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Credit Suisse Energy Conference – Callon Petroleum Co.

Callon Petroleum Co. · Feb 13, 2017 · 24 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. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 1
    Investor Presentation February 2017
  2. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 2
    Callon Petroleum Significant core footprint with over 56,000 net acres in Midland & Delaware Basins of the Permian Four core operating areas with established horizontal production from six flow units in the Wolfcamp, Spraberry and…
  3. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 3
    Delaware Basin Acquisition Contiguous position in core of Southern Delaware Basin oil window 16,688 net acres 80% operated 84% working interest in operated acres Established SWD and gathering systems Cash payouts of 1-2 years on…
  4. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 4
    Ward County Geologic Overview Thick, mature shale targets with Type Log (1) exceptional oil in place Bone Spring (2) 9,500 OOIP: 205 to 265 MMBo/Section Spacing (Current/Upside): -- / Evaluating Four delineated producing…
  5. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 5
    2016 Accomplishments Expanded Breadth and Depth Improved Cost of Capital Midland Delaware 9% 60,000 8% 50,000 7% Interest Rate (%) 16,098 Net Surface Acres 6% 40,000 5% 30,000 4% 8.5% 20,000 3% 6.125% 40,151 2%…
  6. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 6
    Proven Operational Execution Sustained Production Trajectory (1) 500% PE, 479% 450% 400% CPE, 389% Indexed Production Growth 350% Callon becomes a RSPP, 354% pure-play Permian operator FANG, 339% 300% 250% 200% LPI,…
  7. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 7
    Current Snapshot Operational Focus Upcoming Well Activity Commenced WildHorse area development program WildHorse Flowing back two WCA/LS combination pads Two rigs currently drilling after recent add in January 2017 First LS/WCA/WCB…
  8. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 8
    Inventory Overview Delineated Horizontal Locations (Gross) Years of Delineated Drilling Inventory (1) 1,600 Delineated Focus Areas Targeted with 1,500 Locations 137 5 Rigs 18 Acceleration 1,400 95% yield IRRs 25+% at 50/Bbl Oil Flat 4…
  9. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 9
    Enhanced Completion Value: Monarch Recent Casselman wells completed with Cabo 5,000 LSBY Type Curve 2,000 lbs/ft and tighter stage spacing 100 have shown a substantial uptick in early Avg. Casselman 10 time cumulative production…
  10. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 10
    Increased Resource Recovery: Monarch CaBo: Focus Area of 13-Well Density Pilot Overview U/ L LS MS WCA WCB Extended, cumulative production from the first 13 wells-per-section density test outperforming the 8 wells-per-section pad…
  11. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 11
    Enhanced Completion Value: WildHorse Wolfcamp A MASTERS UNIT A 01H OPEN UNIT A 02H RYDER UNIT A 02H SILVER CITY UNIT A 01H 1MMBoe TC 700MBoe TC 330,000 300,000 Modern 270,000 Completion 240,000 1MMBoe TC 210,000 180,000 Vintage…
  12. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 12
    Financial
  13. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 13
    Financial Profile 3Q16 Adjusted Capitalization (MM) (1) Solid Financial Position for Growth Initiatives Stockholders' Equity Senior Notes Term Loan Revolving Credit Facility Pro forma 3Q16 leverage < 2x EBITDA with over Bank…
  14. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 14
    Efficient Operating Cost Structure Peer Group 3-Stream LOE vs. Midland Basin Peers Adjusted EBITDA Margins (1) Cash Adj. G&A Production Taxes LOE Adj. Revenue 12.00 FY14 FY15 1Q16 2Q16 3Q16 60.00 Peer Avg: Peer Avg: Peer Avg: Peer…
  15. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 15
    Summary Transformational activity during period of commodity price weakness including the addition of two additional focus areas (Howard County / Ward County) Drillbit optionality in four core areas to drive organic growth…
  16. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 16
    Appendix
  17. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 17
    Delaware Basin Focus Area Optimally Located in the Core of the Basin Located in core of Southern Wolfcamp A&B OOIP Wolfcamp Oil Gravity Delaware Basin over- pressured oil window Core of position holds a projected 150 MMBo/section in…
  18. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 18
    In the Heart of Delawares Rate of Change Story Deepest portion of basin is concentrated in the Eastern side, where the acquisition acreage is Top of the Wolfcamp Structure Map providing greatest well deliverability potential due to…
  19. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 19
    Financial Detail
  20. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 20
    Risk Management Oil Hedges (/Bbl) (1) Gas Hedges (/MMBtu) (2) Hedged Volume (Bbl/d) Swap/Long Put Price (/Bbl) Hedged Volume (MMBtu/d) Swap/Long Put Price (/MMBtu) 10,000 52.00 10,000 3.10 3.00 3.00 3.00 3.00 9,000 50.24 9,000…
  21. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 21
    Hedge Portfolio - Oil 2017 Average Daily Volumes 2018 Average Daily Volumes 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Crude Oil Swap contracts combined with short put option Volume (Bbl per day) 2,000 2,000 2,000 2,000 2,000…
  22. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 22
    Hedge Portfolio - Gas 2017 Average Daily Volumes 2018 Average Daily Volumes 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Natural Gas Swap contracts Volume (MMBtu per day) 6,000 Average NYMEX swap price 2.52 Two-way collar…
  23. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 23
    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…
  24. Credit Suisse Energy Conference – Callon Petroleum Co. – slide 24
    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)…

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