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July 2023 Company Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Jul 6, 2023 · 29 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. July 2023 Company Presentation – Callon Petroleum Co. – slide 1
    JULY 2023 I N V E S T O R P R E S E N TAT I O N
  2. July 2023 Company Presentation – Callon Petroleum Co. – slide 2
    Why Callon Today RECENT EVENTS Permian-Focused Acquired Delaware Basin Assets & Exited the Eagle Ford Asset Base Life of Field Co-Development Model Decade-Plus of Permian Basin Inventory Improving Well Productivity and…
  3. July 2023 Company Presentation – Callon Petroleum Co. – slide 3
    Transactions Strengthen Our Company, Deepen Our Portfolio SOLIDIFIES PERMIAN Acquired 18,000 contiguous net acres in the Delaware Basin (90% operated) FOCUS Deepens inventory of high-return, long-lateral locations HIGHER OPERATING…
  4. July 2023 Company Presentation – Callon Petroleum Co. – slide 4
    A Leading Permian Position CONTIGUOUS TO EXISTING CORE DELAWARE POSITION Acquired operated 18k net acres in Ward, Winkler & Loving counties (92% operated) Acquired non-operated Includes 1.5k net non-op acres with ConocoPhillips and…
  5. July 2023 Company Presentation – Callon Petroleum Co. – slide 5
    Percussion Well Productivity Evolution PERCUSSION AVERAGE CUMULATIVE PRODUCTION BY MONTH 2020 2022 (MBbls per 1,000 ft) 15 40% Driven by wider spacing Increase in average and improved 2022 oil recoveries completion techniques 29…
  6. July 2023 Company Presentation – Callon Petroleum Co. – slide 6
    Launching Shareholder Return Program INITIATING SHARE REPURCHASE PROGRAM 300MM Two-year program through 2Q25 BUYBACK Represents 12% of equity market cap1 USES OF FUTURE FREE CASH FLOW Deleveraging / Reinvestment…
  7. July 2023 Company Presentation – Callon Petroleum Co. – slide 7
    Permian Focus Enhances Outlook 2023 GUIDANCE Status Quo Pro Forma PRODUCTION & OIL MIX IN LINE WITH 2023 2023 PREVIOUS GUIDANCE Total (MBoe/d) 104 107 103 106 REDUCED CAPITAL SPENDING OUTLOOK Oil (MBbls/d) 63 65 62 64 Lease…
  8. July 2023 Company Presentation – Callon Petroleum Co. – slide 8
    1Q 2023 Value Drivers PRODUCTION STRONG FINANCIAL PERFORMANCE 100 MBoe/d 60 MBbl/d 1.94 68% Total Oil Adj. Income per diluted Top-tier Adj. EBITDAX share1 margin2 CAPITAL SPENDING OPERATIONAL PERFORMANCE 270MM 20% 15% 8% below…
  9. July 2023 Company Presentation – Callon Petroleum Co. – slide 9
    Simultaneous Operations Decrease Cycle Times DELAWARE BASIN 1 FOURTEEN WELL DEVELOPMENT PROJECT DELAWARE BASIN REDUCTION IN CYCLE TIME (in days) 3 Rigs Reduction 300 in spud to 266 259 rig release 50% 250 223 Reduced…
  10. July 2023 Company Presentation – Callon Petroleum Co. – slide 10
    Experience + Consistency Enhances Returns COMPLETION STAGES PER DAY DRILLING 20% increase in drilling feet per day in recent Delaware South pad Subsurface knowledge and improved 8.9 drill bit technologies drive efficiencies…
  11. July 2023 Company Presentation – Callon Petroleum Co. – slide 11
    Life of Field Co-Development Model Enhances Rate of Return CALLONS INCREASING WELL PRODUCTIVITY 1 INDUSTRYS DEGRADING WELL PRODUCTIVITY 2 AVERAGE DELAWARE BASIN CUMULATIVE PRODUCTION BY MONTH AVERAGE DELAWARE BASIN CUMULATIVE PRODUCTION…
  12. July 2023 Company Presentation – Callon Petroleum Co. – slide 12
    Life of Field Co-Development Model Enhances Rate of Return CALLONS INCREASING WELL PRODUCTIVITY 1 INDUSTRYS DEGRADING WELL PRODUCTIVITY 2 AVERAGE MIDLAND BASIN CUMULATIVE PRODUCTION BY MONTH AVERAGE MIDLAND BASIN CUMULATIVE PRODUCTION BY…
  13. July 2023 Company Presentation – Callon Petroleum Co. – slide 13
    Deep Inventory of High-Quality Risked Locations DELAWARE BASIN OPERATED LOCATIONS IN CORE ZONES 1 1,500 Total Avg. Lateral BONE SPRING 219 9,452 WOLFCAMP A 478 8,314 WOLFCAMP B 251 8,624 GROSS LOCATIONS WOLFCAMP C (RISKED /…
  14. July 2023 Company Presentation – Callon Petroleum Co. – slide 14
    Peer Leading Sustainability Goals SUSTAINABILITY REPORT ENVIRONMENTAL TARGETS For more information, please refer to: Callon.com/sustainability 50% Reduction in GHG intensity by 20241 SCOPE 1 GHG INTENSITY SINCE 2019 TOTAL…
  15. July 2023 Company Presentation – Callon Petroleum Co. – slide 15
