On average, they predict the company's stock price to reach $55.50 in the next twelve months. In-depth profiles and analysis for 20,000 public companies. Of the total output, 64% is expected to be oil. 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. At current 2022 strip prices, I now project that Callon will generate $886 million in positive cash flow. Thats over. The assets include around 22,000 net acres in Frio and Northern LaSalle counties. Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the heart of the Permian Basin. Callon Petroleum 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 West and South Texas. The recovery in commodity prices has made divestments of oil and gas assets more profitable for upstream companies. 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. Also, Callon has agreed to divest some non-core assets. Suddenly, the valuation question starts with $70 oil by year end. Unique insight into distressed opportunities to target outsized returns. 04. The oil and natural gas company earned $560 million during the quarter, compared to the consensus estimate of $535.29 million. For the best MarketWatch.com experience, please update to a modern browser. Ridgemar Energy Operating LLC entered into a membership interest purchase . June 30, 2023|markets.businessinsider.com, June 30, 2023|Mining Industry Report (Ad). The decline in production compared to the prior quarter is primarily related to lower completion activity in the fourth quarter of 2022 (18 wells turned in-line as scheduled) and the timing of large project sizes to begin the year. Callon Petroleum (CPE) at the time of this post is at 0.50. Callon may be able to generate around $233 million in positive cash flow in 2021 at low-$60s WTI oil. How do I contact you? HOUSTON, Sept. 6, 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) today announced the publication of the Company's 2021 Sustainability Report, titled Shaping Our Future. The company is . This will be an all stock transaction more than likely, and it will accelerate free cash flow and debt reduction to shareholders. Callon Petroleum Company announces an Equity Buyback for $300 million worth of its shares. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Can anyone explain how this can trade so negative when WTI is at record highs? Callon Petroleum reported a loss of $1.6 billion, or $3.94 per share, during the second quarter, primarily driven by the writedown of oil and gas properties. Our high degree of operational control enables us to control both the strategic and tactical operating decisions that drive value for all of Callons stakeholders. Market Data powered by QuoteMedia. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Do you think dividend or share buyback would be better here? Callon Petroleum Company does not currently pay a dividend. The Company expects to turn-in-line 15 - 17 wells, or approximately 15% of the annual forecast, in the first quarter of 2023. Callon Petroleum 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 West and South Texas. The official website for the company is www.callon.com. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Get 30 Days of MarketBeat All Access Free, By creating a free account, you agree to our, Understanding RSI: A Powerful Momentum Indicator for Stock Analysis. It would also have significantly improved its note maturities by taking out its 2024 and 2025 notes. 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 . RT=Real-Time, EOD=End of Day, PD=Previous Day. USA Compression Partners, LP Contact: Matt Liuzzi / 512-369-1624 ir@usacompression.com Callon Petroleum Company Contact: Kevin Smith / 281-589-5200 Director of Investor Relations ir . This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced an updated operational capital budget range of $790 to $810 million in 2022, compared to the initial forecast of . Year-over-year quarterly sales growth most recently was -27.9%. Callon Petroleum's mailing address is 2000 W. Sam Houston Parkway S. Suite 2000, HOUSTON TX, 77042. Callon would have approximately $125 million in annual interest costs, down from approximately $166 million at the start of 2022. Callon's credit facility debt will increase by around $220 million as part of these transactions as well. 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. Callon has built a legacy of trust with all of our partners, both within and outside our company, since its inception in the early 1950s. Log in to see them here or sign up to get started. Fred L. Callon has an approval rating of 73% among the company's employees. Export data to Excel for your own analysis. It expects operational capital for the September quarter at $120-$125 million. The oil and gas industry makes a vital contribution to the state's economy; delivering essential, affordable energy supplies to millions of hard-working Californians. Transcript : Callon Petroleum Company, Q1 2023 Earnings Call, May 04, 2023. Company profile page for Callon Petroleum Operating Co including stock price, company news, press releases, executives, board members, and contact information Please. