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Q1 2017 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 3, 2017 · 24 slides

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Slides

  1. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 1
    1Q17 Earnings Presentation May 02, 2017
  2. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 2
    Callon Petroleum Significant core footprint with approximately 60,000 net acres (1) WildHorse Four core operating areas with demonstrated Wolfcamp and Lower Spraberry performance tracking 1 MMBOE Monarch type curves 1Q17…
  3. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 3
    Execution / Path Forward Added third horizontal rig, increasing Production Growth 1Q17 focus on WildHorse 25 Closed Spur acquisition mid-quarter 20 67% CAGR MBOE/d 15 10 Expand activity to all four core areas 5 2Q17 Refine…
  4. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 4
    Operational Update Completions: Quarterly Progression Completions: Geographic Breakdown Net Gross Monarch Ranger Spur WildHorse 12 100% 10 20% 18% 80% 8 50% 67% 6 60% 9.4 100% 8% 4 6.9 40% 80% 82% 6.0 6.6 17% 2 3.4 20% 33% 0…
  5. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 5
    Operational Performance LOE (/BOE) Howard County Drilling Efficiency 10 0 8 2,000 6 4,000 4 6,000 2 8,000 Depth 0 10,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17E Midpoint 12,000 Saltwater disposal Fuel & power Repairs & maintenance…
  6. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 6
    WildHorse: Emerging Growth Driver Drilling and completion activity Three LS/WCA pads completed in 1Q17 in central and northern sections of 1 WildHorse position 3 Sidewinder Continued outperformance of new 7 4 5 generation WCA…
  7. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 7
    WildHorse: Well Performance Update Wolfcamp A Sidewinder WRIGHT-ADAMS UNIT 31-42 05AH 350 Performance enhanced by larger proppant loadings (50% increase over CHEEK UNIT 28-21 01AH 300 legacy) with 90% higher IP30/1000 SILVER…
  8. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 8
    WildHorse: Well Performance Update Lower Spraberry 200 In-line performance with legacy wells (7,500 type curve of 850 MBOE) Larger completions have increased LS dewatering time in Howard County 150 for industry operators, with longer…
  9. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 9
    WildHorse: Execution Plan Highlights 2017 Operated Completion Activity Two-rig program development Three zones currently in development Completion enhancements Near wellbore intensity designs (stage spacing and diverter agents)…
  10. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 10
    Spur: The Next Catalyst Key Highlights Spur Map Acquisition of Ameredev assets closed on February 13, 2017 Subsequent agreements for the acquisition of 2,626 net acres for 54.3MM 1 2 Increases working interest in existing inventory…
  11. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 11
    Spur: Development Preparation Landing Zone Refinement Core Data Analysis Previous CPE Continuing to evaluate Corbets 34-149 Operators GR Log R 2WA core data and existing well production data Refine future completion designs…
  12. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 12
    Spur: Execution Plan Closed Ameredev on February 13, 2017 2H17 Planned Drilling Activity 1Q17 Commenced analysis of Corbets 34-149 2WA core data 3 4 5 Acquisition of an additional 2,600+ net acres First Wolfcamp B completion 2…
  13. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 13
    Over 1,500 Delineated Locations (1) Operating Areas Well Economics: 2017 Plan Averages 50/BBL (2) Planned Avg. Cash Avg. PV 10 Avg. IRR Flow Units Payback 269 Ranger Monarch 4 15 months 8.2MM 101% 539 Monarch WildHorse 3 19…
  14. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 14
    1Q17 Summary Results Revenue Drivers Cash Operating Expenses (/BOE) 25.0 60 15 0.40 44.27 0.43 40.90 0.18 20.0 2.84 2.43 40 10 3.55 15.0 27.12 MBOE/d /BOE 10.0 20.4 7.96 6.61 18.4 20 5 5.97 5.0 12.4 1.96 2.20 3.21 - 0 0…
  15. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 15
    Financial Positioning Capitalization (MM) Net Debt / Adjusted EBITDA March 31, 2017 2.5x Cash 35 2.0x 1.8x 1.6x Credit Facility 0 1.5x Senior Notes due 2024 400 Total Debt 400 1.0x Stockholders Equity 1,780 0.5x Total…
  16. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 16
    Guidance Summary 2Q17 Highlights 2Q17 and FY17 Guidance Current three rig program, preparing for transition 2Q17 FY17 to four rigs in July 2017 Guidance Guidance Total production (BOE/d) 21,500 23,500 22,500 - 25,500 Completion…
  17. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 17
    1Q17 Summary Foundation of repeatable Lower Spraberry Early time impact of and Wolfcamp wells across all four core WildHorse growth PRODUCTION areas 11% Oil cut remains highest 1 MMBOE average type curve performance amongst peer…
  18. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 18
    Appendix
  19. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 19
    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 16,000 3.60 3.40 9,000 50.00 14,000 3.40 50.00 8,000…
  20. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 20
    Hedge Portfolio - Oil 2017 Average Daily Volumes 2018 Average Daily Volumes 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 Average NYMEX swap price…
  21. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 21
    Hedge Portfolio - Gas 2017 Average Daily Volumes 2018 Average Daily Volumes 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Natural Gas Swap contracts Volume (MMBTU per day) 2,681 4,000 1,348 Average NYMEX swap price 3.39 3.39 3.39 Two-way…
  22. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 22
    Quarterly Cash Flow Statement 1Q16 2Q16 3Q16 4Q16 1Q17 Cash flows from operating activities: Net income (loss) (41,109) (70,097) 21,139 (1,746) 47,129 Adjustments to reconcile net income (loss) to cash provided by operating…
  23. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 23
    Non-GAAP Reconciliation (1) 1Q16 2Q16 3Q16 4Q16 1Q17 Adjusted Income Reconciliation Income (loss) available to common stockholders (42,933) (71,920) 19,315 (3,570) 45,305 Adjustments: Change in valuation allowance 14,288 24,409 (7,907)…
  24. Q1 2017 Earnings Presentation – Callon Petroleum Co. – slide 24
    Non-GAAP Reconciliation (1) 1Q16 2Q16 3Q16 4Q16 1Q17 Adjusted G&A Reconciliation Total G&A expense 5,562 6,302 7,891 6,562 5,206 Adjustments: Change in the fair value of liability share-based awards (698) (1,954) (3,372) (857) (307)…

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