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Q4 2015 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Mar 2, 2016 · 22 slides

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Slides

  1. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY 4Q 2015 Earnings Presentation March 2, 2016
  2. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 2
    2015 ACCOMPLISHMENTS Record daily Permian volumes of 9,610 Boe/d (80% oil); up 70% vs. FY14 Production Grew 1P reserves 65% Y/Y to 54.3 MMBoe at drill-bit F&D of 8.98/boe and Increased CMB LS type curve by 30% to 1 MMBoe Resource…
  3. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 3
    4Q15/RECENT HIGHLIGHTS Record daily volumes of 10,598 Boe/d (80% oil); up 9% sequentially Production YTD production trending above 11,700 Boe/d in 2016 2 of last 3 major fields placed on pipe, further improving transportation diffs…
  4. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 4
    YE15 RESERVES: BREAKDOWN 2015 Proved Reserve Progression Breakdown: YE15 vs. YE14 YE14: 32.8 MMBoe YE15: 54.3 MMBoe 60 PDP 57% Total 65% 22% 20% 50 78% 80% 40 1P Reserves (MMBoe) Oil Gas 30 Drill-Bit F&D: 8.98/Boe…
  5. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 5
    YE15 RESERVES: METRICS Peer-Leading YE15 Unadjusted Reserve Performance (a) Lowest F&D Cost Smallest YE15 Price-Driven Revisions 20 20% Price Revisions/Total 1P FY15 All-Sources F&D (/Boe) 15% 15 10% 10 5% 0% 5 CPE…
  6. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 6
    OPERATIONS UPDATE CaBo 88 Gross Hz Producing Wells (a) 6 Gross Wells in Process (a) Middle Spraberry 9 Gross Wells Placed on Lower Spraberry Production (POP) in 4Q15 (b) Wolfcamp B 4Q15 POPs: Pecan Acres 3 LS 1 MS Strong…
  7. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 7
    SPRABERRY DENSITY INCREASING Operated Data Reinforces View on Lower Spraberry Location Upside Comparable Production Performance Proof of concept on 11 wells/section in a chevron pattern, with potential for incremental density upside…
  8. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 8
    CURRENT SNAPSHOT: INVENTORY CMB LS IRRs at Flat WTI Pricing Well Location Breakevens(a) 100% New TC / Current CWC 1,200 Southern Old TC / 4Q15 CWC 90% Other (b) 1,000 (b) Central IRR at flat WTI Price Scenarios Other 80%…
  9. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 9
    CURRENT SNAPSHOT: WELL COSTS Consistently Delivering CWC Reductions Well Cost Lbs/Ft 8.0 2,000 1,800 7.0 1,600 Well Costs (MM) Bundling small ticket items 6.0 Cycle time improvements Proppant per Stage (lbs) 1,400…
  10. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 10
    CURRENT SNAPSHOT: OPEX Substantial Progress Made in Lowering OpEx versus Both Historicals and Peer Group Non-Workover Savings Breakdown Midland Basin Peers 3-Stream LOE Saltwater Disposal 12.00 FY14 Avg: 1Q15 Avg: 2Q15 Avg: 3Q15…
  11. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 11
    OPERATIONAL DRIVERS Strong Production Growth Momentum 12,000 Gas Oil Oil Mix 100% 10,598 9,739 9,516 10,000 80% Realized Oil Prices (/Bbl) 8,000 8,567 7,270 60% 5 100% Oil Mix Boe/d 6,000 40% 3 90% 4,000 2,899…
  12. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 12
    4Q15: LOE & MARGINS OPEX Savings Easing Margin Pressure Adjusted EBITDA Margins (/Boe)(a) Cash Adj. G&A Production Taxes LOE Adj. Revenue 12.00 2014 Avg: 10.85/Boe 80 4Q14: 4Q15: 71% Margin 73% Margin 70 10.00 67.99 2015 Avg:…
  13. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 13
    CURRENT 2016 PLAN Remain Nimble to Address Potential Lower for Even Longer World 2015 2016E Best in Class Capital Efficiency(a) 0.7 0.2 2016E Growth (EVE/d) per CAPEX 30 35.0% 2016e Debt-Adj Growth over 4Q15 Capital…
  14. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 14
    2016 GUIDANCE Quarterly Guidance Annual Guidance 12,000 60% Exit to Exit Growth in 15 Production (BOE / d) 10,000 11,700 11,750 10,598 8,000 9,516 9,739 9,610 +20% Y/Y 8,567 in 16E 6,000 7,270 +70% Y/Y in 15 4,000 5,648…
  15. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 15
    FINANCIAL PROFILE 2015 Year-End Capitalization (MM) Key Metrics / Credit Stats(b) Key Debt Metrics Stockholders' Equity Second Lien Facility LTM Adj EBITDA (non-GAAP) 121 MM Revolving Credit Facility Bank Availability + Cash YE…
  16. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 16
    OUTLOOK Illustrative One-Rig Program(a) Current 300MM Borrowing Base 300 15,000 Illustrative Credit Facility Balance (MM) 250 12,000 Daily Production (Boe/d) 200 9,000 Free Cash Flow Neutral 150 Target in 2Q16 6,000…
  17. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 17
    LOWER SPRABERRY FOCUS Production Performance Drives Lower Spraberry Type Curve Increase Increased CMB LS Type Curve (7,500)(a) CMB LS Activity Operated vs. Offset 250 Old TC (912 MBoe) CaBo New TC (1,065 MBoe) Cumulative Production…
  18. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 18
    RISK MANAGEMENT Oil Hedges (/Bbl) Hedged Volume (Bbl/d) Swap/Long Put Price (/Bbl) 12,000 50.25 50.25 50.25 50.25 60 Midland Differential (/Bbl)(a) 10,000 50 4,000 Bbl/d of 2016 Oil Production (a) 8,000 40 Hedged at +0.17/Bbl…
  19. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 19
    QUARTERLY CASH FLOW STATEMENT 1Q-2015 2Q-2015 3Q-2015 4Q-2015 Cash flows from operating activities: Net income (loss) (10,197) (4,967) (111,805) (113,170) Adjustments to reconcile net income (loss) to cash provided by operating…
  20. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 20
    NON-GAAP RECONCILIATION(a) 4Q-2014 1Q-2015 2Q-2015 3Q-2015 4Q-2015 Income (loss) available to common stockholders 16,988 (12,171) (6,940) (113,779) (115,144) Adjustments: Valuation allowance - - - 68,818 40,025 Net loss (gain) on…
  21. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 21
    NON-GAAP RECONCILIATION(a) 4Q-2014 1Q-2015 2Q-2015 3Q-2015 4Q-2015 Total G&A expense 1,402 12,102 5,763 4,302 6,180 Adjustments: Change in the fair value of liability share-based awards 2,635 (2,578) (1,607) (57) (1,842) Early…
  22. Q4 2015 Earnings Presentation – Callon Petroleum Co. – slide 22
    F&D CALCULATION(a) Calculation 2015 Metrics Parameters Production (MBOE) (A) 3,508 Proved reserves (MBOE) Revisions to previous estimates (including price-related) (B) (820) Purchases, net of sale, of reserves in place (C) 3,377…

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