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February 2019 Corporate Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Feb 12, 2019 · 17 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 2019 Corporate Presentation – Callon Petroleum Co. – slide 1
    FEBRUARY PRESENTATION FEBRUARY 2019
  2. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 2
    EXECUTION REMAINS PRIORITY ONE THE EVOLUTION FROM CORE ASSETS TO A SUSTAINABLE OPERATING BUSINESS MODEL Core Permian Evolving to Full Field Sustainable Growth Footprint Established Development and FCF Generation 2014 - 2018 2019 2020…
  3. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 3
    SOLID FOUNDATION OF PROVED RESERVE VALUE CONSERVATIVE AND CONSISTENT GROWTH TOP TIER RESERVE AND PRODUCTION GROWTH (2) Total Proved PV-10 (1) value of 3.1 billion 300 35 PD PV-10 (1) value of 2.2 billion Reserves CAGR: 66% Oil…
  4. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 4
    2019 CAPITAL BUDGET GUIDANCE ANNUAL EXPENDITURE BUDGET (MM) PRIMARY COMPONENTS Budget based upon 50 oil / 2.75 natural gas with strip differentials from early January Operational capital budget (D&C, facilities, & other) range between…
  5. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 5
    2019 CAPITAL PROGRAM: SUSTAINABLE VALUE CREATION MANAGE CASH CONVERSION OF QUALITY INVENTORY HIGHIGHTING CAPITAL EFFICIENCY (YoY vs 2018) (1) Capital expenditures actively managed across the 30% organization to optimize both well-level…
  6. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 6
    DELAWARE: SUSTAINABLE INVESTMENT AND RETURN OPTIMAL DEVELOPMENT GOALS NET WELLS PoP BUILD INTO YE19 NET WELLS BY ZONE Transition from single-well, HBP- driven activity to multi-pad concepts Define well spacing assumptions early in…
  7. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 7
    MIDLAND: BALANCED MULTI-INTERVAL DEVELOPMENT OPTIMAL DEVELOPMENT GOALS NET WELLS PoP FOCUSED IN 2Q/3Q NET WELLS BY ZONE Leverage operational flexibility embedded in program given infrastructure investments and inventory depth…
  8. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 8
    DEVELOPMENT CAPITAL ALIGNED WITH CASH FLOW 150 45 Adjusted EBITDAX (1) exceeded D&C Capital for the last 3 years Avg Daily Production (Mboepd) 100 30 MM 50 15 0 0 (2) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18…
  9. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 9
    QUALITY INVENTORY SCALABLE FOR LARGER PADS MIDLAND DELAWARE DELAWARE WILDHORSE MONARCH RANGER Net Acres 39,500 45,200 Producing Flow Units 7 4 MSBY Gross Delineated Locations 940 1,210 LSBY Operated 820 580 Upper Non-Operated 120…
  10. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 10
    INCREMENTAL CAPITAL EFFICIENCY MULTI-WELL PROJECT DEVELOPMENT ACCELERATES INCREASING NET LATERAL LENGTH PER WELL 25 9,000 Average Net Lateral Length Completed Per Net Well 20 6,000 15 Gross Wells POP 10 3,000…
  11. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 11
    COST LEADERSHIP IN SOUTHERN DELAWARE DRILLING SCALE AND EFFICIENCY GAINS LEADER IN SOUTHERN DELAWARE WELL COSTS (1) 100 60% Increase YoY 700 28% Increase YoY 1.8 Average Footage Drilled Per Day 90 600 1.7 Gross D&C Cost Per…
  12. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 12
    INFRASTRUCTURE ALLOWS OPERATIONAL FLEXIBILITY OPERATIONAL FLEXIBILITY FROM PRIOR INVESTMENTS 2019: FACILITIES CAPEX DECLINES BY 50% YoY Leveraging existing facilities in 2019 development schedule 40% Over 80% of wells drilled in 2019…
  13. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 13
    RISK MANAGEMENT (1) STRATEGY WTI INSTRUMENT BREAKOUT 100% Portfolio approach with focus on total % of Hedges by Instrument 15% 15% 14% 14% 14% realized price 80% 15% 15% 14% 14% 14% Protect WTI downside at 59 and 60% allow…
  14. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 14
    OUTLOOK RESPONSIBILITY: EXECUTION AND SAFETY OPTIMIZE HIGH-QUALITY PERMIAN INVENTORY DRIVE CORPORATE LEVEL RETURNS WITH PEER LEADING CASH MARGINS EFFICIENT CAPITAL CONVERSION WITHIN CASH FLOWS GENERATES DOUBLE DIGIT…
  15. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 15
    APPENDIX
  16. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 16
    OIL AND GAS HEDGE PORTFOLIO (1) 1Q19 2Q19 3Q19 4Q19 1H19 2H19 2019 1Q20 2Q20 3Q20 4Q20 1H20 2H20 2020 NYMEX WTI (Bbl, /Bbl) Three-w ay Collars Total Volumes 1,080,000 1,092,000 1,196,000 1,196,000 2,172,000 2,392,000 4,564,000 - - -…
  17. February 2019 Corporate Presentation – Callon Petroleum Co. – slide 17
    NON-GAAP RECONCILIATION (1) 3Q17 4Q17 1Q18 2Q18 3Q18 Adjusted Income Reconciliation Income available to common stockholders 15,257 21,001 53,937 48,650 36,108 Adjustments: Net (gain) loss on derivatives, net of settlements 12,947 26,037…

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