is callon petroleum going out of business

Capitalized interest includes both cash and non-cash capitalized items. In addition to expanding the drilled, uncompleted well inventory on the acquired Delaware assets, the Company expects to place approximately 18 gross (15 net) wells on production in the quarter, all in the Permian Basin. (1) Adjusted G&A is a supplemental non-GAAP financial measure that excludes certain non-cash incentive share-based compensation valuation adjustments. Because it's the best way out of their terrible hedging losses. $475 million deal sees Houston-based company expand oil and gas Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The oil and natural gas company reported $1.94 EPS for the quarter, missing the consensus estimate of $1.96 by $0.02. This transaction increases total cash proceeds from Callon's 2021 divestiture program to over $140 million to date, within the guidance range for the year of $125 - $225 million. No assurances can be given, however, that these events will occur or that projections will be achieved or expectations will be realized, and actual results could differ materially from those projected or expected as a result of certain factors, many of which are beyond our control. Popular online brokerages with access to the U.S. stock market include WeBull, Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab. in good shape with regard to its note maturities. if they go down, no hedge. How much money does Callon Petroleum make? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. While this level of leverage is still a bit higher than ideal, it would probably be enough for Callon to refinance its existing notes albeit at fairly high interest rates. Callon Petroleum at a Glance. Their CPE share price forecasts range from $36.00 to $71.00. Callon Petroleum (NYSE:CPE) is issuing $600 million in new 7.50% unsecured notes due 2030. Callon's leverage could be reduced to under 0.4x by the end of 2023 at current strip, leaving it in good shape with regards to its debt. Callon Petroleum Company Announces First Quarter 2022 Results The deal is expected to be completed in November. Callon Petroleum (NYSE:CPE) has a market capitalization of $2.22 billion and generates $3.23 billion in revenue each year. Callon Petroleum Company (CPE) Callon Petroleum will print money. : RobinHoodPennyStocks - Reddit Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The Company plans to release third quarter 2021 results after market close on Wednesday, November 3, 2021. Thats over. This would allow Callon to pay off its remaining credit facility debt, redeem its $321 million in outstanding 6.375% unsecured notes due 2026 and have approximately $500 million in cash at the end of 2023. I project that Callon can redeem all of its 2024 and 2025 note maturities this year. Callon to Acquire Core Delaware Basin Assets and Exit Eagle Ford Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas. See our report's 7 new picks today, absolutely FREE. RT=Real-Time, EOD=End of Day, PD=Previous Day. Callon Petroleum Co. Callon Petroleum Co. engages in the exploration, development, acquisition, and production of oil and natural gas properties in the United States. The acquirees second-quarter net production was 18,000 barrels of oil equivalent per day (Boe/d). Callon's annual note interest costs will go down by $12 million as a result of these transactions, while its total interest costs will go down by approximately $6 million per year. We are currently offering a free two-week trial to Distressed Value Investing. Callon Petroleum Company Schedules First Quarter 2023 Conference Call for May 4, 2023. Zacks Ranks stocks can, and often do, change throughout the month. Shale Driller Callon Plunges After Permian Deal Is Panned For the best MarketWatch.com experience, please update to a modern browser. This would result in generating $1.476 billion in oil and gas revenue at $61 to $62 WTI oil during 2021. HOUSTON, Feb. 22, 2023 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced its 2023 Outlook in conjunction with the release of its fourth quarter. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. These efforts will further progress towards Callon's emissions reduction goals and also improve lease operating expense. Master the Market: Free Stock Analysis + Buy/Sell/Hold Signals! Why would an oil company hedge now at $72 strike price for 2023?? This would help it reduce its net debt to around $2.3 billion (or 2.3x EBITDAX) by the end of 2023 at $55 WTI oil and without additional divestitures. Excludes the change in fair value and amortization of share-based incentive awards and other non-recurring expenses. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. Callon Petroleum has only been the subject of 4 research reports in the past 90 days. Includes drilling, completions, facilities, and equipment, but excludes land, seismic, and capitalized expenses. Sustainability :: Callon Petroleum Company (CPE) No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. View jobs Working at Callon Petroleum: 10 Reviews Review this company Job Title All Location All Ratings by category 3.9 Work-Life Balance 4.4 Pay & Benefits 3.3 Job Security & Advancement 3.1 Management 4.0 Culture Sort by Rating Date Language Showing all 10 reviews These 2023 hedges are also at a better price than its 2022 hedges, so Callon may be able to generate $1.1+ billion in positive cash flow in 2023 at current strip prices (high-$90s WTI oil). Income statement expenses (in millions except where noted), Capital expenditures (in millions, accrual basis). It is valued at 4.0x EV to 2023 EBITDAX based on $55 WTI oil in 2023 currently, which is around the midpoint of its pre-pandemic (roughly 3.5x to 4.5x) valuation range. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. If you have an ad-blocker enabled you may be blocked from proceeding. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Callon Petroleum is projected to generate around $2 billion in positive cash flow in 2022 and 2023 combined at current strip. Has Callon Petroleum Stock Reached Its Near-Term Potential? - Forbes Date: November 4, 2021Time: 8:00 a.m. Central Time (9:00 a.m. Eastern Time)Webcast: www.callon.comSelect "News/Events" under the "Investors" section of the website. Buffett's Berkshire Increases Stake In Occidental Petroleum (OXY). Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include the volatility of oil and natural gas prices; changes in the supply of and demand for oil and natural gas, including as a result general economic conditions or as a result of actions by, or disputes among members of OPEC and other oil and natural gas producing countries with respect to production levels or other matters related to the price of oil; our ability to drill and complete wells; operational, regulatory and environment risks; the cost and availability of equipment and labor; our ability to finance our development activities at expected costs or at expected times or at all; rising interest rates and inflation; our inability to realize the benefits of recent transactions; currently unknown risks and liabilities relating to the newly acquired assets and operations; adverse actions by third parties involved with the transactions; risks that are not yet known or material to us; and other risks more fully discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including our most recent Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available on our website or the SEC's website at www.sec.gov. Should I buy or sell Callon Petroleum stock right now? Callon Petroleum: Slowly Clawing Its Way Out Of Debt - Seeking Alpha Company profile page for Callon Petroleum Operating Co including stock price, company news, press releases, executives, board members, and contact information At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. It would then be able to generate a similar amount of positive cash flow per year at $55 WTI oil in 2022 and 2023. Down it goes. When is Callon Petroleum's next earnings date? There are currently 5 hold ratings and 4 buy ratings for the stock. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Break Russia & China's Food Security Hold - Explore This $30B Industry. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Callons mission is to build trust, create value and drive sustainable growth responsibly for our investors, our employees and the communities in which we operate. Amortization of equity-settled, share-based incentive awards. It may also be able to generate a similar amount of positive cash flow in 2022 and 2023 while modestly increasing (low-single digits) production levels. CPE seems to be selling with a PE of 3why so cheap? Can anyone explain how this can trade so negative when WTI is at record highs? Callon announced the deal in early August, which closed before the scheduled time in the fourth quarter. At $55 WTI oil in 2022 and 2023, Callon may be able to increase its production by low-single digits each year and reduce its net debt to around $2.3 billion by the end of 2023. Meanwhile, Callon signed a deal to sell its Eagle Ford assets for about $655 million to Ridgemar Energy Operating. My current estimate is that Callon can generate $886 million in positive cash flow at current strip prices in 2022. Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in West Texas. I wrote this article myself, and it expresses my own opinions. Analysts Disclosure: I/we have a beneficial long position in the shares of CPE either through stock ownership, options, or other derivatives. As of Jun 30, 2021, total cash and cash equivalents amounted to only $3.8 million, while long-term debt totaled $2,865.2 million. 2000 W. Sam Houston Parkway South Suite 2000 Houston, TX 77042 United States, T: 281-589-5200 IR@callon.com, American Stock Transfer & Trust Company, LLC Attn. This scenario would leave Callon with net debt of 2.3x EBITDAX at the end of 2023, before any further reductions from asset sales. Mark BrewerDirector of Investor RelationsCallon Petroleum Companyir@callon.com(281) 589-5200, Cautionary Statement Regarding Forward-Looking Information. CPE.N - | Stock Price & Latest News | Reuters The oil and natural gas company earned $560 million during the quarter, compared to the consensus estimate of $535.29 million. Callon does need oil prices to stay high in 2022 and 2023 so that it can generate the cash flow it needs to pay down its credit facility debt and call its notes. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Callon Petroleum Earnings Date and Forecast 2023 (NYSE:CPE) - MarketBeat See my post from: To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Their CPE share price forecasts range from $36.00 to $71.00. To report a factual error in this article, Gathering, Processing, and Transportation. Callon would then be left with $300 million in credit facility debt at the end of 2022, and no more note maturities until 2026. Cookie Notice Updated (). It will allow the firm to focus on more profitable resources. Visit a quote page and your recently viewed tickers will be displayed here. This includes full field development models, thoughtful infrastructure investments and responsible relationships with landowners, regulators, industry partners and the surrounding environment. Callon's Credit Facility Debt (callon.com). The oil and natural gas company can be reached via phone at (281) 589-5200, via email at ir@callon.com, or via fax at 601-446-1410. Do you think dividend or share buyback would be better here? To report a factual error in this article, Lease Operating Expense (Including Workovers), Gathering, Processing, and Transportation. Callon (CPE) Closes Buyout, Streamlines Portfolio, Ups Guidance Change in Control Severance Compensation Agreement, dated as | Callon The company is scheduled to release its next quarterly earnings announcement on Wednesday, August 2nd 2023. "We remain committed to consistent capital allocation to our high rate of return projects complemented by debt reduction from our free cash flow. Another shale player, Pioneer Natural Resources Company (PXD Quick QuotePXD - Free Report) recently agreed to divest some assets in Texas to Laredo Petroleum for $230 million.

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