Callon Petroleum : Latest Presentation

THE INTEGRATED APPROACH TO OUR "LIFE OF FIELD"

DEVELOPMENT PHILOSOPHY

July 13, 2021 - DUG PERMIAN CONFERENCE

CALLON PETROLEUM - ASSET AND COMPANY OVERVIEW

COMPLIMENTARY ASSET PORTFOLIO

• Multi-basinexposure allows for diversification, mitigating basin specific operational and pricing risk
• Meaningful scale in each area enhances the ability to generate and retain operational / capital efficiency
• Rotational development allows for data capture which enhances the integrated workflow and continuous evaluation process

KEY STATISTICS
Total Net Acres	~180,000
1Q21 Total Production (Mboe/d)	81.0
1Q21 Oil Production (MBbl/d)	52.0
Market Cap1 ($BN)	$2.5
Enterprise Value1 ($BN)	$5.4

Midland Basin:

Mid-cycleco-development of high return multi-zone inventory

Delaware Basin: Long-term growth driver shifting

into development modeEagle Ford Shale:

Highly efficient cash flow machine with repeatable, low-risk inventory

1. Market capitalization and enterprise value as of market close on July 9, 2021

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LIFE OF FIELD DEVELOPMENT PHILOSOPHY

CRITICAL CONCEPTSASSET POSITIONS

▪	Multi-interval development reduces		700 Miles
	likelihood of "uneconomic" child
	wells and future inventory loss
▪	Development Intervals are
WSW		ENE
	evaluated on an individual and

project level basis to design custom drilling and completion programs that optimize recoveries and economic returns

• Longer-termdevelopment plans are continuously refined as new data enters the evaluation cycle

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A MULTIDISCIPLINARY APPROACH TO ASSET DEVELOPMENT

RESERVOIR DEVELOPMENT OPTIMIZATION

• Fundamental understanding of stratigraphy, geo- mechanical and reservoir properties
• Integration of production and reservoir data into a geologic model to enable reservoir performance modelling
• Geo-mechanicalproperties, reservoir performance data to enable frac modelling, lateral placement and spacing optimization

PAD DEVELOPMENT AND PROGRAM OPTIMIZATION

• Flexible development program that can respond to changing market conditions
• Assets ranked by production and reserve potential, economic parameters, and pricing sensitivity.
• Inventoried and classified to serve changing needs

Calls for a holistic and

multidisciplinary approach.

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INTEGRATED MULTI-DISCIPLINE WORKFLOW

Model Update (feedback from completion and simulation)

State of Stress

DFIT/ Sonic/ Core

Completion Monitoring

Modeling

Completion

Optimization for New Well

Fracture

Modeling

Petrophysics

Φ,k, Sw, …

Geoscience

ModelingGeomechanics

(PR, YME, Stress)

3D Geo-model incl.

Structure and

Geomechanics

Dynamic Model

Construction/Calibration

Well spacing optimization	Reservoir Modeling	Production
depletion analysis
	Forecast

Sensitivity/Uncertainty	Depletion Model to Update
Geomechanic for New
Analysis
Completion

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