Callon Petroleum Significant core footprint with over 40,000 net acres in Midland Basin, including over 20,000 net acres in our WildHorse area Three core operating areas with established horizontal production from five zones with…
Recent Highlights Record daily volumes of 16,598 BOE/d (76% oil) in 3Q16, up 23% sequentially (q/q) 3Q16 two-stream LOE of 6.52/BOE; Total cash operating costs before interest of 11.18/BOE Operational Completed three DUCs acquired…
Operational Update Activity Summary Key Initiatives / Highlights Placed 7 gross (5.2 net) wells on production in 3Q16 with an Integrating acquired asset bases and positioning for efficient average completed lateral length of 7,900…
Operational Update: Monarch Area (1) Proven, repeatable returns on capital to navigate oil price volatility Continue to evaluate upside potential of tighter well spacing, most recently placing-on-production (PoP) our 13-well spacing…
Operational Update: WildHorse and Ranger Areas Advancing efforts to establish infrastructure and improve capital efficiency for planned acceleration to two rigs of activity in 2017 WildHorse drilling program commenced, initially…
Silver City Result Supports Enhanced Completion Value Thesis Sidewinder Field Strongest Early Time Performance in Callon Portfolio to Date Cumulative IP24 IP30 Drilled Proppant Wolfcamp A 90-Day Prod Stages (BOE/d) (BOE/d) Lateral…
Completion Optimization Progression and Near Wellbore Intensity Enhancement Frac Volume and Conductivity Improvement Measures: 1,300 lbs./ft. 1,500 lbs./ft. Increasing proppant loading Reducing 100 mesh % when operationally feasible…
Enhanced Completion Testing: Ranger Promising Early Time Data Further Testing Planned for 2017 To date, lower Wolfcamp B (LWCB) has been the best performing zone in the Ranger area, carrying an 830 2017: Two 2-well MBOE type curve…
Progressing Lower Spraberry Well Density CaBo: Focus Area of 13-Well Density Pilot Overview U/ L LS MS WCA WCB First 13 wells-per-section (WPS) density test placed on production in early October in the Casselman 40 section Completed…
Proof of Concept on Two Lower Spraberry Landing Zones Results Reinforce Dual Zone Development CaBo 3-well Pad (1 ULS; 2 LLS) Optimal development density of the Lower Spraberry is ULS LLS(1) LLS(2) Cumulative Oil Production (Bbl)…
Premier Asset Quality Delineated Inventory Economics (Gross) (1) Delineated Inventory Payout (at Current Costs) (2) 1,200 Payout Period Focus of 3-year Program 866 locations yield 101 Locations estimated 25+% IRRs at Monarch 6 rig…
2017: Accelerating Activity Levels and Bringing Value Forward 2016 Work Set the Stage for 2017 Ramp Infrastructure Build Facilitating Efficient Growth Callons strategic initiatives for 2016 in the A&D market (inventory expansion) and…
Expenses Highlights Total Cash Operating Costs (/BOE) Remain focused on optimizing recently acquired LOE Production Taxes Cash G&A properties 16.00 LOE per BOE down 19% year-over-year vs. 3Q15 3.81 Cash G&A per BOE down 38%…
Financial Profile 3Q16 Adjusted Capitalization (MM) (1) Solid Financial Position for Growth Initiatives Stockholders' Equity Senior Notes Term Loan Revolving Credit Facility Bank Availability + Cash Pro forma leverage < 2x EBITDA with…
Raising 2016 Guidance Highlights YTD 2016 Actuals and Full-Year Guidance Original FY16 Updated FY16 Increased production guidance range to 31% above Guidance Guidance original midpoint (March 2016) (November 2016) Operating CapEx…
Longer-Term Development Planning Highlights Daily Production Planning for four rig development program by 2H17, 29,000 31,000 with incremental focus on WildHorse and Monarch areas 35,000 (78% - 80% oil) Designed to maintain Total…
Callon Type Curve Progression Philosophy CaBo Lower Spraberry (LS) Case Study Acquisition (T + 0) T + 6 months T + 12 months T + 24 months Operated PDP HZs: 0 Operated PDP HZs: 3 Operated PDP HZs: 11 Operated PDP HZs: 31 Max Prod…
Midland Basin Growth September 30, 2015 September 30, 2016 (1) Over the past 12 months, despite a challenging oil price environment, Callon has achieved the following milestones (pro forma for the Plymouth Acquisition): Grown…
Quarterly Cash Flow Statement 3Q-2015 4Q-2015 1Q-2016 2Q-2016 3Q-2016 Cash flows from operating activities: Net income (loss) (111,805) (113,170) (41,109) (70,097) 21,139 Adjustments to reconcile net loss to cash provided by operating…
Non-GAAP Reconciliation (1) 3Q-2015 4Q-2015 1Q-2016 2Q-2016 3Q-2016 Adjusted Income Reconciliation Income (loss) available to common stockholders (113,779) (115,144) (42,933) (71,920) 19,315 Adjustments: Change in valuation…
Non-GAAP Reconciliation (1) 3Q-2015 4Q-2015 1Q-2016 2Q-2016 3Q-2016 Adjusted G&A Reconciliation Total G&A expense 4,302 6,180 5,562 6,302 7,891 Adjustments: Change in the fair value of liability share-based awards (57) (1,842)…
Hedge Portfolio 4Q16 1Q17 2Q17 3Q17 4Q17 Crude Oil Swap contracts Volume (Bbl per day) 2,000 2,000 2,000 2,000 2,000 Average NYMEX swap price 58.23 44.50 44.50 44.50 44.50 Put contracts Volume (Bbl per day) 2,000 2,000 2,000…
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