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2Q 2019 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Aug 7, 2019 · 18 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. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 1
    2nd QUARTER 2019 EARNINGS August 6, 2019
  2. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 2
    EXECUTION CONTINUED SEQUENTIAL ACHIEVEMENTS OPERATIONAL HIGHLIGHTS 41 DAILY PRODUCTION (Mboepd) Larger projects yield meaningful cost reductions across the Permian WildHorse 5-well pad (largest to date) averaged record D&C / 1,000 of…
  3. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 3
    2019 PLAN PROGRESSION AND CAPITAL EFFICIENCY 1H19 GROSS DUC BUILD COMPLETED TRANSITION TO LARGE PAD DEVELOPMENT 25 Currently running 400 Capital efficiency gains from larger pad 4 rigs after DUC wells development realized in 2H19…
  4. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 4
    CRZO TRANSACTION ADVANCES OUR STRATEGIC OBJECTIVES (1) Total corporate return focus drives shareholder value, competitive with other industries INCREASE Combined footprint will maintain top tier margins CROCI (2) 2020 CROCI…
  5. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 5
    TEXAS STRONG: CREATING THE PREMIER OILY MID-CAP COMPANY CAPITAL EFFICIENT OIL-WEIGHTED RETURNS CENTRALIZED IN TEXAS PERMIAN - DELAWARE FCF YIELD COMPETITIVE ACROSS SECTORS AND PEERS ATTRACTIVE FINANCIAL PROFILE WITH…
  6. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 6
    PRO FORMA INVENTORY BALANCED WITH LONG TERM FOCUS PRO FORMA DELINEATED INVENTORY RANKED BY IRR (1) Delineated locations with 25% IRR including facilities PRESERVING HIGH RETURN DELAWARE INVENTORY (2) OPTIMAL INVENTORY LIFE ACROSS…
  7. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 7
    LEADING SOUTHERN DELAWARE WELL PERFORMANCE (1) SOUTHERN DELAWARE WCA WELLS ACROSS PEERS WCA RESULTS BY OPERATOR (2017+) (2) 100% 90% Well Count and Production Distribution Plot P(x) 80% 70% 60% 50% 40% 30% 20%…
  8. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 8
    PRIMARY IDENTIFIED SYNERGIES: 100 - 125 MM PER YEAR 2020 SYNERGY ACHIEVEMENT LEVEL ESTIMATED TO BE 50% - 75% OF ANNUAL RUN RATE Corporate G&A Delaware D&C Cost Improved Permian Reductions Savings Production Uptime 2020 Synergy…
  9. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 9
    OPERATIONAL SYNERGIES: LARGE PROJECTS REDUCE CAPITAL COSTS DELAWARE D&C SYNERGY - 2020 TARGETS & 2019 PROGRESS SIMOPS SYNERGY CAPTURE 1.5 20% cycle time improvement for 5%: 2020E D&C / 1,000 savings both drilling and completions…
  10. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 10
    OPERATIONAL SYNERGIES: LARGE PROJECTS ACCELERATE RETURNS UPTIME SYNERGY BREAKDOWN UPTIME SYNERGY CASH FLOW IMPACT 1% production uplift across Permian in 2020 Description 2020 2021+ Opportunity for uptime improvement to expand to 2%…
  11. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 11
    RISK MANAGEMENT AMID MACRO UNCERTAINTY RISK MANAGEMENT PHILOSOPHY MARKETING EFFORTS DIVERSIFY PRICING EXPOSURE Hedge strategy 45 2Q21: 40 mb/d gross CPE 40 Permian volumes linked to Target 40 60% of production with focus on protecting…
  12. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 12
    FINANCIAL STRENGTH KEY CORPORATE PRINCIPLES Prudent Financial and Generate Sustainable Reduce Leverage to Maintain Strong Liquidity Preserve Top-Tier Physical Risk Free Cash Flow Growth < 2.0x Position Operating Margins Management…
  13. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 13
    COMBINATION ACCELERATES STRATEGIC PATH Relentless Pursuit of Capital Efficiency Differentiated Oil and Clear economic benefits of scaled development model Gas Investment across portfolio Combining Repeatable Sustainable life of field…
  14. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 14
    APPENDIX
  15. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 15
    OIL HEDGE PORTFOLIO (1) 3Q19 4Q19 2H19 1Q20 2Q20 3Q20 4Q20 FY 2020 FY 2021 NYMEX WTI (Bbl, /Bbl) Sw aps Total Volumes - - 273,000 273,000 276,000 276,000 1,098,000 - Total Daily Volumes - - 3,000 3,000 3,000 3,000 3,000 - Avg. Sw ap…
  16. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 16
    GAS HEDGE PORTFOLIO (1) 3Q19 4Q19 2H19 1Q20 2Q20 3Q20 4Q20 FY 2020 FY 2021 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 1,242,000 155,000 1,397,000 - - - - - - Total Daily Volumes 13,500 1,685 7,592 - - - - - - Avg. Swap Price…
  17. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 17
    QUARTERLY CASH FLOW STATEMENT 2Q18 3Q18 4Q18 1Q19 2Q19 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) 50,474 37,931 156,194 (19,543) 55,180 Adjustments to reconcile net income to net cash provided by operating activities:…
  18. 2Q 2019 Earnings Presentation – Callon Petroleum Co. – slide 18
    NON-GAAP RECONCILIATION (1) ADJUSTED EBITDA RECONCILIATION 2Q18 3Q18 4Q18 1Q19 2Q19 Net income (loss) 50,474 37,931 156,194 (19,543) 55,180 (Gain) loss on derivatives, net of settlements 8,572 25,100 (105,512) 66,970 (15,193) Non-cash…

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