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2Q22 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Aug 4, 2022 · 21 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. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 1
    Second Quarter Earnings Presentation AUGUST 2022
  2. 2Q22 Earnings 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. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 3
    Disciplined Strategy Delivers Results Delivering on Commitments Operating Margin Leverage Ratio Q2 2022 Highlights per Boe3 Net Debt / LTM Adj. EBITDA3 Production 101 8th 1.00x - 1.25x Volumes MBoe/d consecutive by year-end 2022…
  4. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 4
    Strong Execution Advances Our Goals 2Q22 by the Numbers Second Quarter Accomplishments Operational Metric 2Q22 Result Increased Completion Activity Sequential increase over Q1 of 75% Total production (MBoe/d) 100.7 (Guidance 100 -…
  5. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 5
    Focused on High Margin Assets to Drive Differentiated Margins Percentage of Oil Production on LTM Basis1 Driving Differentiated Margins 80% Top Tier Oil Production Profile 70% 63% 2nd Highest Oil Weighted Production Profile 60% 50%…
  6. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 6
    Providing Flow Assurance and Price Protection for Natural Gas Natural Gas Takeaway Capacity Callon has take-in-kind optionality in various gas gathering agreements Contracted 75,000 MMBtu/d of transportation on multiple long-haul…
  7. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 7
    Improving Efficiencies Help Offset Inflationary Pressures Delaware Basin Drilling Feet per Day Proppant Tons per Day 900 1,800 827 1,653 1,600 800 1,400 Feet per Day Proppant Tons 1,200 700 1,000 600 800 558 636 600…
  8. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 8
    Accelerating Operational Synergies Artificial Lift Improvements for Increased Performance Second Quarter Artificial Lift Activity Accelerated adoption of electric submersible 5 initial artificial lift installs on new wells pump…
  9. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 9
    High Quality Inventory Plus Improving Completion Design Delaware Basin Well Production Profile Optimizing Development Economics 90,000 Increased Well Spacing Utilizing 1,000 ft well spacing 80,000 Larger Completion Design 2022…
  10. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 10
    Differentiated Remaining Inventory Quality Delaware Future Drilling Inventory vs 2021 Turn-in-Lines SHAP Difference (Median) by Operator Declining Rock Quality Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer…
  11. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 11
    Third Quarter 2022 Outlook Maintaining Capital Discipline Key Focus Areas for the Second Half Guidance and Financial Estimates Operational Total Production 102-105 Sequential organic production growth MBoe/d Expected 2-3% growth…
  12. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 12
    Proactively Addressed Near-Term Maturities Highlights Positive Ratings Momentum 1.76 B of term debt outstanding B2 / Moodys 100% fixed rate One Notch Upgrade on Unsecured Rating to B3 Weighted average coupon: 7.56% Weighted average…
  13. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 13
    2022 Guidance Prior Updated COMMENTARY Total production (MBoe/d) 101 - 105 102 105 Increased bottom end of the range Oil 64% 63% NGL 19% 19% Increased to account for amended Gas 17% 18% gathering contract Income statement…
  14. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 14
    APPENDIX 15
  15. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 15
    Oil Hedges 3Q22 4Q22 2H22 1Q23 2Q23 3Q23 4Q23 FY 2023 FY 2024 NYMEX WTI (Bbls, /Bbl) Sw aps Total Volumes 1,656,000 1,978,000 3,634,000 765,000 773,500 - - 1,538,500 - Total Daily Volumes 18,000 21,500 19,750 8,500 8,500 - - 4,215 -…
  16. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 16
    Natural Gas Hedges 3Q22 4Q22 2H22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX HENRY HUB (MMBtu, /MMBtu) Sw aps Total Volumes 4,600,000 1,550,000 6,150,000 - - - - - Total Daily Volumes 50,000 16,848 33,424 - - - - - Avg. Sw ap Price 3.62 3.62…
  17. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 17
    Non-GAAP Adjusted EBITDA1 (000s) 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 Net income (loss) (11,695) 171,902 285,351 39,737 348,009 Loss on derivative contracts 190,463 107,169 10,145 358,300 81,648 Loss on commodity derivative settlements, net…
  18. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 18
    Non-GAAP Adjusted EBITDA and Adjusted Free Cash Flow1 (000s) 4Q 21 1Q 22 2Q 22 Net cash provided by operating activities 366,310 281,270 372,325 Changes in working capital and other (67,390) 123,805 25,096 Change in accrued hedge…
  19. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 19
    Non-GAAP Operating Margin1 Per Boe data 3Q 21 4Q 21 1Q 22 2Q 22 Sales price Permian Basin 52.37 59.64 70.29 80.64 Eagle Ford 59.63 66.10 78.50 92.75 Total sales price 54.93 61.22 71.97 82.98 Lease operating expense Permian 4.19 7.22…
  20. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 20
    Non-GAAP All-In Cash Margin1 Per Boe data 3Q 21 4Q 21 1Q 22 2Q 22 Average realized sales price 54.93 61.22 71.97 82.98 Impact of derivative settlements (12.09) (14.50) (14.45) (20.14) Average realized sales price (including impact of…
  21. 2Q22 Earnings Presentation – Callon Petroleum Co. – slide 21
    Non-GAAP Net Debt Reconciliation1 ( millions) 9/30/21 12/31/21 3/31/22 6/30/22 Total debt 2,810 2,694 2,623 2,516 Unamortized premiums, discount, and deferred loan costs, net 48 29 27 21 Adjusted total debt 2,858 2,723 2,650 2,537 Less:…

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