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4Q 2017 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Feb 27, 2018 · 20 slides

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Slides

  1. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 1
    4TH QUARTER EARNINGS PRESENTATION FEBRUARY 27, 2018
  2. 4Q 2017 Earnings 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 22% Operating Margin of 40.51 per Boe (80%) LOE per Boe 4.84 (1) (5.41 including G&T) YE17 HIGHLIGHTS…
  3. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 3
    Quarterly Production Callon has delivered sustained, sequential production growth while consistently outpacing peers on oil content 90% 29,000 78% 79% 79% 80% 77% 76% 76% 77% 27,000 70% 64% 25,000 61% 62% 62% 62% 62% 62%…
  4. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 4
    Consistent, Solid Execution PRODUCTION GROWTH (MBOE) RESERVE GROWTH (MMBOE) 25 160 20 120 15 80 10 40 5 0 0 2015 2016 2017 2015 2016 2017 OPERATING CASH COST IMPROVEMENT (1) DRILL-BIT F&D IMPROVEMENT (/BOE) (2) 16 9.50…
  5. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 5
    Proved Reserve Progression YE17 proved reserves increased 50% year over year to 137 MMBOE from 92 MMBOE at YE16 - 3-year CAGR for proved developed reserves of 56% - Consistent composition of PD volumes Revisions primarily related to…
  6. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 6
    Organic Value Creation YE17 PD Value (SEC) 1,030 Less: YE16 PD Value (SEC) (540) Total Value Increase 490 Net Investment 150 Total Value Increase / Net Investment 3.3x 1,200 1,000 1,030 270 PD PV-10 Value (MM) 800…
  7. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 7
    Highly Efficient Drilling with Leading Cash Margins RESERVE REPLACEMENT RATIO VERSUS PEERS (1) 700% 642% 600% 500% 400% 300% 200% 100% 0% CPE Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 4Q17 CASH MARGINS VERSUS…
  8. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 8
    PD F&D vs 4Q17 Cash Margins (1)(2) 20 18 16 14 Peer 1 (50% oil) CPE 1 PD F&D (/BOE) 12 (78% oil) Peer 6 Peer 2 CPE 2 (49% oil) 10 (70% oil) (78% oil) Peer 5 8 Peer 3 (70% oil) (37% oil) Peer 4 (58% oil) 6…
  9. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 9
    Capital Deployment Across The Entire Portfolio 2018 DEVELOPMENT PLAN OPERATIONAL CAPEX BUDGET OF 500-540 MILLION Operating plan is focused on increasing capital efficiency with a Drilling focus on development activity Increasing to…
  10. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 10
    2018 Operational Activity PROJECTED CAPITAL SPENDING (MM) (1) 2018E NET WELLS PLACED ON PRODUCTION (2) 200 15 Drilling & Completion Facilities Other 150 10 100 5 50 0 0 1Q18 2Q18 3Q18 4Q18 1Q18 2Q18 3Q18 4Q18…
  11. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 11
    Financial Positioning HIGHLIGHTS CAPITALIZATION (MM) (1) Significant liquidity supported by a largely unfunded December 31, 2017 revolving credit facility Cash 28 Current borrowing base of 700MM with an elected commitment of 500MM…
  12. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 12
    Crude Oil Hedge Contracts (1) PRICE PROTECTION OF 50/BBL FOR 2018 2018 STRUCTURE BREAKDOWN 18,000 70 6% 16,000 60 34% 53.00 14,000 49.81 49.81 50.15 50.15 47.25 50 12,000 Barrels Hedged Per Day 58% Avg Price (/Bbl)…
  13. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 13
    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 3.18 2.95 2.95 2.95 12,000 3.00 MMBtu Hedged Per Day Avg Price (/MMBtu) 10,000 2.50 82%…
  14. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 14
    Guidance Summary FY17 FY17 FY18 Guidance Actual Guidance Total production (MBoepd) 22.0 23.0 22.9 29.5 32.0 Oil production 78% 78% 77% Income statement expenses (per BOE) LOE, including workovers 5.75 - 6.25 5.46 5.25 -…
  15. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 15
    APPENDIX
  16. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 16
    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…
  17. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 17
    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…
  18. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 18
    Quarterly Cash Flow Statement 4Q16 1Q17 2Q17 3Q17 4Q17 Cash flows from operating activities: Net income (loss) (1,746) 47,129 33,390 17,081 22,824 Adjustments to reconcile net income to cash provided by Depreciation, depletion and…
  19. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 19
    Non-GAAP Reconciliation (1) 4Q16 1Q17 2Q17 3Q17 4Q17 Adjusted Income Reconciliation Income (loss) available to common stockholders (3,570) 45,305 31,566 15,257 21,001 Adjustments: Change in valuation allowance 559 (13,119) (11,194)…
  20. 4Q 2017 Earnings Presentation – Callon Petroleum Co. – slide 20
    Non-GAAP Reconciliation (1) 4Q16 1Q17 2Q17 3Q17 4Q17 Adjusted G&A Reconciliation Total G&A expense 6,562 5,206 6,430 7,259 8,173 Adjustments: Less: Early retirement expenses (444) Less: Early retirement expenses related to share-…

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