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Q2 2015 Earnings Call – Callon Petroleum Co.

Callon Petroleum Co. · Aug 5, 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. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY 2Q 2015 Earnings Presentation August 5, 2015
  2. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 2
    HIGHLIGHTS Net daily production of 9,516 Boepd (79% oil) Production Sequential quarterly growth of 11% over 1Q15 Year-over-year increase of 80% over 2Q14 Operating 70% EBITDA margin in 2Q15 Margins Cost structure aligning with…
  3. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 3
    OPERATIONAL UPDATE Carpe Diem/Pecan 70 Hz Producing wells 7 Wells in process Garrison Draw Acres/CaBo(a) 8 Completions in 2Q15 REAGAN 2Q15 2Q15 completions: completions: No Activity 3 WCB Two 10,000 WCBL completions flowed…
  4. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 4
    EMERGING OPERATIONAL DRIVERS Central Midland Lower Spraberry(a) Garrison Draw Wolfcamp B Oil Rate Only Oil Rate Only 160,000 100,000 703 MBBL Oil / 912 MBOE 90,000 140,000 7,500 Type Curve 80,000 120,000 70,000 Cumulative…
  5. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 5
    APPRAISAL ACTIVITIES New Zones Stacked Laterals Fast follower philosophy Well Lateral 24 Hr 30 Day First Middle Spraberry well (Zone) (Lift) (% oil) (% oil) currently drilling (Midland Co.) First Wolfcamp D / Cline well Pecan…
  6. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 6
    ENHANCING COMPLETIONS Enhancing Completions Successfully Reduced Well Costs Increased proppant levels driving early well 4Q14 Total Current Total performance and higher EURs Median Proppant/ft Impact 9.7 MM EUR Avg. Uplift 25%…
  7. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 7
    2Q15 CAPITAL EXPENDITURES(a) Breakdown By Category (MM) D&C Evolution (MM) D&C Facilities Capitalized G&A 4 Operational 80 Capex 2 5 D&C 60 5 8 4 4 Facilities 40 8 64 37 53 20 37 Capitalized G&A 0 4Q14 1Q15 2Q15…
  8. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 8
    REVENUES Daily Production (Boepd) Revenue (MM) Oil Nat Gas/NGLs Oil Nat Gas/NGLs Settled Hedges 10,000 9,516 55.0 8,567 1,989 45.0 44.2 8,000 1,478 38.9 40.7 5.0 2.8 3.1 35.0 10.3 6,000 5,275 2.5 824 25.0 4,000 7,089 7,527…
  9. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 9
    EXPENSES LOE (/BOE) Adjusted G&A (/BOE)(a) 10.00 Cash Non-Cash 8.00 10.00 2.07 6.00 9.09 9.03 0.79 4.00 7.59 5.00 8.19 0.68 2.00 5.37 3.85 0.00 0.00 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 DD&A (/BOE) Highlights 30.00 LOE per BOE…
  10. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 10
    FINANCIAL POSITION Capitalization (MM) Adjusted EBITDA Margins (/BOE)(a) 1,200 Cash Adj. G&A Production Taxes LOE Revenue 80 75.52 Bank Stockholders' 1,000 Availability + 68.01 177 Equity Cash 70 800 75 60 Second Lien…
  11. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 11
    2015 GUIDANCE Quarterly Annual 10,000 Production (BOE/d) 8,000 6,000 9,516 9,800 10,500 9,600 4,000 8,567 7,270 5,648 2,000 0 4Q14 1Q15A 2Q15A 3Q15E 4Q15E 2014A 2015E FY2015 Guidance 3Q15 Guidance Previous Updated…
  12. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 12
    2016 OUTLOOK Operational Illustrative Free Cash Flow(b) 20% Run rate op capex of 32.5 MM / quarter Production 100 Growth No assumed LOE reductions 12,000 No completion uplift above current type curves 215 70% 11,000…
  13. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 13
    APPENDIX
  14. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 14
    QUARTERLY CASH FLOW STATEMENT 2Q-2015 Cash flows from operating activities: Net income (loss) (4,967) Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation, depletion and amortization…
  15. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 15
    NON-GAAP RECONCILIATION(a) 2Q-2014 3Q-2014 4Q-2014 1Q-2015 2Q-2015 Income (loss) available to common stockholders 2,767 10,227 16,988 (12,171) (6,940) Adjustments: Net loss on derivatives, net of settlements 1,975 (6,764) (14,249)…
  16. Q2 2015 Earnings Call – Callon Petroleum Co. – slide 16
    NON-GAAP RECONCILIATION(a) 2Q-2014 3Q-2014 4Q-2014 1Q-2015 2Q-2015 Total G&A expense 9,639 3,261 1,402 12,102 5,763 Adjustments: Change in the fair value of liability share-based awards (4,587) 1,499 2,635 (2,578) (1,607) Early…

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