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March 2016 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Mar 18, 2016 · 20 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. March 2016 Investor Presentation – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation March 2016
  2. March 2016 Investor Presentation – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 826 MM Enterprise Value(a) 1,152 MM Central Acreage YE 2015 Proved Reserves(b) 54.3 MMBOE % Oil 80% % PD 53% 4Q15 Daily Average Production 10,598 BOE/d…
  3. March 2016 Investor Presentation – Callon Petroleum Co. – slide 3
    INVESTMENT HIGHLIGHTS Production volumes up 9%, operating costs per unit down 19% and Strong 4Q15 results average CWC per lateral foot down 20% since 3Q15 highlight execution going into 2016 Increased hedging portfolio to 63% and 37%…
  4. March 2016 Investor Presentation – Callon Petroleum Co. – slide 4
    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 10,598 40% 4,000 9,739 9,516 8,567 7,270 20% 2,000 5,641 4,355 5,280 0 0% 1Q14A…
  5. March 2016 Investor Presentation – Callon Petroleum Co. – slide 5
    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…
  6. March 2016 Investor Presentation – Callon Petroleum Co. – slide 6
    CURRENT SNAPSHOT: INVENTORY CMB LS IRRs at Flat WTI Pricing(a) Well Locations(b) 100% New TC / Current CWC 1,200 Southern Old TC / 4Q15 CWC 90% Other (c) 1,000 (c) Central IRR at flat WTI Price Scenarios Other 80% < 2 yr…
  7. March 2016 Investor Presentation – Callon Petroleum Co. – slide 7
    FOCUSED ACTIVITY IN CORE Recent Acquisitions (4Q15/1Q16) CMB LS Industry Activity Aggregate Transaction Metrics CaBo Acquisition Price 38.8 MM Total Net Surface Acreage Acquired 933 acres Avg Net Production (December 2015) 530 Boe/d %…
  8. March 2016 Investor Presentation – Callon Petroleum Co. – slide 8
    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…
  9. March 2016 Investor Presentation – Callon Petroleum Co. – slide 9
    FINANCIAL PROFILE 2015 Year-End Capitalization (MM) (a) Key Metrics / Credit Stats(b) Key Debt Metrics Stockholders' Equity Second Lien Facility LTM Adj EBITDA (non-GAAP)(c) 121 MM Revolving Credit Facility Bank Availability + Cash…
  10. March 2016 Investor Presentation – Callon Petroleum Co. – slide 10
    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 2016e Debt-Adj Growth over 4Q15 35.0% Capital…
  11. March 2016 Investor Presentation – Callon Petroleum Co. – slide 11
    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…
  12. March 2016 Investor 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. March 2016 Investor Presentation – Callon Petroleum Co. – slide 13
    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…
  14. March 2016 Investor 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. March 2016 Investor Presentation – Callon Petroleum Co. – slide 15
    INVENTORY OVERVIEW Potential Gross Horizontal Locations 1,200 Central Southern 131 1,060 Midland Midland 1,000 58 35 131 800 148 600 232 400 159 100 200 66 0 Clearfork Middle Jo Mill Lower Wolfcamp A Upper Lower…
  16. March 2016 Investor Presentation – Callon Petroleum Co. – slide 16
    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) 10,000 50 4,000 Bbl/d of 2016 Oil Production (a) 8,000 40 Hedged at +0.17/Bbl…
  17. March 2016 Investor Presentation – Callon Petroleum Co. – slide 17
    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…
  18. March 2016 Investor Presentation – Callon Petroleum Co. – slide 18
    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…
  19. March 2016 Investor Presentation – Callon Petroleum Co. – slide 19
    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…
  20. March 2016 Investor Presentation – Callon Petroleum Co. – slide 20
    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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