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May 2015 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 20, 2015 · 24 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. May 2015 Investor Presentation – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation May 2015
  2. May 2015 Investor Presentation – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a)(d) 545 MM MARTIN ANDREWS HOWARD Central Acreage Enterprise Value(a)(d) 961 MM Proved Reserves(b) 32.8 MMBOE % Oil 78% % PDP 55% Daily Average…
  3. May 2015 Investor Presentation – Callon Petroleum Co. – slide 3
    KEY INVESTMENT CONSIDERATIONS Consolidated footprint in the core of the Midland Basin High-quality acreage portfolio with well economics that continue to add shareholder value in the current environment Improving EURs over time…
  4. May 2015 Investor Presentation – Callon Petroleum Co. – slide 4
    OPERATIONS
  5. May 2015 Investor Presentation – Callon Petroleum Co. – slide 5
    STRONG FOUNDATION Key Highlights Proved Reserves Oil Natural Gas/NGLs Over 100,000 net effective acres 35.0 Oil-rich reserves and production 30.0 7.1 Efficient horizontal pad development 25.0 MMBOE 20.0 15.0 Horizontal…
  6. May 2015 Investor Presentation – Callon Petroleum Co. – slide 6
    ASSET BASE GROWTH Permian Production (BOE/d) Hz PUD & Well Inventory 10,000 Lower Wolfcamp B 47 PUD 1,000 Upper Wolfcamp B 9,000 (47) Wolfcamp A 131 Lower Spraberry 8,000 Clearfork Middle Spraberry 58 60% 800 Jo Mill…
  7. May 2015 Investor Presentation – Callon Petroleum Co. – slide 7
    MULTI-ZONE POTENTIAL Potentialrig Replace Gross Horizontal Locations & Producing Wells Central Midland Southern Midland Well Carpe Pecan East Garrison Taylor Target Zone PDP(a) PUD(c) Diem Acres Kayleigh CaBo Bloxom Opal Draw…
  8. May 2015 Investor Presentation – Callon Petroleum Co. – slide 8
    TYPE CURVE SUMMARY (55/BBL) Central Midland Ranges(a) Southern Midland Ranges(a) Avg: 912 MBOE Avg: 639 MBOE Avg: 595 MBOE 541 MBOE IRR(b) 33% 55% IRR(b) 31% 35% NPV10 / I(b) 59% 100% NPV10 / I(b) 59% 66% Payout(b)…
  9. May 2015 Investor Presentation – Callon Petroleum Co. – slide 9
    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…
  10. May 2015 Investor Presentation – Callon Petroleum Co. – slide 10
    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…
  11. May 2015 Investor Presentation – Callon Petroleum Co. – slide 11
    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 pumping: 35% 0.0…
  12. May 2015 Investor Presentation – Callon Petroleum Co. – slide 12
    EVOLVING MILESTONES Central Acreage(a) Well Name (Field) Formation (County) Highlight IP30 per 1000 Median Proppant/ft Kendra Annie Lower Spraberry Strong Lower Spraberry Results: The well had a peak 24-HR IP of 746 BOE/d (89%…
  13. May 2015 Investor Presentation – Callon Petroleum Co. – slide 13
    ONGOING DE-RISKING Central Midland Basin (7,300 Net Surface Acres) RSP Cross Bar Ranch 3025MS RSP Cross Bar Ranch 1717WA 9172 IP30 1190 BOEPD 7107 IP30 928 BOEPD IP30 / 1000 130 BOEPD IP30 / 1000 131 BOEPD RSP Cross Bar Ranch…
  14. May 2015 Investor Presentation – Callon Petroleum Co. – slide 14
    FINANCIAL
  15. May 2015 Investor Presentation – Callon Petroleum Co. – slide 15
    FINANCIAL POSITION Capitalization (MM) Adjusted EBITDA Margins (/BOE)(a) 1,200 Cash G&A Production Taxes LOE Revenue 1,000 Stockholders' 90 82.68 80.95 215 Equity 80 75.52 68.01 800 37 Second Lien 70 Facility 60 300 52.83…
  16. May 2015 Investor Presentation – Callon Petroleum Co. – slide 16
    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…
  17. May 2015 Investor Presentation – Callon Petroleum Co. – slide 17
    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…
  18. May 2015 Investor Presentation – Callon Petroleum Co. – slide 18
    APPENDIX
  19. May 2015 Investor Presentation – Callon Petroleum Co. – slide 19
    DEVELOPMENT PHILOSOPHY Artificial Lift System Evaluation(a) Maximum / Average Flow Rates(b) ESP (Neal 652H) Gas Lift (Neal 653H) 4.0 140,000 Peer Average: 3.2 3.5 120,000 Cumulative Production 3.0 MBOE/d of Oil & Water…
  20. May 2015 Investor Presentation – Callon Petroleum Co. – slide 20
    2-STREAM VS 3-STREAM EXAMPLE 2-Stream 30-Day IP 3-Stream 30-Day IP 800 BOE/d 904 BOE/d 1000 800 13% 20% 17% 600 BOE/d 400 80% 70% 200 0 2-Stream 3-Stream NGL Gas Oil 2-Stream Conversion 3-Stream 1.4 BTU Gas: 960…
  21. May 2015 Investor Presentation – Callon Petroleum Co. – slide 21
    HEDGE PORTFOLIO DETAIL For the Three Months Ended OIL CONTRACTS June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2015 2015 2015 2016 2016 2016 2016 Swap contracts: Total volume (MBbls) 410 520 442 91…
  22. May 2015 Investor Presentation – Callon Petroleum Co. – slide 22
    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)…
  23. May 2015 Investor Presentation – Callon Petroleum Co. – slide 23
    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…
  24. May 2015 Investor Presentation – Callon Petroleum Co. – slide 24
    RESERVE INFORMATION 24

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