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Investor Presentation February 2016 – Callon Petroleum Co.

Callon Petroleum Co. · Feb 1, 2016 · 25 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. Investor Presentation February 2016 – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation February 2016
  2. Investor Presentation February 2016 – Callon Petroleum Co. – slide 2
    OVERVIEW
  3. Investor Presentation February 2016 – Callon Petroleum Co. – slide 3
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 526 MM Enterprise Value(a) 931 MM Central Acreage YE 2015 Proved Reserves(b) 54.3 MMBOE % Oil 80% % PD 53% Daily Average Production(c) 2015E…
  4. Investor Presentation February 2016 – Callon Petroleum Co. – slide 4
    HIGHLIGHTS Resilient well economics, supported by increasing EURs and continued Core reduction in capital and operating costs Permian Multi-zone inventory of producing and prospective target zones Position Established program…
  5. Investor Presentation February 2016 – Callon Petroleum Co. – slide 5
    OPERATIONS
  6. Investor Presentation February 2016 – Callon Petroleum Co. – slide 6
    LOW COST OILY GROWTH Strong Production Growth Momentum 12,000 100% Production Oil Mix 10,000 80% 8,000 60% Oil Mix Boe/d 6,000 10,600 40% 4,000 9,739 9,516 8,567 7,270 20% 2,000 5,641 4,355 5,280 0 0% (a)…
  7. Investor Presentation February 2016 – Callon Petroleum Co. – slide 7
    YEAR-END RESERVES 2015 Proved Reserve Progression Breakdown: YE15 vs. YE14 PD 57% 60 Total 65% YE14 22% Total Proved: 50 32.8 MMBoe 78% Proved Reserves (MMBoe) 40 Oil Gas 30 YE15 20% Total Proved: 20 54.3 MMBoe 80%…
  8. Investor Presentation February 2016 – Callon Petroleum Co. – slide 8
    MIDLAND BASIN RESOURCE BASE Well Locations (20%+ IRR Threshold(a)) at Current D&C Costs 1,200 Other(b) Southern Other(b) 1,000 Jo Mill LS Locations by Field Central Jo Mill 800 Potential to Gross Locations WCD/Cline shift more…
  9. Investor Presentation February 2016 – Callon Petroleum Co. – slide 9
    FOCUSED ACTIVITY IN CORE Recent Acquisitions (4Q15/1Q16) CMB LS Industry Activity Aggregate Transaction Metrics 34 Acquisition Price 38.8 MM 24 14-15 Total Net Surface Acreage Acquired 933 acres Avg Net Production (December 2015)…
  10. Investor Presentation February 2016 – Callon Petroleum Co. – slide 10
    COMPARABLE METRICS Recent Central Midland Basin Comps(a) /Adjusted Surface Acre % HBP 1,600 40,000 100% Acquired Acquired 1,400 from related from related 90% entity 35,000 entity / De-risked Net Horizontal Location 80%…
  11. Investor Presentation February 2016 – Callon Petroleum Co. – slide 11
    LOWER SPRABERRY FOUNDATION Production Performance Drives Lower Spraberry Type Curve Increase Increasing CMB LS Type Curve (7,500) (a) 80% IRRs at WTI Flat Pricing Scenarios 200 180 70% Old TC (912 MBoe) IRR at flat WTI Price…
  12. Investor Presentation February 2016 – Callon Petroleum Co. – slide 12
    CAPITAL EFFICIENCY MILESTONES Continue to Achieve Further CWC Reductions Well Cost Lbs/Ft 8.0 2,000 Bundling small ticket items Proppant per Stage (lbs) Cycle time improvements Well Costs (MM) 6.0 1,500 Rig Day Rate:…
  13. Investor Presentation February 2016 – Callon Petroleum Co. – slide 13
