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Investor Presentation April 2016 – Callon Petroleum Co.

Callon Petroleum Co. · Apr 18, 2016 · 22 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 April 2016 – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation April 2016
  2. Investor Presentation April 2016 – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) 857 MM Enterprise Value(a) 1,183 MM Central Acreage YE 2015 Proved Reserves(b) 54.3 MMBOE % Oil 80% % PD 53% 4Q15 Daily Average Production 10,598 BOE/d…
  3. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – Callon Petroleum Co. – slide 15
    INVESTMENT HIGHLIGHTS Strong 4Q15 results highlight superior execution going into 2016 Production and reserves growth under responsible capital program Attractive returns at current commodity prices with ample inventory upside…
  16. Investor Presentation April 2016 – Callon Petroleum Co. – slide 16
    APPENDIX
  17. Investor Presentation April 2016 – Callon Petroleum Co. – slide 17
    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…
  18. Investor Presentation April 2016 – 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) 10,000 50 4,000 Bbl/d of 2016 Oil Production (a) 8,000 40 Hedged at +0.17/Bbl…
  19. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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. Investor Presentation April 2016 – 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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