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1Q 2019 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 6, 2019 · 16 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. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 1
    1st QUARTER 2019 EARNINGS May 6, 2019
  2. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 2
    EXECUTION CONTINUED 1Q19 FINANCIAL HIGHLIGHTS STRATEGIC FINANCIAL OBJECTIVES Production remains robust with plant downtime and Spur asset optimization Ongoing compensation alignment with shareholder interests Total production: 40…
  3. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 3
    ALIGNED TO RETURNS OVER GROWTH MANAGEMENT COMPENSATION EVOLUTION Compensation criteria are squarely aligned with cost and value focused metrics that drive long-term enterprise value and profitability 2014 2019 100% DISCRETIONARY 40%…
  4. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 4
    2019 PLAN PROGRESSION SUMMARY HIGHLIGHTS TRANSITION TO LARGE PAD DEVELOPMENT Solid operational efficiencies 350 Current DUC inventory of 16 net (21 gross) wells to support larger 300 projects ahead of plan Net Lateral Feet (M)…
  5. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 5
    1Q19 ACTIVITY SUMMARY OPERATIONAL ACTIVITY HIGHLIGHTS COMPLETION EFFICIENCIES ADVANCE PROGRAM Development program advancing as planned 450 5% 6 rigs drilled 21 gross wells (target 1st and 2nd rig releases by mid-year) Forecast 400…
  6. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 6
    CONSISTENT PERFORMANCE IMPROVEMENTS DELAWARE: AVERAGE WELL PERFORMANCE GAINS DELAWARE: DRILLING DAYS IMPROVE MEASURABLY 250 0 40% 20% Thousands 2019 YTD Average Well 1 Improvement YoY Outperformance vs. 2018/2017 2 3 29 Days…
  7. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 7
    STRATEGIC DEVELOPMENT Multi-interval co-development (LS, WCA, WCB) Ongoing shift to larger pad co-development coupled with emerging new intervals Strategic trades improving provides long-term program contiguous position…
  8. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 8
    STRONG MARGINS DRIVE CASH FLOW GROWTH DRIVING SUSTAINABLE VALUE OPERATING COST FOCUS PRESERVES MARGINS DESPITE LOWER PRICES (1) Consistent, superior margins drive 60 90% 83% 53.30 77% significant cash flow growth 42.18…
  9. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 9
    FINANCIAL POSITIONING HIGHLIGHTS CAPITALIZATION (MM) Prioritizing sustainable FCF generation Corporate-level free cash flow in 4Q19 at planning price deck 1Q19 (3Q19 at current strip) Cash 10 Corporate-level free cash flow generation…
  10. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 10
    RISK MANAGEMENT (1) Hedging strategy 2019 WTI/MIDLAND PROTECTION (2) 2019 HH/WAHA PROTECTION (2) Target 40 - 60% of production with focus 80% 60% on protecting cash flow % Consensus Gas Production Hedged % Consensus Oil…
  11. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 11
    DIVERSIFICATION AND PRICING UPSIDE 2020E OIL PRICE DIVERSIFICATION CURRENT 2020E OIL PRICE DIVERSIFICATION Firm transport in 2020 with linked sales agreements 25,000 gross Bbls per day covered under firm transport as of January 2020…
  12. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 12
    OIL HEDGE PORTFOLIO (1) 2Q19 3Q19 4Q19 2Q19-4Q19 1Q20 2Q20 3Q20 4Q20 FY2020 NYMEX WTI (Bbl, /Bbl) Three-way Collars Total Volumes 1,092,000 1,196,000 1,196,000 3,484,000 455,000 455,000 460,000 460,000 1,830,000 Total Daily Volumes…
  13. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 13
    GAS HEDGE PORTFOLIO (1) 2Q19 3Q19 4Q19 2Q19-4Q19 1Q20 2Q20 3Q20 4Q20 FY2020 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 455,000 1,242,000 155,000 1,852,000 - - - - - Total Daily Volumes 5,000 13,500 1,685 6,735 - - - - -…
  14. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 14
    QUARTERLY CASH FLOW STATEMENT 1Q18 2Q18 3Q18 4Q18 1Q19 Cash flows from operating activities: Net income (loss) 55,761 50,474 37,931 156,194 (19,543) Adjustments to reconcile net income to net cash provided by operating activities:…
  15. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 15
    NON-GAAP RECONCILIATION (1) Adjusted EBITDA Reconciliation 1Q18 2Q18 3Q18 4Q18 1Q19 Net income (loss) 55,761 50,474 37,931 156,194 (19,543) Net (gain) loss on derivatives, net of settlements (3,978) 8,572 25,100 (105,512) 66,970…
  16. 1Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 16
    NON-GAAP RECONCILIATION (1) Adjusted Total Revenue Reconciliation 1Q18 2Q18 3Q18 4Q18 1Q19 Oil revenue 115,286 122,613 142,601 150,398 141,098 Natural gas revenue 12,154 14,462 18,613 11,497 11,949 Total revenue 127,440 137,075 161,214…

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