----

----

|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--|--------------------|-------------|-------------------|--------------|----------------|-------------|---------|---|------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                             |  | Three Months Ended |             |                   |
|                             |  | March 31, 2023     |             | December 31, 2022 |              | Percent Change |             |         |   |      |   |  |
| Crude oil (MBbls)           |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Wattenberg Field            |  | 6,005         |             |                   | 6,406   |                |             | (6)     | % |      |   |  |  |  |  |
| Delaware Basin              |  | 933           |             |                   | 974     |                |             | (4)     | % |      |   |  |  |  |  |
| Total                       |  | 6,938         |             |                   | 7,380   |                |             | (6)     | % |      |   |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Weighted average price      |  | $                  | 74.13  |                   |              | $              | 82.24  |         |   | (10) | % |  |  |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Natural gas (MMcf)          |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Wattenberg Field            |  | 46,720        |             |                   | 47,502  |                |             | (2)     | % |      |   |  |  |  |  |
| Delaware Basin              |  | 5,767         |             |                   | 5,977   |                |             | (4)     | % |      |   |  |  |  |  |
| Total                       |  | 52,487        |             |                   | 53,479  |                |             | (2)     | % |      |   |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Weighted average price      |  | $                  | 3.07   |                   |              | $              | 4.20   |         |   | (27) | % |  |  |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| NGLs (MBbls)                |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Wattenberg Field            |  | 5,628         |             |                   | 5,799   |                |             | (3)     | % |      |   |  |  |  |  |
| Delaware Basin              |  | 658           |             |                   | 631     |                |             | 4  | % |      |   |  |  |  |  |
| Total                       |  | 6,286         |             |                   | 6,430   |                |             | (2)     | % |      |   |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Weighted average price      |  | $                  | 21.95  |                   |              | $              | 22.49  |         |   | (2)  | % |  |  |  |  |  |  |
|                             |  |                    |             |                   |              |                |             |         |   |      |   |  |
| Crude oil equivalent (MBoe) |  |                    |             |                   |              |                |             |         |   |      |   |  |

----

|                        |  |              |             |  |              |   |             |     |   |      |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------|--|--------------|-------------|--|--------------|---|-------------|-----|---|------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Wattenberg Field       |  | 19,420  |             |  | 20,122  |   |             | (3) | % |      |   |  |  |  |  |
| Delaware Basin         |  | 2,551   |             |  | 2,601   |   |             | (2) | % |      |   |  |  |  |  |
| Total                  |  | 21,971  |             |  | 22,723  |   |             | (3) | % |      |   |  |  |  |  |
|                        |  |              |             |  |              |   |             |     |   |      |   |  |
| Weighted average price |  | $            | 37.02  |  |              | $ | 42.95  |     |   | (14) | % |  |  |  |  |  |  |

|                                                   |                    |           |                   |          |   |           |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--------------------|-----------|-------------------|----------|---|-----------|--|--|--|--|--|--|--|--|--|
|                                                   | Three Months Ended |           |                   |
|                                                   | March 31, 2023     |           | December 31, 2022 |          |   |           |  |
|                                                   | (in millions)      |           |                   |          |   |
| Lease operating expenses                          | $                  | 73   |                   |          | $ | 69   |  |  |  |  |  |
| Production taxes                                  | 56            |           |                   | 61  |   |           |  |  |  |
| Transportation, gathering and processing expenses | 33            |           |                   | 35  |   |           |  |  |  |
| Total                                             | $                  | 162  |                   |          | $ | 165  |  |  |  |  |  |

|                                                           |                    |            |                   |            |   |            |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|--------------------|------------|-------------------|------------|---|------------|--|--|--|--|--|--|--|--|--|
|                                                           | Three Months Ended |            |                   |
|                                                           | March 31, 2023     |            | December 31, 2022 |            |   |            |  |
| Lease operating expenses per Boe                          | $                  | 3.33  |                   |            | $ | 3.04  |  |  |  |  |  |
| Production taxes per Boe                                  | 2.54          |            |                   | 2.71  |   |            |  |  |  |
| Transportation, gathering and processing expenses per Boe | 1.48          |            |                   | 1.53  |   |            |  |  |  |
| Total per Boe                                             | $                  | 7.35  |                   |            | $ | 7.28  |  |  |  |  |  |