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Energy giant Royal Dutch Shell plc made use of the current situation to divest $9.5 billion worth of Permian assets to ConocoPhillips (COP Quick QuoteCOP - Free Report) . Fuller Rises On Hopes For Rebound, What 7 Analyst Ratings Have To Say About Callon Petroleum, Callon Petroleum's (NYSE:CPE) three-year earnings growth trails the 44% YoY shareholder returns, Callon Petroleum hires former EP Energy CEO as new COO, Insider Spends US$1.5m Buying More Shares In Callon Petroleum, Insider Spends US$1.5m Buying More Shares In Callon Petroleum \, CALLON PETROLEUM COMPANY ANNOUNCES CHIEF OPERATING OFFICER TRANSITION, Investor Alert: EV Initiatives Create Unsustainable Demand For Lithium, J.P. Morgan Keeps Their Hold Rating on Callon (CPE), Callon Petroleum Company Announces Participation in Upcoming Investor Events, Callon (CPE) Q1 Earnings Miss Estimates, Revenues Declines Y/Y, Callon Petroleum to acquire Permian Basin assets, exit Eagle Ford Shale, A Callon Petroleum Company (NYSE:CPE) insider increased their holdings by 2.1% last year, Callon Petroleum Company 2023 Q1 - Results - Earnings Call Presentation, Callon Petroleum (CPE) Lags Q1 Earnings Estimates, Callon Petroleum buys Permian asset for $475 mln, exits Eagle Ford, Callon Petroleum Company Announces First Quarter 2023 Results, Callon to Acquire Core Delaware Basin Assets and Exit Eagle Ford, UPDATE 2-Callon Petroleum buys Permian asset for $475 mln, exits Eagle Ford, Earnings Preview: Devon Energy (DVN) Q1 Earnings Expected to Decline, Exxon Mobil (XOM) Beats Q1 Earnings Estimates, Callon Petroleum Company Announces Board Updates Including Appointment of Matthew R. Bob as Chair, Callon Petroleum: A Buy As Easing Inflation Is Likely Transitory, Callon (CPE) Gets a Buy from Mizuho Securities, Unusual Call Option Trade in Callon Petroleum (CPE) Worth $230.72K, Ten Starter Stocks For Beginners to Buy Now, view top-rated stocks among Wall Street analysts, Invesco Dynamic Energy Exploration & Production ETF (PXE), SPDR S&P Oil & Gas Exploration & Production ETF (XOP), Pacer US Small Cap Cash Cows 100 ETF (CALF), Direxion Daily S&P Oil & Gas Exp. An archive of the conference call webcast will be available at www.callon.com under the "Investors" section of the website. Callon Petroleum Company Announces Chief Operating Officer Transition, Callon Petroleum Company Announces Participation in Upcoming Investor Events, Callon to Acquire Core Delaware Basin Assets and Exit Eagle Ford, Callon Petroleum Company Announces First Quarter 2023 Results, Callon Petroleum Company Announces Board Updates Including Appointment of Matthew R. Bob as Chair, Callon Petroleum Company Schedules First Quarter 2023 Conference Call for May 4, 2023, Callon Issues 2023 Capital Program and Outlook, Projected to Generate More Than $2.75 Billion in Adjusted Free Cash Flow Over The Next Five Years, Callon Petroleum Company Announces Fourth Quarter and Full Year 2022 Results, Callon Petroleum Company Announces Retirement of Board Chair, For complete information regarding our financials, see our periodic filings. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All quotes are in local exchange time. Amortization of equity-settled, share-based incentive awards. View analysts price targets for CPE or view top-rated stocks among Wall Street analysts. Callon Petroleum Company Schedules First Quarter 2023 Conference Call for May 4, 2023. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. When is Callon Petroleum's next earnings date? If you do not, click Cancel. Callon Petroleum Company (CPE Quick Quote CPE - Free Report) recently announced that it has completed the acquisition of some assets from Primexx Energy Partners.Also, Callon has agreed to divest . Callon's existing unsecured notes are currently yielding around 8.5% to 9.8% to maturity. Callon Petroleum Company is an independent oil and natural gas company. & Prod. The company is scheduled to release its next quarterly earnings announcement on Wednesday, August 2nd 2023. Please. The transaction is anticipated to close in November 2021. Real time prices by BATS. Callon's stock appears to be fairly price for a longer-term $55 WTI oil scenario at the moment, as it is valued at around 4.0x EV/EBITDAX based on projected 2023 results at that oil price. The company provided an updated guidance for the full year and third-quarter 2021 that incorporates the acquisition as well as the divestment. Zacks Equity Research This scenario would also have Callon's leverage being reduced to 0.4x by the end of 2023. (1) Adjusted G&A is a supplemental non-GAAP financial measure that excludes certain non-cash incentive share-based compensation valuation adjustments. Includes drilling, completions, facilities, and equipment, but excludes land, seismic, and capitalized expenses. See my post from: To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This includes personalizing content and advertising. They just purchased one of their competitors last quarter. How much money does Callon Petroleum make? Revenue. Callon also received related infrastructure assets in leaseholds. