Callon Petroleum WildHorse Significant core footprint with approximately 60,000 net acres (1) Four core operating areas with demonstrated Wolfcamp and Lower Spraberry performance tracking 1 MMBOE Monarch type curves 1Q17…
Strategic / Positioning and Execution Expanded Breadth and Depth (1) Improved Cost of Capital (2) Midland Delaware 10% 70,000 8% 60,000 Interest Rate (%) Net Surface Acres 50,000 19,315 6% 40,000 4% 8.5% 30,000 5.9%…
Capital Efficient Growth Proactively Managing Capital Spending while Increasing Production 70 25 60 20 50 Accrued D&C Capital (MM) 15 40 MBOE/d 30 10 20 5 10 0 0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16…
Core Midland Basin Position Three core operating areas 40,000 net acres 90%+ operated Established SWD and gathering systems that are being upgraded further Targeted cash payouts of 1-2 years on delineated locations 1Q17 net…
Solid Foundation of Legacy Properties Lower Spraberry Well Performance (MBOE) (1) Wolfcamp Well Performance (MBOE) (1) 200 200 180 180 160 17 wells in two 160 12 wells in four core areas core areas 140 140 120 120 MBOE…
Strategic Delaware Basin Footprint Contiguous position in core of Southern Delaware Basin oil window 20,000 net acres (1) Expect operatorship of 75% 80% of drilling units Established SWD and gathering systems that are being…
In the Heart of Delawares Rate of Change Story Deepest portion of basin is concentrated in the Eastern side Top of the Wolfcamp Structure Map Well results improvement over time is driven by completion Total Vertical Depth (ft)…
Spur: The Next Catalyst Key Highlights Expanding Ward County Acreage Position Acquisition of Ameredev assets closed on February 13, 2017 Subsequent agreements for the acquisition 2 1 of 2,626 net acres for 54.3MM Increases working…
Over 1,500 Delineated Locations (1) Operating Areas Targeted Payouts Assuming 10% D&C Increase (2)(3) Targeted Average Cash Payouts of 269 < 2 Years in Focus Areas (2) Spur 539 Monarch Spur Upr WC A WildHorse 347 Spur Ranger…
Production Goals Production Growth 25 Added third horizontal rig, increasing 1Q17 focus on WildHorse 20 70% CAGR MBOE/d Closed Spur acquisition mid-quarter 15 10 5 Expand activity to all four core areas 0 Refine Spur…
Callon Permian A&D Track Record ID Date Transaction County (MM) Net Ac. Permian Basin Position 1 3Q12 Taylor Draw Reagan 12.0 1,762 Garrison 2 2Q13 Reagan 11.0 2,186 Draw WildHorse 10 3 1Q14 Opal Upton 7.0 1,280 Garrison 6 11 4 1Q14…
Financial Strategy Prudent organic growth plans utilizing a disciplined capital structure complemented by strong cash margins Risk profile benefits from focus on delineated zones and fast-follower philosophy Target an average…
Financial Positioning Pro Forma Capitalization (MM) Net Debt / Adjusted EBITDA (3) Pro Forma 3/31/17 2.5x Cash (1) 188 2.0x 1.7x 1.6x Credit Facility due 2022 0 1.5x Senior Notes due 2024 600 Total Debt 600 1.0x Stockholders Equity…
2017 Operational Plans Key Elements Completions: Quarterly Progression WildHorse: commenced area development program Net Gross Currently running two rigs Infrastructure initiatives in WildHorse poised to benefit 12 11 operational…
Investment Highlights Core Acreage Highest oil exposure amongst peers Four core operating areas, all attracting capital in 2017 and delivering strong returns Proven development of multiple flow units across footprint Significant…
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…
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)…
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)…
Non-GAAP Reconciliation (1) 1Q16 2Q16 3Q16 4Q16 1Q17 Adjusted EBITDA Reconciliation Net income (loss) (41,109) (70,097) 21,139 (1,746) 47,129 Adjustments: Write-down of oil and natural gas properties 34,776 61,012 - - - Net loss…
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