----

----

|                                                                                                    |  |                    |           |                   |           |   |           |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------|--|--------------------|-----------|-------------------|-----------|---|-----------|--|--|--|--|--|--|--|--|--|--|--|
| Cash Flows from Operations to Adjusted Cash Flows from Operations and Adjusted Free Cash Flow      |
|                                                                                                    |  | Three Months Ended |           |                   |
|                                                                                                    |  | March 31, 2023     |           | December 31, 2022 |           |   |           |  |
|                                                                                                    |  | (in millions)      |           |                   |           |   |
| Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow: |  |                    |           |                   |           |   |           |  |
| Net cash from operating activities                                                                 |  | $                  | 588  |                   |           | $ | 688  |  |  |  |  |  |
| Changes in assets and liabilities                                                                  |  | (70)               |           |                   | (84)      |   |           |  |  |  |
| Adjusted cash flows from operations                                                                |  | 518           |           |                   | 604  |   |           |  |  |  |
| Capital expenditures for development of crude oil and natural gas properties                       |  | (362)              |           |                   | (296)     |   |           |  |  |  |
| Capital expenditures for midstream assets                                                          |  | (4)                |           |                   | (1)       |   |           |  |  |  |
| Change in accounts payable related to capital expenditures  for oil and gas development activities |  | (51)               |           |                   | (49)      |   |           |  |  |  |
| Adjusted free cash flow                                                                            |  | $                  | 101  |                   |           | $ | 258  |  |  |  |  |  |

|                                                                                 |  |                                      |            |                   |            |            |            |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|--|--------------------------------------|------------|-------------------|------------|------------|------------|--|--|--|--|--|--|--|--|--|--|--|
| Net Loss to Adjusted Net Income (Loss) and Adjusted Earnings Per Share, Diluted |
|                                                                                 |  | Three Months Ended                   |            |                   |
|                                                                                 |  | March 31, 2023                       |            | December 31, 2022 |            |            |            |  |
|                                                                                 |  | (in millions, except per share data) |            |                   |            |            |
| Net income (loss) to adjusted net income (loss):                            |  |                                      |            |                   |            |            |            |  |
| Net income (loss)                                                               |  | $                                    | 414   |                   |            | $          | 350   |  |  |  |  |  |
| Loss (gain) on commodity derivative instruments                                 |  | (144)                                |            |                   | 100   |            |            |  |  |  |
| Net settlements on commodity derivative instruments                             |  | (86)                                 |            |                   | (167)      |            |            |  |  |  |
| Tax effect of above adjustments (1)                                             |  | 49                              |            |                   | 14    |            |            |  |  |  |
| Adjusted net income (loss)                                                      |  | $                                    | 233   |                   |            | $          | 297   |  |  |  |  |  |
|                                                                                 |  |                                      |            |                   |            |            |            |  |
| Earnings per share, diluted                                                     |  | 4.64                            |            |                   | $          | 3.79  |            |  |  |  |  |
| Loss (gain) on commodity derivative instruments                                 |  | (1.61)                               |            |                   | 1.09  |            |            |  |  |  |
| Net settlements on commodity derivative instruments                             |  | (0.97)                               |            |                   | (1.81)     |            |            |  |  |  |
| Tax effect of above adjustments                                                 |  | 0.55                            |            |                   | 0.15  |            |            |  |  |  |
| Adjusted earnings (loss) per share, diluted                                     |  | $                                    | 2.61  |                   |            | $          | 3.22  |  |  |  |  |  |
| Weighted average diluted shares outstanding                                     |  | 89.2                                 |            | 92.3         |            |            |            |  |  |

