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1Q 2018 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 2, 2018 · 21 slides

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Slides

  1. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 1
    1st QUARTER 2018 EARNINGS MAY 2, 2018
  2. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 2
    Callon Petroleum 1Q18 RESULTS CURRENT RIG ACTIVITY 1Q18 production of 26.6 Mboe/d - Oil mix of 77% - YOY growth of 30% Operating margin of 44.31 per Boe (83%) LOE per Boe 5.45 (1) Adjusted EBITDAX of 91.7 MM OPERATIONAL…
  3. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 3
    Sustained, Leading Operating Margins OPERATING MARGIN GROWTH (/Boe) 70.00 60.00 50.00 44.31 40.51 40.00 34.02 32.32 32.58 28.90 27.83 30.34 30.00 20.00 10.00 0.00 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 FULL…
  4. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 4
    Operational Performance and Outlook DEVELOPMENT ON TARGET 1Q18 CAPITAL SPENDING (MM) 1Q18 NET WELLS PoP (1) Nine net wells placed on 150 10 production during Q1 Wells were primarily lower working interest Reagan County WC wells and…
  5. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 5
    Midland Basin Operational Updates 2nd QUARTER MIDLAND ACTIVITY SHIFT Monarch recycling program yielding benefits Recent wells have been able to source over 40% of frac volumes from recycling Model for expanded efforts across…
  6. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 6
    Wildhorse WC A Down-Spacing Test Early results are very encouraging with ten well spacing test (Open wells) currently exceeding cumulative oil plots for comparable two well pads (eight well spacing) 140,000 120,000 100,000…
  7. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 7
    Delaware Basin Ramping Activity SPUR AREA INTEGRATION WELL UNDERWAY Strong initial results from Rendezvous two well pad encouraging (Upper and Lower WC A) Both wells have reached 1,700 Boepd, (85% oil) within first 18 days of…
  8. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 8
    Improved Delaware Drilling Efficiency AVERAGE DRILLING FOOTAGE PER DAY 8% increase 18% increase 1st 2nd 3rd 4th 5th 6th Offset CPE Latest Operator Average CPE Well Callon Operated Delaware Wells Average Note: Offset…
  9. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 9
    2018 Delaware Infrastructure Milestones SIGNIFICANT PROGRESS MAJOR PROJECTS Water Handling Upgrades Recycling facility completed 2 x 1 million bbl recycle pits completed SWD upgrades across footprint Water transfer lines underway…
  10. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 10
    Financial Positioning HIGHLIGHTS CAPITALIZATION (MM) (1) Continue to maintain significant liquidity supported by recently 1Q18 improved revolving credit facility Finalized the Spring Borrowing Base review, which included Cash 18…
  11. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 11
    Crude Oil Hedge Contracts (1) PRICE PROTECTION OF 50/BBL FOR 2018 2018 STRUCTURE BREAKDOWN 18,000 70 6% 16,000 60 34% 53.89 53.89 54.00 54.00 14,000 49.81 50.15 50.15 50 12,000 Barrels Hedged Per Day 59% Avg Price…
  12. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 12
    APPENDIX
  13. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 13
    Guidance Summary FY18 Guidance Total production (MBoepd) 29.5 32.0 Oil production 77% Income statement expenses (per BOE) LOE, including workovers 5.25 - 6.25 Production taxes, including ad valorem 6% (% of unhedged…
  14. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 14
    Water Disposal as a Competitive Advantage Between company owned and third party committed volumes, Callon has in excess of 400,000 bbl/d of water disposal capacity (excluding pending Goodnight project of 80,000 bbl/d) Average CPE water…
  15. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 15
    Commodity Flow Assurance Basin Wide Multiple Deliverable Points Available Commodity Flow Options for Callon Production Delaware Gas Volumes Gas Pipeline Enters El Paso line past Waha (firm sales agreement) with back haul options to…
  16. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 16
    Crude Oil Hedge Contracts (1) Crude Oil (Bbl, Wtd Avg. /Bbl) 1Q18 2Q18 3Q18 4Q18 FY18 FY19 Swaps 450,000 455,000 552,000 552,000 2,009,000 - Strike Price 51.42 51.42 52.07 52.07 51.78 Costless Collars 90,000 91,000 92,000 92,000…
  17. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 17
    Natural Gas Hedge Contracts (1) PRICE PROTECTION OF 3/MMBTU FOR 2018 2018 STRUCTURE BREAKDOWN 16,000 4.00 14% 14,000 3.50 2.91 2.91 2.91 12,000 3.00 MMBtu Hedged Per Day Avg Price (/MMBtu) 10,000 2.50 86% 8,000 2.00…
  18. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 18
    Natural Gas Hedge Contracts (1) Natural Gas (MMBtu, Wtd. Avg. /MMBtu) 1Q18 2Q18 3Q18 4Q18 FY18 FY19 Swaps 341,000 1,365,000 1,380,000 1,380,000 4,466,000 - Strike Price 2.95 2.91 2.91 2.91 2.91 Costless Collars 720,000 720,000…
  19. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 19
    Quarterly Cash Flow Statement 1Q17 2Q17 3Q17 4Q17 1Q18 Cash flows from operating activities: Net income 47,129 33,390 17,081 22,824 55,761 Adjustments to reconcile net income to cash provided by operating activities: Depreciation,…
  20. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 20
    Non-GAAP Reconciliation (1) 1Q17 2Q17 3Q17 4Q17 1Q18 Adjusted Income Reconciliation Income available to common stockholders 45,305 31,566 15,257 21,001 53,937 Adjustments: Change in valuation allowance (13,119) (11,194) (6,064) (8,285)…
  21. 1Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 21
    Non-GAAP Reconciliation (1) 1Q17 2Q17 3Q17 4Q17 1Q18 Adjusted G&A Reconciliation Total G&A expense 5,206 6,430 7,259 8,173 8,769 Adjustments: Less: Early retirement expenses (444) Less: Early retirement expenses related to share-based…

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