Reduced long-term debt to $1.9 billion
Reiterated
full-year 2023 capital expenditure outlook of $960 – $980
million
Recent efficiency gains are
expected to reduce 2024 drilling, completion, and facilities costs
by more than 15% per well
HOUSTON, Nov. 1, 2023
/PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or
the "Company") today reported third quarter 2023 financial and
operating results. A conference call is planned for 8 a.m. CT, Thursday,
November 2; participation details can be found in this
release. Slides accompanying today's release are available at
www.callon.com/investors.
Third Quarter Highlights:
- Generated $266.8 million of net
cash provided by operating activities
- Adjusted free cash flow of $48.3
million, marking 14 consecutive quarters of adjusted free
cash flow generation
- Total production was in line with expectations and averaged
101.7 MBoe/d (79% liquids), while oil production averaged 58.0
MBbls/d
- Capital expenditures of $251
million were at the low end of guidance
- Repurchased $15 million in common
stock during the quarter
- Closed Eagle Ford sale and Percussion acquisition, recently
commencing production from a five-well project on the Percussion
acreage
- Completed land transactions to increase working interest and
allow for capital efficient longer laterals
"The third quarter marked an important milestone for Callon as
we completed a reorganization of our operations group into a
business unit design to improve focus on capital efficiency and
capital allocation," said Joe Gatto,
President and Chief Executive Officer. "We have delivered tangible
benefits from this move in a short period of time, especially in
terms of structural drilling efficiency gains from well design
changes. We now expect to complete approximately 50,000 more
lateral feet and commence drilling an incremental five wells
relative to our mid-year forecast. This additional activity will
benefit 2024 production, all while staying within our existing
budget. These gains position us well heading into 2024 and set the
stage for incremental structural efficiency gains as the year
progresses. We expect these improvements will reduce our 2024
average total well costs, including facilities, by over 15%. Our
focus into next year remains unchanged -- generate free cash flow,
reduce debt, lower costs and return cash to our owners under our
share repurchase program."
Financial Results
Callon reported third quarter 2023 net income of $119.5
million, or $1.75 per share, (all
share amounts are stated on a diluted basis), and adjusted
EBITDAX of $342.2 million. Adjusted
income was $123.9 million, or
$1.82 per share. The Company
generated $266.8 million of net cash
provided by operating activities in the third quarter. Total
operational capital expenditures for the quarter were
$251 million.
Operational Results
Third quarter total production was in line with guidance and
averaged 101.7 MBoe/d (57% oil and 79% liquids). Oil production for
the period was lower than expectations and averaged 58.0 MBbls/d.
Oil volumes during the period were negatively impacted by
weather-related power and midstream disruptions in August and
September and a lower-than-expected oil mix from recent completions
in the Delaware West area. Approximately half of the third quarter
2023 turned-in-lines (15 of 33) were in the Delaware West.
Average realized commodity prices during the third quarter were
$82.18 per Bbl for oil (100% of NYMEX
WTI), $22.40 per Bbl for natural gas
liquids, and $2.14 per MMBtu for
natural gas (80% of NYMEX HH). The total average realized
price for the period was $54.50 per
Boe on an unhedged basis.
2023 Outlook
Callon today revised its outlook for fourth quarter and
full-year 2023 production and reiterated guidance for full-year
2023 capital expenditures.
For the fourth quarter, the Company expects that its total and
oil production will average 100 – 103 MBoe/d (~79% liquids) and 56
– 59 MBbls/d (previous guidance was 104 – 108 MBoe/d and 63 – 65
MBbls/d, respectively). Full year 2023 total and oil production is
now expected to average 102 – 104 MBoe/d and 59 – 61 MBbls/d
(previous guidance was 103 – 106 MBoe/d and 62 – 64 MBbls/d,
respectively).
Adjustments to the production outlook reflect the increased
natural gas and NGL content from Delaware West and the ongoing
optimization of Callon's artificial lift programs. In the third
quarter, the Company accelerated a change in its Delaware Basin artificial lift program,
previously planned to start in 2024, that will incorporate an
increased proportion of gas lift to reduce production downtime,
lower workover expense, and enhance longer-term resource
recovery.
