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Primexx Energy Partners Acquisition – Callon Petroleum Co.

Callon Petroleum Co. · Aug 3, 2021 · 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. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 1
    Accretive Delaware Basin Acquisition Primexx Energy Partners August 3, 2021
  2. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 2
    IMPORTANT DISCLOSURES Non-GAAP Financial Measures (continued) Callon calculates adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gains) losses on…
  3. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 3
    CONSOLIDATION OF A STRATEGIC PERMIAN ASSET Accretive Across All Financial Metrics Increases 2022E/2023E CFPS, FCFPS, ROCE, and CROCI Oil-Weighted, High-Margin Contiguous Delaware Assets Maintains strong oil mix with core locations…
  4. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 4
    BUILDING UPON OUR CORE DELAWARE POSITION TRANSACTION DETAILS PERMIAN - DELAWARE Primexx Acquisition Total consideration of 788MM (effective date of July 1st) 9.19MM shares of CPE common stock 440MM of cash Purchase price multiple of…
  5. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 5
    CHECKS ALL BOXES FOR STRATEGIC CONSOLIDATION KEY HIGHLIGHT COMMENTARY Corporate and Permian oil weightings increased Immediately Improves Acquired asset has attractive well costs and production results, ensuring it Cash Margins…
  6. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 6
    PRIMEXX A HIGH-QUALITY, INTEGRATED ASSET ASSET HIGHLIGHTS ACREAGE OVERVIEW MAP 2Q21 Production; % Oil 18.0 Mboe/d; 61% Oil Net Acres 35,000 Core Locations (net) 300 Parent / Child Mix 75% / 25% (future locations) Average Working…
  7. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 7
    PRIMEXX ADDS SCALE & PROFITABILITY TO CALLON SIGNIFICANT LONG-LATERAL OPPORTUNITY IMPRESSIVE WELL RESULTS VS. TOP PUBLIC E&Ps1 Locations by Lateral Length 1,600 WCA Well Oil IP-30 bo/d 10,000 7,500 5,000 1,200 800 15%…
  8. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 8
    PRIMEXX STRONG WELL RESULTS ACROSS POSITION Black Flag State Unit 253- Kesey Unit 10-7 1H 254W 1H Bench: WCB Bench: WCA IP-30: 2,019 Boe/d IP-30: 2,091 Boe/d (77% Oil) (83% Oil) Zacate 151-152W 1H Ramones 267-266E 10H…
  9. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 9
    ACCRETIVE ACROSS ALL KEY FINANCIAL METRICS Comparative figures below are 2022E only based on planning deck prices4 METRIC COMMENTARY PRO FORMA 2022E Planning Prices Adjusted Operating Increased corporate cash margins 780MM 1,040MM…
  10. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 10
    ACCELERATION OF CRITICAL INITIATIVES SIGNIFICANT INCREASE IN FREE CASH FLOW ACCELERATING DEBT METRIC IMPROVEMENT Does not contemplate divestiture benefits 1,200 2H2021E 2023E Cumulative Adjusted Free Cash Flow1 (MM) 4.0x…
  11. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 11
    PROGRESS ALONG OUR STRATEGIC DIRECTION1 2H2021E 2023E Increasing SIGNIFICANT FREE CUM. FCF CASH FLOW 670MM 870MM Decreasing 2022E LEVERAGE SHAREHOLDER VALUE CREATION 2.0x 2.4x Increasing 2H2021E 2023E CUM. EBITDA MARGIN…
  12. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 12
    STRATEGIC ACQUISITION STRENGTHENS CALLON + CORE DELAWARE ASSET ENHANCES PREMIER DIVERSIFIED ASSET PORTFOLIO SIGNIFICANT, STEADY PRO FORMA CUMULATIVE FREE CASH FLOW OF MORE THAN 1.1BN1 THROUGH 2023E LEVERAGE-ACCRETIVE…
  13. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 13
    APPENDIX
  14. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 14
    ENHANCED SCALE AND FINANCIAL STRENGTH CALLON STAND-ALONE CALLON PRO FORMA PRO FORMA METRICS 60/Bbl oil 60/Bbl oil Enterprise Value1 4.7bn 5.5bn Total Net Acres 180,000 215,000 Total Gross Locations2 (Primary Zones Only)…
  15. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 15
    OIL HEDGES1,2 3Q21 4Q21 2H21 1Q22 2Q22 3Q22 4Q22 FY 2022 NYMEX WTI (Bbls, /Bbl) Sw aps Total Volumes 552,000 552,000 1,104,000 630,000 637,000 874,000 874,000 3,015,000 Total Daily Volumes 6,000 6,000 6,000 7,000 7,000 9,500 9,500…
  16. Primexx Energy Partners Acquisition – Callon Petroleum Co. – slide 16
    GAS AND NGL HEDGES1,2 3Q21 4Q21 2H21 1Q22 2Q22 3Q22 4Q22 FY 2022 NYMEX HENRY HUB (MMBtu, /MMBtu) Sw aps Total Volumes 3,864,000 3,437,000 7,301,000 900,000 2,730,000 2,760,000 930,000 7,320,000 Total Daily Volumes 42,000 37,359 39,679…

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