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INVESTOR PRESENTATION – Callon Petroleum Co.

Callon Petroleum Co. · Mar 30, 2015 · 28 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. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Investor Presentation March 2015
  2. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Midland Basin Presence Overview Market Capitalization(a) (d) 450 MM MARTIN ANDREWS HOWARD Central Acreage Enterprise Value(a) (d) 797 MM Proved Reserves(b) 32.8 MMBOE % Oil 78% % PDP 55% Daily Average…
  3. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 3
    KEY INVESTMENT CONSIDERATIONS Consolidated footprint in the core of the Midland Basin High-quality acreage portfolio with well economics that continue to add shareholder value in the current environment Improving EURs over time…
  4. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 4
    OPERATIONS
  5. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 5
    STRONG FOUNDATION Key Highlights Proved Reserves Oil Natural Gas/NGLs Over 100,000 net effective acres 35.0 Oil-rich reserves and production 30.0 7.1 Efficient horizontal pad development 25.0 MMBOE 20.0 15.0 Horizontal…
  6. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 6
    YEAR-END RESERVES Reserve Progression Drill-bit F&D(a) 35 13.91/BOE 30 Total Proved Reserves 25 Production Replacement (MMBOE) 20 759%(b) 32.8 15 10 14.9 5 0 Dec 31 2013 Extensions Production Purchases…
  7. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 7
    ASSET BASE GROWTH Permian Production (BOE/d) Hz PUD & Well Inventory 45% Y/Y Avg Production Increase Nearly 1,050 Hz Well Locations 9,000 Lower Wolfcamp B PUD 1,000 53 Upper Wolfcamp B (53) 8,000 Wolfcamp A Lower Spraberry 131…
  8. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 8
    MULTI-ZONE DEVELOPMENT Carpe Diem/CaBo(a) Garrison Draw REAGAN Univ 26-35 15AH (7472) IP24 1449 BOE/D Cassleman 40-4H LS (4398) IP24 1,035 BOE/D Univ 26-35 8H (7432) IP24 947 BOE/D Kendra Annie 1482H (8182) IP24 1237 BOE/D…
  9. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 9
    EVOLVING MILESTONES Central Acreage(a) Well Name (Field) Formation (County) Highlight IP30 per 1000 Median Proppant/ft Cassleman Lower Spraberry First Lower Spraberry Well: The well had a peak 24-HR IP of 1,035 BOE/d (89% oil), and…
  10. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 10
    ECONOMICS (BOOKED PUD EURs)(a) Upper Wolfcamp B Lower Spraberry 80 80 Carpe Diem (8,500) Casselman (4,500) EUR Catalysts 70 506 MBOE (81% oil) 70 522 MBOE (76% oil) 6.8 MM D&C 5.4 MM D&C 60 60 Time / extended well MIDLAND…
  11. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 11
    MULTI-ZONE POTENTIAL Potentialrig Replace Gross Horizontal Locations & Producing Wells Central Midland Southern Midland Well Carpe Pecan East Garrison Taylor Target Zone PDP(a) PUD Diem Acres Kayleigh CaBo Bloxom Opal Draw…
  12. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 12
    EMERGING DELINEATION Casselman-Bohannon / Pecan Acres / Carpe Diem Garrison Draw * MIDLAND REAGAN *FANG Gridiron 1H: *PXD University 2-20 12H: 24-HR IP 2757 BOE/d 24-HR IP 2135 BOE/d East Bloxom Taylor Draw * *…
  13. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 13
    FINANCIAL
  14. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 14
    FINANCIAL PROFILE & KEY STATS Capitalization(a) Key Metrics / Credit Stats(b) 1,200 Key Metrics LQA 4Q14 EBITDA (non-GAAP) 132 MM 1,000 Stockholders' 282 Total Reserves (MMBOE) 32.8 MM Equity 800 % Oil 78% MM Second Lien…
  15. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 15