Guidance for capital expenditures for full-year 2023 is
unchanged at $960 – $980 million, despite an increase in previously
forecast drilled lateral feet and completion activity into
year-end. The Company is currently running five drilling rigs, four
in the Delaware Basin and one in
the Midland Basin, as well as one completion crew.
Shareholder Returns
During the third quarter, Callon repurchased 386,719 shares of
common stock at a weighted average purchase price of $38.72 per common share for a total cost of
approximately $15 million. As of
September 30, 2023, the remaining
authorized repurchase amount under the Share Repurchase Program was
$285 million. Callon intends to use
40% of the fourth quarter adjusted free cash flow to repurchase
shares.
Capital Structure
Callon remains focused on using a majority of its adjusted free
cash flow to reduce total debt. As of September 30, 2023, Callon has approximately
$1.1 billion of liquidity and
$1.9 billion of long-term debt,
including a drawn balance on the revolving credit facility of
$396 million.
Earnings Call Information
The Company plans to host a conference call on Thursday, November 2, 2023, to discuss its third
quarter 2023 financial and operating results and outlook.
Please join Callon Petroleum Company via the Internet for a
webcast of the conference call:
Time/Date:
|
8 a.m. CT / 9 a.m. ET,
Thursday, November 2, 2023
|
Webcast:
|
Select "News &
Events" under the "Investors" section of the Company's website:
www.callon.com.
|
An archive of the conference call webcast will be available at
www.callon.com under the "Investors" section of the website.
About Callon Petroleum
Callon Petroleum Company is an independent oil and natural gas
company focused on the acquisition, exploration and sustainable
development of high-quality assets in the Permian Basin in
West Texas.
Contact
Matthew
Hesterberg
Callon Petroleum Company
ir@callon.com
(281) 589-5200
Cautionary Statement Regarding Forward Looking
Information
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.
Forward-looking statements include all statements regarding the
Company's expectations and plans with respect to its share
repurchase program; wells anticipated to be drilled and placed on
production; future levels of development activity and associated
production, capital expenditures and cash flow expectations and
expected uses thereof; the Company's production and expenditure
guidance; estimated reserve quantities and the present value
thereof; future debt levels and leverage; the Company's initiatives
to control costs and improve capital and structural drilling
efficiency; and the implementation of the Company's business plans
and strategy, as well as statements including the words "believe,"
"expect," "plans," "may," "will," "should," "could," and words of
similar meaning. These statements reflect the Company's current
views with respect to future events and financial performance based
on management's experience and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate. 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. Any forward-looking
statement speaks only as of the date on which such statement is
made and the Company undertakes no obligation to correct or update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law. 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 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; general economic conditions,
including the availability of credit, inflation or rising interest
rates; 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 Report 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. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
Non-GAAP Financial Measures
This news release refers
to non-GAAP financial measures such as "adjusted free cash flow,"
"adjusted EBITDAX," "adjusted income," and "adjusted income per
diluted share." These measures, detailed below, are provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial
statements prepared in accordance with GAAP (including the notes),
included in our filings with the SEC and posted on our website.
- Adjusted free cash flow is a supplemental non-GAAP measure that
is defined by the Company as net cash provided by operating
activities before net change in working capital, changes in accrued
hedge settlements, merger, integration and transaction expense, and
other income and expense, less capital expenditures before increase
(decrease) in accrued capital expenditures. We believe adjusted
free cash flow provides useful information to investors because it
is a comparable metric against other companies in the industry and
is a widely accepted financial indicator of an oil and natural gas
company's ability to generate cash for the use of internally
funding their capital development program and to service or incur
debt. Adjusted free cash flow is not a measure of a company's
financial performance under GAAP and should not be considered as an
alternative to net cash provided by operating activities, or as a
measure of liquidity.
- Callon calculates adjusted EBITDAX as net income (loss) before
interest expense, income tax expense (benefit), depreciation,
depletion and amortization, (gains) losses on derivative
instruments excluding net settled derivative instruments, (gain)
loss on sale of oil and gas properties, impairment of oil and gas
properties, non-cash share-based compensation expense, exploration
expense, merger, integration and transaction expense, (gain) loss
on extinguishment of debt, and certain other expenses. Adjusted
EBITDAX is not a measure of financial performance under GAAP.
