September Investor Presentation September 06, 2017
Callon Petroleum Poised for Accelerated Growth 2017 Activity in All Core Areas (2) Operating 4 rigs across all 4 core operating areas covering 60,000 net acres 2nd dedicated frac fleet engaged Midland WildHorse: WC A delineated…
Midland Basin Well Performance Leading Well Productivity Across the Basin Callon Daily Production Consistently strong well results across all Midland Basin 25 assets 20 Average 180 day oil rates per 1,000 lateral feet since January…
Year End Production Ramp Supports 2018 Growth Net Wells to be Placed on Production during 2H17 (1) 8 6 4 2 0 July August September October November December Monarch Ranger Spur Wildhorse More than 50% of the net wells for…
Measured Growth Plan Philosophy Forecasting 40% Production Growth for 2017 Robust production growth potential without sacrificing MBoe/d % Oil corporate-level returns given breadth of quality 35 inventory and cost structure 30…
Continued Focus on Responsible Produced Water Management Disposal Depth Comparison (1) Identifying SWD Locations with Seismic (2) SWD Conventional CPE Depth (SS) SWD San Andres 4,000 San Andres 10% of volume Ellenburger…
Salt Water Disposal Leading the Way in the Delaware Key Partnership Details South Central Basin Disposal System (SCBDS) New agreement with 3rd party operator (Goodnight) to dispose up to 80% of produced volumes at Spur Disposal…
Spur: Initiating Operated Development Initial Operated Wells Are Underway Optimizing Landing Zones for Operated Wells First two DUCs completed are matching type curves on Previous CPE a per 1,000 basis (Saratoga and Corbetts)…
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 &…
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…
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…
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 continue to flow 4 at encouraging rates under…
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 Credit Facility 0 Undrawn facility with…
Managing Risk to Maintain Development Plans Crude Oil Volumes Hedged (Bbl/d) (1) 2H17 midpoint of guidance 49.14 50% oil volumes hedged 12,000 47.25 47.25 50 10,000 40 Price protection through 47+ 2018 8,000 30 /Bbl…
Investment Highlights Peer Oil % Comparison (1) Highest oil exposure amongst peers Four core operating areas, all attracting capital RESILIENT 90% GROWTH in 2017 and delivering strong returns 80% 70% Significant organic…
Appendix
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)…
Quarterly Cash Flow Statement 20
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…
Non-GAAP Reconciliation (1) 1) See Important Disclosure slides for disclosures related to Supplemental Non-GAAP Financial Measures. 22
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