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February 2018 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Feb 23, 2018 · 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. February 2018 Investor Presentation – Callon Petroleum Co. – slide 1
    Investor Presentation FEBRUARY 2018
  2. February 2018 Investor Presentation – Callon Petroleum Co. – slide 2
    Callon Petroleum 4Q17 RESULTS CURRENT RIG ACTIVITY 4Q17 production of 26.5 Mboe/d Oil mix of 79% Sequential oil growth of 20% 50% annual production growth FY18 HIGHLIGHTS Operational capex of 500 to 540 mm D&C accounts for 80%…
  3. February 2018 Investor Presentation – Callon Petroleum Co. – slide 3
    Focused on Corporate Level Returns WHAT CREATES VALUE EBITDA MARGINS DRIVE RE-INVESTMENT VALUE (1) Constant re-evaluation of best 80% Peer Benchmarking capital allocation decisions on a 70% average EBITDA margins (%) full-cycle…
  4. February 2018 Investor Presentation – Callon Petroleum Co. – slide 4
    Quarterly Production Callon has delivered sustained, sequential production growth while consistently outpacing peers on oil content (1) 90% 29,000 78% 79% 79% 80% 77% 76% 76% 77% 27,000 70% 64% 25,000 61% 62% 62% 62% 62%…
  5. February 2018 Investor Presentation – Callon Petroleum Co. – slide 5
    Capital Deployment Across The Entire Portfolio 2018 DEVELOPMENT PLAN OPERATIONAL CAPEX BUDGET OF 500 TO 540 MILLION Operating plan is focused on increasing capital efficiency with a Drilling focus on development activity…
  6. February 2018 Investor Presentation – Callon Petroleum Co. – slide 6
    2018 Infrastructure Projects 2018 DEVELOPMENT MAJOR INFRASTRUCTURE PROJECTS 2018 infrastructure focus primarily at Spur 2018 Projects with increasing activity Tank batteries in new drilling units Saltwater Disposal Water system…
  7. February 2018 Investor Presentation – Callon Petroleum Co. – slide 7
    Midland Basin Delineation and Development MAJOR 2018 INITIATIVES IN THE MIDLAND Focused on High Return/Potential Projects LSBY at Monarch WC A at WildHorse WC C at Ranger WildHorse: Expanded drilling of WC A pads Testing…
  8. February 2018 Investor Presentation – Callon Petroleum Co. – slide 8
    Delaware Basin Increasing Activity MAJOR 2018 INITIATIVES IN THE DELAWARE 2018 activity will focus primarily on WC A drilling with tests of WC C and 2nd BS Shale planned Activity level increase with entry of 2nd rig in mid-Q1 Majority…
  9. February 2018 Investor Presentation – Callon Petroleum Co. – slide 9
    Financial Positioning HIGHLIGHTS CAPITALIZATION (MM) (1) Significant liquidity supported by a largely Sept 30, 2017 unfunded revolving credit facility Cash 62 Current borrowing base of 700MM with an elected commitment of 500MM Credit…
  10. February 2018 Investor Presentation – Callon Petroleum Co. – slide 10
    Crude Oil Hedge Contracts (1) PRICE PROTECTION OF 50/BBL FOR 2018 2018 STRUCTURE BREAKDOWN 18,000 70 62.40 6% 60.80 16,000 58.19 60 34% 14,000 53.00 50 12,000 49.81 50.15 Barrels Hedged Per Day 58% 47.25 Avg Price…
  11. February 2018 Investor Presentation – Callon Petroleum Co. – slide 11
    Natural Gas Hedge Contracts (1) PRICE PROTECTION OF 3/MMBTU FOR 2018 2018 STRUCTURE BREAKDOWN 16,000 4.00 18% 14,000 3.50 3.25 12,000 3.18 3.00 2.95 MMBtu Hedged Per Day Avg Price (/MMBtu) 10,000 2.50 82% 8,000 2.00…
  12. February 2018 Investor Presentation – Callon Petroleum Co. – slide 12
    Guidance Summary 4Q17 FY17 Guidance Guidance Total production (MBoepd) 24.0 25.5 22.0 23.0 Oil production 77% 78% Income Statement Expenses (per BOE) LOE, including workovers 5.75 - 6.25 5.75 - 6.25 Gathering and treating…
  13. February 2018 Investor Presentation – Callon Petroleum Co. – slide 13
    Continued Focus on Responsible Water Management DISPOSAL DEPTH COMPARISON (1) IDENTIFYING SWD LOCATIONS WITH SEISMIC (2) Conventional CPE SWD Depth (SS) SWD San Andres 4,000 San Andres 10% of volume Ellenburger Lower…
  14. February 2018 Investor Presentation – Callon Petroleum Co. – slide 14
    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 volumes…
  15. February 2018 Investor Presentation – Callon Petroleum Co. – slide 15
    Crude Oil Hedge Contracts (1) Crude Oil (Bbl, /Bbl) 4Q17 1Q18 2Q18 3Q18 4Q18 FY18 FY19 Swaps 184,000 450,000 455,000 552,000 552,000 2,009,000 - Strike Price 45.74 51.42 51.42 52.07 52.07 51.78 Costless Collars 340,400 90,000…
  16. February 2018 Investor Presentation – Callon Petroleum Co. – slide 16
    Natural Gas Hedge Contracts (1) Natural Gas (MMBtu, /MMBtu) 4Q17 1Q18 2Q18 3Q18 4Q18 FY18 FY19 Swaps 124,000 341,000 1,001,000 1,012,000 1,012,000 3,366,000 - Strike Price 3.39 2.95 2.95 2.95 2.95 2.95 Costless Collars 856,000…
  17. February 2018 Investor Presentation – Callon Petroleum Co. – slide 17
    Quarterly Cash Flow Statement 3Q16 4Q16 1Q17 2Q17 3Q17 Cash flows from operating activities: Net income (loss) 21,139 (1,746) 47,129 33,390 17,081 Adjustments to reconcile net income (loss) to cash provided by operating activities:…
  18. February 2018 Investor Presentation – Callon Petroleum Co. – slide 18
    Non-GAAP Reconciliation (1) 3Q16 4Q16 1Q17 2Q17 3Q17 Adjusted Income Reconciliation Income (loss) available to common stockholders 19,315 (3,570) 45,305 31,566 15,257 Adjustments: Change in valuation allowance (7,907) 559 (13,119)…
  19. February 2018 Investor Presentation – Callon Petroleum Co. – slide 19
    Non-GAAP Reconciliation (1) 3Q16 4Q16 1Q17 2Q17 3Q17 Adjusted G&A Reconciliation Total G&A expense 7,891 6,562 5,206 6,430 7,259 Adjustments: Less: Early retirement expenses (444) Less: Early retirement expenses related to…

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