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Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co.

Callon Petroleum Co. · Mar 15, 2013 · 25 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. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 1
    4Q12 Earnings and Operational Update March 15, 2013 NYSE: CPE 4Q 2012 Earnings Call
  2. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 2
    INTRODUCTORY REMARKS NYSE: CPE 4Q 2012 Earnings Call
  3. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 3
    2013 Permian Objectives / Focus Transition to program development of Wolfcamp B asset base Transition from evaluation to development mode Pad drilling and batch completions to improve returns on capital Pad drilling and batch…
  4. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 4
    Building NAV Visibility Proved Reserves + Drillable Locations Proved Reserves + Drillable Locations Excludes: Additional Hz zones Medusa probables Lynn Co. Hz N Midland verticals Target Gross Horizontal Locations (1/1/13)…
  5. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 5
    OPERATIONAL UPDATE NYSE: CPE 4Q 2012 Earnings Call
  6. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 6
    YearEnd 2012 Reserves P dR R ili ti Proved Reserve Reconciliation 222% Drill Bit Replacement ep ace e t 12/31/12: 14.1 MMBOE SEC PV-10: 250MM 24% Permian Reserve Growth 77% Oil (Excluding NGLs) 77% Oil (Excluding NGLs)…
  7. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 7
    Southern Midland Hz Wells Hz Permits TAYLOR DRAW (1,762 net acres) Pembrook 9121H flowing back 2013 horizontal activity: Upton 8 drills (5,000+ laterals) EAST BLOXOM (3,840 net acres) 7 completions Two producing horizontals…
  8. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 8
    Central Midland (2 176 net acres) CARPE DIEM (2,176 PECAN ACRES (424 net acres) Legacy Wolfberry production 2H12 vertical drilling focus 2013 vertical activity: Latest 3 well avg IP (24-hour): 224 Boepd 4 wells / 4 completions Strong…
  9. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 9
    Northern Midland BAIRD RANCH / BLACK MAGIC (14,653 net acres) Two horizontal wells drilled & completed Mississippian Lime flowing back Initial Cline evaluation test complete Vertical well currently testing several zones 2013…
  10. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 10
    Planned Onshore Drilling Activity 2013 P i O tl k 2013 Permian Outlook Completion Deferrals For Change In Pumping Services Gross Completions 2012 2013E Vertical 22 12 Horizontal 3 14 Total D&C 81MM 86MM Horizontal…
  11. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 11
    Capital Efficiency Initiatives (East Bloxom) H W lf Hz Wolfcamp D illi C Drilling Curves C it l I t Capital Improvements 2013 YTD 2012 Long Laterals / 25+ Completion Stages / Pad Drilling And Service Cost Benefits 12…
  12. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 12
    Horizontal Wolfcamp B Economics Results vs 450 Mboe Type Curve Economics (6.5MM D&C) 13 NYSE: CPE 4Q 2012 Earnings Call
  13. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 13
    Production 2013 O tl k (Mid i t f G id ) 2013 Outlook (Midpoints of Guidance) Medusa 15% Downtime Growth 65% Service Provider Change Growth Hz Pad Drilling Batch Completions Commences Begin Underlying 400 Mboe…
  14. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 14
    FINANCIAL REVIEW NYSE: CPE 4Q 2012 Earnings Call
  15. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 15
    Financial Highlights Dollars in millions except per diluted share data Dollars in millions, except per diluted share data Metric 4Q 2012 Full Year 2012 Revenues 28.7 110.8 EBITDA* 19 7 19.7 68 3 68.3 Net Income p per Diluted…
  16. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 16
    Operational Results P d ti Production R li d P i Realized Prices 2012 = 4,304 Boepd (62% oil) 2012 PF = 3,937 Boepd (60% oil) 17 NYSE: CPE 4Q 2012 Earnings Call
  17. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 17
    Expenses Dollars in millions except per unit data Dollars in millions, except per unit data Full Year Full Year 2012 Category 4Q 2012 2012 Guidance Lease Operating Expense 5.4 24.1 24.0 27.0 Severance Taxes 0.6 2.4 3.0 5.0 Cash G&A…
  18. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 18
    2013 Capital Budget Capital Budget Analysis 2012A 2013E Development focus vs prior year evaluation Focus on improved Permian capital efficiency No budgeted lease expansion initiatives given current portfolio Fund Medusa longlead…
  19. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 19
    2013 Financing Detail C it li ti Capitalization 2013 base budget funding plan Cash flow from operations Bank facility and expected increases Bank facility and expected increases Restructured oil collars into swaps at 101.30/Bbl…
  20. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 20
    2013 Guidance (Dollars in millions, except per unit data) Category 1Q 2013 1Q 2013 Full Year 2013 Full Year 2013 Total Production (Boepd) 3,400 3,600 3,800 4,200 Permian (Boepd) 1,500 1,650 2,000 2,300 % Oil 65% 65% Lease…
  21. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 21
    APPENDIX NYSE: CPE 4Q 2012 Earnings Call
  22. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 22
    Hedging Position Oil Natural Gas Previous Collars Liquidated Enhanced Swap Net Impact 2013: 120Mbo/Qtr 101.30 Enhanced Swap 2014: 90Mbo/Quarter 93.35 Oct12-Dec 13: 1,374 Bbtu 3.52 23 NYSE: CPE 4Q 2012 Earnings Call
  23. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 23
    NonGAAP Reconciliation EBITDA Reconciliation (MM) 24 NYSE: CPE 4Q 2012 Earnings Call
  24. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 24
    NonGAAP Reconciliation Adjusted Net Income (MM, except per share amounts) 25 NYSE: CPE 4Q 2012 Earnings Call
  25. Fourth Quarter And Full Year 2012 Earnings Conference Call – Callon Petroleum Co. – slide 25
    NonGAAP Reconciliation Discretionary Cash Flow (MM) 26 NYSE: CPE 4Q 2012 Earnings Call

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