Callon Petroleum Company announces first quarter 2016 results - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Callon Petroleum Company announces first quarter 2016 results

Photo Credit: Callon.com Photo Credit: Callon.com
NATCHEZ, MS -

This is a news release from Callon Petroleum Company

Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three months ended March 31, 2016.

Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Events and Presentations" page within the Investors section of the site.

Financial and operational highlights for the first quarter of 2016 and other recent data points include:

  • Net daily production of 12,440 barrels of oil equivalent per day ("BOE/d"), an increase of 17% compared to the fourth quarter of 2015, comprised of 79% oil volume
  • Adjusted Total Revenues of $38.4 million, a non-GAAP financial measure(i)
  • Lease operating expense, including workovers, of $6.15 per barrel of oil equivalent ("BOE"), a decrease of 5% from the fourth quarter of 2015
  • Adjusted cash G&A, a non-GAAP financial measure(i), of $3.55 per BOE, a decrease of 7% from the previous quarter
  • Adjusted EBITDA, a non-GAAP financial measure(i), of $25.6 million, representing a margin of approximately 67% of Adjusted Total Revenues, a non-GAAP financial measure(i)
  • Adjusted Income per fully diluted common share, a non-GAAP financial measure(i), of $0.00 and a GAAP loss per diluted common share of $0.51
  • Announced two Midland Basin transactions and the establishment of a new core operating area in Howard County
  • Raised over $300 million in common stock through public offerings to fund pending acquisitions

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