CALLON PETROLEUM COMPANY Investor Presentation August 2015
CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 581 MM MARTIN ANDREWS HOWARD Central Acreage Enterprise Value(a)(d) 1,033 MM Proved Reserves(b) 32.8 MMBOE % Oil 78% % PDP 55% Daily Average…
HIGHLIGHTS Core Resilient well economics, supported by increasing EURs over time Permian Multi-zone inventory of producing and emerging target zones Position Established program development and infrastructure Current well costs of…
OPERATIONS
ASSET BASE GROWTH Permian Production (BOE/d) Hz PUD & Well Inventory 12,000 Lower Wolfcamp B 47 PUD 1,000 Upper Wolfcamp B (47) Wolfcamp A 131 10,000 Lower Spraberry Clearfork Middle Spraberry 58 800 Jo Mill Prospective…
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…
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…
MULTI-ZONE POTENTIAL Potentialrig Replace Gross Horizontal Locations & Producing Wells Central Midland Southern Midland PDP(a) Well Carpe Pecan East Garrison Taylor Target Zone + In Diem Acres Kayleigh CaBo Bloxom Opal Draw…
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…
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%…
SMARTER COMPLETIONS Our teams technical skills and geologic P-Impedance Volume of Clay knowledge of the basin provide the 344H 344H 345H 345H foundation to design smart fracs. 1 1 1 1 2 2 Leveraging technology across multiple 2…
SMARTER COMPLETIONS Well results across our East Bloxom Field illustrate the practical application of the 3-D Seismic Time Slice (P-Impedance) technical workflow. (East Bloxom Field) A strong correlation exists between initial F E B…
FINANCIAL
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…
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…
APPENDIX
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)…
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…
HEDGE PORTFOLIO DETAIL For the Three Months Ended Oil contracts 09/30/2015 12/31/2015 03/31/2016 06/30/2016 09/30/2016 12/31/2016 Swap contracts: Total volume (MBbls) 520 442 91 91 92 92 Weighted average price per Bbl 67.22 64.93…
DEVELOPMENT PHILOSOPHY Artificial Lift System Evaluation(a) Maximum / Average Flow Rates(b) EUR Avg. Uplift 25% 4.0 Peer Average: 3.2 3.5 Cumulative Production 3.0 MBOE/d of Oil & Water 60% 2.5 Greater 2.0 1.5 1.0…
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…
Loading...
