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January 2016 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Jan 11, 2016 · 30 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. January 2016 Investor Presentation – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation January 2016
  2. January 2016 Investor Presentation – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 581 MM Enterprise Value(a) 991 MM Central Acreage YE 2014 Proved Reserves(b) 32.8 MMBOE % Oil 78% % PDP 55% Daily Average Production 2014A 5,648…
  3. January 2016 Investor Presentation – 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 70% Adjusted EBITDA…
  4. January 2016 Investor Presentation – Callon Petroleum Co. – slide 4
    OPERATIONS
  5. January 2016 Investor Presentation – Callon Petroleum Co. – slide 5
    OPERATIONAL UPDATE Five Producing Zones: Carpe Diem/Pecan 78 Gross Hz Producing Wells Garrison Draw Acres/CaBo(a) 8 Gross Wells in Process REAGAN 7 Gross Wells Placed on Production in 3Q15 3Q15 3Q15 Completions: Completions: 2…
  6. January 2016 Investor Presentation – Callon Petroleum Co. – slide 6
    RECENT ACQUISITION Summary Data and Metrics Increased Exposure to Core Areas Key Transaction Metrics Acquisition Price 29.5 MM Total Net Surface Acreage Acquired 628 acres Avg Net Production (October 2015) 360 BOE/d % Oil 84% Acquired…
  7. January 2016 Investor Presentation – Callon Petroleum Co. – slide 7
    OILY PRODUCTION GROWTH Peer-Leading Oil Content: 3Q15 Production = 77% Oil 12,000 10,000 8,000 BOE / d 10,450 9,739 6,000 9,516 8,567 4,000 7,270 5,641 5,280 2,000 4,355 0 a) Acquisition of Casselman…
  8. January 2016 Investor Presentation – Callon Petroleum Co. – slide 8
    MIDLAND BASIN RESOURCE BASE Well Locations (20%+ IRR Threshold(a)) at Current D&C Costs 35 years 1,200 2-rig Other(b) pace(c) Southern 27 years Other(b) 1,000 2-rig Jo Mill pace(c) Central Jo Mill 800 WCD/Cline Gross…
  9. January 2016 Investor Presentation – Callon Petroleum Co. – slide 9
    LOWER SPRABERRY FOUNDATION Central Basin Lower Spraberry Wells(a) Exceptional Returns Oil Rate Only 100% 10.0 180,000 90% 9.0 160,000 80% 1.6 year 8.0 140,000 payout Cumulative Barrels of Oil 70% 50/Bbl 7.0 120,000 NPV…
  10. January 2016 Investor Presentation – Callon Petroleum Co. – slide 10
    LOWER SPRABERRY ECONOMICS CMB LS Type Curve (7,500) CMB LS Industry Activity Oil (Bbl/d) Gas (Mcf/d) 17 1,000 10,000 9 1,000 100 1 Gas (Mcf/d) 16 Oil (Bbl/d) 100 10 CaBo 6-7 2 Pecan 10 Acres 8 1 1 15 13 0…
  11. January 2016 Investor Presentation – Callon Petroleum Co. – slide 11
    WOLFCAMP B OPPORTUNITY Strong Southern WCB Performance(a) Improving Returns Over Time 120,000 Oil Rate Only 45% 6.0 Extended Actual Performance 40% 2.7 year 5.0 Tracking Above Type Curve payout 100,000 35% 50/Bbl 4.0 Cumulative…
  12. January 2016 Investor Presentation – Callon Petroleum Co. – slide 12
    WOLFCAMP B ECONOMICS SMB WC B Type Curve (7,500) SMB WC B Industry Activity Oil (Bbl/d) Gas (Mcf/d) 1,000 1,000 East Bloxom Garrison Draw 100 100 Gas Mcf/d Oil (Bbl/d) 10 10 1 1 0 20 40 60 80 100 120 Type Curve…
  13. January 2016 Investor Presentation – Callon Petroleum Co. – slide 13
    MIDDLE SPRABERRY Early-time performance of Middle CMB MS Industry Activity(b) Spraberry pilot well encouraging and tracking nearby industry results 5 3 Leveraging pilot well data to optimize zone 13 productivity, including…
  14. January 2016 Investor Presentation – Callon Petroleum Co. – slide 14
    LOWER COSTS / ENHANCED RESULTS Illustrative CWC Trend (7,500 lateral) Cost Initiatives Driving Further Capital Efficiency Pursuing savings on cement, tubing, intermediates, (MM) Drilling and casing 0.0 2.0 4.0 6.0 8.0 Transitioning…
