Callon Petroleum 2Q18 RESULTS CURRENT RIG ACTIVITY 2Q18 production of 29.0 Mboe/d Oil mix of 76% YoY growth of 30% / sequential growth of 9% Operating margin of 44.17 per Boe (85%) LOE per Boe 4.99 (1) Adjusted EBITDA of 102.6 MM…
CPE Industry Leading Margins Continue to Improve MARGIN EXPANSION COST IMPROVEMENTS DRIVING OPERATING RETURNS Cash margin growth illustrates 60 35% operational efficiencies 50 Cash Costs/Revenue Per unit cash operating costs(1)…
Spur Bolt-On Acquisition Bolsters position in oil rich, over-pressured core of Southern Delaware Basin Unique Investment Hand-in-glove land position for extended laterals and increased working Opportunity interest Leverage combined…
2018 Guidance Update 1H 2018 PRIOR UPDATED ACTUALS FY18 GUIDANCE FY18 GUIDANCE Total production (MBoepd) 27.8 29.5 32.0 31.5 33.0 Oil production 77% 77% 76% Income statement expenses (per BOE) LOE, including workovers 5.21 5.25…
Operational Efficiencies Guidance Update DEVELOPMENT ON TARGET 1H18 capital expenditures tracked on budget with additional 2H18 benefits expected from: increased local sand usage, ramped up recycling efforts, various supply chain…
Production Growth Drivers HIGHLIGHTS INCREASED PAD DEVELOPMENT (1) Weather 50% PoP in last Evolution to larger pad concepts 60,000 impact 5 days of July 32.0 Mitigate offset frac impacts Net Production (Boepd) 50,000 30.0…
Cash Flow Alignment with Improving Capital Efficiency FOCUSED ON GROWTH AND RETURNS ADJ. EBITDA GROWTH TRACKING D&C SPENDING Company remains focused on growing responsibly 250 6 Rig deployment and spending guided by path to cash flow…
Mega-Pads at Monarch SIMULTANEOUS RIG OPERATIONS CREATING LARGER PROJECTS WITH SHORTER CYCLE TIMES 1st Monarch Mega-Pad online Mega-Pad vs. Offset Three-Well Pads at Monarch Placed on production in July 14 Average production exceeding…
Robust Activity at Wildhorse HOWARD COUNTY ACTIVITY RAMPING IN 2H18 STRONG EARLY RATES FROM RECENT FAIRWAY WELLS Barclays and Players wells exceeding oil type curves early 45 1 time by roughly 29% and 33% respectively 40 2 35…
Delaware Basin Impressive Well Results SPUR PROGRAM DEVELOPMENT FIRING ON ALL CYLINDERS 160 Recent vintage wells showing significant improvement in early time production Currently producing from five flow units (Upper & Lower 140…
Financial Positioning HIGHLIGHTS UPDATED CAPITALIZATION (MM) (1) 2Q18 Adj. Pro Forma Solid balance sheet with strong liquidity and credit Cash 509 (480) 29 metrics Credit facility 0 30 30 Significant PDP base from pending…
Risk Management HEDGING STRATEGY (1) WTI INSTRUMENT BREAKOUT Portfolio approach with focus on total realized price versus basis differential in 100% % of Hedges by Instrument isolation 80% Allow for upside pricing participation in…
Expanding Sales and Transport Options SECURING LONG HAUL TRANSPORTATION TO GULF COAST FOR LONG-TERM GROWTH Firm Transport capacity to Gulf Coast markets Securing FT capacity for 15,000 barrels per day Multi-year term with attractive…
The Path Forward Maturing Production Base 40,000+ Boepd in 4Q18 Sustained Capital Efficient Growth and Corporate Industry Leading Growth Returns Cash Margins from 2018 CF/DAS growth of 1H18 = 41.52 / Boe 30%+ Internal Cash…
APPENDIX
Pad Development Across The Asset Base PAD DEVELOPMENT INCREASING TIMING OF WELLS PoP CREATES LUMPINESS IN PRODUCTION GROWTH Consistent movement towards larger, 16 35 multi-well pads over time 14 30 Operational efficiencies improve, but…
Quarterly Cash Flow Statement 2Q17 3Q17 4Q17 1Q18 2Q18 Cash flows from operating activities: Net income 33,390 17,081 22,824 55,761 50,474 Adjustments to reconcile net income to cash provided by operating activities: Depreciation,…
Non-GAAP Reconciliation (1) 2Q17 3Q17 4Q17 1Q18 2Q18 Adjusted Income Reconciliation Income available to common stockholders 31,566 15,257 21,001 53,937 48,650 Adjustments: Change in valuation allowance (11,194) (6,064) (8,285) (11,753)…
Non-GAAP Reconciliation (1) 2Q17 3Q17 4Q17 1Q18 2Q18 Adjusted G&A Reconciliation Total G&A expense 6,430 7,259 8,173 8,769 8,289 Adjustments: Less: Early retirement expenses (444) Less: Early retirement expenses related to share-based…
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