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Callon Petroleum Company (NYSE: CPE) reported third-quarter 2020 results, showing net production of approximately 102.0 Mboe/d (63% oil). The company generated net cash from operating activities of $135.7 million and free cash flow of $80.3 million. Despite a loss of $680.4 million attributed to a $685 million impairment, adjusted EBITDA was $170.9 million. Operational capital expenditures totaled $38.4 million, below estimates. Callon improved liquidity to nearly $600 million and reduced net debt by approximately $160 million as part of its deleveraging strategy.
Callon Petroleum Company (NYSE: CPE) will host a conference call on November 3, 2020 at 9:00 a.m. Central Time to discuss its third quarter 2020 financial and operating results. The company plans to release its results on November 2, 2020, after market close. Investors can access the live webcast and archive on the company's website under the 'Investors' section.
Callon focuses on the acquisition, exploration, and development of high-quality oil and natural gas assets in South and West Texas.
Callon Petroleum Company (NYSE: CPE) announced strategic initiatives to enhance liquidity, securing $465 million in total gross cash proceeds through an ORRI transaction with Kimmeridge Energy and the issuance of $300 million in second lien secured notes. These measures are set to reduce borrowings on its credit facility to approximately $1 billion. The company aims to improve its financial position ahead of debt maturities, with an estimated pro forma liquidity of $600 million post-expenses. The ORRI will significantly impact Callon's existing production metrics.
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Callon Petroleum Company (CPE) reported its Q2 2020 results, showing production of 108.7 Mboe/d (65% oil), exceeding guidance. The company achieved net cash from operations of $97.8 million and free cash flow of $18 million. However, it experienced a significant loss of $1.56 billion per share due to an impairment charge of $1.27 billion. Operating costs improved, with LOE at $5.14 per Boe, down 10% from Q1. A 1-for-10 reverse stock split will be effective August 7, 2020, aiming to enhance institutional ownership.
Callon Petroleum Company (NYSE: CPE) has announced a conference call to discuss its second quarter 2020 financial results. The call is scheduled for August 5, 2020, at 8:00 a.m. Central Time. Investors can access the call via a webcast on the company’s website, with archived access available afterward. The company will release its second quarter results on August 4, 2020, after market close. Callon focuses on the acquisition and development of natural gas and oil assets in South and West Texas.