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Q1 2016 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 4, 2016 · 20 slides

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Slides

  1. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY 1Q 2016 Earnings Presentation May 4, 2016
  2. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 2
    1Q16/RECENT HIGHLIGHTS Record daily volumes of 12,440 Boe/d (79% oil); up 17% sequentially Production Full-year guidance, w/ pending acquisitions, raised to 14,500 Boe/d midpoint 74% of 1Q16 oil production on pipe contributing to…
  3. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 3
    OPERATIONS UPDATE CaBo 93 Gross Hz Producing Wells (a) 5 Gross Wells in Process (a) Middle Spraberry 8 Gross Wells Placed on Lower Spraberry Production (POP) in 1Q16 Wolfcamp B Pecan Acres Eight LS wells placed on…
  4. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 4
    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 Current TC CaBo Avg Well Cumulative Production (MBoe)…
  5. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 5
    CURRENT SNAPSHOT: WELL COSTS Continuing to Deliver CWC Reductions Period-over-Period (a) 8.0 Well Cost Lbs/Ft 2,000 Average Proppant per Stage (lb.) 7.6MM 7,500 Well Costs (MM) 6.0 1,500 4.0 4.9MM 4.8MM 1,000 Rig…
  6. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 6
    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…
  7. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 7
    OPERATIONAL DRIVERS Strong Production Growth Momentum Realized Oil Prices (/Bbl) 15,000 Gas Oil Oil Mix 100% Transportation Mid-Cush Diff Realized as % of WTI 5 100% 80% 10,000 95% 12,440 60% 96% Oil Mix Boe/d 10,598…
  8. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 8
    OPEX & MARGINS OPEX Savings Easing Margin Pressure Adjusted EBITDA Margins (/Boe)(a) Cash Adj. G&A Production Taxes LOE Adj. Revenue 12.00 60 52.83 51.05 49.22 10.85 10.00 50 44.60 /Boe (2-stream basis) 8.00 40 1Q15:…
  9. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 9
    PRO FORMA 2016 GUIDANCE Quarterly Guidance Annual Guidance 14,000 14,500 Production (Boe / d) 12,000 14,000 12,440 10,000 10,598 8,000 9,516 9,739 9,610 8,567 6,000 17% Q/Q Growth in 1Q16 50% Y/Y Growth in 16E 4,000…
  10. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 10
    PRO FORMA FINANCIAL PROFILE 1Q16 & Pro Forma Capitalization (MM) (a) Borrowing Base reaffirmed at Stockholders' Equity Second Lien Facility 300MM in April 2016 Revolving Credit Facility Bank Availability + Cash Unanimous approval…
  11. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 11
    DEVELOPMENT OUTLOOK Illustrative Pro Forma Program Rig Count Bear Scenario Base Scenario Bull Scenario 4 Bull Scenario includes addition of 3rd rig in 1H17 to be allocated as returns warrant between legacy assets and recent…
  12. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 12
    APPENDIX
  13. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 13
    INVENTORY OVERVIEW Potential Gross Horizontal Locations Legacy Callon Pro Forma Pending Acquisitions (a) 1,600 1,600 598 Central Southern Central Southern Big Star 1,400 Midland Midland 1,400 Midland Midland 1,200 1,200 451 1,000…
  14. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 14
    BIG STAR INVENTORY OVERVIEW (a) Gross Horizontal Location Inventory Big Star Type Curves 300 Long Short 124 Operated Hz Performance vs. Type Curve (7,500) (c) (c) 120 Laterals Laterals Lower Spraberry TC Cumulative…
  15. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 15
    DEEP HIGH-RETURN INVENTORY Acquired Properties Returns Are Competitive with Top-Tier Legacy Portfolio 83% Illustrative Type Curve EURs & Returns 52% 41% 39% 36% IRRs EURs 1050 MBoe 850 MBoe 700 MBoe 675 MBoe 725 MBoe…
  16. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 16
    METRICS & COMPARABLES Big Star Metrics Total Consideration (b) 301 MM Recent Howard Co. Transactions (a) Net Surface Acreage Acquired 14,089 acres Moss Creek Acquisition of 1Q16e Net Production (% oil) (c) 1,931 Boe/d (82% oil)…
  17. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 17
    HEDGE PORTFOLIO 2016 Average Daily Volumes 2017 Average Daily Volumes 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Crude Oil Swap contracts Volume (Bbl per day) 2,000 2,670 3,000 2,000 2,000 2,000 2,000 2,000 Average NYMEX swap price…
  18. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 18
    QUARTERLY CASH FLOW STATEMENT 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 Cash flows from operating activities: Net loss (10,197) (4,967) (111,805) (113,170) (41,109) Adjustments to reconcile net loss to cash provided by operating…
  19. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 19
    NON-GAAP RECONCILIATION(a) 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 Loss available to common stockholders (12,171) (6,940) (113,779) (115,144) (42,933) Adjustments: Valuation allowance - - 68,818 40,025 14,288 Net loss (gain) on…
  20. Q1 2016 Earnings Presentation – Callon Petroleum Co. – slide 20
    NON-GAAP RECONCILIATION(a) 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 Total G&A expense 12,102 5,763 4,302 6,180 5,562 Adjustments: Change in the fair value of liability share-based awards (2,578) (1,607) (57) (1,842) (698) Early…

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