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Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co.

Callon Petroleum Co. · Mar 26, 2018 · 25 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. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 1
    INVESTOR PRESENTATION MARCH 2018
  2. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – 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. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 10
    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…
  11. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 11
    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…
  12. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 12
    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…
  13. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 13
    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…
  14. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 14
    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…
  15. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 15
    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)…
  16. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 16
    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%…
  17. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 17
    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 -…
  18. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 18
    APPENDIX
  19. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 19
    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…
  20. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 20
    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…
  21. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 21
    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…
  22. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 22
    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…
  23. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 23
    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…
  24. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 24
    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)…
  25. Scotia Howard Weil 2018 Energy Conference – Callon Petroleum Co. – slide 25
    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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