Callon Third Quarter Results
Posted: Wed Nov 02, 2022 4:17 pm
https://www.callon.com/investors/news-e ... arter-2022
HOUSTON, Nov. 2, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three and nine months ended September 30, 2022.
Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Presentations" page within the Investors section of the site.
Third Quarter 2022 and Recent Highlights
Delivered 8% sequential growth in daily oil production volumes and 7% sequential growth in total daily production volumes (66.4 MBbls/d and 107.3 MBoe/d, respectively)
Achieved Midland Basin well productivity gains in 2022 of over 25% compared to the 2019 - 2021 average
Generated net cash provided by operating activities of $475.3 million and adjusted free cash flow of $148.4 million for the third quarter
For the first nine months of the year, generated net cash provided by operating activities of $1.1 billion and adjusted free cash flow of $457.3 million
For the third quarter, Callon reported net income of $549.6 million ($8.88 per diluted share), adjusted EBITDA of $458.5 million, and adjusted income of $249.8 million, ($4.04 per diluted share)
For the first nine months of the year, Callon reported net income of $937.3 million ($15.14 per diluted share), adjusted EBITDA of $1.3 billion, and adjusted income of $690.3 million ($11.15 per diluted share)
During the quarter, reduced total debt-to-adjusted EBITDA ratio to under 1.5x and total debt by approximately $150 million
Extended the maturity of the revolving credit facility to October 2027 with a borrowing base of $2.0 billion and an elected commitment of $1.5 billion
Issued the Company's third annual sustainability report which provides a comprehensive overview of the continued progress on sustainability initiatives
"Callon's strong production growth this quarter was the product of increased well productivity and completion efficiencies that improved cycle times of larger scale projects," said Joe Gatto, President and Chief Executive Officer. "Top line growth combined with a reduction in per unit lease operating expenses and capital cost controls drove a sequential 28% increase in net cash provided by operating activities and 18% increase in free cash flow despite lower oil and NGL benchmark pricing. We have generated over $450 million in free cash flow in the first nine months of the year and expect the fourth quarter to be the best quarter of the year for this important measure. Looking forward, we have been proactive in securing key oilfield services for 2023 to ensure repeatable execution of our operational model of scaled co-development that drives more consistent well productivity over time."
HOUSTON, Nov. 2, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three and nine months ended September 30, 2022.
Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Presentations" page within the Investors section of the site.
Third Quarter 2022 and Recent Highlights
Delivered 8% sequential growth in daily oil production volumes and 7% sequential growth in total daily production volumes (66.4 MBbls/d and 107.3 MBoe/d, respectively)
Achieved Midland Basin well productivity gains in 2022 of over 25% compared to the 2019 - 2021 average
Generated net cash provided by operating activities of $475.3 million and adjusted free cash flow of $148.4 million for the third quarter
For the first nine months of the year, generated net cash provided by operating activities of $1.1 billion and adjusted free cash flow of $457.3 million
For the third quarter, Callon reported net income of $549.6 million ($8.88 per diluted share), adjusted EBITDA of $458.5 million, and adjusted income of $249.8 million, ($4.04 per diluted share)
For the first nine months of the year, Callon reported net income of $937.3 million ($15.14 per diluted share), adjusted EBITDA of $1.3 billion, and adjusted income of $690.3 million ($11.15 per diluted share)
During the quarter, reduced total debt-to-adjusted EBITDA ratio to under 1.5x and total debt by approximately $150 million
Extended the maturity of the revolving credit facility to October 2027 with a borrowing base of $2.0 billion and an elected commitment of $1.5 billion
Issued the Company's third annual sustainability report which provides a comprehensive overview of the continued progress on sustainability initiatives
"Callon's strong production growth this quarter was the product of increased well productivity and completion efficiencies that improved cycle times of larger scale projects," said Joe Gatto, President and Chief Executive Officer. "Top line growth combined with a reduction in per unit lease operating expenses and capital cost controls drove a sequential 28% increase in net cash provided by operating activities and 18% increase in free cash flow despite lower oil and NGL benchmark pricing. We have generated over $450 million in free cash flow in the first nine months of the year and expect the fourth quarter to be the best quarter of the year for this important measure. Looking forward, we have been proactive in securing key oilfield services for 2023 to ensure repeatable execution of our operational model of scaled co-development that drives more consistent well productivity over time."