•	Full-year 2019 production of 41.3 Mboe/d (77% oil), an increase of 26% over 2018 volumes

•	Year-end proved reserves of 540.0 MMboe (64% oil), a year-over-year increase of 126%

•	Realized income available to common stockholders of $55.6 million, or $0.24 per diluted share, and adjusted net income(i) of $176.3 million or $0.76 per diluted share

•	Generated an operating margin(i) of $35.60 per Boe reflecting our high level of oil volumes and lease operating expense reductions

•	Generated Adjusted EBITDA(i) of $502.1 million

•	Completed the acquisition of Carrizo Oil & Gas, creating an oil-weighted growth company with premier positions in the Permian Basin and Eagle Ford Shale

•	Divested approximately $300 million in non-core assets as part of ongoing initiatives to enhance returns on capital employed and strengthen our financial position through absolute debt reduction

•	Redeemed approximately $270 million in preferred securities, eliminating $25 million in annual future dividend payments

•	Fourth quarter 2019 production of 46.6 Mboe/d (75% oil), an increase of 14% over fourth quarter 2018 volumes and a sequential increase of 23%

•	Realized loss available to common stockholders of $23.5 million, or ($0.09) per diluted share, and adjusted net income(i) of $56.8 million or $0.23 per diluted share

•	Generated $137.6 million of cash from operating activities, exceeding cash used in investing activities for operational capital additions of $105.8 million

•	Sustained strong operating margins of $37.74 per Boe

•	Built an inventory of drilled, uncompleted wells to support larger scale development in the Delaware Basin

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•	Initial 2020 full year production guidance (on a three-stream basis) is 115.0 to 120.0 MBoe/d with an oil cut of approximately 66%

•	DC&E expenditures for the year are weighted approximately 60% to the first half of the year and 30% to the first quarter

•	Average lateral lengths for the year are projected between ~7,900 feet and ~9,000 feet across all three asset areas

•	Working interest will vary between 80% and 95% dependent upon project and asset area

•	First quarter and second quarter completions activity will primarily be composed of Eagle Ford and Delaware wells

•	First quarter production guidance is 95.0 to 100.0 MBoe/d with an oil cut of 66%

•	Second quarter production growth is expected to be in excess of 15%

•	Gross wells placed on production in the second quarter are expected to be the highest of any period during the year

•	Projected oil volumes are more than 60% hedged for the entire year and more than 70% hedged for the first quarter

•	The inventory of drilled uncompleted wells completed early in the year will be replenished throughout the year with an increased weighting to the Permian Basin providing ongoing flexibility within the larger development model in 2021 and is projected to be more than 60 wells by year-end 2020

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(a)	Includes seismic, land, technology, and other items.

(b)	Cash basis is presented here to help users of financial information reconcile amounts from the cash flow statement to the balance sheet by accounting for timing related changes in working capital that align with our development pace and rig count.

(c)	Includes timing adjustments related to cash disbursements in the current period for capital expenditures incurred in the prior period.

(d)	Accrual basis capital as shown includes the impact of legacy Carrizo expenditures after December 20th close date.

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(a)	Excludes the impact of settled derivatives.

(b)	Excludes certain non-recurring expenses and non-cash valuation adjustments. Adjusted G&A is a non-GAAP financial measure; see the reconciliation provided within this press release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense.

(c)	Excludes the amortization of equity-settled share-based incentive awards and corporate depreciation and amortization.

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(a)	Full year 2019 production reflects the 11 day impact of Carrizo volumes included after closing and represents Callon volumes on a 2-stream basis and Carrizo volumes on a 3-stream basis.

(b)	Excludes the amortization of equity-settled, share-based incentive awards, corporate depreciation and amortization, and pending merger-related expenses. Adjusted G&A is a non-GAAP financial measure; see the reconciliation provided within this press release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense.

(c)	Excludes certain non-recurring expenses and non-cash valuation adjustments. Adjusted G&A is a non-GAAP financial measure; see the reconciliation provided within this press release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense.

(d)	All cash interest expense was capitalized.

(e)	Includes facilities, equipment, seismic, land and other items. Excludes capitalized expenses.

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(a)	Total Company presented on a 3-stream basis.