----

|                                                  |  |  |                              |  |               |               |      |               |   |               |  |  |  |  |  |
|--------------------------------------------------|--|--|------------------------------|--|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                  |  |  | Three Months Ended March 31, |
|                                                  |  |  |                              |  | 2023          |               | 2022 |
| Revenues                                         |  |  |                              |  |               |               |      |
| Crude oil, natural gas and NGLs sales            |  |  |                              |  | $             | 813,284  |      |               | $ | 882,378  |  |
| Commodity price risk management gain (loss), net |  |  |                              |  | 144,132  |               |      | (568,055)     |   |
| Other income                                     |  |  |                              |  | 252      |               |      | 2,125    |   |
| Total revenues                                   |  |  |                              |  | 957,668  |               |      | 316,448  |   |
| Costs, expenses and other                        |  |  |                              |  |               |               |      |
| Lease operating expense                          |  |  |                              |  | 73,259   |               |      | 54,156   |   |
| Production taxes                                 |  |  |                              |  | 55,747   |               |      | 62,916   |   |
| Transportation, gathering and processing expense |  |  |                              |  | 32,505   |               |      | 27,971   |   |
| Exploration, geologic and geophysical expense    |  |  |                              |  | 534      |               |      | 253      |   |
| General and administrative expense               |  |  |                              |  | 41,487   |               |      | 34,107   |   |
| Depreciation, depletion and amortization         |  |  |                              |  | 207,187  |               |      | 151,055  |   |
| Accretion of asset retirement obligations        |  |  |                              |  | 3,714    |               |      | 2,987    |   |
| Impairment of properties and equipment           |  |  |                              |  | 1,373    |               |      | 943      |   |
| Loss (gain) on sale of properties and equipment  |  |  |                              |  | 155      |               |      | (125)         |   |
|                                                  |  |  |                              |  |               |               |      |
| Total costs, expenses and other                  |  |  |                              |  | 415,961  |               |      | 334,263  |   |
| Income (loss) from operations                    |  |  |                              |  | 541,707  |               |      | (17,815)      |   |
| Interest expense, net                            |  |  |                              |  | (14,705)      |               |      | (12,945)      |   |
|                                                  |  |  |                              |  |               |               |      |
| Income (loss) before income taxes                |  |  |                              |  | 527,002  |               |      | (30,760)      |   |
| Income tax expense                               |  |  |                              |  | (112,870)     |               |      | (1,200)       |   |
| Net income (loss)                                |  |  |                              |  | $             | 414,132  |      |               | $ | (31,960)      |  |
|                                                  |  |  |                              |  |               |               |      |
| Earnings (Loss) per share:                   |  |  |                              |  |               |               |      |
| Basic                                            |  |  |                              |  | $             | 4.69     |      |               | $ | (0.33)        |  |
| Diluted                                          |  |  |                              |  | $             | 4.64     |      |               | $ | (0.33)        |  |
|                                                  |  |  |                              |  |               |               |      |
| Weighted average common shares outstanding:  |  |  |                              |  |               |               |      |
| Basic                                            |  |  |                              |  | 88,357   |               |      | 96,279   |   |
| Diluted                                          |  |  |                              |  | 89,228   |               |      | 96,279   |   |
|                                                  |  |  |                              |  |               |               |      |
| Dividends declared per share                     |  |  |                              |  | $             | 0.40     |      |               | $ | 0.25     |  |

