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2013 Earnings and Operational Update Slides – Callon Petroleum Co.

Callon Petroleum Co. · Aug 9, 2013 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 1
    2Q13 Earnings and Operational Update August 9, 2013 NYSE: CPE 2Q 2013 Earnings Call
  2. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 2
    INTRODUCTORY REMARKS NYSE: CPE 2Q 2013 Earnings Call
  3. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 3
    Key Accomplishments Continued horizontal success in program development Expansion of identified drilling inventory Addition of second horizontal rig for Southern/Central Midland Increased acreage position with Southern Midland…
  4. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 4
    Development Focus: De-Risked Asset Base Identified Horizontal Locations (Southern/Central Only) % Acreage Remaining Est. EUR Target Prospective Locations Range (BOE)* Lower Spraberry/Jo Mill 49% 54 350 450 Wolfcamp A 68% 74 400 500…
  5. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 5
    Near-Term Permian Asset Potential Production Rate PDP-Only Potential 65% 145% 120% Visible Growth Potential Driven By Horizontal Program Development Focus On Converting Acreage To Cash Flow Following Resource Capture 6 NYSE:…
  6. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 6
    OPERATIONAL UPDATE NYSE: CPE 2Q 2013 Earnings Call
  7. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 7
    Permian Activity Update Southern Midland Horizontal wells YTD: nine (9) drilled / five (5) completed Average drill days per well: 20 Final stages of increasing water handling infrastructure Acquisition of 2,186 net acres in Reagan…
  8. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 8
    Horizontal Well Results Strong continued Upper Wolfcamp B performance Encouraging initial Lower Wolfcamp B results Wolfcamp A currently being completed Total of seven wells in various stages of completion East Bloxom Taylor Draw…
  9. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 9
    Vertical Optimization Isolated Deep Test Uphole Completions Demonstrated Pecan Acres 23-3 contribution from deep zones (below Atoka) High oil content Initial Completion All Zones (IP 24 = 520 BOEPD) Testing concept at Carpe…
  10. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 10
    Offshore Activity Update Medusa Shut-in for downstream pipeline maintenance completed in early July Stimulation work done during downtime / gas lift optimization to follow Wells currently coming back on-line with current net…
  11. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 11
    Planned Permian Drilling Activity Horizontal Vertical 22 Drills 9 Drills 17 Completions 11 Completions Change vs Initial Budget 1H13 3Q13E 4Q13E Change vs Initial Budget 1H13 3Q13E 4Q13E Drills +2 +3 +4 Drills -2 -- +1…
  12. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 12
    2013 Operations Budget 170MM 125MM Execution pace exceeding expectations Addition of 2nd horizontal rig in mid 3Q13 Delineated inventory and proved execution supports increased activity Increase related exclusively to…
  13. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 13
    2Q13 RESULTS NYSE: CPE 2Q 2013 Earnings Call
  14. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 14
    Operational Results Production Realized Prices 2Q13 Total = 3,619 Boepd (60% oil) 2Q13 Permian = 1,870 Boepd (77% oil) 15 NYSE: CPE 2Q 2013 Earnings Call
  15. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 15
    Financial Highlights Dollars in millions, except per diluted share data Metric 2Q 2013 Consensus(1) Revenues 22.8 22.8 EBITDA* 12.0 10.7 Net Income per Diluted Share 0.00 N.A. Adj. Net Income per Diluted Share (0.02) (0.06)…
  16. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 16
    Expenses Dollars in millions, except per unit data Category 2Q 2013 Guidance Lease Operating Expense 5.4 5 - 7 Production Taxes 0.7 1 Cash G&A Expense 3.9 4 - 5 Non-Cash G&A Expense 0.6 1 DD&A (per Boe) 32.28 34 - 36 Accretion…
  17. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 17
    Financial Position Capitalization Positioned for acceleration Proactive preferred stock offering Undrawn bank facility (redetermination in process) Selective acquisitions with PDP and upside balance PV10 (YE12) / Net Debt = 3x…
  18. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 18
    Guidance (Dollars in millions, except per unit data) Category 3Q 2013 Full Year 2013 Total Production (Boepd) 4,100 - 4,400 4,000 - 4,300 % Oil 62% 65% Permian Production (Boepd) 2,200 - 2,500 2,200 - 2,400 Lease Operating Expense…
  19. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 19
    APPENDIX NYSE: CPE 2Q 2013 Earnings Call
  20. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 20
    Identified Horizontal Locations: Southern Midland E BLOXOM GARRISON DRAW TAYLOR DRAW Upton Co. Reagan Co. Reagan Co. 9,971 net acres (86% WI) Ongoing program development with 6 horizontal wells producing established…
  21. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 21
    Identified Horizontal Locations: Central Midland CARPE DIEM PECAN ACRES KAYLEIGH Martin Co. Martin Co. Ector Co. Deeper into basin with more formation 3,343 net acres (76% WI) pressure 102 remaining Hz locations Well-established…
  22. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 22
    Ongoing Delineation Program: Northern Midland Mississippian Mississippian Lime Chat 21,617 net acres (89% WI) Two horizontal MSSP plays Offsetting success Large oil in place Other zones being evaluated Tight limestone High…
  23. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 23
    Hedging Position Oil Natural Gas Fixed Price Swaps Fixed Price Swap 2H2013: 1,700 BOPD 101.53 Avg 2H13: 3,000 MMBtu/d 3.52 2014: 1,300 BOPD 93.63 Avg 24 NYSE: CPE 2Q 2013 Earnings Call
  24. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 24
    Non-GAAP Reconciliation EBITDA Reconciliation (MM) 25 NYSE: CPE 2Q 2013 Earnings Call
  25. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 25
    Non-GAAP Reconciliation Adjusted Net Income (MM, except per share amounts) 26 NYSE: CPE 2Q 2013 Earnings Call
  26. 2013 Earnings and Operational Update Slides – Callon Petroleum Co. – slide 26
    Non-GAAP Reconciliation Discretionary Cash Flow (MM) 27 NYSE: CPE 2Q 2013 Earnings Call

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