Callon Petroleum Stock Price, News & Analysis

Callon Petroleum Company (NYSE: CPE) reported strong Q3 2021 results with production averaging 99.7 MBoe/d (64% oil) and net income of $171.9 million, or $3.65 per share. Adjusted free cash flow reached $119.5 million and adjusted EBITDA was $292.2 million. The company finalized the acquisition of Delaware Basin assets for $453.7 million and agreed to divest non-core assets for approximately $210 million. Additionally, Callon converted $197 million of second lien debt into common shares, reducing future interest expenses by nearly $20 million annually. The company's outlook remains positive, focusing on efficient operations and debt reduction.

Callon Petroleum Company (NYSE: CPE) has successfully acquired leasehold interests and related oil, gas, and infrastructure assets from Primexx Energy Partners. The integration of these high-quality assets into Callon’s Permian Basin operations aims to enhance free cash flow and improve overall balance sheet health. Additionally, the company plans to divest non-core acreage in the Eagle Ford Shale for approximately $100 million, further supporting its financial strategy. Production guidance for Q3 has been raised to 98.5 - 99.5 MBoe/d due to strong performance, indicating a positive outlook for the remainder of 2021.

Callon Petroleum Company (NYSE: CPE) announced participation in the Barclays' 2021 CEO Energy-Power Virtual Conference. CEO Joe Gatto will join a webcast fireside chat on September 8, 2021, at 9:55am Central. Investors can access the presentation through the Company's website under the 'Investors' section. Callon is focused on acquiring, exploring, and developing oil and natural gas assets in South and West Texas.

Callon Petroleum Company (NYSE: CPE) announced an agreement to acquire Primexx Energy Partners for approximately $788 million. Primexx holds 35,000 net acres in the Delaware Basin and produced around 18,000 Boe/d in Q2 2021, of which 61% is oil. The deal aims to enhance shareholder value, improve cash margins, and accelerate debt reduction to below 2.0x net debt to adjusted EBITDA by year-end 2022. The acquisition, along with a related debt exchange with Kimmeridge, is projected to generate nearly $1.2 billion in adjusted free cash flow through 2023.

Callon Petroleum Company reported second quarter 2021 results, achieving production of approximately 89.0 MBoe/d (63% oil) and generating net cash from operations of $175.6 million, with adjusted free cash flow of $6.9 million. The company faced a net loss of $11.7 million due to a $190.5 million loss on derivative contracts, but improved adjusted EBITDA to $196.8 million. Notably, Callon completed the divestiture of non-core assets for $30.7 million and issued $650 million in senior unsecured notes, enhancing its credit profile with upgrades from Moody's and S&P.

Callon Petroleum Company (NYSE: CPE) will host a conference call on August 4, 2021, at 8:00 a.m. Central Time to discuss its second quarter 2021 financial results. The company plans to release its financial results after market close on August 3, 2021. Interested parties can access the call via www.callon.com and find an archive of the webcast under the "Investors" section. Callon Petroleum is focused on the exploration and development of oil and natural gas assets in South and West Texas.

Callon Petroleum Company (NYSE: CPE) has priced a $650 million offering of 8.00% senior unsecured notes due 2028. The private offering is exempt from registration under the Securities Act and is set to close on July 6, 2021. Additionally, Callon will redeem all its outstanding $542.7 million of 6.25% Senior Notes due 2023 on July 21, 2021, using proceeds from this offering. The company aims to enhance its capital structure by allocating remaining proceeds to repay amounts under its revolving credit facility.

On June 21, 2021, Callon Petroleum Company (NYSE: CPE) announced its intention to offer $650 million of senior unsecured notes due 2028. The proceeds will be utilized to redeem $542.7 million of existing 6.25% Senior Notes due 2023 and to partially repay its senior secured revolving credit facility. The offering will be exempt from registration under the Securities Act and offered only to qualified institutional buyers. The company focuses on high-quality oil and gas asset acquisition, exploration, and development in South and West Texas.