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Q1 2015 EARNINGS CALL – Callon Petroleum Co.

Callon Petroleum Co. · May 6, 2015 · 16 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. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY 1Q 2015 Earnings Presentation May 6, 2015
  2. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 2
    HIGHLIGHTS Net daily production of 8,567 BOE (83% oil), an increase of 18% over 4Q2014 Capital efficiency continues to improve as additional capital cost reductions put us on a path to realize a 30% decrease in total completed well…
  3. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 3
    REVENUES Daily Production (Boepd) Revenue (MM) Oil Nat Gas/NGLs Oil Nat Gas/NGLs Settled Hedges 10,000 55.0 8,000 1,479 7.1 1,520 35.0 4.0 10.3 6,000 2.4 2.5 4,000 667 1Q15: 7,088 83% oil 34.4 5,750 15.0 30.9 27.9 2,000 3,688…
  4. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 4
    EXPENSES LOE (/BOE) Adjusted G&A (/BOE)(a) Cash Non-Cash 12.00 15.00 10.00 1.48 8.00 10.00 6.00 11.23 10.79 9.03 0.78 4.00 5.00 9.99 1.54 2.00 4.35 5.37 0.00 0.00 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 DD&A (/BOE) Early…
  5. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 5
    SUMMARY RESULTS Adjusted Income(a) Adjusted EBITDA(a) Line item 000s Line item 000s GAAP loss available to GAAP net loss (10,197) (12,171) common stockholders Adjustments (pre-tax): Adjustments (after-tax): Net loss on…
  6. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 6
    1Q15 CAPITAL EXPENDITURES(a) Breakdown By Category (MM) D&C Evolution (MM) D&C Facilities Capitalized G&A 5 Operational 80 Capex 4 2 5 D&C 60 5 4 Facilities 40 64 53 53 20 Capitalized G&A 0 4Q14 1Q15 Net Hz Wells…
  7. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 7
    FINANCIAL POSITION Capitalization (MM) Adjusted EBITDA Margins (/BOE)(a) 1,200 Cash G&A Production Taxes LOE Revenue 1,000 Stockholders' 215 Equity 90 82.68 80.95 80 75.52 800 37 Second Lien 68.01 Facility 70 300 600 60…
  8. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 8
    OPERATIONS UPDATE Carpe Diem/Pecan Garrison Draw Acres/CaBo(a) REAGAN Two 10,000 wells placed on production (Lower WC B) 1st stacked horizontals (WC B Wells continue to flow under and LS) at Pecan Acres yielding natural…
  9. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 9
    COST REDUCTIONS 7,500 Component Breakdown (MM) KeyAchieved Key Achieved Reductions Reductions 8.0 Drilling rig: 40% 6.0 Drilling mud: 28% Completion 4.0 Tubulars: 15%(a) Drilling 2.0 Directional drilling: 40% Pressure…
  10. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 10
    TYPE CURVE SUMMARY (55/BBL) Central Midland Ranges(a) Southern Midland Ranges(a) Avg: 912 BOE Avg: 639 BOE Avg: 595 BOE 541 BOE IRR(b) 33% 55% IRR(b) 31% 35% NPV10 / I(b) 59% 100% NPV10 / I(b) 59% 66% Payout(b) 2.7…
  11. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 11
    PEER GROUP ANALYSIS Midland Basin Horizontal EURs Oil(a) Central Southern Peer Peer Peer Peer Callon(b) 1 2 3 4 37% Adjusts two/three-stream data and facilitates ESP vs gas lift comparisons High-quality Southern and Central…
  12. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 12
    OPERATIONAL PLAN 2015 CapEx Guidance(a) Estimated Breakdown(a) (Guidance midpoints; MM) Capitalized G&A Facilities D&C Operational 70 13 Capex 60 12 D&C 50 40 MM 30 Facilities 20 150 Capitalized 10 0 G&A 1Q15A…
  13. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 13
    2015 GUIDANCE 9,000 Production (BOE/d) 8,800 4Q14 (7,270 BOE/d) to 4Q15 (9,500 BOE/d) production growth of 30% 8,600 9,050 8,400 8,950 Two-rig program provides potential growth of 8,567 10+% from 4Q15 to 4Q16 8,200…
  14. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 14
    APPENDIX
  15. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 15
    NON-GAAP RECONCILIATION(a) 1Q-2014 2Q-2014 3Q-2014 4Q-2014 1Q-2015 Income (loss) available to common stockholders (111) 2,767 10,227 16,988 (12,171) Adjustments: Net loss (gain) on derivatives, net of settlements 1,065 1,975 (6,764)…
  16. Q1 2015 EARNINGS CALL – Callon Petroleum Co. – slide 16
    NON-GAAP RECONCILIATION(a) 1Q-2014 2Q-2014 3Q-2014 4Q-2014 1Q-2015 Total G&A expense 10,807 9,639 3,261 1,402 12,102 Adjustments: Change in the fair value of liability share-based awards (2,655) (4,587) 1,499 2,635 (2,578) Early…

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