Callon Petroleum (CPE) Tops Q2 EPS by 4c; Raises Annual Production Guidance

Callon Petroleum (NYSE: CPE) reported Q2 EPS of $0.04, $0.04 better than the analyst estimate of $0.00.

Key highlights for the second quarter of 2015 include:

• Net daily production of 9,516 barrels of oil equivalent per day ("BOE/d"), an increase of 11% compared to the first quarter of 2015, comprised of 79% oil volume
• Lease operating costs, including workovers, of $7.59 per barrel of oil equivalent ("BOE"), a decrease of 16% compared to the first quarter of 2015
• Adjusted EBITDA, a non-GAAP financial measure(i), of $31.7 million, an increase of 14% compared to the first quarter of 2015
• Adjusted income available to common shareholders, a non-GAAP financial measure(i), of $0.04 per diluted share based on total average diluted shares outstanding of 66.0 million shares
• Increased annual production guidance midpoint by 6% to 9,600 BOE/d and established third quarter 2015 production guidance midpoint at 9,800 BOE/d

Our results for the quarter reflected improvements across all aspects of the business," commented Fred Callon, Chairman and Chief Executive Officer. "We delivered double-digit production growth, while posting meaningful decreases in both our operating cost structure and level of capital expenditures. In addition to these important contributors to capital efficiency, the productivity of our drilling program has benefitted from ongoing completion enhancements and increasing capital allocation to the Lower Spraberry. We believe that the strength of our asset base, combined with our liquidity position and financial discipline, position us to generate continued production and reserve gains while progressing to a free cash flow neutral position in 2016."

For earnings history and earnings-related data on Callon Petroleum (CPE) click here.

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