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2Q 2017 Quarterly Update – Callon Petroleum Co.

Callon Petroleum Co. · Aug 2, 2017 · 19 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. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 1
    2Q17 Earnings Presentation August 02, 2017
  2. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 2
    Callon Petroleum 2Q17 Highlights 2017 Activity in All Core Areas Q/Q production growth of 9% driven primarily by oil volumes WildHorse FINANCIAL RESULTS Oil mix of 79% (17,538 Bbl/d) 15% sequential reduction in per-unit LOE;…
  3. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 3
    Near-Term Execution Development activity in all four core operating Forecasting 40% Production Growth for 2017 areas 35 WildHorse development expanded to Central 2Q17 30 Howard County 25 Initial benefits from infrastructure…
  4. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 4
    Growth Plan Philosophy Resilient Baseline of Growth (1) Baseline program designed to provide ongoing visibility for 100 Free Cash Flow visibility to near-term cash flow neutrality accelerate beyond 5 rigs 50 Free Cash Flow (MM)…
  5. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 5
    Operational Update Highlights LOE (including Gathering & Treating) 2nd consecutive quarter with LOE reduction (2Q results 8 over 10% below low end of guidance) 6 9.7 net completions during 2Q17 and on pace to /Boe complete 42…
  6. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 6
    WildHorse WC A: Program Development Progresses South Expanding to Fairway Development Infrastructure Progress Program development in full stride Two dedicated drilling rigs at WildHorse Oil Gas Water Three target zones Gathering &…
  7. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 7
    WildHorse LSBY: Established Base with Upside Commentary YTD 2017 Lower Spraberry Wells Operated LSBY wells to date have tracked acquisition type curve Returning to both Maverick and WildHorse LSBY have exhibited flat production…
  8. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 8
    Spur: Optimizing Completions Acquired Wells Tracking Acquisition Type Curves (1) Optimizing Landing Zones for Operated Wells Acquisition Type Curve Acquired Wells EUR Previous 150 CPE MBo per 1,000 Completed Lateral Operators GR…
  9. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 9
    Monarch: Organic Inventory Replacement Pilot Programs Prove 13-Well Spacing in LSBY Lower LSBY Consistently Improving Infill Results (2) Results from 2 key sets of tests reinforce optimal LSBY Pad 1 (2015) Pad 2 (2016) Pad 3 (2017) 250…
  10. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 10
    Ranger: Additional Upside Emerging Recent offset results yielding meaningfully higher early- Performance Step Change in Recent Area Wells time rates First two Callon-operated L WC B wells since 2015 4 exploiting latest completion…
  11. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 11
    2Q17 Summary Results Revenue Drivers Cash Operating Expenses Reduced 13% Q/Q 25 60 15 44.27 20 40.71 36.88 3.21 40 10 2.01 2.38 15 MBoe/d /Boe /Boe 2.43 2.92 2.67 10 20 5 5 5.70 6.61 5.56 13.5 20.4 22.2 0 0 0 2Q16…
  12. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 12
    Financial Positioning Highlights Capitalization (MM) Successfully extended revolving credit facility June 30, 2017 Borrowing base increased to 650MM; CPE elected Cash 139 commitment of 500MM Undrawn facility with 639MM (1) of…
  13. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 13
    Guidance Summary Highlights Guidance Increased expectations 2Q17 Guidance 2Q17 Actual 3Q17 Guidance FY17 Guidance for FY17 oil mix (+2% Total production (MBoepd) 21.5 - 23.5 22.2 23.0 - 25.0 22.5 - 25.5 over previous midpoint)…
  14. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 14
    Appendix
  15. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 15
    Oil Hedge Contracts (1) 50% of 2H17 Guidance Volumes Hedged Price Protection Over 45 through 2018 Crude Oil (Bbl, /Bbl) 3Q17 4Q17 2H17 2018 12,000 60 Swaps 184,000 184,000 368,000 730,000 Strike Price 45.74 45.74 45.74 50.03 Swaps…
  16. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 16
    Natural Gas Hedge Contracts (1) 35% of 2H17 Guidance Volumes Hedged Price Protection Over 3 through 1Q18 Natural Gas (MMBtu, /MMBtu) 3Q17 4Q17 2H17 2018 16,000 4 Swaps 368,000 124,000 492,000 - Strike Price 3.39 3.39 3.39 3.40…
  17. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 17
    Quarterly Cash Flow Statement 19
  18. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 18
    Non-GAAP Reconciliation (1) (2) 1) See Important Disclosure slides for disclosures related to Supplemental Non-GAAP Financial Measures. 2) Adjusted EBITDA inclusive of Pro forma Adjustments is used primarily for the purpose of…
  19. 2Q 2017 Quarterly Update – Callon Petroleum Co. – slide 19
    Non-GAAP Reconciliation (1) 1) See Important Disclosure slides for disclosures related to Supplemental Non-GAAP Financial Measures. 21

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