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Enercoms The Oil and Gas Conference – Callon Petroleum Co.

Callon Petroleum Co. · Aug 18, 2014 · 24 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. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY EnerComs The Oil & Gas Conference August 2014
  2. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Pure-play Permian company Focused and experienced technical team Exclusively Midland Basin Northern Experienced horizontal driller Acreage Horizontal evolution began in April 2012…
  3. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 3
    PURE-PLAY GROWTH STRATEGY Drive growth with ongoing horizontal program execution Early adoption of pad drilling in 2012 Two fields in 2013 expanding to six fields in 2014 Acceleration of activity in 2015 with third drilling rig placed…
  4. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 4
    PERMIAN METRICS Net Daily Production (BOEPD) Midland Basin Gross Operated Hz Wells(a) Peer CPE Vertical Horizontal 120 7,000 6,000 100 Experienced 84% CAGR Horizontal 5,000 80 Operator 4,000 60 3,000 40 2,000 20…
  5. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 5
    OPERATIONS
  6. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 6
    ASSET OVERVIEW Key Highlights Reserves (b) 100% Midland Basin focused PD PUD 100% operated production Oil rich reserves 50% 50% Multi-zone development opportunity Core Acreage Potential(a) Effective Acreage Gross Net Middle…
  7. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 7
    MULTI-ZONE POTENTIAL Replace rig Potential Horizontal Locations Central Southern Carpe Pecan East Garrison Taylor Target Zone Diem Acres Kayleigh Bloxom Opal Draw Draw Total Clearfork Evaluating Middle Spaberry 20 21 -- -- --…
  8. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 8
    HORIZONTAL PERFORMANCE Completed 24HR IP per 1000 Well Name 24HR IP (Boe/d) Lateral Length (ft.) Lateral (Boe/d) 1 2 Kendra Annie 1483H Kendra Annie 15SH Drilling Drilling Carpe Diem East Bloxom 3 Kendra Annie 1484H Drilling 4…
  9. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 9
    EMERGING ZONES Carpe Diem/Pecan Acres Garrison Draw MIDLAND UPTON * * *FANG Gridiron 1H: *Enduring University 09 906H: 24 HR IP 2757 Boe/d 24 HR IP 1277 Boe/d East Bloxom Taylor Draw REAGAN REAGAN * * *PDX…
  10. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 10
    2014 WCB EUR ANALYSIS Recent Well Performance(b) 2014 Upper and Lower Wolfcamp B wells Average lateral length of 6,900 (actual production not normalized for lateral length) Initial impacts of recent completion and flowback…
  11. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 11
    Daily Gross Production (BOPD/MCFPD, logarithmic scale) 100 10,000 1 07/10/2012 08/10/2012 09/10/2012 10/10/2012 11/10/2012 IP24: Avg 30D: 600 Boe/d 827 Boe/d 420 MBOE ESTIMATE: 12/10/2012 INITIAL EUR…
  12. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 12
    MULTI-ZONE DEVELOPMENT CROSS-SECTION VIEWS OF FIELD DEVELOPMENT Carpe Diem Garrison Draw Section 2 Sections 48/1/12 Section 34/27 Sections 35/26/23 A Upr B LSPB Lwr B B East Bloxom Taylor Draw Section 5/6/1 Sections 4/3/2…
  13. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 13
    OPERATIONAL EFFICIENCY D&C Cost (per lateral foot) Lease Operating Expense(b) (per BOE) 1,600 25.00 Drilling Completion 1,400 20.00 1,200 54% DECREASE 1,000 15.00 800 10.00 600 400 5.00 200 (a) (a) - - 1 5 9 13…
  14. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 14
    ACQUISITION ACTIVITY Established two new core development fields in Southern Midland Basin since late 2012 Follow-on transactions near core fields add incremental value and leverage operational footprint Operational and financial…
  15. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 15
    FINANCIAL
  16. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 16
    2014 OUTLOOK 2014 Operational Capital(a) Current two-rig horizontal program (3rd rig in 4Q14) 18 MM 11 MM Horizontal development plans (operated) for 31 gross completions and 30 gross drill Horizontal 186 MM Total: wells…
  17. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 17
    HIGHLIGHTS Highlights Operating Cost Structure(b) (/BOE) Cash Interest Adj. G&A Production Taxes Total production includes 84% oil vs. 65% peer average 100 LOE Revenue 30% reduction in total operating 80 costs/BOE during…
  18. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 18
    BALANCE SHEET STRENGTH Proactive 2013 positioning Capitalization(a) (MM) 600 Senior Notes redemption 500 115 completed 400 84 83 300 LQA Debt/Adjusted Annualized EBITDA = 1.5x 200 282 100 Capitalization to support…
  19. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 19
    REDUCED COST OF CAPITAL Expanded revolving credit capacity and lending group Reduced pricing grid and improved covenant flexibility Redemption of Senior Notes with new second lien facility Call flexibility for future capitalization…
  20. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 20
    SUMMARY
  21. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 21
    KEY MESSAGES Focused Midland team and established operator Horizontal production from multi-zone pads established in three distinct zones with fourth zone currently drilling Continued optimization after establishing track record…
  22. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 22
    APPENDIX
  23. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 23
    HEDGING For the S ix For the Year Months Ending Ending December 31, December 31, Oil contracts: 2014 2015 Collar contracts combined with short puts (three-way collar): Volume (M Bbls) 317 Price per Bbl Ceiling (short call) 99.10…
  24. Enercoms The Oil and Gas Conference – Callon Petroleum Co. – slide 24
    NON-GAAP RECONCILIATIONS 1Q-2013 2Q-2013 3Q-2013 4Q-2013 1Q-2014 2Q-2014 Total G&A 3,739 4,545 5,826 6,425 10,807 9,638 Adjustments: Mark-to-market valuation adjustment of performance- based phantom incentive awards 195 657 (1,928)…

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