  15. January 2016 Investor Presentation – Callon Petroleum Co. – slide 15
    FINANCIAL
  16. January 2016 Investor Presentation – Callon Petroleum Co. – slide 16
    OPERATIONAL CAPEX 2015E Budget Reconciliation Keys to Future Capital Efficiency D&C Facilities FLEXIBILITY is Key for Optimization 200 Advantage 1: Callon is in a unique position of having an acreage position that is 100% HBP 22…
  17. January 2016 Investor Presentation – Callon Petroleum Co. – slide 17
    FINANCIAL SNAPSHOT Capitalization (MM) at Sept. 30, 2015(a) Adjusted EBITDA Margins (/BOE)(b) Cash Adj. G&A Production Taxes LOE Adj. Revenue 19 80 75.52 367 300 283 67.99 70 60 52.83 51.05 49.22 0 200 400 600 800 1,000…
  18. January 2016 Investor Presentation – Callon Petroleum Co. – slide 18
    TRANSPORTATION Callon will improve returns on undeveloped inventory in 2015 by putting multiple additional major fields on pipe, including East Bloxom (August), Garrison Draw (November) and Taylor Draw (December) Carpe Diem CaBo East…
  19. January 2016 Investor Presentation – Callon Petroleum Co. – slide 19
    RISK MANAGEMENT Oil Hedges (/Bbl) Midland Differential (/Bbl) Hedge Volumes Swap/Long Put price 4,000 Bbl/d of 2016 Oil Production 6,000 67.22 70 Hedged at +0.17/Bbl Differential to WTI Cushing 64.93 Differential to WTI Cushing…
  20. January 2016 Investor Presentation – Callon Petroleum Co. – slide 20
    UPDATED 2016 OUTLOOK Updated 2016 Guidance Operational Capex: Higher W.I. in Lower Spraberry Increase in 2016 Average Net Lateral Length 200 (Drilled Lateral in Ft) 180 5,000 5,500 6,000 6,500 7,000 7,500 150 110 120 (a) Pro…
  21. January 2016 Investor Presentation – Callon Petroleum Co. – slide 21
    APPENDIX
  22. January 2016 Investor Presentation – Callon Petroleum Co. – slide 22
    2015 GUIDANCE (NOVEMBER 4, 2015) Quarterly Annual 10,000 Production (BOE / d) 8,000 6,000 9,516 9,739 10,450 9,575 4,000 8,567 7,270 5,648 2,000 0 4Q14A 1Q15A 2Q15A 3Q15E 4Q15E 2014A 2015E 4Q15 Guidance FY15 Guidance…
  23. January 2016 Investor Presentation – Callon Petroleum Co. – slide 23
    NON-GAAP RECONCILIATION(a) 3Q-2014 4Q-2014 1Q-2015 2Q-2015 3Q-2015 Income (loss) available to common stockholders 10,227 16,988 (12,171) (6,940) (113,779) Adjustments: Valuation allowance - - - - 68,818 Net loss (gain) on derivatives,…
  24. January 2016 Investor Presentation – Callon Petroleum Co. – slide 24
    NON-GAAP RECONCILIATION(a) 3Q-2014 4Q-2014 1Q-2015 2Q-2015 3Q-2015 Total G&A expense 3,261 1,402 12,102 5,763 4,302 Adjustments: Change in the fair value of liability share-based awards 1,499 2,635 (2,578) (1,607) (57) Early…
  25. January 2016 Investor Presentation – Callon Petroleum Co. – slide 25
    CURRENT HEDGE PORTFOLIO For the Three Months Ended Oil contracts 12/31/2015 03/31/2016 06/30/2016 09/30/2016 12/31/2016 Swap contracts: Total volume (MBbls) 442 182 182 184 184 Weighted average price per Bbl 64.93 58.23 58.23 58.23…
  26. January 2016 Investor Presentation – Callon Petroleum Co. – slide 26
    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…
  27. January 2016 Investor Presentation – Callon Petroleum Co. – slide 27
    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…
  28. January 2016 Investor Presentation – Callon Petroleum Co. – slide 28
    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…
  29. January 2016 Investor Presentation – Callon Petroleum Co. – slide 29
    2-STREAM VS 3-STREAM EXAMPLE 2-Stream 30-Day IP 3-Stream 30-Day IP 800 BOE/d 904 BOE/d 1000 800 16% 20% 13% 600 BOE/d 400 80% 71% 200 0 2-Stream 3-Stream NGL Gas Oil 2-Stream Conversion 3-Stream 1.4 BTU Gas: 960…
  30. January 2016 Investor Presentation – Callon Petroleum Co. – slide 30
    RESERVE INFORMATION 31

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