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JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co.

Callon Petroleum Co. · Jun 29, 2016 · 19 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. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 1
    Investor Presentation June 2016
  2. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 2
    Callon Petroleum Concentrated asset base in core areas of the Midland Basin High-quality acreage portfolio with well economics that continue to add shareholder value in the current environment Improving EURs over time Significant…
  3. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 3
    Recent Highlights Closed transformative acquisition of certain assets operated by Big Star Oil and Gas, LLC, adding a new core development area (WildHorse focus area) Formed AMI in western Reagan County, an area of focus which…
  4. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 4
    Focus Operating Areas Active delineation effort underway to de- risk additional zones as operational activity Gross acres: 17,298 WildHorse in the area increases. Net acres(1): 14,089 Offsetting our acreage, an operator announced a…
  5. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 5
    Acreage and Inventory Overview Pro Forma Effective Acreage Potential Gross Horizontal Locations Gross Net 1,600 1,500 Delineated Zones: Upside Locations 36 Delineated Locations 1,400 124 Middle Spraberry 19,355 15,924 Other…
  6. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 6
    Recent Operational Activity: Monarch Area Proven repeatable returns on capital to navigate oil price volatility while delivering capital efficient growth Ongoing completion design enhancements and downspacing tests in Lower Spraberry…
  7. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 7
    Lower Spraberry Focus Increased CMB LS Type Curve (7,500) (1) CMB LS Activity Operated vs. Offset 250 Current TC Avg Well Cumulative Production (MBoe) 200 150 100 7,500 TC: 1 MMBoe (80% Oil) 50 0 0 30 60 90 120…
  8. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 8
    Capital Saving Progression Continuing to Deliver CWC Reductions Period-over-Period (1) Average Proppant per Stage (Llbs.) 9.0 Bundling small ticket items 1,700 7,500' Lateral Well Cost (MM) 7.7MM 7.5 Cycle time improvements…
  9. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 9
    WildHorse Overview Recent Acquisition Provide a Substantial Footprint in Emerging Core Area (1) 17,298 gross / 14,089 Callon Element Element Ponderosa Unit L 1H Wright Unit 44-41 3H Wolfe-McCann Unit 10-15 2H net acres ( 80% Lower…
  10. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 10
    Proven Multi-Zone Development Lower Spraberry OIP (1) Wolfcamp A OIP (1) Well IP BO/Day Over last 18 months, Howard Co. has been the site of many of the Midland Basins high-profile transactions Howard Co. has emerged as a new…
  11. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 11
    Operational Drivers Strong Production Growth Momentum Proactively Managing Capital Spending 100% 60 2 14,000 90% 12,000 80% Operated Hz Rig Count 70% D&C Capital (MM) 10,000 40 60% Oil Mix Boe/d 8,000 50%…
  12. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 12
    OPEX Savings & Margin Progression OPEX Savings Easing Margin Pressure Adjusted EBITDA Margins (/Boe) (1) Cash Adj. G&A Production Taxes LOE Adj. Revenue 12.00 60 52.83 51.05 10.85 49.22 10.00 50 44.60 /Boe (2-stream basis)…
  13. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 13
    Current Snapshot: OPEX Substantial progress made in lowering OPEX vs both historicals and peer group Non-Workover Savings Breakdown Midland Basin Peers 3-Stream Equivalent LOE 12.00 Saltwater Disposal FY14 Avg: 1Q15 Avg: 2Q15 Avg:…
  14. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 14
    Financial Profile 1Q16 & Pro Forma Capitalization (MM)1 Spring Redetermination Outcome Stockholders' Equity Second Lien Facility Borrowing base was fully reaffirmed at 300 Revolving Credit Facility Bank Availability + Cash million…
  15. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 15
    Development Outlook Illustrative Pro Forma Program Bear Scenario Base Scenario Bull Scenario 4 Bull Scenario includes addition of 3rd rig in 1H17 with incremental WildHorse / Monarch focus 3 Near-Term Plan maintains current rig…
  16. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 16
    Appendix
  17. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 17
    2016 Guidance Quarterly Guidance Annual Guidance +50% Y/Y 16,000 in 16E 60% Exit to Exit Growth in 15 14,000 Production (Boe / d) 12,000 +70% Y/Y in 15 10,000 8,000 14,000 14,500 6,000 12,440 9,516 9,739 10,598 9,610…
  18. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 18
    Deep High-Return Inventory Acquired Properties Returns Are Competitive with Top-Tier Legacy Portfolio 110% Illustrative Type Curve EURs & Returns 68% 54% 52% 47% Monarch WildHorse Ranger Lower Spraberry Lower Spraberry…
  19. JP Morgan Inaugural Energy Equity Conference – Callon Petroleum Co. – slide 19
    Non-GAAP Reconciliation (1) ( in thousands) 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…

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