Accordingly, it should not be considered as a substitute for net
income (loss), operating income (loss), cash flow provided by
operating activities or other income or cash flow data prepared in
accordance with GAAP. However, the Company believes that adjusted
EBITDAX provides useful information to investors because it
provides additional information with respect to our performance or
ability to meet our future debt service, capital expenditures and
working capital requirements. Because adjusted EBITDAX excludes
some, but not all, items that affect net income (loss) and may vary
among companies, the adjusted EBITDAX presented above may not be
comparable to similarly titled measures of other companies.
- Adjusted income and adjusted income per diluted share are
supplemental non-GAAP measures that Callon believes are useful to
investors because they provide readers with a meaningful measure of
our profitability before recording certain items whose timing or
amount cannot be reasonably determined. These measures exclude the
net of tax effects of these items and non-cash valuation
adjustments, which are detailed in the reconciliation provided.
Adjusted income and adjusted income per diluted share are not
measures of financial performance under GAAP. Accordingly, neither
should be considered as a substitute for net income (loss),
operating income (loss), or other income data prepared in
accordance with GAAP. However, the Company believes that adjusted
income and adjusted income per diluted share provide additional
information with respect to our performance. Because adjusted
income and adjusted income per diluted share exclude some, but not
all, items that affect net income (loss) and may vary among
companies, the adjusted income and adjusted income per diluted
share presented above may not be comparable to similarly titled
measures of other companies.
- Adjusted diluted weighted average common shares outstanding is
a non-GAAP financial measure which includes the effect of
potentially dilutive instruments that, under certain circumstances
described below, are excluded from diluted weighted average common
shares outstanding, the most directly comparable GAAP financial
measure. When a net loss exists, all potentially dilutive
instruments are anti-dilutive to the net loss per common share and
therefore excluded from the computation of diluted weighted average
common shares outstanding. The effect of potentially dilutive
instruments are included in the computation of adjusted diluted
weighted average common shares outstanding for purposes of
computing adjusted income per diluted share.
Adjusted Income and Adjusted EBITDAX. The following
tables reconcile the Company's adjusted income and adjusted EBITDAX
to net income (loss):
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
(In thousands except
per share data)
|
Net income
(loss)
|
$119,484
|
|
($107,896)
|
|
$502,039
|
(Gain) loss on
derivative contracts
|
55,804
|
|
(5,941)
|
|
(134,850)
|
Gain (loss) on
commodity derivative settlements, net
|
(9,196)
|
|
13,663
|
|
(105,006)
|
Non-cash expense
related to share-based awards
|
3,955
|
|
3,688
|
|
1,741
|
Impairment of oil and
gas properties
|
—
|
|
406,898
|
|
—
|
Gain on sale of oil
and gas properties
|
(20,570)
|
|
—
|
|
—
|
Merger, integration
and transaction
|
4,925
|
|
1,543
|
|
—
|
Other
expense
|
3,220
|
|
54
|
|
2,861
|
Gain on extinguishment
of debt
|
(1,238)
|
|
—
|
|
—
|
Tax effect on
adjustments above (a)
|
(7,749)
|
|
(88,180)
|
|
49,403
|
Change in valuation
allowance
|
(24,690)
|
|
(100,749)
|
|
(102,755)
|
Adjusted
income
|
$123,945
|
|
$123,080
|
|
$213,433
|
|
|
|
|
|
|
Net income (loss) per
diluted share
|
$1.75
|
|
($1.74)
|
|
$8.11
|
Adjusted income per
diluted share
|
$1.82
|
|
$1.99
|
|
$3.45
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding
|
67,931
|
|
61,856
|
|
61,703
|
Diluted weighted
average common shares outstanding (GAAP)
|
68,083
|
|
61,856
|
|
61,870
|
Effect of potentially
dilutive instruments
|
—
|
|
55
|
|
—
|
Adjusted diluted
weighted average common shares outstanding
|
68,083
|
|
61,911
|
|
61,870
|
|
(a) Calculated using the federal statutory rate of
21%.
