Callon Petroleum (CPE) Tops Q1 EPS by 62c

Callon Petroleum (NYSE: CPE) reported Q1 EPS of $1.49, $0.62 better than the analyst estimate of $0.87.

• Delivered production of approximately 81.0 MBoe/d (64% oil) in the first quarter of 2021
• Generated net cash provided by operating activities of $137.7 million and adjusted free cash flow1 of $24.2 million
• Net loss of $80.4 million, or $1.89 per diluted share, driven primarily by a loss on derivative contracts of $214.5 million, adjusted EBITDA1 of $170.6 million, and adjusted income1 of $70.0 million, or $1.49 per diluted share
• Achieved an operating margin of $33.46 per Boe, a 58% increase from the previous quarter
• Entered into purchase and sale agreements for certain non-core Delaware Basin properties for aggregate proceeds of approximately $40 million
• Completed the spring redetermination of Callon\'s senior secured credit facility with the borrowing base and elected commitment reaffirmed at $1.6 billion with unanimous lender support
• Executed Callon\'s first E-frac of a multi-well, multi-zone pad in the Midland Basin powered by field-produced natural gas

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

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