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June 2022 Investor Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Jun 1, 2022 · 26 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. June 2022 Investor Presentation – Callon Petroleum Co. – slide 1
    INVESTOR PRESENTATION JUNE 2022
  2. June 2022 Investor 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. June 2022 Investor 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. June 2022 Investor 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. June 2022 Investor 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. June 2022 Investor Presentation – Callon Petroleum Co. – slide 6
    Significant Foundational Reserves Value Proved Reserves Components as of 12/31/21 2021 Highlights Replaced over 100% of production through NGLs Natural extensions and discoveries Gasgas Natural 20% PUD PDP Oil Grew total…
  7. June 2022 Investor Presentation – Callon Petroleum Co. – slide 7
    High-Quality Inventory Drives Sustainable Cash Flow High-Quality Inventory Significant Upside2 Drives Sustainable Free Cash Flow From 2022 Delineation 1,7601 Years of Inventory Inventory upside based on 50/Bbl 15 Eagle Ford…
  8. June 2022 Investor Presentation – Callon Petroleum Co. – slide 8
    Peer Leading Inventory Life Position Onshore Inventory Life at Next Twelve Months Forecasted Completion Activity Levels1, 2…
  9. June 2022 Investor Presentation – Callon Petroleum Co. – slide 9
    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…
  10. June 2022 Investor Presentation – Callon Petroleum Co. – slide 10
    Increasing Short Cycle Time Projects Electric Submersible Pump (ESP) Production Uplift Delaware1 1,200 1,000 Project payback Average production…
  11. June 2022 Investor Presentation – Callon Petroleum Co. – slide 11
    Organic Inventory Expansion 2022 Delineation: Delaware Crowheart 10BS & 11BS 3rd Bone Spring Sand Delaware Inventory Upside Potential 5,000 laterals Avg IP-30: 1,845 Boe/d Multiple prospective zones in the Delaware with emerging…
  12. June 2022 Investor Presentation – Callon Petroleum Co. – slide 12
    Committed to Reducing Our Carbon Footprint: Setting New Targets 2021 Emission Reduction Achievements Completed second series of field Completed pilot test of low-bleed electrification projects and air-actuated pneumatic…
  13. June 2022 Investor Presentation – Callon Petroleum Co. – slide 13
    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…
  14. June 2022 Investor Presentation – Callon Petroleum Co. – slide 14
    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…
  15. June 2022 Investor Presentation – Callon Petroleum Co. – slide 15
    Free Cash Flow Yield Strengthens in 2022 Maintaining Capital Discipline Strengthening Free Cash Flow Profile1 2022 Guidance 2022 Free Cash Flow Sensitivities 1,200 35% Total Production 101-105 MBoe/d (64% oil / 83% liquids)…
  16. June 2022 Investor Presentation – Callon Petroleum Co. – slide 16
    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…
  17. June 2022 Investor Presentation – Callon Petroleum Co. – slide 17
    Market Leading Free Cash Flow Yield At A Discount 2022 Free Cash Flow Yield By S&P Sector 1,2 20% 25.0x 20.0x 2022 EV/EBITDA3 S&P 500 18% 17% 15.0x 13.3x 15% 10.0x 6x 4x 5.0x 0.0x 10% 10% 5% S&P 500…
  18. June 2022 Investor Presentation – Callon Petroleum Co. – slide 18
    Callon Investment Thesis TOP-TIER Permian Basin & Eagle Ford Shale Portfolio DELINEATED 15 Years of High-Return Drilling Inventory INDUSTRY LEADING Margins + Operational Improvement TOP QUARTILE Free Cash Flow Yields…
  19. June 2022 Investor Presentation – Callon Petroleum Co. – slide 19
    APPENDIX 20
  20. June 2022 Investor Presentation – Callon Petroleum Co. – slide 20
    Oil Hedges1 2Q22 3Q22 4Q22 2Q22-4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX WTI (Bbls, /Bbl) Sw aps Total Volumes 364,000 1,656,000 1,978,000 3,998,000 765,000 773,500 - - 1,538,500 Total Daily Volumes 4,000 18,000 21,500 14,538 8,500…
  21. June 2022 Investor Presentation – Callon Petroleum Co. – slide 21
    Gas Hedges1 2Q22 3Q22 4Q22 2Q22-4Q22 1Q23 2Q23 3Q23 4Q23 FY 2023 NYMEX HENRY HUB (MMBtu, /MMBtu) Sw aps 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 - - - - - Avg.…
  22. June 2022 Investor Presentation – Callon Petroleum Co. – slide 22
    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,…
  23. June 2022 Investor Presentation – Callon Petroleum Co. – slide 23
    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…
  24. June 2022 Investor Presentation – Callon Petroleum Co. – slide 24
    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…
  25. June 2022 Investor Presentation – Callon Petroleum Co. – slide 25
    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…
  26. June 2022 Investor Presentation – Callon Petroleum Co. – slide 26
    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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