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JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co.

Callon Petroleum Co. · Jun 19, 2015 · 23 slides

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Slides

  1. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation June 2015
  2. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 557 MM MARTIN ANDREWS HOWARD Central Acreage Enterprise Value(a)(d) 973 MM Proved Reserves(b) 32.8 MMBOE % Oil 78% % PDP 55% Daily Average…
  3. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 3
    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…
  4. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 4
    ASSET BASE GROWTH Permian Production (BOE/d) Hz PUD & Well Inventory 10,000 Lower Wolfcamp B 47 PUD 9,000 1,000 Upper Wolfcamp B (47) Wolfcamp A Lower Spraberry 131 8,000 Clearfork Middle Spraberry 58 60% 800 Jo Mill 7,000…
  5. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 5
    MULTI-ZONE POTENTIAL Potentialrig Replace Gross Horizontal Locations & Producing Wells Central Midland Southern Midland Well Carpe Pecan East Garrison Taylor Target Zone PDP(a) Diem Acres Kayleigh CaBo Bloxom Opal Draw Draw…
  6. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 6
    TYPE CURVE SUMMARY (55/BBL) Central Midland Ranges(a) Southern Midland Ranges(a) Avg: 912 MBOE Avg: 639 Avg: MBOE 595 541 MBOE MBOE IRR(b) 33% 55% IRR(b) 31% 35% NPV10 / I(b) 59% 100% NPV10 / I(b) 59% 66% Payout(b)…
  7. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 7
    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…
  8. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 8
    1Q15 OPERATIONS UPDATE 64 Producing Wells Carpe Diem/Pecan 7 Wells in Process Garrison Draw Acres/CaBo(a) REAGAN WCA: 1 WCB: 1 LS: 4 WCBL: 10 WCB: 15 Two 10,000 wells placed on production (Lower WC B) 1ststacked horizontals…
  9. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 9
    COST REDUCTIONS 7,500 Component Breakdown (MM) Key Achieved Reductions Completion Drilling Drilling rig 40% 8.0 Drilling mud 28% 6.0 Tubulars 15% 4.0 Directional drilling: 40% 2.0 Pressure pumping 35% 0.0 Baseline Achieved…
  10. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 10
    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%…
  11. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 11
    ONGOING DE-RISKING: CENTRAL 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…
  12. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 12
    ONGOING DE-RISKING: SOUTHERN Southern Midland Basin (10,700 Net Surface Acres) PXD University 2-20 46H 6867 IP24 928 BOEPD PXD University 2-20 17H IP24 / 1000 135 BOEPD 11308 IP24 1538 BOEPD IP24 / 1000 136 BOEPD PXD University…
  13. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 13
    FINANCIAL
  14. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 14
    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…
  15. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 15
    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…
  16. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 16
    OUTLOOK (TWO-RIG SCENARIO) 225 10,000 4Q14 to 4Q16 production Operational Capex 175 8,000 CAGR in excess of 20% Production (MM) (Boe/d) 6,000 Operational capital spend continues 125 to decline under a two-rig…
  17. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 17
    APPENDIX
  18. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 18
    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 3.0 Cumulative Production 100,000 MBOE/d of Oil…
  19. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 19
    2-STREAM VS 3-STREAM EXAMPLE 2-Stream 30-Day IP 3-Stream 30-Day IP 800 BOE/d 904 BOE/d 1000 800 17% 20% 13% 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…
  20. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 20
    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) 409 520 442 91…
  21. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 21
    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)…
  22. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 22
    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…
  23. JUNE 2015 INVESTOR PRESENTATION – Callon Petroleum Co. – slide 23
    RESERVE INFORMATION 26

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