    COST STRUCTURE REDUCTIONS Substantial Progress Made in Lowering OpEx versus Both Historicals and Peer Group Savings Help Mitigate Top Line Pressure Midland Basin Peers 3-Stream LOE Updated 4Q15 12.00 2014 Avg: Guidance: 12.00…
  14. Investor Presentation February 2016 – Callon Petroleum Co. – slide 14
    2016 OUTLOOK
  15. Investor Presentation February 2016 – Callon Petroleum Co. – slide 15
    ADAPTING TO ENVIRONMENT 2016E Operational Capital Budget Drilling Completion Facilities 140 120 120 100 Midpoint (MM) 75 - 80 80 60 40 20 - Preliminary Current Plan Current 2016 Budget of 75MM 80MM Investment…
  16. Investor Presentation February 2016 – Callon Petroleum Co. – slide 16
    CURRENT 2016 PLAN Remain Nimble to Address Potential Lower for Even Longer World 2015 Pro Forma 2016E Best in Class Capital Efficiency(a) 0.7 0.2 30 1.0 Capital Efficiency (BOE/d growth per MM of CAPEX) 5.9 25 18.5 12.9…
  17. Investor Presentation February 2016 – Callon Petroleum Co. – slide 17
    FINANCIAL SNAPSHOT Cash Adjusted EBITDA Margins (/BOE)(a) Cash Adj. G&A Production Taxes LOE Adj. Revenue 80 70 67.99 60 52.83 51.05 49.22 50 71% Margin 40 70% Margin 30 19.38 17.34 20 4.35 4.35 14.85 14.72 13.00…
  18. Investor Presentation February 2016 – Callon Petroleum Co. – slide 18
    PRO FORMA FINANCIAL PROFILE Pro Forma Capitalization(a) Key Metrics / Credit Stats(b)(c) (in thousands) September 30, 2015 Key Stand-Alone Metrics As Adjusted LTM Adj EBITDA (non-GAAP) 128 MM Cash and Cash Equivalents 1,922 YE 2015…
  19. Investor Presentation February 2016 – Callon Petroleum Co. – slide 19
    RISK MANAGEMENT Oil Hedges (/Bbl) Midland Differential (/Bbl) Hedged Volume (Bbl/d) Swap/Long Put Price (/Bbl) 12,000 60 4,000 Bbl/d of 2016 Oil Production 50.25 50.25 50.25 50.25 Hedged at +0.17/Bbl Differential to WTI Cushing…
  20. Investor Presentation February 2016 – Callon Petroleum Co. – slide 20
    KEY THEMES FOR SUCCESS IN 2016 Cash Flow Key guiding principle for business in a challenged environment Neutrality Callon on track to achieve by 2H16 based on current strip pricing Capital Lower Spraberry opportunity delivers returns…
  21. Investor Presentation February 2016 – Callon Petroleum Co. – slide 21
    TRANSPORTATION Callon improved margins in 2H15 by putting major fields (E. Bloxom, Garrison Draw, Taylor Draw) on pipe. Final field (Carpe Diem) expected on pipe by MY16. Carpe Diem CaBo East Bloxom 17% of YTD production 16% of YTD…
  22. Investor Presentation February 2016 – Callon Petroleum Co. – slide 22
    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,…
  23. Investor Presentation February 2016 – Callon Petroleum Co. – slide 23
    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…
  24. Investor Presentation February 2016 – Callon Petroleum Co. – slide 24
    CURRENT HEDGE PORTFOLIO Oil contracts 03/31/2016 06/30/2016 09/30/2016 12/31/2016 Swap contracts: Total volume (MBbls) 182 182 184 184 Weighted average price per Bbl 58.23 58.23 58.23 58.23 Swap Contracts (Differentials): Total volume…
  25. Investor Presentation February 2016 – Callon Petroleum Co. – slide 25
    RESERVE INFORMATION December 31, 2015 2014 Proved developed Oil (MBbls) 22,257 14,006 Natural gas (MMcf) 38,157 25,171 MBOE 28,617 18,201 Proved undeveloped Oil (MBbls) 21,091 11,727 Natural gas (MMcf) 27,380 17,377 MBOE 25,654…

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