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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 that President and CEO Joe Gatto will participate in two upcoming conferences. The first is at the RBC Capital Markets Global Energy, Power, and Infrastructure Conference on June 8, 2021, at 3:00 PM Central. The second will be at the J.P. Morgan 2021 Energy, Power & Renewables Conference on June 23, 2021, at 7:50 AM Central. Discussion topics will include ESG and the company’s development outlook. For more information, visit Callon’s website.
Callon Petroleum Company (NYSE: CPE) announced the appointment of Kevin Haggard as the new Senior Vice President and Chief Financial Officer effective May 17, 2021. Haggard, with over 20 years in energy and finance, previously served as Vice President and Treasurer at Noble Energy. His leadership aims to advance Callon’s goals of debt reduction, free cash flow generation, and sustainability efforts. He replaces retiring CFO James Ulm, who will stay on in a consulting role. Haggard's experience is expected to strengthen stakeholder engagement and align with the company's values.
Callon Petroleum Company (NYSE: CPE) announced its participation in two upcoming investor events. The first is the Citi 2021 Global Energy and Utilities Virtual Conference, scheduled for May 12, 2021, at 7:40 AM Central. Following this, Callon will take part in the Goldman Sachs Credit and Leveraged Finance Conference on May 17, 2021. Investors can access presentations and webcasts on the Company's website under the "Investors" section. Callon Petroleum focuses on acquiring and developing high-quality oil and gas assets primarily in South and West Texas.
Callon Petroleum Company (CPE) reported Q1 2021 results with production of 81.0 MBoe/d (64% oil) and net cash from operations of $137.7 million.
Despite a net loss of $80.4 million driven by derivative losses of $214.5 million, adjusted EBITDA was $170.6 million and adjusted income was $70.0 million.
Operating margins increased by 58% to $33.46 per Boe. The company expects production to rise to 88.0-89.5 MBoe/d in Q2 and reaffirmed capital spending of $135-$145 million.
Callon Petroleum Company (CPE) will host a conference call to discuss its first quarter 2021 financial and operating results on May 6, 2021, at 8:00 a.m. Central Time. The company plans to release its financial results after market close on May 5, 2021. Investors can access the call via a webcast on www.callon.com. Callon focuses on the acquisition and development of oil and natural gas assets in South and West Texas.
Callon Petroleum (NYSE: CPE) announced new ESG initiatives on March 30, 2021, including a revised executive compensation program aimed at aligning with investor priorities and quantitative GHG emissions reduction goals. Highlights include a 17.5% cut in target LTI value for the CEO and a new bonus framework focusing on financial performance linked to cash flow and ESG metrics. The company set ambitious 2025 targets, including a 40%-50% reduction in GHG emissions intensity and elimination of routine flaring. These changes aim to enhance corporate governance and promote sustainability.
Callon Petroleum Company (NYSE: CPE) announced the retirement of Senior Vice President and CFO James Ulm, II, effective May 2021, due to personal health reasons. Mr. Ulm will assist in the transition to a new CFO. CEO Joe Gatto praised Ulm's contributions, highlighting his role in significant business growth and financial improvements, including enhanced liquidity and reduced debt since 2017. Callon focuses on acquiring and developing oil and gas assets in Texas's leading plays.
Callon Petroleum Company (CPE) reported significant operational results for 2020, achieving a 146% production increase to 101.6 MBoe/d, with year-end proved reserves of 475.9 MMBoe. The company faced a $2.5 billion loss due to asset impairments but improved net cash from operations to $559.8 million. For 2021, Callon forecasts 90-92 MBoe/d production and projects $150 million adjusted free cash flow at $50/Bbl oil prices. Operational efficiencies yielded a 35% reduction in drilling costs, underpinning robust debt reduction initiatives.
Callon Petroleum Company (NYSE: CPE) announced a conference call to discuss its fourth quarter and full year 2020 financial results. The call is scheduled for February 25, 2021, at 8:00 a.m. Central Time. Financial results will be released after market close on February 24, 2021. Interested parties can access the live and archived webcast on the company's website under the 'Investors' section. Callon Petroleum focuses on acquiring, exploring, and developing oil and natural gas assets in South and West Texas.
Callon Petroleum Company (NYSE: CPE) announced that the counterparties of a previously negotiated debt exchange have agreed to exercise nearly all remaining capacity. The transaction involves exchanging $389 million of existing unsecured senior notes for $217 million of new 9.00% Second Lien Notes due 2025. This exchange will reduce total net debt by approximately $172 million and cash interest expenses by about $6 million. The private debt exchange is set to close on November 17, 2020.
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