(b)	Excludes the amortization of equity-settled, share-based incentive awards and merger-related expenses. Adjusted G&A is a non-GAAP financial measure; see the reconciliation provided within this press release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense.

(c)	Excludes certain non-recurring expenses and non-cash valuation adjustments. Adjusted G&A is a non-GAAP financial measure; see the reconciliation provided within this press release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense.

(d)	Includes facilities, equipment, seismic, land and other items. Excludes capitalized expenses.

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(a)	Premiums from the sale of call options were used to increase the fixed price of certain simultaneously executed price swaps and three-way collars.

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Callon believes that the non-GAAP measure of discretionary cash flow is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company’s ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Discretionary cash flow is defined by Callon as net cash provided by operating activities before changes in working capital and payments to settle asset retirement obligations and vested liability share-based awards. Callon has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements, which the Company may not control, and the cash flow effect may not be reflected in the period in which the operating activities occurred. Discretionary cash flow is not a measure of a company’s financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities (as defined under GAAP), or as a measure of liquidity, or as an alternative to net income.

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Callon believes that the non-GAAP measure of free cash flow is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company’s ability to generate cash after internally funding their capital development program and servicing their existing debt. Free cash flow is defined by Callon as Adjusted EBITDA (as defined below) less accrual-based capital expenditures and interest expense. Free cash flow is not a measure of a company’s financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities (as defined under GAAP), or as a measure of liquidity, or as an alternative to net income.

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Adjusted G&A is a supplemental non-GAAP financial measure that excludes certain non-recurring expenses and non-cash valuation adjustments related to incentive compensation plans, as well as non-cash corporate depreciation and amortization expense. Callon believes that the non-GAAP measure of Adjusted G&A is useful to investors because it provides a meaningful measure of our recurring G&A expense and provides for greater comparability period-over-period. The table contained within this release details all adjustments to G&A on a GAAP basis to arrive at Adjusted G&A.

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Callon believes that the non-GAAP measure of Adjusted Income available to common shareholders (“Adjusted Income”) and Adjusted Income per fully diluted common share are useful to investors because they provide a meaningful measure of our profitability that does not take into account certain items whose timing or amount cannot be reasonably determined. These measures exclude the net of tax effects of certain non-recurring items and non-cash valuation adjustments, which are detailed in the reconciliation provided.

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Callon calculates adjusted earnings before interest, income taxes, depreciation, depletion and amortization (“Adjusted EBITDA”) as net income (loss) before interest expense, income taxes, depreciation, depletion and amortization, asset retirement obligation accretion expense, (gains) losses on derivative instruments excluding net settled derivative instruments, impairment of oil and natural gas properties, non-cash equity based compensation, and other operating expenses. Adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that Adjusted EBITDA provides additional information with respect to our performance or ability to meet our future debt service, capital expenditures and working capital requirements. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

•	Callon believes that the non-GAAP measure of Adjusted Total Revenue is useful to investors because it provides readers with a revenue value more comparable to other companies who engage in price risk management activities through the use of commodity derivative instruments and reflects the results of derivative settlements with expected cash flow impacts within total revenues.

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We believe Drill-Bit F&D costs per Boe and Organic reserve replacement ratio are non-GAAP metrics commonly used by companies in our industry, as well as analysts and investors, to measure and evaluate the cost of replenishing annual production and adding proved reserves. The Company’s definitions of Drill-Bit F&D costs per Boe and Organic reserve replacement ratio may differ significantly from definitions used by other companies to compute similar measures and as a result may not be comparable to similar measures provided by other companies. Consequently, we provided the detail of our calculation within the included tables.

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Callon believes that the presentation of pre-tax PV-10 value is relevant and useful to its investors because it presents the discounted future net cash flows attributable to reserves prior to taking into account future corporate income taxes and the Company’s current tax structure. The Company further believes investors and creditors use pre-tax PV-10 values as a basis for comparison of the relative size and value of its reserves as compared with other companies. The GAAP financial measure most directly comparable to pre-tax PV-10 is the standardized measure of discounted future net cash flows (“Standardized Measure”). Pre-tax PV-10 is calculated using the Standardized Measure before deducting future income taxes, discounted at 10 percent. The 12-month average benchmark

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