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Texas-based Callon Petroleum Reported Q1 Earnings

Texas-based Callon Petroleum shares have dropped 6.9% since May 5, even though it reported strong quarterly results. The company revised the 2021 production estimate due to the divestment of Delaware assets while maintaining its operational capital expenditure guidance.

It reported Quarter 1 earnings of $1.49 per share, beating the Zacks Consensus Estimate of 90 cents. Moreover, the bottom line rose from earnings of $1.18 per share a year ago. Operating revenues of $359.9 million beat the Zacks Consensus Estimate of $279 million. Also, the top line increased from the year-ago quarter to $289.9 million.Texas-based Callon Petroleum first-quarter net production volumes averaged 80,957 barrels of oil equivalent per day, significantly down from the year-ago period’s 100,955 Barrels per day. Production volumes decreased in both Permian Basin and Eagle Ford. Of the total first-quarter production, 64% was oil.

Oil production for the quarter was 4,681 thousand barrels. The production is lower than the year-ago level of 5,847 MBbls. Natural gas production declined to 7,835 million cubic feet from 9,793 MMcf in first-quarter 2020. Natural gas liquids production for the quarter under review was recorded at 1,299 MBbls, down from the year-ago figure of 1,707 barrels.

Texas-based Callon Petroleum company reported the capital expenditure for the first quarter was $101.3 million. It generated an adjusted free cash flow of $24.2 million. As of Mar 31, 2021, the company’s total cash and cash equivalents amounted to $24.4 million, up from $20.2 million at the fourth quarter-end. Long-term debt totalled $2,937.2 million, down from $2,969.3 million in the previous quarter. It had a total debt to capitalization of 79.3%.

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