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First Quarter 2022 Presentation – Callon Petroleum Co.

Callon Petroleum Co. · May 5, 2022 · 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. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 1
    First Quarter Earnings Presentation MAY 2022
  2. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 2
    Focused On Capital Discipline and Creating Shareholder Value Sustainable Development Focus Committed to ESG Excellence Disciplined Capital Spending Program Focused on Free Cash Flow Dedicated to Improving Balance…
  3. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 3
    Disciplined Strategy Delivers Results Exceeding Expectations Operating Margin Leverage Ratio Q1 2022 Highlights per Boe3 Net Debt / LTM Adj. EBITDA3 Production 103 7th 1.00x - 1.25x Volumes MBoe/d consecutive by year-end 2022 (63%…
  4. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 4
    Strong Execution Advances Our Goals 1Q22 by the Numbers First Quarter Accomplishments Operational Metric 1Q22 Result Increased Operational Flexibility Increased DUC inventory by 15 wells to 42 wells Total production (MBoe/d) 102.7…
  5. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 5
    Committed to Managing Cash Costs for Improved Margins Differentiated All-in Cash Margin1 Permian Eagle Ford 45 40.35 40 Daily production (MBoe/d) 82 21 35 30.88 % Oil 61% 73% 29.20 Cash G&A 30 /Boe 25 Realized price3…
  6. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 6
    Delaware South Integration and Optimization Seamless Integration 1H22 Operational Activity Brought three wells on-line within seven days of closing on the properties Wells placed on production / 14 wells Drilling activity / 11 wells…
  7. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 7
    Increasing Short Cycle Time Projects Electric Submersible Pump (ESP) Production Uplift Delaware1 1,200 1,000 Project payback Average production…
  8. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 8
    Second Quarter 2022 Outlook Maintaining Capital Discipline Key Focus Areas for the Second Quarter Guidance and Financial Estimates Operational Total Production 100-102 Return to normalized pace of wells placed on production…
  9. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 9
    Continuing to Progress the Balance Sheet Improvements Recent Highlights Key components of Callons liability management strategy: (a) remove second lien notes; (b) lower weighted average interest rate; (c) increase weighted average…
  10. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 10
    2022 Guidance 2022 COMMENTARY GUIDANCE Total production (MBoe/d) 101 105 Oil 64% Increasing oil cut as year progresses NGL 19% Increase over 2021 Gas 17% Income statement expenses (MM, except where noted) Flat assumption to 4Q…
  11. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 11
    APPENDIX 12
  12. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 12
    Oil Hedges 2Q22 3Q22 4Q22 2Q22-4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 364,000 1,656,000 1,656,000 3,676,000 450,000 455,000 - - 905,000 Total Daily Volumes 4,000 18,000 18,000 13,367 5,000 5,000 - -…
  13. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 13
    Natural Gas Hedges 2Q22 3Q22 4Q22 2Q22-4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 4,550,000 4,600,000 1,550,000 10,700,000 - - - - - Total Daily Volumes 50,000 50,000 16,848 38,909 - - - - -…
  14. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 14
    Non-GAAP Adjusted EBITDA1 (000s) 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 Net income (loss) (80,407) (11,695) 171,902 285,351 39,737 Loss on derivative contracts 214,523 190,463 107,169 10,145 358,300 Loss on commodity derivative settlements,…
  15. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 15
    Non-GAAP Adjusted EBITDA and Adjusted Free Cash Flow1 (000s) 4Q 21 1Q 22 Net cash provided by operating activities 366,310 281,270 Changes in working capital and other (67,390) 123,805 Change in accrued hedge settlements 6,781…
  16. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 16
    Non-GAAP Operating Margin Per Boe data 2Q 21 3Q 21 4Q 21 1Q 22 Sales price Permian Basin 46.04 52.37 59.64 70.29 Eagle Ford 54.72 59.63 66.10 78.50 Total sales price 48.68 54.93 61.22 71.97 Lease operating expense Permian 4.60 4.19…
  17. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 17
    Non-GAAP All-In Cash Margin Per Boe data 2Q 21 3Q 21 4Q 21 1Q 22 Average realized sales price 48.68 54.93 61.22 71.97 Impact of derivative settlements (12.37) (12.09) (14.50) (14.45) Average realized sales price (including impact of…
  18. First Quarter 2022 Presentation – Callon Petroleum Co. – slide 18
    Non-GAAP Net Debt Reconciliation1 ( millions) 6/30/21 9/30/21 12/31/21 3/31/22 Total debt 2,865 2,810 2,694 2,623 Unamortized premiums, discount, and deferred loan costs, net 38 48 29 27 Adjusted total debt 2,903 2,858 2,723 2,650…

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