----

|                                                                                                                                                                        |  |                 |                 |                   |                 |   |                 |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|-------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                                                                                        |  | March 31, 2023  |                 | December 31, 2022 |
| Assets                                                                                                                                                                 |  |                 |                 |                   |
| Current assets:                                                                                                                                                    |  |                 |                 |                   |
| Cash and cash equivalents                                                                                                                                              |  | $               | 17,443     |                   |                 | $ | 6,494      |  |
| Accounts receivable, net                                                                                                                                               |  | 474,783    |                 |                   | 546,311    |   |
| Fair value of derivatives                                                                                                                                              |  | 68,144     |                 |                   | 31,963     |   |
| Prepaid expenses and other current assets                                                                                                                              |  | 10,822     |                 |                   | 8,987      |   |
| Total current assets                                                                                                                                                   |  | 571,192    |                 |                   | 593,755    |   |
| Properties and equipment, net                                                                                                                                          |  | 7,510,312  |                 |                   | 7,293,355  |   |
| Fair value of derivatives                                                                                                                                              |  | 46,497     |                 |                   | 25,562     |   |
| Other assets                                                                                                                                                           |  | 131,464    |                 |                   | 70,093     |   |
| Total Assets                                                                                                                                                           |  | $               | 8,259,465  |                   |                 | $ | 7,982,765  |  |
|                                                                                                                                                                        |  |                 |                 |                   |
| Liabilities and Stockholders’ Equity                                                                                                                             |  |                 |                 |                   |
| Liabilities                                                                                                                                                            |  |                 |                 |                   |
| Current liabilities:                                                                                                                                               |  |                 |                 |                   |
| Accounts payable                                                                                                                                                       |  | $               | 285,995    |                   |                 | $ | 244,406    |  |
| Production tax liability                                                                                                                                               |  | 253,962    |                 |                   | 244,737    |   |
| Fair value of derivatives                                                                                                                                              |  | 125,529    |                 |                   | 274,218    |   |
| Funds held for distribution                                                                                                                                            |  | 523,889    |                 |                   | 539,094    |   |
| Accrued interest payable                                                                                                                                               |  | 20,877     |                 |                   | 11,655     |   |
| Other accrued expenses                                                                                                                                                 |  | 112,294    |                 |                   | 106,082    |   |
|                                                                                                                                                                        |  |                 |                 |                   |
| Total current liabilities                                                                                                                                              |  | 1,322,546  |                 |                   | 1,420,192  |   |
| Long-term debt                                                                                                                                                         |  | 1,296,491  |                 |                   | 1,314,010  |   |
|                                                                                                                                                                        |  |                 |                 |                   |
| Asset retirement obligations                                                                                                                                           |  | 170,060    |                 |                   | 171,665    |   |
| Fair value of derivatives                                                                                                                                              |  | 29,019     |                 |                   | 53,600     |   |
| Deferred income taxes                                                                                                                                                  |  | 621,358    |                 |                   | 507,683    |   |
| Other liabilities                                                                                                                                                      |  | 605,615    |                 |                   | 532,870    |   |
| Total liabilities                                                                                                                                                      |  | 4,045,089  |                 |                   | 4,000,020  |   |
|                                                                                                                                                                        |  |                 |                 |                   |
| Commitments and contingent liabilities                                                                                                                                 |  |                 |                 |                   |
|                                                                                                                                                                        |  |                 |                 |                   |
| Stockholders’ equity                                                                                                                                             |  |                 |                 |                   |
| Common shares - par value $0.01 per share, 150,000,000 authorized, 87,570,195 and 89,224,353 issued as of March 31, 2023 and December 31, 2022, respectively |  | 876        |                 |                   | 892        |   |
| Additional paid-in capital                                                                                                                                             |  | 2,742,706  |                 |                   | 2,823,364  |   |
| Retained earnings                                                                                                                                                      |  | 1,476,205  |                 |                   | 1,165,816  |   |
| Treasury shares - at cost, 88,328 and 119,336 as of March 31, 2023 and December 31, 2022, respectively                                                       |  | (5,411)         |                 |                   | (7,327)         |   |
| Total stockholders’ equity                                                                                                                                       |  | 4,214,376  |                 |                   | 3,982,745  |   |
| Total Liabilities and Stockholders’ Equity                                                                                                                       |  | $               | 8,259,465  |                   |                 | $ | 7,982,765  |  |

