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First Quarter 2021 Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 6, 2021 · 22 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. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 1
    1st QUARTER 2021 EARNINGS May 6th, 2021
  2. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 2
    A CLEAR PATH TO GENERATING INVESTOR VALUE Durable adjusted organic free cash flow generation Between 500-800 million1 in estimated adjusted FCF2 at 50-60/Bbl WTI Current forecast of 200 million in FY21 at strip pricing3 Disciplined…
  3. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 3
    STRONG PERFORMANCE FROM THE START HITTING THE NUMBERS IN 1Q21 HIGHLIGHTS Efficiency Evident in 2021 Early Activity 1Q21 Versus Metric Result Guidance Less than 100 million in 1Q21 operational capital Total production (MBoe/d) 81.0…
  4. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 4
    PATH TO DECARBONIZATION 2021 INITIATIVES GREENHOUSE GAS (GHG) INTENSITY REDUCTION TARGETS1 50% Targeting 40-50% reduction in Expand field GHG Emissions Intensity by 20252 electrification to By 2025 By 2030 eliminate diesel…
  5. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 5
    EVOLVING EXECUTIVE COMPENSATION FOR 2021 ANNUAL BONUS ALIGNED WITH SHAREHOLDER PRIORITIES REDESIGNED ANNUAL INCENTIVE FRAMEWORK - 2021 Returns Advancement of strategic initiatives 80% Quantitative Metrics 20% Prioritizing ESG…
  6. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 6
    MANAGING CASH COSTS FOR IMPROVED MARGINS ALL-IN CASH COSTS1 VS REALIZATIONS2 1Q21 Results Permian Eagle Ford 50 Daily production (MBoe/d) 57.8 23.2 % Oil 59% 76% 40 Cash G&A % NGL Prod &21% Ad Val 11% Realized price3 (/Boe)…
  7. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 7
    MIDLAND BASIN FLUID LOADING IMPACTS COMPLETION EVOLUTION ACCELERATED OIL PEAK INCREASED OIL CUT 100% 55 80 80 AFE 45-55 2020…
  8. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 8
    SUCCESSFUL TEST OF E-FRAC TECHNOLOGY1 INITIAL E-FRAC PROJECT OVERVIEW Chapparal Unit (Howard County) Three-well pad targeting Lower Spraberry, WC A, and WC B 160 total stages completed More than 56 million pounds of proppant…
  9. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 9
    NEW WELLS RESILIENT POST WINTER STORM RICHMOND WEST FOUR-WELL PAD (REEVES COUNTY) GARDENDALE LONG LATERAL INFILL DEVELOPMENT 45 90 Average blended 40 80 production curve for Wells returned to Upper WC A, Lower WC 35 production and…
  10. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 10
    DRILLING AND COMPLETIONS CONTINUE TO IMPROVE LOWERING COSTS FOR FULL FIELD DEVELOPMENT DRILLING PRODUCTIVITY DRIVES SAVINGS1 Continued application of combined learnings driving 400 25% consistent well results at low cost First…
  11. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 11
    CASH FLOW PROTECTION WITH UPSIDE PARTICIPATION 2Q-4Q FY21 Oil Hedges1 2021 PROTECTED WITH 2022 UPSIDE POTENTIAL 2Q-4Q FY21 oil production 70% hedged Unhedged 60% hedged in 2H21 0% 20% 40% 60% 80% 100% Ongoing optimization has…
  12. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 12
    MULTIPLE INITIATIVES DRIVING DEBT REDUCTION Organic adjusted free cash flow generation Combined 146.8 million in adjusted FCF since 2Q201 Monetization Projecting 500 to 800 million through 2023 at oil opportunities prices between 50…
  13. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 13
    FINANCIAL POSITION HIGHLIGHTS CAPITALIZATION TABLE Path to further debt reduction Million 1Q21 Adjusted FCF positive in 1Q21 despite winter storm impact Cash 24 Monetization opportunities improving with increasing commodity prices…
  14. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 14
    GUIDING PRINCIPLES FOR A SUSTAINABLE BUSINESS 65% - 75% Reinvestment Rate < 5% Continued Year-Over-Year ESG Production Improvement Growth Returning Value to Shareholders Commitment Commitment to Sustainable to…
  15. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 15
    APPENDIX 16
  16. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 16
    2021 GUIDANCE PRIOR PENDING GUIDANCE GUIDANCE Total production (MBoe/d) 90.0 - 92.0 89.0 - 91.0 Oil 63% 64% NGL 18% 19% Gas 19% 17% Income statement expenses (in millions, except where noted) LOE, including workovers 190.0 -…
  17. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 17
    OIL HEDGES(1) 2Q21 3Q21 4Q21 2Q21-4Q21 1Q22 2Q22 3Q22 4Q22 FY 2022 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 728,000 552,000 552,000 1,832,000 225,000 - - - 225,000 Total Daily Volumes 8,000 6,000 6,000 6,662 2,500 - - - 616 Avg.…
  18. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 18
    GAS AND NGL HEDGES(1) 2Q21 3Q21 4Q21 2Q21-4Q21 1Q22 2Q22 3Q22 4Q22 FY 2022 NYMEX HENRY HUB (MMBtu, /MMBtu) . Sw aps Total Volumes 3,822,000 3,864,000 3,437,000 11,123,000 - - - - - Total Daily Volumes 42,000 42,000 37,359 40,447 - - -…
  19. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 19
    NON-GAAP ADJUSTED EBITDA1 (000s) 1Q 21 Net loss (80,407) Loss on derivative contracts 214,523 Loss on commodity derivative settlements, net (62,280) Non-cash stock-based compensation expense 7,608 Other income (3,306) Income tax…
  20. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 20
    NON-GAAP ADJUSTED FREE CASH FLOW1 (000s) 2Q 20 3Q 20 4Q 20 1Q 21 Net cash provided by operating activities 97,801 135,701 134,578 137,665 Changes in working capital and other 40,078 14,473 12,011 30,913 Change in accrued hedge…
  21. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 21
    NON-GAAP ADJUSTED G&A CASH COMPONENT AND FULL CASH G&A COSTS1 (000s) FY 20 1Q 21 Total G&A 37,187 16,799 Change in the fair value of liability share-based awards (non-cash) 4,110 (5,943) Adjusted G&A total 41,297 10,856 Equity-settled,…
  22. First Quarter 2021 Presentation – Callon Petroleum Co. – slide 22
    NON-GAAP NET DEBT RECONCILIATION1 As of March 31, 2021 (in millions) Long-term debt 2,978 Less: Cash and cash equivalents 24 Net Debt 2,954 1. See Important Disclosures slide for additional information related to Supplemental…

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