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  Economics : Rates of Return/ IRR

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Permian Performance Delivers Returns Well Above Premium Wolfcamp Average 6 Mo. Cumulative Production (Boe/ft) Wolfcamp Average 6 Mo. Cumulative Production (Boe/ft) 34 36+ 33 34 Gas NGL 23 Oil 11 2021 2022 2023E Completed Wells by Target Wolfcamp Combo Wolfcamp M 2022 Performance is Significantly Higher Than Cumulative Production Required to Meet Premium Hurdle Rate Wolfcamp Oil (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil and 2.50 Henry Hub natural gas. (2) Direct ATROR calculated using flat commodity prices of 80 WTI oil and 3.50 Henry Hub natural gas. 2Q 2023 10
EOG Resources, Inc.
August 2023

Seamless Permian Asset Integration Gaines Dawson Borden Integration complete Mitchell Improved FY23 guide driven by strong legacy and Andrews Martin Howard acquired Permian performance Glasscock Ector Closed on June 12, 19 days ahead of June 30 target Midland Sterling OVV operations commenced immediately at close (First fully OVV designed and developed cube online in 4Q23) Crane Upton Reagan OVV Acreage Core OOIP Irion 180k 800 5 3 OVVs Permian By The Numbers Net Acres Acquired Premium1 Net 10K Locations Rigs Running Today Frac Crews Running Today +250 additional high potential upside locations 9 1) Premium reflects 35% IRR at 55/bbl WTI oil and 2.75/MMBtu NYMEX
Ovintiv Inc
August 2023

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

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