----

|                                                                                               |  |  |  |                              |  |               |               |      |               |   |               |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|--|--|------------------------------|--|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                                                                               |  |  |  | Three Months Ended March 31, |
|                                                                                               |  |  |  |                              |  | 2023          |               | 2022 |
| Cash flows from operating activities:                                                     |  |  |  |                              |  |               |               |      |
| Net income (loss)                                                                             |  |  |  |                              |  | $             | 414,132  |      |               | $ | (31,960)      |  |
| Adjustments to net loss to reconcile to net cash from operating activities:               |  |  |  |                              |  |               |               |      |
| Net change in fair value of unsettled commodity derivatives                                   |  |  |  |                              |  | (230,386)     |               |      | 406,461  |   |
| Depreciation, depletion and amortization                                                      |  |  |  |                              |  | 207,187  |               |      | 151,055  |   |
| Impairment of properties and equipment                                                        |  |  |  |                              |  | 1,373    |               |      | 943      |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Accretion of asset retirement obligations                                                     |  |  |  |                              |  | 3,714    |               |      | 2,987    |   |
| Non-cash stock-based compensation                                                             |  |  |  |                              |  | 6,564    |               |      | 5,474    |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Amortization of debt discount, premium and issuance costs                                     |  |  |  |                              |  | 1,361    |               |      | 1,357    |   |
| Deferred income taxes                                                                         |  |  |  |                              |  | 113,675  |               |      | 3,600    |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Other                                                                                         |  |  |  |                              |  | 258      |               |      | (1,030)       |   |
| Changes in assets and liabilities                                                             |  |  |  |                              |  | 70,445   |               |      | (49,839)      |   |
| Net cash from operating activities                                                            |  |  |  |                              |  | 588,323  |               |      | 489,048  |   |
| Cash flows from investing activities:                                                     |  |  |  |                              |  |               |               |      |
| Capital expenditures for development of crude oil and natural gas properties                  |  |  |  |                              |  | (362,251)     |               |      | (187,021)     |   |
| Capital expenditures for midstream assets                                                     |  |  |  |                              |  | (3,574)       |               |      | —  |   |
| Capital expenditures for other properties and equipment                                       |  |  |  |                              |  | (6,651)       |               |      | (67)          |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Proceeds from sale of properties and equipment                                                |  |  |  |                              |  | 37       |               |      | 89       |   |
| Proceeds from divestitures                                                                    |  |  |  |                              |  | —  |               |      | 465      |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Funds held in escrow for acquisition                                                          |  |  |  |                              |  | —  |               |      | (50,000)      |   |
| Net cash from investing activities                                                            |  |  |  |                              |  | (372,439)     |               |      | (236,534)     |   |
| Cash flows from financing activities:                                                     |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Proceeds from revolving credit facility and other borrowings                                  |  |  |  |                              |  | 496,000  |               |      | 100,500  |   |
| Repayment of revolving credit facility and other borrowings                                   |  |  |  |                              |  | (514,000)     |               |      | (100,500)     |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Payment of debt issuance costs                                                                |  |  |  |                              |  | —  |               |      | (30)          |   |
| Purchase of treasury shares for employee stock-based compensation tax withholding obligations |  |  |  |                              |  | (19,243)      |               |      | (9,203)       |   |
| Purchase of treasury shares under stock repurchase program                                    |  |  |  |                              |  | (129,944)     |               |      | (80,853)      |   |
| Dividends paid                                                                                |  |  |  |                              |  | (37,179)      |               |      | (24,681)      |   |
| Principal payments under financing lease obligations                                          |  |  |  |                              |  | (569)         |               |      | (419)         |   |
|                                                                                               |  |  |  |                              |  |               |               |      |
| Net cash from financing activities                                                            |  |  |  |                              |  | (204,935)     |               |      | (115,186)     |   |
| Net change in cash, cash equivalents and restricted cash                                      |  |  |  |                              |  | 10,949   |               |      | 137,328  |   |
| Cash, cash equivalents and restricted cash, beginning of period                               |  |  |  |                              |  | 6,494    |               |      | 33,829   |   |
| Cash, cash equivalents and restricted cash, end of period                                     |  |  |  |                              |  | $             | 17,443   |      |               | $ | 171,157  |  |

----

----

----

|               |                              |  |  |  |  |
|---------------|------------------------------|--|--|--|--|
| Contacts: | Aaron Vandeford              |
|               | Director Investor Relations  |
|               | 303-381-9493                 |
|               | aaron.vandeford@pdce.com |