EXECUTION PROVIDES SOLID FOUNDATION Realized synergies and benefits of scaled Production: 108.7 Mboe/d (65% oil) model driving results in a challenging environment Sequential increase of 8% from 1Q20 (oil up 9%) Exceeded target of…
BALANCED PORTFOLIO PROVIDES OPTIONALITY IMPACT OF OPERATING MODEL COMPLEMENTARY ASSET PORTFOLIO Capital efficiency Midland Basin: Larger project development philosophy Mid-cycle co-development of high return multi-zone inventory…
POSITIONING FOR THE LONG-TERM 1H20 Development activity curtailed and refocused on shorter cash 2H20 conversion cycles Reduced activity levels (restart late August) underpinned by unchanged 2021 Hedge portfolio restructured to life…
A FOCUS ON ESG DRIVES POSITIVE CHANGE Strong Safety Record Actively Reducing Flared Volumes Reducing Water Demand Serving Our Communities Callon prides itself on strong Callon reduced flaring intensity by In 2019, Callon doubled its…
OPTIMIZING ORGANIZATION FOR THE FUTURE REALIZED TOTAL CASH G&A SYNERGIES (1) KEY INITIATIVES Realized payroll and non-payroll acquisition 3.50 synergies ahead of target Estimated 140 75MM in cash Incremental headcount and…
LOWERING COSTS AND REDUCING OUR IMPACT DRIVING FACTORS BEHIND IMPROVEMENT ENVIRONMENTAL BENEFITS SUPPORT OUR ESG EFFORTS Full field electrification progress Swapping diesel generators for grid electricity reduces our Reduction in diesel…
DELAWARE D&C SYNERGIES EXCEEDED 1,2 IDENTIFIED STRUCTURAL SAVINGS CONTINUOUS COST IMPROVEMENT (DC&E / 1,000 LATERAL) Scaled development model Consistent crews and equipment Total cost reductions of 400 per lateral ft 3 Shared…
CAPITAL EFFICIENCY TARGETS EXCEEDED DELAWARE DC&E ( / lateral foot) 1,450 Scaled development drives lower costs 1,100 995 950 Simultaneous operations improves completion cycle 850 time efficiency and performance consistency Reduced…
WELL PRODUCTIVITY MATCHES COST EXECUTION STRONG WELL PERFORMANCE RECENT WILDHORSE PROJECT CUMULATIVE PRODUCTION PLOT MIDLAND BASIN 120 WCA and WCB performance on Dunkin/Horton/Wright 29-20 unit are Dunkin/Horton/Wright 100 Cum.…
COST STRUCTURE ALIGNING WITH PRICE ENVIRONMENT MARGINS SUPPORTED BY RISK MANAGEMENT AND COST REDUCTIONS 45 2Q unhedged oil prices down 55% Impact of extreme contango on CMA roll calculations Temporary fixed price physical Eagle…
CASH FLOW PROTECTION EXTENDED INTO 2021 SYSTEMATICALLY ADDING 2021 HEDGE POSITIONS Layering in 2021 oil hedges while creating upside for 2H20 2H20 Oil Hedges Converted 15,500 bopd of swaps to 2-way collars (35/45) in 2H20 providing…
FINANCIAL POSITION TARGETED 2H20 DEBT REDUCTION MULTIPLE EFFORTS CONVERGING TO REDUCE DEBT Free cash flow positive 2H20 and 2021 Both on an accrual and cash basis Enhanced marketing Working capital normalizes with recovery in…
UPDATED CAPITAL PLANS AND OUTLOOK 2021 Outlook: 1H20 Actuals FY20 Guidance Maintenance Plan Operational Capital 362.7 MM 500 - 525 MM 400 MM Production 104.8 Mboe/d 99 101 Mboe/d 90 95 Mboe/d (% oil) (64%) (64%) (64%) Further…
GAS AND NGL HEDGES 1 3Q20 4Q20 2H20 1Q21 2Q21 3Q21 4Q21 FY 2021 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 5,693,000 2,873,000 8,566,000 1,800,000 3,822,000 3,864,000 3,437,000 12,923,000 Total Daily Volumes 61,880 31,228…
NON-GAAP ADJUSTED EBITDA RECONCILIATION 1 (000s) 2Q 2020 Net loss (1,564,731) Loss on derivatives contracts 126,965 Gain on commodity derivative settlements, net 84,208 Non-cash stock-based compensation expense 2,761 Impairment of…
NON-GAAP ADJUSTED INCOME PER SHARE 1 (000s) 2Q 2020 Loss available to common shareholders (1,564,731) Loss on derivatives contracts 126,965 Gain on commodity derivative settlements, net 84,208 Non-cash stock-based compensation expense…
NON-GAAP FREE CASH FLOW 1 (000s) 2Q 2020 Net cash provided by operating activities 97,801 Changes in working capital and other 40,078 Change in accrued hedge settlement (14,480) Cash interest expense, net 21,944 Merger and integration…
NON-GAAP ADJUSTED DISCRETIONARY CASH FLOW 1 (000s) 2Q 2020 Net loss (1,564,731) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation, depletion, and amortization 138,930 Impairment of evaluated oil…
NON-GAAP FULL CASH G&A COSTS 1 (000s) 2Q 2020 Total G&A expense 10,024 Change in the fair value of liability share-based awards (non-cash) (1,720) Restricted stock share-based compensation (non-cash) and other non-recurring expenses…
NON-GAAP NET DEBT RECONCILIATION 1 As of June 30, 2020 (in millions) Long-term debt 3,351 Less: Cash and cash equivalents 8 Net Debt 3,343 1. See Important Disclosures slide for additional information related to Supplemental…
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