|
|
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
(In
thousands)
|
Net income
(loss)
|
$119,484
|
|
($107,896)
|
|
$502,039
|
(Gain) loss on
derivative contracts
|
55,804
|
|
(5,941)
|
|
(134,850)
|
Gain (loss) on
commodity derivative settlements, net
|
(9,196)
|
|
13,663
|
|
(105,006)
|
Non-cash expense
related to share-based awards
|
3,955
|
|
3,688
|
|
1,741
|
Impairment of oil and
gas properties
|
—
|
|
406,898
|
|
—
|
Gain on sale of oil and
gas properties
|
(20,570)
|
|
—
|
|
—
|
Merger, integration and
transaction
|
4,925
|
|
1,543
|
|
—
|
Other
expense
|
3,220
|
|
54
|
|
2,861
|
Income tax (benefit)
expense
|
509
|
|
(156,212)
|
|
3,383
|
Interest
expense
|
43,149
|
|
47,239
|
|
46,929
|
Depreciation, depletion
and amortization
|
138,598
|
|
127,348
|
|
129,895
|
Exploration
|
3,588
|
|
1,882
|
|
2,942
|
Gain on extinguishment
of debt
|
(1,238)
|
|
—
|
|
—
|
Adjusted
EBITDAX
|
$342,228
|
|
$332,266
|
|
$449,934
|
Adjusted Free Cash Flow. The following table
reconciles the Company's adjusted free cash flow to net cash
provided by operating activities:
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
(In
thousands)
|
Net cash provided by
operating activities
|
$266,828
|
|
$279,522
|
|
$437,780
|
Changes in working
capital and other
|
26,344
|
|
11,188
|
|
(69,388)
|
Changes in accrued
hedge settlements
|
(10,224)
|
|
638
|
|
40,590
|
Merger, integration and
transaction
|
4,925
|
|
1,543
|
|
—
|
Cash flow from
operations before net change in working
|
287,873
|
|
292,891
|
|
408,982
|
|
|
|
|
|
|
Capital
expenditures
|
252,407
|
|
293,697
|
|
303,268
|
Increase (decrease) in
accrued capital expenditures
|
(12,872)
|
|
(13,083)
|
|
(42,247)
|
Capital expenditures
before accruals
|
239,535
|
|
280,614
|
|
261,021
|
|
|
|
|
|
|
Adjusted free cash
flow
|
$48,338
|
|
$12,277
|
|
$147,961
|
Callon Petroleum Company
Consolidated Balance
Sheets
(In thousands,
except par and share amounts)
|
|
|
September 30,
2023
|
|
December 31,
2022*
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$3,456
|
|
$3,395
|
Accounts
receivable, net
|
262,394
|
|
237,128
|
Fair value
of derivatives
|
1,196
|
|
21,332
|
Other
current assets
|
29,665
|
|
35,783
|
Total current
assets
|
296,711
|
|
297,638
|
Oil and natural gas
properties, successful efforts accounting method:
|
|
|
|
Proved
properties, net
|
4,815,776
|
|
4,851,529
|
Unproved
properties
|
1,287,019
|
|
1,225,768
|
Total oil and natural
gas properties, net
|
6,102,795
|
|
6,077,297
|
Other property and
equipment, net
|
26,398
|
|
26,152
|
Deferred income
taxes
|
199,734
|
|
—
|
Deferred financing
costs
|
14,235
|
|
18,822
|
Fair value of
derivatives
|
21,742
|
|
454
|
Other assets,
net
|
66,908
|
|
68,106
|
Total
assets
|
$6,728,523
|
|
$6,488,469
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable and accrued liabilities
|
$585,529
|
|
$536,233
|
Fair value
of derivatives
|
61,189
|
|
16,197
|
Other
current liabilities
|
103,077
|
|
150,384
|
Total current
liabilities
|
749,795
|
|
702,814
|
Long-term
debt
|
1,948,619
|
|
2,241,295
|
Asset retirement
obligations
|
41,290
|
|
53,892
|
Fair value of
derivatives
|
44,807
|
|
13,415
|
Other long-term
liabilities
|
82,954
|
|
51,272
|
Total
liabilities
|
2,867,465
|
|
3,062,688
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock, $0.01 par value, 130,000,000 shares authorized;
67,770,721
and 61,621,518 shares outstanding, respectively
|
678
|
|
616
|
Capital in
excess of par value
|
4,225,183
|
|
4,022,194
|
Accumulated deficit
|
(364,803)
|
|
(597,029)
|
Total stockholders'
equity
|
3,861,058
|
|
3,425,781
|
Total liabilities
and stockholders' equity
|
$6,728,523
|
|
$6,488,469
|
|
|
*
|
Financial information
for the prior period has been recast to reflect retrospective
application of the successful efforts method of accounting. For
additional information, refer to our Form 10-Q for the period ended
September 30, 2023.
