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INVESTOR PRESENTATION – Callon Petroleum Co.

Callon Petroleum Co. · Nov 1, 2014 · 18 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. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation November 2014
  2. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Pure-play Permian company Focused and experienced technical team CPE Exclusively Midland Basin acreage Recent acquisition of 4,000 net acres Experienced horizontal driller Central Horizontal…
  3. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 3
    PURE-PLAY GROWTH STRATEGY Drive growth with ongoing horizontal program execution Three rig program focused on over 18,000 net acres in core of Midland Basin Production established in three zones from multi-zone pads Testing concepts…
  4. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 4
    MIDLAND ASSET BASE Key Highlights Proved Reserves (12/31/13) 25 Oil Natural Gas/NGLs Over 100,000 net effective acres 20 Oil-rich reserves and production 15 Efficient horizontal pad development MMBOE 77% 10 Horizontal Acreage…
  5. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 5
    PRO FORMA METRICS Permian Production (Boe/d) Potential Hz Locations: 1,097(a) 342% Growth Since 1Q13 67% Total Increase 6/30/14 8,000 500 446 +74% 7,000 387 +48% 1,368 400 6,000 189 5,000 125 264 300 +91% 4,000 3,000 5,641 5,641 200…
  6. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 6
    MULTI-ZONE DEVELOPMENT Carpe Diem Garrison Draw MIDLAND REAGAN 2-4 7-8 28 - 30 31 - 33 * 5-6 34 - 35 Avg. Lat. Length = 7191 ft. Avg. Lat. Length = 6724 ft. Avg. 24HR IP = 1198 Boe/d Avg. 24HR IP = 1015 Boe/d East Bloxom Taylor Draw…
  7. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 7
    CORE ACQUISITION CALLON ACREAGE ACQUIRED ACREAGE DIAMONDBACK ACREAGE RSP ACREAGE Tier 2 1-2 Levels Emerging Acquisition Midland Core 3-4 Levels Derisked Tier 1 2-3 Levels Derisked ACQUISITION PRODUCTION (GROSS) CALLON ACREAGE ACQUIRED…
  8. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 8
    DE-RISKED ZONE ACTIVITY (a) RSP Cross Bar Ranch 1717H 6955 IP30 867 BOEPD RSP Johnson Ranch 912WB Wolfcamp B 7400 IP30 685 BOEPD Callon Bohannon 24-2WB (3800 - 5300) Flowing back RSP Johnson Ranch 912MS Median 30D IP: 750 BOEPD 7720…
  9. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 9
    EMERGING DELINEATION Casselman-Bohannon / Pecan Acres / Carpe Diem Garrison Draw * * MIDLAND REAGAN *FANG Gridiron 1H: *PXD University 2-20 13H: 24 HR IP 2757 Boe/d 24 HR IP 1318 Boe/d East Bloxom Taylor Draw * * UPTON REAGAN *PXD…
  10. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 10
    MULTI-ZONE POTENTIAL Replace Gross Potential rig Horizontal Locations (Pro Forma June 30, 2014) Central Fields Southern Fields Carpe Pecan East Garrison Taylor Target Zone Diem Acres Kayleigh Ca-Bo Bloxom Opal Draw Draw Total Clearfork…
  11. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 11
    FINANCING OVERVIEW Capitalization(a) 430 million in long-term 1,200 capital raised in 3Q14 1,000 250MM borrowing base 235 800 15 Oil hedging of 4,000 Bopd in 4Q14 and 3,000 Bopd MM 600 300 in 2015 400 200 282 Target Debt/Adjusted…
  12. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 12
    STRONG CASH MARGINS Highlights Cash Margin(a) (/BOE) Cash Interest Cash G&A Production Taxes Total production with 84% oil LOE Revenue content vs. 65% peer average 100 Amortizing fixed costs over 80 larger production base 60 Permian…
  13. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 13
    GROWTH EFFICIENCY 70 CASH GENERATION Discretionary CF per BOE (1H14) 60 50 40 30 20 Cash Generation = (CFFO before Working Capital)/(Production) 10 0 Peer 1 Peer 2 Peer 3 Callon Peer 4 Peer 5 Peer 6 140 2014 Capital / Incr Production…
  14. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 14
    RELATIVE VALUATION 125 Total Capital / 2014 Growth (000/Boepd) Peer 6 4.0 120 HIGHER CAPITAL 115 LOWER MARGIN 7.5 Peer 2 110 Peer 3 LOWER CAPITAL 105 7.7 HIGHER MARGIN Peer 5 7.4 100 4.5 7.7 Peer 1 CALLON 95 30 35 40 45 50 55 60 65…
  15. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 15
    SUMMARY High-quality, core Midland Basin acreage Multiple de-risked zones with additional upside Deep organizational knowledge of area Long-lived drilling inventory for sustained production growth Near-term focus on de-risked zones and…
  16. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 16
    CURRENT HEDGED OIL VOLUMES For Three Months For the Year Ending December 31, December 31, Oil contracts 2014 2015 Collar contracts combined with short puts (three-way collar): (a) Volume (MBbls) 317 Price per Bbl Ceiling (short call)…
  17. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 17
    CURRENT HEDGED GAS VOLUMES For Three Months For the Year Ending December 31, December 31, Natural gas contracts 2014 2015 Collar contracts combined with short puts (three-way collar): Volume (BBtu) 843 Weighted average price per MMBtu…
  18. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 18
    NON-GAAP RECONCILIATION 2Q-2014 3Q-2014 1Q-2013 2Q-2013 3Q-2013 4Q-2013 1Q-2014 2Q-2014 ProForma 3Q-2014 ProForma Income (loss) available to common stockholders (800) 78 (892) 1,291 (111) 2,767 4,663 10,227 11,102 Adjustments: Net…

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