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3Q 2022 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Nov 30, 2022 · 24 slides

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Slides

  1. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 1
    THIRD QUARTER EARNINGS PRESENTATION November 2022 F O C U S E D O N C A P I T A L D I S C I P L I N E & C R E A T I N G S H A R E H O L D E R V A L U E
  2. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 2
    Focused on Capital Discipline and Creating Shareholder Value Top-Tier Committed Delineated Disciplined Increasing Permian Basin & 15 Years of Margins + to ESG Capital Spending Eagle Ford Shale High-Return Operational Excellence…
  3. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 3
    Disciplined Strategy Delivers Results Delivering on Commitments Adjusted EBITDA Leverage Ratio 3Q 2022 Highlights per Boe3 Net Debt / LTM Adj. EBITDA3 Production 107 42% 1.00x - 1.25x Volumes MBoe/d increase from 4Q21 by year-end…
  4. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 4
    Strong Execution Advances Our Goals 3Q 2022 By the Numbers Third Quarter Accomplishments Total OPERATIONAL Production 107.3 (MBoe/d) Efficient Execution of Completions 11 stages per day in Howard County Oil Production 66.4…
  5. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 5
    Delaware Basin: Optimizing Production Profiles Delaware Basin Well Production Profile1 Scaled Development of Multi-Zone Resource Base2 90,000 Avg. Project Size 80,000 7.3 2022 Production Profile 26% of wells Placed 22…
  6. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 6
    Midland Basin: Optimizing Production Profiles Midland Basin Well Production Profile1 Scaled Development of Multi-Zone Resource Base2 80,000 Avg. Project Size 8.3 70,000 2022 Production Profile of wells 5.8 Placed 13…
  7. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 7
    Efficient Development Philosophy Optimizes value of reservoir Increases efficiencies through system scaled development model Increases average future well More consistent capital productivity efficiency profile over time…
  8. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 8
    Life of Field Development vs Alternative Life of Field Development Alternative: High-Grading of Zones Meaningful decline in capital efficiency over time Scaled, co-development of multiple zones that meet and loss of economic…
  9. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 9
    Second Half Development Delaware Basin Delaware Basin Acreage Position Second Half of 2022 Development Plan Utilizing advanced seismic methods to identify and avoid geohazards Continuing trend of larger pad developments, reducing…
  10. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 10
    Second Half Development Midland Basin Midland Basin Acreage Position Second Half of 2022 Development Plan Midland Basin represents 50% of new wells in the second half of 2022 Development consists of projects of 4 - 11 wells on…
  11. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 11
    Second Half Development Eagle Ford Shale Eagle Ford Shale Acreage Position Second Half of 2022 Development Plan Eagle Ford represents 20% of new wells in the second half of 2022 All development focused on McMullen County acreage…
  12. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 12
    Organic Inventory Expansion 2022 Delineation: Delaware Delaware Inventory Upside Potential Crowheart 10BS & 11BS Multiple prospective zones in the Delaware with emerging potential in 3rd Bone Spring Sand both shallower and deeper…
  13. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 13
    Rationale for Conversion to Successful Efforts Method of Accounting Increased Improved Preferred by Better Transparency Comparability Investors Indicative Value Financial Majority of peer Investor Eliminates statements will group…
  14. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 14
    Conversion to Successful Efforts Method Summary of Expected Impacts Full Cost Successful Efforts Financial Impact Costs associated with Costs associated with New income statement line Exploration Expense exploration are…
  15. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 15
    Proactively Addressed Near-Term Maturities Completing Steps Toward Shareholder Return Program Debt Maturities1 (in MM) RCF Unsecured Notes Retired 2nd Lien Notes 636 650 600 Retired Unsecured Notes Due in 2024 3 years until next…
  16. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 16
    Shaping Our Future: Aggressively Reducing Emissions Scope 1 GHG Intensity1 Methane Emissions2 Flaring GHG Legacy Primexx 30% 40% reduction reduction from 2019 from 2019 ACCELERATED GOAL End routine flaring by the end of 2022,…
  17. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 17
    Maintaining Capital Discipline Fourth Quarter Outlook Full Year Outlook Guidance and Financial Estimates 2022 Guidance Total 105-108 Total 103-105 Production MBoe/d Production MBoe/d (63% oil / 82% liquids) (62.5% oil / 82%…
  18. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 18
    2022 Guidance Prior Updated COMMENTARY Total production (MBoe/d) 102 - 105 103 - 105 Increased bottom end of range Oil 63.0% 62.5% NGL 19.0% 19.5% Gas 18.0% 18.0% Income statement expenses (MM, except where noted) LOE, including…
  19. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 19
    APPENDIX 20
  20. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 20
    Oil Hedges 4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 FY 2024 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 1,748,000 675,000 682,500 184,000 - 1,541,500 Total Daily Volumes 19,000 7,500 7,500 2,000 - 4,223 Avg. Swap Price 65.89 79.18 79.18…
  21. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 21
    Natural Gas Hedges 4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 1,550,000 Total Daily Volumes 16,848 Avg. Swap Price 3.62 Collars Total Volumes 3,670,000 4,500,000 910,000 920,000…
  22. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 22
    Non-GAAP Adjusted EBITDA1 (000s) FY 2021 4Q 21 1Q 22 2Q 22 3Q 22 Net income 365,151 285,351 39,737 348,009 549,603 (Gain) loss on derivative contracts 522,300 10,145 358,300 81,648 (134,850) Loss on commodity derivative…
  23. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 23
    Non-GAAP Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Discretionary Cash Flow1 (000s) 4Q 21 1Q 22 2Q 22 3Q 22 Net cash provided by operating activities 366,310 281,270 372,325 475,275 Changes in working capital and other…
  24. 3Q 2022 Earnings Presentation – Callon Petroleum Co. – slide 24
    Non-GAAP Net Debt Reconciliation1 ( millions) 12/31/21 3/31/22 6/30/22 9/30/22 Total debt 2,694 2,623 2,516 2,373 Unamortized premiums, discount, and deferred loan costs, net 29 27 21 21 Adjusted total debt 2,723 2,650…

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