|
Callon Petroleum Company
Consolidated
Statements of Operations
(In thousands,
except per share amounts)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2023
|
|
2022*
|
|
2023
|
|
2022*
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Oil
|
$438,665
|
|
$575,852
|
|
$1,269,996
|
|
$1,748,913
|
Natural gas
|
25,045
|
|
81,018
|
|
63,054
|
|
189,907
|
Natural gas
liquids
|
46,489
|
|
67,548
|
|
130,488
|
|
210,696
|
Sales of purchased oil
and gas
|
109,099
|
|
111,459
|
|
278,089
|
|
377,199
|
Total operating
revenues
|
619,298
|
|
835,877
|
|
1,741,627
|
|
2,526,715
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Lease
operating
|
73,525
|
|
76,121
|
|
225,415
|
|
216,389
|
Production and ad
valorem taxes
|
30,592
|
|
43,290
|
|
88,019
|
|
125,841
|
Gathering,
transportation and processing
|
27,255
|
|
27,575
|
|
80,570
|
|
71,617
|
Exploration
|
3,588
|
|
2,942
|
|
7,702
|
|
7,237
|
Cost of purchased oil
and gas
|
111,118
|
|
111,439
|
|
285,947
|
|
378,107
|
Depreciation,
depletion and amortization
|
138,598
|
|
129,895
|
|
391,911
|
|
359,494
|
Impairment of oil and
gas properties
|
—
|
|
—
|
|
406,898
|
|
—
|
Gain on sale of oil
and gas properties
|
(20,570)
|
|
—
|
|
(20,570)
|
|
—
|
General and
administrative
|
29,339
|
|
24,253
|
|
86,905
|
|
71,485
|
Merger, integration
and transaction
|
4,925
|
|
—
|
|
6,468
|
|
769
|
Total operating
expenses
|
398,370
|
|
415,515
|
|
1,559,265
|
|
1,230,939
|
Income From
Operations
|
220,928
|
|
420,362
|
|
182,362
|
|
1,295,776
|
|
|
|
|
|
|
|
|
Other (Income)
Expenses:
|
|
|
|
|
|
|
|
Interest
expense
|
43,149
|
|
46,929
|
|
136,694
|
|
141,020
|
(Gain) loss on
derivative contracts
|
55,804
|
|
(134,850)
|
|
24,218
|
|
305,098
|
(Gain) loss on
extinguishment of debt
|
(1,238)
|
|
—
|
|
(1,238)
|
|
42,417
|
Other (income)
expense
|
3,220
|
|
2,861
|
|
(3,140)
|
|
3,130
|
Total other (income)
expense
|
100,935
|
|
(85,060)
|
|
156,534
|
|
491,665
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
119,993
|
|
505,422
|
|
25,828
|
|
804,111
|
Income tax benefit
(expense)
|
(509)
|
|
(3,383)
|
|
206,398
|
|
(6,536)
|
Net
Income
|
$119,484
|
|
$502,039
|
|
$232,226
|
|
$797,575
|
|
|
|
|
|
|
|
|
Net Income Per
Common Share:
|
|
|
|
|
|
|
|
Basic
|
$1.76
|
|
$8.14
|
|
$3.64
|
|
$12.94
|
Diluted
|
$1.75
|
|
$8.11
|
|
$3.63
|
|
$12.88
|
|
|
|
|
|
|
|
|
Weighted Average
Common Shares Outstanding:
|
|
|
|
|
|
|
|
Basic
|
67,931
|
|
61,703
|
|
63,827
|
|
61,624
|
Diluted
|
68,083
|
|
61,870
|
|
64,016
|
|
61,927
|
|
|
*
|
Financial information
for the prior period has been recast to reflect retrospective
application of the successful efforts method of accounting. For
additional information, refer to our Form 10-Q for the period ended
September 30, 2023.
