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2Q 2023 Earnings Presentation – Callon Petroleum Co.

Callon Petroleum Co. · Aug 2, 2023 · 20 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. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 1
    2Q 2023 I N V E S T O R P R E S E N TAT I O N AUGUST 2023
  2. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 2
    Why Callon Today Recent Events Permian-Focused Closed Delaware Basin Acquisition & Exited the Eagle Ford Asset Base Life of Field Co-Development Model Decade-Plus of Permian Basin Inventory Improving Well Productivity and…
  3. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 3
    2Q 2023 Value Drivers PRODUCTION HIGH OPERATING MARGINS 107 MBoe/d 63 MBbl/d 35.76 70% Total Oil Operating Margin (/Boe)1 Strong Adj. EBITDAX margin2 2Q23 ADJ. EBITDAX 1 DECLINING OPERATING COSTS 332MM 6% 3% Sequential…
  4. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 4
    Drilling and Completion Execution DRILLING 1 COMPLETIONS 2 2,396 24.6 2,200 Spud to Rig Release Lateral Feet Per Day Average Completed Average Days from 21.2 1,779 1,419 13.1 12.7 9% YoY 14% YoY 25% YoY Increase…
  5. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 5
    Expanding Bone Spring Development Delaware: 120,000 net acres RECENT AND FUTURE 3 rd BONE SPRING COMPLETIONS 3rd Bone Spring results demonstrate similar oil EUR per foot to Wolfcamp A Future development Avalon Shale Recent well…
  6. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 6
    Life of Field Co-Development Model Enhances Rate of Return CALLONS STABLE WELL PRODUCTIVITY 1 INDUSTRYS DEGRADING WELL PRODUCTIVITY 2 AVERAGE PERMIAN BASIN CUMULATIVE PRODUCTION BY MONTH AVERAGE PERMMIAN BASIN CUMULATIVE PRODUCTION BY…
  7. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 7
    Operational Activity Transition Net Daily Production 20 18 17 Eagle Ford PRODUCTION IMPACT 14 15 13 Percussion 3 MBoe/d decrease in production upon MBoe/d transaction closings 10 72% 71% 70% 70% 2023E pro forma net…
  8. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 8
    Operational Priorities TOP PRIORITIES FOCUSED ON Evolve Life of Field Co-Development Model USING TECHNOLOGY Leverage established infrastructure TO PROVIDE Optimize artificial lift and water handling REALTIME DATA Streamline…
  9. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 9
    Improving Capital Structure & Financial Flexibility CONTINUE TO PRIORITIZE DEBT REDUCTION 1 RECENT CREDIT RATING UPGRADES 2,3 1B DEBT REDUCTION B+ B+ SINCE 1Q21 SOLID LIQUIDITY 1 PEER LEADING WEIGHTED AVG. MATURITY PROFILE…
  10. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 10
    2023 Outlook 2023 GUIDANCE DETAILS 2023 CAPITAL EXPENDITURES 3Q23 FY23 3Q23 FY23 Total (MBoe/d) 100 103 103 106 Capital Expenditures (MM)1 250 275 960 980 Oil (MBbls/d) 60 62 62 64 Operated TILs (gross wells) 30 35 105 110…
  11. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 11
    APPENDIX
  12. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 12
    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…
  13. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 13
    Derivative Positions OIL VOLUMES 1 NATURAL GAS VOLUMES 1 HEDGE GAINS / LOSSES BY QUARTER (MM) 3Q 23 4Q 23 Bal Summer 23 Winter 23 WTI Oil3 HEDGING 1Q23 STRATEGY 2Q23 3Q23 4Q23 70 12 14 8 2 80 12 14 (2) (3) 33% Hedged 30% 73% 73%…
  14. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 14
    Oil Hedges1 3Q23 4Q23 3Q23 - 4Q23 FY 2024 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 460,000 - 460,000 - Total Daily Volumes 5,000 - 2,500 - Avg. Swap Price 82.10 - 82.10 - Puts Total Volumes 368,000 368,000 736,000 - Total Daily…
  15. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 15
    Natural Gas Liquids Hedges1 3Q23 4Q23 3Q23 - 4Q23 FY 2024 NATURAL GAS LIQUIDS (Bbls, /Bbl) MBV Ethane Purity Total Volumes 35,333 35,095 70,428 - Total Daily Volumes 384 381 383 - Avg. Swap Price 9.66 9.66 9.66 - MBV Propane EPC…
  16. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 16
    Natural Gas Hedges1 3Q23 4Q23 3Q23 - 4Q23 FY 2024 NYMEX HENRY HUB (MMBtu, /MMBtu) Swaps Total Volumes 1,840,000 620,000 2,460,000 - Total Daily Volumes 20,000 6,739 13,370 - Avg. Swap Price 3.00 3.00 3.00 - Collars Total Volumes…
  17. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 17
    Non-GAAP Operating Margin1 (Per Boe data) 1Q 23 2Q 23 2 Sales price Permian 51.50 47.63 Eagle Ford 60.42 56.44 Total sales price 53.07 49.00 Lease operating expense Permian 7.87 7.42 Eagle Ford 10.66 10.44 Total lease operating…
  18. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 18
    Non-GAAP Adjusted EBITDAX1 ( thousands) 1Q 23 2Q 23 Net income (loss) 220,638 (107,896) Gain on derivative contracts (25,645) (5,941) Gain on commodity derivative settlements, net 12,012 13,663 Non-cash expense related to…
  19. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 19
    Non-GAAP Adjusted Free Cash Flow1 ( thousands) 1Q 23 2Q 23 Net cash provided by operating activities 247,913 279,522 Changes in working capital and other 18,869 11,188 Changes in accrued hedge settlements 12,791 638 Merger,…
  20. 2Q 2023 Earnings Presentation – Callon Petroleum Co. – slide 20
    Non-GAAP Net Debt1 ( millions) 3/31/23 6/30/23 Total debt 2,204 2,268 Unamortized premiums, discount, and deferred loan costs, net 19 18 Adjusted total debt 2,223 2,286 Less: Cash and cash equivalents 3 4 Net Debt 2,220 2,282…

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