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. It focuses on unconventional . Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. For full-year 2021, the company expects production in the range of 94.5-95.5 Mboe/d, up from the previous guidance of 89-91 Mboe/d. We use cookies to understand how you use our site and to improve your experience. 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. 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. Production in the third quarter has been above previous expectations due to strong well performance in the Delaware and Midland Basins. The consensus among Wall Street analysts is that investors should "hold" CPE shares. Callon's 2021 hedges have around negative $232 million in projected value at that oil price. Callon believes that the non-GAAP measure of adjusted G&A is useful to investors because it provides a meaningful measure of our recurring G&A expense and provides for greater comparability to peers and to recurring financial results period-over-period. We strive to respond to all correspondence within 48 hours, regardless of the manner received. I hate swapoptions. See the footnotes on the presentation and the 10-k. High institutional ownership can be a signal of strong market trust in this company. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. Megacap growth stocks dragged the Nasdaq and S&P 500 lower on Thursday as investors worried that soaring commodity prices due to the Ukraine crisis will add to inflationary pressures. This is close to Callon's current share price, while the 2022/2023 strip is currently close to $57. A conference call is planned for 8 a.m. CT, Thursday, February 23, 2023. Exclusive news, data and analytics for financial market professionals, Factbox: Permian set for M&A frenzy as cash-rich producers seek to boost reserves, Callon Petroleum buys Permian asset for $475 million, exits Eagle Ford, Blackstone explores sale of Permian energy producer PRI Operating -sources, A shale booster shot: 'Re-fracs' rise as cheap way to lift U.S. oil output, EXCLUSIVE Kimmeridge says in talks with Chesapeake Energy about changes, shares rise, Buyout firm EnCap plans $4 bln-plus sale of oil producer Ameredev II -sources. Mutual respect, collaboration, and drive are the hallmarks of the Callon culture. Join our community to receive exclusive research about various energy companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies. These efforts will further progress towards Callon's emissions reduction goals and also improve lease operating expense. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. 2 employees have rated Callon Petroleum Chief Executive Officer Fred L. Callon on Glassdoor.com. Source: Refinitiv, an LSEG business - data delayed by at least 15 minutes. Bull 2x Shares (GUSH), First Trust Small Cap Value AlphaDEX Fund (FYT), 2000 W. Sam Houston Parkway S. Suite 2000, HOUSTON TX, 77042. Not What You Think, https://www.prnewswire.com/news-releases/callon-issues-2023-capital-program-and-outlook-projected-to-generate-more-than-2-75-billion-in-adjusted-free-cash-flow-over-the-next-five-years-301753600.html. See what's happening in the market right now with MarketBeat's real-time news feed. Subscriber Agreement & Terms of Use | Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Guided by the Callon legacy and culture that has underpinned the value, respect, and admiration ascribed to the Callon name for decades, we have expanded our footprint with growing development activity in both the Midland and Delaware Basins augmented by mature, oily production from the Eagle Ford Shale. To date, the Company has replaced 75% of its natural gas emitting pneumatics devices and is on track to complete the remainder in 2023. I am not receiving compensation for it (other than from Seeking Alpha). Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. What other stocks do shareholders of Callon Petroleum own? The sale will eliminate approximately $50 million in capital expenditures related to continuous drilling obligations over the next two years and allows for capital redeployment to higher return projects. From the previous guidance of 95.5-97.5 MBoe/d, Callon increased the range to 98.5-99.5 MBoe/d, of which 64% is likely to be oil. The 2023 capital program is expected to generate modest year-over-year production growth with a similar level of drilled and competed lateral feet, highlighting sustained well productivity relative to 2022. Houston Office. Callon announced the deal in early August, which closed before the scheduled time in the fourth quarter. Callon Petroleum (NYSE:CPE) is issuing $600 million in new 7.50% unsecured notes due 2030. 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. 9 Wall Street analysts have issued 1-year price targets for Callon Petroleum's stock. How much of their production is hedged and at what prices?
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is callon petroleum going out of business
