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Barclays CEO Energy Power Conference – Callon Petroleum Co.

Callon Petroleum Co. · Sep 4, 2019 · 23 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. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 1
    CORPORATE PRESENTATION September 2019
  2. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 2
    2Q19: CONSISTENT DELIVERY OF RESULTS SEQUENTIAL ACHIEVEMENTS OPERATIONAL HIGHLIGHTS 41 Larger projects yield meaningful cost reductions across the Permian DAILY PRODUCTION (Mboepd) WildHorse 5-well pad averaged record D&C / 1,000 of…
  3. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 3
    2019 PLAN EXECUTION AND CAPITAL EFFICIENCY TRANSITION TO LARGE PAD DEVELOPMENT DELAWARE BASIN CAPITAL EFFICIENCY INFLECTION (2) 400 30 1.6 Capital efficiency gains from 57% of FY19 D&C down 25% larger pad development operational Cum.…
  4. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 4
    TEXAS STRONG: CREATING A PREMIER OILY MID-CAP HOUSTON MIDLAND BASIN HEADQUARTERS Recently streamlined operations in Houston-based company mid-cycle manufacturing mode focused on the Co-development of multi-interval high development…
  5. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 5
    SCALED DEVELOPMENT MODEL IN PERMIAN CAPITAL EFFICIENT OIL-WEIGHTED RETURNS ACROSS PREMIER PLAYS PERMIAN - DELAWARE COMPETITIVE FCF YIELD COUPLED WITH DIFFERENTIATED GROWTH SOLID FINANCIAL PROFILE WITH OPTIONS FOR VALUE…
  6. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 6
    BALANCED LONG TERM INVENTORY 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 PRO FORMA ASSETS…
  7. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 7
    STRATEGIC CONSOLIDATION EXEMPLIFIED Scaled Southern Delaware position for deployment of simultaneous operations improves cycle times and capital efficiency, and reduces downtime by 1% - 2% ENHANCED PERMIAN Shared subsurface and D&C…
  8. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 8
    VALUE INCREASE IN BASE BUSINESS + SYNERGY UPLIFT CALLON / CARRIZO Transaction A Transaction B Transaction C Transaction D 100% 100% 100% 100% 100% Relative EBITDA Contribution 90% 90% ACQUIROR OWNERSHIP % 90% 90% 90% 1.) BASE:…
  9. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 9
    SYNERGIES: STRUCTURAL BENEFITS FROM SCALE 1.2 4% (FRAC INTERFERENCE IMPACT AS PERMIAN UPTIME SYNERGIES DELAWARE D&C SYNERGIES 25 - 30 MM 10 MM (1) 2020E 2020E (MM / 1,000 LATERAL) 3% % PRODUCTION) (2) 1.1 2%…
  10. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 10
    ADVANCING OUR CORPORATE OBJECTIVES (1) Total corporate return focus drives shareholder value INCREASE Combined portfolio will maintain top tier margins CROCI (2) 2020E CROCI targeting 15%, competitive with other industries Cash…
  11. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 11
    MEASURED GROWTH AND MARGIN LEADERSHIP (1) 25% 20% Permian and Eagle Ford Focused Niobrara Focused 2020 Consensus Production Growth 15% High NGL Mix Pro Forma CPE (2) 10% Pro Forma (3) 5% Bakken Focused…
  12. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 12
    FOCUSED ON CORPORATE PRIORITIES PRODUCTION (1) (MBOE/D) FREE CASH FLOW (2) (mm) CALLON CARRIZO PRO FORMA CALLON CARRIZO PRO FORMA 10% CAGR 300MM + 104.3 64.7 39.6 28 2019E Consensus 2020 - 2021E Target (71) 2020 2021E Target…
  13. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 13
    FINANCIAL STRENGTH KEY CORPORATE PRINCIPLES Generate Prudent Financial Reduce Leverage to Maintain Strong Preserve Top-Tier Sustainable Free and Physical Risk < 2.0x Liquidity Position Operating Margins Cash Flow Growth Management…
  14. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 14
    COMBINATION ACCELERATES EVOLUTION Relentless Pursuit of Capital Efficiency Clear economic benefits of scaled development model Differentiated Oil and across portfolio Gas Investment Combining Repeatable Sustainable life of field…
  15. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 15
    APPENDIX
  16. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 16
    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…
  17. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 17
    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…
  18. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 18
    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:…
  19. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 19
    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…
  20. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 20
    NON-GAAP RECONCILIATION (1) COMBINED PRO FORMA LTM ADJUSTED EBITDA 3Q18 4Q18 1Q19 2Q19 2Q19 LTM Net income (loss) available to common shareholders 112,226 409,490 124,835 155,557 802,108 Dividends on preferred stock 6,280 6,191 6,184…
  21. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 21
    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% 10%…
  22. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 22
    PRIMARY SYNERGIES 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 Target: 2020 Synergy Target: 2020…
  23. Barclays CEO Energy Power Conference – Callon Petroleum Co. – slide 23
    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 from Delaware Completion…

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