    2015 CAPITAL PLAN 2015 CapEx Guidance High degree of operational flexibility (Guidance midpoints; MM) 95%+ operated production 12 Minimal drilling obligations 10 D&C Complemented by financial Facilities position 500MM of…
  16. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 16
    STRONG CASH MARGINS Highlights Adjusted EBITDA Margins (/BOE)(a) Amortizing fixed costs over Cash G&A Production Taxes LOE Revenue larger production base 100 82.68 80.95 75.52 80 Average 51/BOE Adjusted 68.01 53.75 (c) 60…
  17. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 17
    HEDGING SUMMARY 3Q14 YTD % Oil Production(a) Oil Hedges (/Bbl) Hedge Volumes Swap price 100% 5,000 63%(b) 2015 Oil Production Hedged at 70.89 100 84% 93.58 80% 4,000 90 Peer Average: 60% 60% 3,000 74.16 80 Bbl/d 70.79 70.76…
  18. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 18
    2015 OUTLOOK 10,000 12.00 8,000 10.00 8.00 /BOE Bbl/d 6,000 6.00 4,000 4.00 2,000 2.00 - - Average Daily Production LOE Prod Taxes Adj G&A(b) 2014A 2015 Midpoint 2014 Midpoint 2015 Midpoint 2015 Guidance…
  19. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 19
    APPENDIX
  20. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 20
    DEVELOPMENT PHILOSOPHY Artificial Lift System Evaluation(a) Maximum / Average Flow Rates(b) ESP (Neal 652H) Gas Lift (Neal 653H) 4.0 140,000 Peer Average: 3.2 3.5 120,000 Cumulative Production 3.0 MBOE/d of Oil & Water…
  21. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 21
    2-STREAM VS 3-STREAM EXAMPLE 2-Stream 30-Day IP 3-Stream 30-Day IP 800 BOE/d 904 BOE/d 1000 800 13% 20% 17% 600 BOE/d 400 80% 70% 200 0 2-Stream 3-Stream NGL Gas Oil 2-Stream Conversion 3-Stream 1.4 BTU Gas: 960…
  22. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 22
    CURRENT HEDGED OIL VOLUMES For the Three Months Oil contracts December 31, March 31, June 30, September 30, December 31, 2014 2015 2015 2015 2015 Swap contracts: Total volume (MBbls) 267 402 410 382 327 Weighted average price per Bbl…
  23. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 23
    CURRENT HEDGED GAS VOLUMES For the Three Months Natural gas contracts December 31, March 31, June 30, September 30, December 31, 2014 2015 2015 2015 2015 Collar contracts combined with short puts (three-way collar) Volume (BBtu) 248…
  24. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 24
    4Q-2014 INCOME STATEMENT 4Q-2014 Operating revenues: Oil sales 34,409 Natural gas sales 4,009 Total operating revenues 38,418 Operating expenses: Lease operating expenses 7,509 Production taxes 2,544 Depreciation, depletion and…
  25. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 25
    4Q-2014 CASH FLOW STATEMENT 4Q-2014 Cash flows from operating activities: Net income 18,962 Adjustments to reconcile net income to cash provided by operating activities: Depreciation, depletion and amortization 18,521 Accretion…
  26. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 26
    12/31/2014 BALANCE SHEET December 31, 2014 ASSETS Current assets: Cash and cash equivalents 968 Accounts receivable 30,198 Deferred tax asset Fair value of derivatives 27,850 Other current assets 1,441 Total current assets…
  27. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 27
    RESERVE INFORMATION 28
  28. INVESTOR PRESENTATION – Callon Petroleum Co. – slide 28
    NON-GAAP RECONCILIATION(a) 1Q-2013 2Q-2013 3Q-2013 4Q-2013 1Q-2014 2Q-2014 3Q-2014 4Q-2014 Income (loss) available to common stockholders (800) 78 (892) 1,291 (111) 2,767 10,227 16,990 Adjustments: Net (gain) loss on derivative…

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