Callon Petroleum Announces Extension of Revolving Credit Facility
Callon Petroleum Company (NYSE: CPE) announced the extension of its senior secured revolving credit facility to October 19, 2027. The facility includes a borrowing base of $2.0 billion and an elected commitment of $1.5 billion. CEO Joe Gatto stated this extension concludes a two-year financial repositioning plan, enabling the company to focus on reducing debt using free cash flow. Callon emphasizes its commitment to navigating future challenges, including oil price volatility and operational risks.
- Extension of credit facility maturity to October 19, 2027.
- Increased borrowing base to $2.0 billion.
- Commitment to reducing absolute debt balances.
- Potential risk from oil price volatility influencing future cash flow.
- Exposure to operational and regulatory risks.
HOUSTON, Oct. 24, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that the Company entered into an amended and restated senior secured revolving credit facility (the "Credit Facility"), which extends the maturity to October 19, 2027. The Credit Facility will have a borrowing base of
Joe Gatto, President and Chief Executive Officer commented, "This extension represents the last transactional step in our financial repositioning plan that started two years ago. From here, we will remain focused on further reducing our absolute debt balances with free cash flow and achieving our near-term goals on this front. I also want to thank our bank syndicate for their support and continued long-standing relationships."
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements regarding future debt levels and leverage and the implementation of the Company's business plans and strategy, as well as statements including the words "believe," "expect," "plans," "may," "will," "should," "could," and words of similar meaning. These statements reflect the Company's current views with respect to future events and financial performance based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include the volatility of oil and natural gas prices; changes in the supply of and demand for oil and natural gas, including as a result of the COVID-19 pandemic and various governmental actions taken to mitigate its impact or actions by, or disputes among members of OPEC and other oil and natural gas producing countries with respect to production levels or other matters related to the price of oil; our ability to drill and complete wells; operational, regulatory and environment risks; the cost and availability of equipment and labor; our ability to finance our development activities at expected costs or at expected times or at all; our inability to realize the benefits of recent transactions; currently unknown risks and liabilities relating to the newly acquired assets and operations; adverse actions by third parties involved with the transactions; risks that are not yet known or material to us; and other risks more fully discussed in our filings with the SEC, including our most recent Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available on our website or the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.
Contact Information
Kevin Smith
Director of Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
View original content:https://www.prnewswire.com/news-releases/callon-petroleum-announces-extension-of-revolving-credit-facility-301657600.html
SOURCE Callon Petroleum Company
FAQ
What is the new maturity date for Callon Petroleum's credit facility?
How much is Callon Petroleum's borrowing base?
What are Callon Petroleum's goals regarding debt reduction?
What risks does Callon Petroleum mention in their press release?
