corporation Sale of Appalachian business May 2020 for $120.2 million • $10.2 million natural gas price based Contingent Payment received July 2021 Emphasis on Health, Safety and Environmental best practices and compliance Create incremental value from Ventura Basin oil assets • Cont
Slide 5: Carbon Energy Corporation
Carbon Energy Corporation Low base production decline 5.0% Enhanced cash flow from Ventura Basin assets Continued Debt reduction Brent oil price June 1, 2022 $116.58 per barrel 5
Slide 6: Carbon Energy Financial Summary
Carbon Energy Financial Summary Year Ended December 31, 2021 (1) Oil (barrels of oil per day) 1,186 Natural Gas (mcf of gas per day) 1,764 Natural Gas Liquids (barrels of oil per day) 161 Barrels of oil equivalent (boe per day) 1,641 EBITDA ($000) $8,873 Carbon Assets ($000) $2,840 Cash $50 Rest
Slide 7: Carbon Financial Summary
Carbon Financial Summary T hree Months Ended March 31, 2022 (in thousands, except production and per unit data) (unaudited) Revenue: T otal sales $11,875 Commodity derivative loss (11,976) T otal Revenue $ (101) Expenses: T otal Expenses $ 7,232 Operating income $ (7,333) Other income and (expense):
Slide 8: Carbon California Hedging Summary and Compliance
Carbon Financial Summary Carbon California Company Hedging Summary and Compliance As of 6/1/22 Oil (Price/Bbl & % of projected PDP prod) Bbl per Day % of PDP 2022 177,450 829 75.8% 2023 248,200 680 65.0% 2024 179,900 493 50.0% 8
Slide 9: Carbon California Credit Facilities
Carbon California Credit Facilities March 31, 2022 ($000) Carbon California Company, LLC (100%) debt $51,445 • Senior Credit Facility $34,735 • Subordinated Debt $16,710 Debt is non-recourse to Carbon Energy Corporation 9
Slide 10: California Oil and Gas Basins
California Oil and Gas Basins Petrolia Sacramento Sacramento Basin San Francisco San Joaquin Basin Santa Cruz Salinas Basin Bakersfield Santa Maria Basin Ventura Ventura Basin Los Angeles Basin Los Angeles _______________________________ San Diego 10 10
Slide 11: Ventura Basin Field Development
Ventura Basin Field Development (a Carbon California Operated Fields a Fields Operated By Others Ventura’ County lugs . a. < e incon San Miguelito Ventura West Montalvo Temescal/. » Los Angeles County Wayside Canyon Piru Creek | tour Canyon . anos Rancho zelupber Retin Del peivae Canyo, e “inate a a
Slide 12: CCC Net Oil and Equivalent Sales
Average Daily Net Oil Sales (BOPD, BOED) - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Nov-16 2,200 Feb 15, 2017: CRC & MIR Acquisition Feb-17 May-17 Aug-17 Nov-17 Feb-18 May 1, 2018: Sespe Acquisition May-18 Aug-18 Nov-18 Feb-19 BOPD 12 May-19 Aug-19 Nov-19 BOE/D Feb-20 May-20 Aug-20 Nov-20
Slide 13: Carbon California Company, LLC Proved Reserves Summary
Carbon California Company, LLC Proved Reserves Summary - Carbon Net Share As of April 1, 2022 NYMEX Strip Prices: April 22, 2022 Ojai, Timber Canyon and Holser Fields Net Unrisked Reserves Reserve Wells / Oil Gas NGLs Equiv CapEx PV10 Category Opportunities (MMBO) (BCF) (MMBL) (MMBOE) ($million) ($m
Slide 14: Meeting Open to Shareholder Questions
Meeting Open to Shareholder Questions 14
Slide 15: Company addresses and website
1700 Broadway Suite 1170 Denver, CO 80290 270 Quail Court, Suite B Santa Paula, CA 93060 www.carbonenergycorp.com