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4Q 2018 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Feb 26, 2019 · 21 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. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 1
    4th QUARTER 2018 EARNINGS February 26, 2019
  2. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 2
    FOUNDATIONAL SUCCESS IN 2018 SOLID EXECUTION OF PLAN 2018 2018 GUIDANCE ACTUALS Production at top of range Total production: 32.9 Mboepd Total production (MBoepd) 31.5 33.0 32.9 Oil production of 25.9 MBopd Oil production 24.5 (76%)…
  3. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 3
    CALLONS PERMIAN EVOLUTION 2014: INITIAL BUILDING PHASE 2019: TRANSITION TO FULL ASSET DEVELOPMENT 19,000 net surface acres (1) 85,000 net surface acres 5,650 Boe/d of production (2014) Forecast production growth of 25% 2 rigs running…
  4. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 4
    PRESERVATION OF INDUSTRY LEADING MARGINS MARGIN EXPANSION MARGIN PRESERVATION ACROSS COMMODITY CYCLES (1)(2) Industry leading operating margins 75 150% Realized Sales Price /Boe Cash margin of 31.82/Boe represents 125% Adj.…
  5. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 5
    BROAD SCALE INITIATIVES ACROSS THE BASIN SECURING LONG-TERM VALUE CREATION Field optimization and infrastructure WC A and LSBY investments are driving down operating costs co-development and increasing productivity Full section…
  6. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 6
    OPTIMIZING THE FOOTPRINT ACTIVELY IMPROVING OUR NET ACRE VALUE Infill acreage additions Acquired 3,158 net acres within/contiguous to Spur footprint in 2H18 100% HBP; 77% NRI Enhance scaled program development Leasehold activity…
  7. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 7
    RECENT OPERATIONAL HIGHLIGHTS 4Q18 HIGHLIGHTS DELAWARE DRILLING DAYS SIGNIFICANTLY IMPROVED Quarterly production: 41.1 Mboed (81% oil) 55% growth YoY Production achieved while gas plant volumes remained offline Delaware: completed…
  8. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 8
    CONSISTENTLY IMPROVING WELL PERFORMANCE DELAWARE WELLS PoP AVG. CUM OIL PRODUCTION (1) MIDLAND WELLS PoP AVG. CUM OIL PRODUCTION (1) 160 250 25% 15% 4Q18 AVERAGE WELL 4Q18 AVERAGE WELL OUTPERFORMANCE VS. 2018 OUTPERFORMANCE VS. 2018…
  9. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 9
    CO-DEVELOPMENT EXCEEDING PRIOR VINTAGES CAPITAL DEPLOYMENT FOR ASSET OPTIMIZATION MULTI-INTERVAL: MIDLAND CO-DEVELOP MSB/ULSB/LLSB 140 Average well performance per pad exceeding risked Average Well Cum Oil Production (Mbo)…
  10. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 10
    2019 OPERATIONAL PROGRAM 2019 DEVELOPMENT PROGRAM LARGE DELAWARE PROJECTS SET UP STRONG ENTRY INTO 2020 2019 current efficiency objectives 160 140 25% production growth on reduced Net Lateral Feet PoP (M) capex (YoY) 120 15%…
  11. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 11
    INFLECTION POINT OF DEVELOPMENT PROGRAM LARGER PAD DEVELOPMENT DRIVING CAPITAL EFFICIENCY Increased opportunity for longer laterals as a result of blocking up acreage and executing quality trades Improvements to operational efficiency…
  12. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 12
    2019 OUTLOOK ALIGNING CASH FLOW PROGRAM SUMMARY SUBSTANTIAL INCREASE IN AVERAGE PROJECT SIZE 30 2 FRAC CREWS Increased pad sizes while preserving cash cycle times 25 Gross Wells POP Reductions in HBP wells drive enhanced…
  13. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 13
    FINANCIAL POSITIONING (1) HIGHLIGHTS CAPITALIZATION (MM) Progressing toward free cash flow generation from field 4Q18 level to corporate-level with 4Q19 target at 50/Bbl (2) Cash 16 Focused on reducing leverage to meet long-term…
  14. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 14
    MARKETING AND RISK MANAGEMENT (1) PROTECTING CASH FLOW 2019 WTI INSTRUMENT OVERVIEW CURRENT 2020E PRICING POINTS Total realized price focus covering both benchmark and basis Midland oil basis differentials have narrowed as expected,…
  15. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 15
    2019 OUTLOOK GUIDANCE TAKEAWAYS FY19 Program designed to maximize efficiency in GUIDANCE continued shift to large pad development Total production (MBoepd) 39.5 41.5 Emergence of large pad Delaware impact in 2H19 drives strong…
  16. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 16
    APPENDIX
  17. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 17
    OIL 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 - - - - - - -…
  18. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 18
    GAS HEDGE PORTFOLIO (1) 1Q19 2Q19 3Q19 4Q19 1H19 2H19 2019 1Q20 2Q20 3Q20 4Q20 1H20 2H20 2020 NYMEX Henry Hub (MMBtu, /MMBtu) Sw aps Total Volumes - 455,000 1,242,000 155,000 455,000 1,397,000 1,852,000 - - - - - - - Total Daily…
  19. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 19
    QUARTERLY CASH FLOW STATEMENT 4Q17 1Q18 2Q18 3Q18 4Q18 Cash flows from operating activities: Net income (loss) 22,824 55,761 50,474 37,931 156,194 Adjustments to reconcile net income to net cash provided by operating activities:…
  20. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 20
    NON-GAAP RECONCILIATION (1) Adjusted EBITDA Reconciliation 4Q17 1Q18 2Q18 3Q18 4Q18 Net income 22,824 55,761 50,474 37,931 156,194 Adjustments: Net (gain) loss on derivatives, net of settlements 26,037 (3,978) 8,572 25,100 (105,512)…
  21. 4Q 2018 Earnings Presentation – Callon Petroleum Co. – slide 21
    NON-GAAP RECONCILIATION (1) Adjusted Total Revenue Reconciliation 4Q17 1Q18 2Q18 3Q18 4Q18 Oil revenue 104,132 115,286 122,613 142,601 150,398 Natural gas revenue 14,081 12,154 14,462 18,613 11,497 Total revenue 118,213 127,440 137,075…

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