Welcome to our dedicated page for Callon Petroleum Company news (Ticker: CPE), a resource for investors and traders seeking the latest updates and insights on Callon Petroleum Company stock.
Callon Petroleum Company (NYSE: CPE) is an independent oil and natural gas company founded in 1950. The company is dedicated to the acquisition, exploration, and sustainable development of high-quality assets in the Permian Basin, located in West Texas. Callon focuses on growing production and reserves from its oil-weighted, multi-play, multi-pay assets, making it a significant player in the energy sector.
Recently, Callon has been actively involved in several large-scale projects across the Permian Basin. The company's second quarter of 2023 highlighted substantial improvements in its cash operating structure and efficiencies in its capital spending program. Despite reporting a net loss of $107.9 million for the quarter, Callon achieved adjusted EBITDAX of $332.3 million and generated $279.5 million of net cash from operating activities.
Callon has announced a two-year, $300 million share repurchase program aimed at increasing shareholder value, which complements its efforts to reduce debt. This initiative is backed by recent upgrades from rating agencies such as Standard & Poor's and Fitch Ratings. As of June 30, 2023, Callon had approximately $1.1 billion in liquidity and less than $2.0 billion in total debt.
Operationally, Callon's third quarter of 2023 saw the company reorganize its operations group to enhance capital efficiency and capital allocation. These changes have already resulted in improved drilling efficiency and well performance. The company reported net income of $119.5 million, or $1.75 per share, for the third quarter and generated $266.8 million of net cash provided by operating activities.
Despite challenges such as weather-related disruptions and a lower-than-expected oil mix in some areas, Callon continues to optimize its production processes. The company expects to maintain a five-rig drilling program in the Permian Basin through the end of the year, aiming for significant improvements in production and efficiency.
Callon's fourth quarter of 2023 showcased exceptional results, with net income of $169.0 million and adjusted EBITDAX of $325.8 million. The company achieved above-guidance production levels and reported significant reductions in well costs, positioning itself strongly for 2024.
The pending merger with APA Corporation is expected to further enhance Callon's value proposition. This merger will expand Callon's Permian footprint and leverage best practices and technical expertise from both companies, driving incremental gains in performance.
Environmental, Social, and Governance (ESG) initiatives are also a priority for Callon. The company has made significant progress in reducing greenhouse gas emissions, reaching its 2024 goals a year earlier than expected.
Overall, Callon Petroleum Company is committed to delivering value to its shareholders through strategic acquisitions, operational efficiency, and sustainable development of its assets.
Callon Petroleum Company (NYSE: CPE) announced a conference call to discuss its second quarter 2022 financial results. The call is scheduled for August 4, 2022, at 8:00 a.m. Central Time. The results will be released after market close on August 3, 2022. Investors can access the call through a webcast available on the company's website. Callon Petroleum focuses on the exploration and development of oil and natural gas assets primarily in South and West Texas.
Callon Petroleum Company (NYSE: CPE) has priced a private offering of $600 million in senior unsecured notes with a 7.500% interest rate, due in 2030. The offering is expected to close on June 24, 2022. To facilitate this, the company plans to redeem $460.2 million of its 6.125% senior notes due 2024 and $319.7 million of 9.00% second lien senior secured notes due 2025 on July 9, 2022. The notes are being offered only to qualified institutional buyers and will not be registered under the Securities Act.
Callon Petroleum Company (NYSE: CPE) plans to offer $600 million in senior unsecured notes due 2030, subject to market conditions. The proceeds will be used to redeem existing debts, including $460.2 million of 6.125% Senior Notes due 2024 and $319.7 million of 9.00% Second Lien Senior Notes due 2025. The redemption of the 2024 Notes will occur at 101.531% of the principal amount, while the Second Lien Notes will be redeemed at approximately 106.5%. The offering is exempt from registration under the Securities Act.
Callon Petroleum Company (NYSE: CPE) has updated its 2022 capital expenditure forecast to $790-$810 million, an increase from the earlier estimate of $725 million, largely due to inflationary pressures. The company now expects to achieve over $900 million in adjusted free cash flow. The production guidance remains unchanged at 101-105 MBoe/d, with plans for significant natural gas transportation agreements. Callon also affirmed operational goals amid rising service costs and upcoming investor conferences.
Callon Petroleum Company (CPE) reported strong Q1 2022 results, achieving production of approximately 102.7 MBoe/d, with 63% being oil. The company generated net cash from operations of $281.3 million and adjusted free cash flow of $183.3 million. Net income stood at $39.7 million, or $0.64 per diluted share, with adjusted EBITDA at $393.7 million. Operational efficiency improved, reducing lease operating expenses by $6.2 million sequentially. The company's net debt-to-adjusted EBITDA ratio was reduced to 1.97x, highlighting better capital management. CPE aims for 10% oil production growth by Q4 2022.
Callon Petroleum Company (NYSE: CPE) has scheduled a conference call on May 5, 2022, at 8:00 a.m. Central Time to discuss its first quarter 2022 financial and operating results. The results will be released after market close on May 4, 2022. Investors can access the conference call through a webcast available on the company's website, specifically under the 'News/Events' section. An archive of the call will also be accessible for future reference.
Callon Petroleum Company (CPE) reported its 2021 financial results, highlighting production of 95.6 MBoe/d, with 64% from oil. Year-end proved reserves totaled 484.6 MMBoe worth $6.3 billion, with 57% being proved developed reserves. Key metrics include a net income of $365.2 million ($7.26 per diluted share) and adjusted EBITDA of $998.8 million, marking significant operational success. The company achieved a 141% increase in operating margin, reaching $42.05 per Boe. In 2022, Callon plans a capital budget of $725 million, focusing on efficient development in the Permian Basin, with expected production growth of over 10%.
Callon Petroleum Company (NYSE: CPE) will host a conference call on February 24, 2022, at 8:00 a.m. Central Time, to discuss its fourth quarter and full year 2021 financial results. The call will follow the release of the financial results scheduled after market close on February 23, 2022. Interested parties can access the live webcast via the company’s website under the 'Investors' section. An archive of the call will also be available online.
Callon Petroleum Company (NYSE: CPE) announced the immediate resignation of S.P. "Chip" Johnson IV from its Board of Directors. Johnson, co-founder of Carrizo Oil and Gas, joined Callon’s board in December 2019, following Callon's merger with Carrizo. In his departure, Johnson expressed confidence in the company’s strategic direction. The board now has eleven members, with ten being independent. This change, along with the recent appointment of Mary Shafer-Malicki, is part of a strategy for thoughtful Board refreshment as three members are set to retire within the next three years.
Callon Petroleum Company (NYSE: CPE) has appointed Mary Shafer-Malicki to its Board of Directors. With over 25 years of experience at BP, including roles such as CEO of BP Angola, Shafer-Malicki brings extensive knowledge in energy and governance. Her board experience includes leadership positions at QEP Resources, Wood plc, McDermott International, and Ausenco. Chairman Richard Flury emphasized the significance of her appointment in enhancing board diversity and maintaining strong energy industry expertise as three members are set to retire by May 2022.
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