    A Stronger Callon FOCUSED PERMIAN OPERATIONS WITH SCALE ENHANCED CAPITAL STRUCTURE DECADE-PLUS PREMIUM INVENTORY LOWER COSTS, HIGHER MARGINS LAUNCHING SHAREHOLDER RETURN PROGRAM 3Q23 2023 Callon Investor Presentation…
  16. July 2023 Company Presentation – Callon Petroleum Co. – slide 16
    APPENDIX
  17. July 2023 Company Presentation – Callon Petroleum Co. – slide 17
    Track Record of Rapid Deleveraging 754MM REDUCTION IN TOTAL DEBT 70% REDUCTION IN LEVERAGE RATIO1 Eliminated 3.0 2.9 2.9 2.7 2ND LIEN NOTES 2.6 2.5 2.4 Extended (B) RBL MATURITY TO 2027 2.3 2.2 5+ Years…
  18. July 2023 Company Presentation – Callon Petroleum Co. – slide 18
    Life of Field Co-Development Model Delaware: 100,000 net acres LIFE OF FIELD CO-DEVELOPMENT ALTERNATIVE: HIGH-GRADING OF ZONES Scaled project sizes combined with Meaningful decline in capital efficiency over time Avalon Shale…
  19. July 2023 Company Presentation – Callon Petroleum Co. – slide 19
    2023 Second Quarter Outlook 2Q23 Total (MBoe/d) 105 108 Oil (MBbls/d) 63 65 Lease Operating (/Boe) 8.00 8.50 GP&T (/Boe) 2.85 2.95 Prod & Ad Val Taxes (% of revs) 6.5% 7.0% Cash G&A (MM) 25 30 DD&A (/Boe) 14.50 15.00…
  20. July 2023 Company Presentation – Callon Petroleum Co. – slide 20
    Advantageous Debt Maturity Profile Peer1 Leading Weighted Average Maturity Profile4 Upgrades 6 yrs 5 yrs FROM THREE CREDIT RATING 4 yrs AGENCIES IN 2022 3 yrs 2 yrs 1 yrs 1B 0 yrs Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6…
  21. July 2023 Company Presentation – Callon Petroleum Co. – slide 21
    Increasing the Value Chain of Our Molecules OIL NATURAL GAS TAKEAWAY CAPACITY TAKEAWAY CAPACITY Portfolio approach employs a combination Take-in-kind optionality in various gas of in-basin sales and transportation gathering…
  22. July 2023 Company Presentation – Callon Petroleum Co. – slide 22
    Derivative Positions OIL VOLUMES 1 NATURAL GAS VOLUMES 1 HEDGE GAINS / LOSSES BY QUARTER (MM) 2Q 23 2H 23 Summer 23 Winter 23 WTI Oil2,4 HEDGING 1Q23 STRATEGY 2Q23 3Q23 4Q23 60 12 25 16 7 70 12 17 2 (3) 32% Hedged 32% 71% 69% 80…
  23. July 2023 Company Presentation – Callon Petroleum Co. – slide 23
    Oil Hedges1 2Q23 3Q23 4Q23 2Q23-4Q23 FY 2024 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 1,137,500 460,000 - 1,597,500 - Total Daily Volumes 12,500 5,000 - 5,809 - Avg. Swap Price 79.58 82.10 - 80.30 - Puts Total Volumes - 368,000…
  24. July 2023 Company Presentation – Callon Petroleum Co. – slide 24
    Natural Gas Liquids Hedges1 2Q23 3Q23 4Q23 2Q23-4Q23 FY 2024 NATURAL GAS LIQUIDS (Bbls, /Bbl) MBV Ethan Purity Total Volumes - 35,333 35,095 70,428 - Total Daily Volumes - 384 381 877 - Avg. Swap Price - 9.66 9.66 9.66 - MBV…
  25. July 2023 Company Presentation – Callon Petroleum Co. – slide 25
    Natural Gas Hedges1 2Q23 3Q23 4Q23 2Q23-4Q23 FY 2024 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 2,730,000 1,840,000 620,000 5,190,000 - Total Daily Volumes 30,000 20,000 6,739 18,873 - Avg. Swap Price 3.70 3.00 3.00 3.37 -…
  26. July 2023 Company Presentation – Callon Petroleum Co. – slide 26
    Non-GAAP Adjusted Income1 ( thousands, except per share) 1Q 23 Net income 220,638 Gain on derivative contracts (25,645) Gain on commodity derivative settlements, net 12,012 Non-cash expense related to share-based awards 1,881…
  27. July 2023 Company Presentation – Callon Petroleum Co. – slide 27
    Non-GAAP Adjusted EBITDAX1 ( thousands, except per Boe) FY 2021 1Q 22 2Q 22 3Q 22 4Q 22 FY 2022 1Q 23 Net income (loss) 133,561 (7,715) 303,251 502,039 221,868 1,019,443 220,638 (Gain) loss on derivative contracts 522,300 358,300…
  28. July 2023 Company Presentation – Callon Petroleum Co. – slide 28
    Non-GAAP Adjusted Free Cash Flow1 ( thousands) 1Q 22 2Q 22 3Q 22 4Q 22 FY 2022 1Q 23 Net cash provided by operating activities 247,821 336,085 437,780 333,987 1,355,673 247,913 Changes in working capital and other 125,799 29,007…
  29. July 2023 Company Presentation – Callon Petroleum Co. – slide 29
    Non-GAAP Net Debt and PV-10 Reconciliation1 ( millions) 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 3/31/23 Total debt 2,694 2,623 2,516 2,373 2,241 2,204 Unamortized premiums, discount, and deferred loan costs, net 29 27 21 21 20 19…

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