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Q2 2016 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Aug 8, 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. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 1
    2Q16 Earnings Presentation August 8, 2016
  2. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 2
    Callon Petroleum 34,000 net acres in Midland Basin Three core operating areas with established horizontal production in five zones (with stacked potential in select zones) Accomplished Permian operator with track record of…
  3. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 3
    Recent Highlights Closed transformative acquisition of certain assets operated by Big Star Oil and Gas, LLC, adding the new WildHorse core development area Formed AMI in western Reagan County, an area of focus which continues to…
  4. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 4
    Operational Update Activity Summary Key Initiatives / Highlights Continued Lower Spraberry focus in Monarch area Integrating acquired asset bases and positioning for Placed 5 gross (3.4 net) wells on production in 2Q16 efficient…
  5. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 5
    Recent Operational Activity: Monarch Area Proven, repeatable returns on capital to navigate oil price volatility Incorporated 11 wells per section spacing into development plans following recent well density tests Fifth horizontal…
  6. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 6
    Progressing Lower Spraberry Well Density Average Cumulative Production (1) Average Intake Pressure Over Time 160,000 10,000 12 Well Spacing 8 Well Spacing 12 Well Spacing 8 Well Spacing 140,000 Avg Pump Intake Pressure Avg…
  7. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 7
    WildHorse Acreage Summary WildHorse Assets Provide a Substantial Footprint in Emerging Core Area (1) Callon Oxy 17,298 gross / 14,089 Ponderosa Unit L 1H Lower LSBY WC A WC B Adams 4201WA Lower Spraberry Callon Working Interest Well…
  8. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 8
    Activity Outlook for the Balance of 2016 First half 2016: 11 gross / 8.0 net drill wells; 14 gross / 10.5 net completions Second half 2016 (planned): 15 gross / 10.2 net drill wells and 15 gross / 10.3 net completions Prudent…
  9. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 9
    Inventory Overview Potential Horizontal Locations (Gross) (1) Years of Drilling Inventory (2) 790 Drilling Years 1,800 Delineation Upside Locations Area / Component 2 Rigs 3 Rigs 4 Rigs Density Upside (LS/WCA/MS) 1,600 WildHorse…
  10. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 10
    Revenues Daily Production (Boepd) Revenue (MM) Oil Natural Gas Oil Natural Gas Settled Hedges 15,000 60 13,451 12,440 49.2 3,033 50 44.2 4.0 9,516 2,638 38.4 4.6 10,000 40 5.0 3.1 1,905 7.7 30 3.3 5,000 9,802 10,418 20 40.6…
  11. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 11
    Expenses (1) Highlights 2-Stream LOE (/BOE) Driving costs lower through a combination of negotiating with service partners, optimizing chemical 8.00 usage and identifying sustainable operating efficiencies 6.25 LOE per BOE down 21%…
  12. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 12
    Financial Profile 2Q16 Adjusted Capitalization (MM) (1) Alignment of Cash Flows (MM) Stockholders' Equity Second Lien Facility 40.0 Revolving Credit Facility Bank Availability + Cash 30.0 658 300 345 20.0 10.0 0 500 1,000 1,500…
  13. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 13
    Updated 2016 Capital Plan (Accrual Basis) Highlights Total Capital Budget (Excl. Capitalized Expenses) Acquisitions integrated and thorough planning review 160 completed Second rig returned to service in mid-August to be 140 focused…
  14. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 14
    Longer-Term Development Planning Highlights Daily Production 21,500 23,500 Scenario planning to add third horizontal rig during (78% - 82% oil) 25,000 1H17, with incremental focus on WildHorse and 17,500 19,500 Monarch areas 20,000…
  15. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 15
    Appendix
  16. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 16
    2016 Guidance Quarterly Guidance Annual Guidance 18,000 +56% Y/Y in 16E 16,000 14,000 Production (Boe / d) +70% Y/Y 12,000 in 15 10,000 8,000 16,500 15,000 6,000 12,440 13,451 9,516 9,739 10,598 9,610 4,000 5,648…
  17. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 17
    Hedge Portfolio Remaining 2016 Full Year 2017 Oil contracts Swap contracts (WTI) Total volume (MBbls) 460 Weighted average price per Bbl 58.10 Swap contracts combined with short puts (WTI, enhanced swaps) Total volume (MBbls)…
  18. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 18
    Quarterly Cash Flow Statement 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 Cash flows from operating activities: Net loss (4,967) (111,805) (113,170) (41,109) (70,097) Adjustments to reconcile net loss to cash provided by operating…
  19. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 19
    Non-GAAP Reconciliation (1) 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 Adjusted Income Reconciliation Loss available to common stockholders (6,940) (113,779) (115,144) (42,933) (71,920) Adjustments: Valuation allowance - 68,818 40,025…
  20. Q2 2016 Earnings Presentation – Callon Petroleum Co. – slide 20
    Non-GAAP Reconciliation (1) 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 Adjusted G&A Reconciliation Total G&A expense 5,763 4,302 6,180 5,562 6,302 Adjustments: Change in the fair value of liability share-based awards (1,607) (57)…

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