|
Callon Petroleum Company
Consolidated
Statements of Cash Flows
(In
thousands)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2023
|
|
2022*
|
|
2023
|
|
2022*
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$119,484
|
|
$502,039
|
|
$232,226
|
|
$797,575
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
138,598
|
|
129,895
|
|
391,911
|
|
359,494
|
Impairment of
oil and gas properties
|
—
|
|
—
|
|
406,898
|
|
—
|
Amortization of
non-cash debt related items, net
|
2,734
|
|
2,559
|
|
7,979
|
|
9,680
|
Deferred income
tax (benefit) expense
|
(1,200)
|
|
1,110
|
|
(206,041)
|
|
1,110
|
(Gain) loss on
derivative contracts
|
55,804
|
|
(134,850)
|
|
24,218
|
|
305,098
|
Cash received
(paid) for commodity derivative settlements, net
|
1,028
|
|
(145,596)
|
|
13,274
|
|
(433,518)
|
(Gain) loss on
extinguishment of debt
|
(1,238)
|
|
—
|
|
(1,238)
|
|
42,417
|
Gain on sale of
oil and gas properties
|
(20,570)
|
|
—
|
|
(20,570)
|
|
—
|
Non-cash expense
related to share-based awards
|
3,955
|
|
1,741
|
|
9,524
|
|
4,427
|
Other,
net
|
3,971
|
|
3,504
|
|
4,563
|
|
8,704
|
Changes in
current assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
(28,352)
|
|
71,479
|
|
14,219
|
|
(52,423)
|
Other current assets
|
(6,574)
|
|
(4,732)
|
|
(13,178)
|
|
(12,229)
|
Accounts payable and accrued liabilities
|
(812)
|
|
10,631
|
|
(69,522)
|
|
(8,649)
|
Net cash provided by operating activities
|
266,828
|
|
437,780
|
|
794,263
|
|
1,021,686
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Capital
expenditures
|
(252,407)
|
|
(303,268)
|
|
(751,004)
|
|
(648,149)
|
Acquisition of oil and
gas properties
|
(227,984)
|
|
(1,692)
|
|
(278,434)
|
|
(17,006)
|
Proceeds from sales of
assets
|
549,333
|
|
4,723
|
|
551,446
|
|
9,313
|
Cash paid for
settlement of contingent consideration arrangement
|
—
|
|
—
|
|
—
|
|
(19,171)
|
Other, net
|
(1,212)
|
|
4,788
|
|
(2,850)
|
|
13,497
|
Net cash provided by (used in) investing activities
|
67,730
|
|
(295,449)
|
|
(480,842)
|
|
(661,516)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Borrowings on credit
facility
|
1,105,000
|
|
811,000
|
|
2,629,500
|
|
2,535,000
|
Payments on credit
facility
|
(1,237,000)
|
|
(954,000)
|
|
(2,736,500)
|
|
(2,684,000)
|
Issuance of 7.5% Senior
Notes due 2030
|
—
|
|
—
|
|
—
|
|
600,000
|
Redemption of 8.25%
Senior Notes due 2025
|
(187,238)
|
|
—
|
|
(187,238)
|
|
—
|
Redemption of 6.125%
Senior Notes due 2024
|
—
|
|
—
|
|
—
|
|
(467,287)
|
Redemption of 9.0%
Second Lien Senior Secured Notes due 2025
|
—
|
|
—
|
|
—
|
|
(339,507)
|
Payment of deferred
financing costs
|
(510)
|
|
(1,081)
|
|
(560)
|
|
(11,623)
|
Cash paid to repurchase
common stock
|
(14,980)
|
|
—
|
|
(14,980)
|
|
—
|
Other, net
|
(24)
|
|
—
|
|
(3,582)
|
|
1,715
|
Net cash used in financing activities
|
(334,752)
|
|
(144,081)
|
|
(313,360)
|
|
(365,702)
|
Net change in cash and
cash equivalents
|
(194)
|
|
(1,750)
|
|
61
|
|
(5,532)
|
Balance,
beginning of period
|
3,650
|
|
6,100
|
|
3,395
|
|
9,882
|
Balance, end
of period
|
$3,456
|
|
$4,350
|
|
$3,456
|
|
$4,350
|
|
|
*
|
Financial information
for the prior period has been recast to reflect retrospective
application of the successful efforts method of accounting. For
additional information, refer to our Form 10-Q for the period ended
September 30, 2023.
|
View original
content:https://www.prnewswire.com/news-releases/callon-petroleum-company-reports-third-quarter-2023-results-301974798.html
SOURCE Callon Petroleum Company