Our goal is to enhance stockholder value through profitably increasing reserves, production and cash flow by executing our strategy as described below:

Continued focus on the Permian Basin

• Exposed to some of the most prolific oil plays in the U.S.
• Capitalize on the strategic benefits of being one of the largest operators in the Permian Basin

Committed to rate-of-return driven growth

• Reinvest high-margin cash flows into projects with robust rates of return
• Achieve superior per share growth rates while staying within cash flow

Maintain simple, strong financial position

• Conservative approach to leverage (< 2.0x debt / EBITDAX)
• Ample liquidity available under credit facility
• Hedging program to provide predictable cash flows

Pursue acquisitions that enhance existing portfolio

• Focus on strategic fit and impact to NAV and rate of return