CALLON PETROLEUM COMPANY Investor Presentation September 2015
CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 543 MM MARTIN ANDREWS HOWARD Central Acreage Enterprise Value(a)(d) 995 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(b)Wolfcamp B (b) 1,000 PUDs Upper Wolfcamp B 43 (43) Wolfcamp A 10,000 Lower Spraberry 131 Clearfork Middle Spraberry 800 58 Jo Mill Wolfcamp C…
OPERATIONAL UPDATE Carpe Diem/Pecan 72 Hz Producing wells 8 Wells in process Garrison Draw Acres/CaBo(a) REAGAN 2Q15 2Q15 completions: completions: No Activity 3 WCB Two 10,000 WCBL completions flowed naturally 1stLS at…
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…
LOWER COSTS/HIGHER RETURNS Incremental Cost Savings Redeployed in Enhanced Completions for Further IRR Upside Increased proppant levels driving early well Illustrative CWC Trend (7,500 lateral) performance and higher EURs (MM) 0.0…
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 Leveraging technology across multiple 2 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 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…
RISK MANAGEMENT Oil Hedges (/Bbl) Midland Differential (/Bbl) Hedge Volumes Swap/Long Put price 6,000 67.22 70 64.93 4,000 Bbl/d of 2016 Oil Production Hedged at +0.17/Bbl Differential to WTI Cushing 56.62 56.62 56.62 56.62 60…
2016 OUTLOOK Initial Plan (August 2015) Planning Parameters 20% Production Guiding principle remains cash flow Growth 12,000 neutrality 215 70% 11,000 All drilling commitments / continuous Production drilling obligations…
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…
CURRENT HEDGE PORTFOLIO 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) 520 442 182 182 184 184 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…
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