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Callon Petroleum Co
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December 2023 Investor Presentation
| Joe Gatto | Page 3 of 11 |
March 13, 2025
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"December 2023 Investor Presentation"
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2023 Callon Investor Presentation | 3 Today’s Key Takeaways 1. Defined as Adjusted Free Cash Flow divided by Adjusted EBITDAX 2. Drilling, completions and facilities OUR FOCUS ON COSTS IS CREATING SUSTAINABLE BENEFITS Increased Adjusted Free Cash Flow Conversion 1 metric each quarter to date in 2023 FREE CASH FLOW IS BEING USED TO RAPIDLY REDUCE DEBT Next target is $1.5B in long-term debt; evaluating “optimal” debt target LIFE OF FIELD CO-DEVELOPMENT MODEL ENHANCING RESULTS CPE’s Permian Basin well productivity continues to outperform industry 2024 OUTLOOK TO BENEFIT FROM CAPITAL EFFICIENCY GAINS DC&F 2 improvements combined with selective high-grading of capital allocation 1 2 3 4