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  Economics : Rates of Return/ IRR

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2023 Delaware Development Plan 3-4 rig program Gaining efficiencies through larger projects Avg. size increases 65% to 10 wells Simultaneous D&C decreasing cycle times Target three primary formations Wolfcamp A, B & C Organic inventory expansion De-risking 3rd Bone Spring Shale and Lower Wolfcamp C 2023E Avg. Lat. Payout1,2 TILs IRR1 Length (in yrs) Delaware East 7,471 23 75% 1.3 Delaware South 9,342 13 57% 1.8 Delaware West 8,244 27 75% 1.3 1. Assumes price deck of 80/Bbl and 3.25/MMBtu 2. Time needed for the nominal undiscounted cash flow to return the initial DC&E capital expenditures 2023 Callon Investor Presentation 20
Callon Petroleum Co.
February 2023

Applying ROR-Focused Approach to JAG Assets Jagged Peak utilized NPV-focused development approach in 2H19 Recent production results are in-line with Parsleys risked expectations Capital costs trending lower than Parsleys initial expectations Shifting to ROR-focused approach on Parsleys 2020 development program Increasing proppant loading modestly from legacy JAG design Widening distance between wellbores in all directions Targeting only one landing zone in Wolfcamp B formation JAG NPV-Focused Development Highlights Applying ROR-Focused Approach to JAG Assets NPV-Focused ROR-Focused UTL 1.0 JAG Pad Design PE Pad Design Tighter vertical density: Decrease vertical density: Delaware Venom Stacked 3rd Bone Spring and Stagger 3rd Bone Spring and Basin WARD upper WCA wells (Coriander) upper WCA wells Coriander Tighter horizontal density: Widen horizontal density: 880 horizontal spacing 990+ horizontal spacing (Venom, UTL 1.0) between wells More delineation: Multiple Less delineation: Target one REEVES WCB landing zones (Venom, WCB landing zone in Coriander) prospective areas Parsley Leasehold PECOS JAG Recent Projects Project Project Lateral Current Per Well Name Size Length Oil Rate Coriander 6 wells 8,500 340 Bo/d after 180 days(1) Venom 8 wells 7,900 430 Bo/d after 120 days(2) UTL 1.0 10 wells 9,800 Late March POP (1) Coriander project placed on production mid-August 2019; (2) Venom project placed on production mid-October 2019. 11
Parsley Energy Inc.
March 2020

Delaware Basin Economics by Zone - EOY18 Model Third Bone Spring Wolfcamp A1 Wolfcamp A2 Wolfcamp B Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions 630 MBOE gross type curve 640 MBOE gross type curve 580 MBOE gross type curve 525 MBOE gross type curve 86% Oil 88% Oil 87% Oil 87% Oil Initial rate: 1,100 boepd Initial rate: 809 boepd Initial rate: 843 boepd Initial rate: 634 boepd di: 99.9% di: 97.4% di: 98.6% di: 95.79% dm: 6.0% dm: 7.0% dm: 7.0% dm: 7.0% b-factor: 1.4 b-factor: 1.4 b-factor: 1.4 b-factor: 1.4 Assumed CWC: 7.6 million Assumed CWC: 7.6 million Assumed CWC: 7.6 million Assumed CWC: 7.6 million ROR vs. WTI ROR vs. WTI ROR vs. WTI ROR vs. WTI 18
Abraxas Petroleum Corp.
December 2019

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