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EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co.

Callon Petroleum Co. · Aug 18, 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. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY The Oil & Gas Conference 20 August 18, 2015
  2. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 2
    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…
  3. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 3
    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 6.1…
  4. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 4
    OPERATIONS
  5. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 5
    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…
  6. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 6
    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…
  7. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 7
    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…
  8. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 8
    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…
  9. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 9
    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…
  10. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 10
    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%…
  11. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 11
    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…
  12. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 12
    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…
  13. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 13
    FINANCIAL
  14. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 14
    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…
  15. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 15
    OPERATIONAL PLAN 2015 CapEx Guidance(a) D&C Evolution (MM)(a) (Guidance midpoints; MM) D&C Facilities Capitalized G&A 80 Operational 2 13 Capex 5 12 60 5 4 D&C 4 40 8 Facilities 64 53 20 37 150 Capitalized 0 G&A 4Q14…
  16. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 16
    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…
  17. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 17
    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…
  18. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 18
    APPENDIX
  19. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 19
    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)…
  20. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 20
    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…
  21. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 21
    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…
  22. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 22
    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…
  23. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 23
    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…
  24. EnerCom The Oil and Gas Conference 2015 – Callon Petroleum Co. – slide 24
    RESERVE INFORMATION 25

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