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March 2017 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Mar 27, 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. March 2017 Investor Presentation – Callon Petroleum Co. – slide 1
    Investor Presentation March 2017
  2. March 2017 Investor Presentation – Callon Petroleum Co. – slide 2
    Callon Petroleum Significant core footprint with over 56,000 net acres in Midland & Delaware Basins Four core operating areas with established horizontal production from six flow units in the Wolfcamp, Spraberry and Bone Spring…
  3. March 2017 Investor Presentation – Callon Petroleum Co. – slide 3
    2016 Accomplishments Expanded Breadth and Depth (1) Improved Cost of Capital Midland Delaware 10% 60,000 8% Interest Rate (%) 50,000 16,688 Net Surface Acres 6% 40,000 30,000 4% 8.5% 20,000 39,570 6.125% 2% 10,000…
  4. March 2017 Investor Presentation – Callon Petroleum Co. – slide 4
    Financial Profile 4Q16 Adjusted Capitalization (MM) (1) Solid Financial Position for Growth Initiatives Stockholders' Equity Senior Notes Pro forma 4Q16 leverage 1.7x EBITDA(2) with 66MM of Revolving Credit Facility Bank Availability +…
  5. March 2017 Investor Presentation – Callon Petroleum Co. – slide 5
    Activity Update 4Q16 wells turned to production at Monarch as Recent Operational Activity WildHorse program advanced December 2016 net production rate of 4Q16 drill wells online in early 2017 approximately 19,300 Boepd despite…
  6. March 2017 Investor Presentation – Callon Petroleum Co. – slide 6
    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…
  7. March 2017 Investor Presentation – Callon Petroleum Co. – slide 7
    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…
  8. March 2017 Investor Presentation – Callon Petroleum Co. – slide 8
    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…
  9. March 2017 Investor Presentation – Callon Petroleum Co. – slide 9
    Acquired Inventory Complements Existing Portfolio Delineated Inventory Breakevens (Gross) (1)(2) Payouts Assuming 10% D&C Increase (2)(3) Over 1,400 of total 1,500+ Yield Estimated 25+% Average Cash Payouts of 1,600 IRRs at 50/Bbl…
  10. March 2017 Investor Presentation – Callon Petroleum Co. – slide 10
    Value Enhancing Initiatives: Monarch Completion optimization Recent Casselman LS wells completed with 2,000 lbs/ft and tighter stage spacing have shown a substantial uptick in early time cumulative production Increasing value…
  11. March 2017 Investor Presentation – 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. March 2017 Investor Presentation – Callon Petroleum Co. – slide 12
    2017 Operational Plans Key Elements Area Breakdown: Operated Completions WildHorse: commenced area development program Monarch Ranger WildHorse Spur Currently running two rigs 18 16 Infrastructure initiatives in WildHorse poised to…
  13. March 2017 Investor Presentation – Callon Petroleum Co. – slide 13
    2017 Capital Drivers Midland Drilling and Completion Costs (/Foot) Facilities and Infrastructure (1) 800 700 2017E 2018E 600 500 400 85MM 300 Future 50MM Monarch Benefit 200 Ranger Wildhorse 100 Spur 0 4Q15 1Q16 2Q16 3Q16 4Q16…
  14. March 2017 Investor Presentation – Callon Petroleum Co. – slide 14
    Organic Growth Plan Impact of additional rigs in July 2017 and January 2018 One dedicated to Spur in mid-2017 / One currently assumed in Midland Basin in early 2018 Focused on consistent growth through drill-bit optionality across four…
  15. March 2017 Investor Presentation – 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. March 2017 Investor Presentation – Callon Petroleum Co. – slide 16
    Appendix
  17. March 2017 Investor Presentation – Callon Petroleum Co. – slide 17
    2017 Guidance Highlights 1Q17 and FY17 Guidance Current three rig program transitioning to four rigs 1Q17 FY17 by mid-year Guidance Guidance Activity in all four core operating areas Total production (Boe/d) 19,500 - 21,000 22,500 -…
  18. March 2017 Investor Presentation – Callon Petroleum Co. – slide 18
    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 3.50 9,000 9,000 3.00 3.00 3.00 3.00 50.00…
  19. March 2017 Investor Presentation – Callon Petroleum Co. – slide 19
    Hedge Portfolio - Oil 2017 Average Daily Volumes 2018 Average Daily Volumes 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 Average NYMEX…
  20. March 2017 Investor Presentation – Callon Petroleum Co. – slide 20
    Hedge Portfolio - Gas 2017 Average Daily Volumes 2018 Average Daily Volumes 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Natural Gas Two-way collar contracts Volume (MMbtu per day) 4,000 4,000 4,000 4,000 Average NYMEX price: Ceiling…
  21. March 2017 Investor Presentation – Callon Petroleum Co. – slide 21
    Quarterly Income Statement 1Q-2016 2Q-2016 3Q-2016 4Q-2016 Operating revenues: Oil sales 27,443 40,555 49,095 60,559 Natural gas sales 3,255 4,590 6,832 8,522 Total operating revenues 30,698 45,145 55,927 69,081 Operating expenses:…
  22. March 2017 Investor Presentation – Callon Petroleum Co. – slide 22
    Quarterly Cash Flow Statement 1Q-2016 2Q-2016 3Q-2016 4Q-2016 Cash flows from operating activities: Net income (loss) (41,109) (70,097) 21,139 (1,746) Adjustments to reconcile net income (loss) to cash provided by operating…
  23. March 2017 Investor Presentation – Callon Petroleum Co. – slide 23
    Non-GAAP Reconciliation (1) 4Q-2015 1Q-2016 2Q-2016 3Q-2016 4Q-2016 Adjusted Income Reconciliation Income (loss) available to common stockholders (115,144) (42,933) (71,920) 19,315 (3,570) Adjustments: Change in valuation allowance…
  24. March 2017 Investor Presentation – Callon Petroleum Co. – slide 24
    Non-GAAP Reconciliation (1) 4Q-2015 1Q-2016 2Q-2016 3Q-2016 4Q-2016 Adjusted G&A Reconciliation Total G&A expense 6,180 5,562 6,302 7,891 6,562 Adjustments: Change in the fair value of liability share-based awards (1,842) (698)…

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