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Last $7.43 USD
Change Today -0.18 / -2.37%
Volume 2.5M
CPE On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 03/30/15 All times are local (Market data is delayed by at least 15 minutes).

callon petroleum co (CPE) Key Developments

Callon Petroleum Company Appoints Michael L. Finch Independent Director

Callon Petroleum Company announced that it has entered into an agreement with Lone Star Value Management, LLC pursuant to which Callon has agreed to expand the size of the company's board of directors (the board) from seven to eight directors and to designate one new independent director Michael L. Finch to fill the newly-created directorship, effective the day prior to Callon's 2015 annual meeting of stockholders. Mr. Finch will also be nominated by the company for re-election to the board, at the company's 2015 annual meeting of stockholders, as a Class I director (whose term expires at the 2016 annual meeting of stockholders).

Callon Petroleum Company Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-23-2015 01:40 PM

Callon Petroleum Company Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-23-2015 01:40 PM. Venue: Roosevelt New Orleans Hotel, 130 Roosevelt Way, New Orleans, Louisiana, United States.

Callon Petroleum Mulls Acquisitions

Callon Petroleum Company (NYSE:CPE), which has announced underwritten public offering of 10.35 million shares, is looking for acquisitions. The company intends to use the net proceeds from this offering to repay amounts outstanding under its credit facility, with any remainder being used for general corporate purposes, which may include funding of its capital program and future acquisitions.

CPE Seeks Acquisitions

Callon Petroleum Company (NYSE:CPE) is seeking acquisitions. CPE intends to use net proceeds from sale of its securities for general corporate purposes, which may include funding of its capital program and future acquisitions.

Callon Petroleum Company Reports Consolidated Production Results for the Fourth Quarter and Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2014; Provides Operational CapEx Guidance for the First Quarter and Full Year of 2015

Callon Petroleum Company reported consolidated production results for the fourth quarter and earnings results for the fourth quarter and year ended Dec. 31, 2014. For the quarter, the company reported total revenues of $38.4 million, excluding the $7.1 million impact of settled derivative contracts, comprised of oil revenues of $34.4 million and natural gas revenues of $4.0 million. The company reported net income available to common shareholders of $17.0 million and adjusted income, a non-GAAP measure, of $3.1 million, or $0.05 per diluted share, which excludes (net of tax effects): (a) $16.0 million in expenses related to the non-cash, mark-to-market valuation of the company's derivative positions and phantom stock equity awards, (b) $0.1 million of non-recurring G&A expenses and (c) $2.0 million of loss on the early redemption of debt. Discretionary cash flow, a non-GAAP measure was $27.6 million. The fourth quarter of 2014 included $0.5 million for retained asset retirement obligation expenditures related to Gulf of Mexico properties that were divested in the fourth quarter of 2013. Excluding this expenditure attributable to the sold properties, discretionary cash flow from continuing operations was $28.1 million or $0.50 per diluted share. Adjusted EBITDA was $32.935 million compared to $18.656 million a year ago. Operational CapEx - expenditures were $49.6 million in the fourth quarter and included the drilling of 5 net wells and the completion of 7.3 net wells. Average daily production for the quarter was 7,270 BOE/d compared to average daily production of 5,641 BOE/d in the third quarter of 2014. For the year, the company reported total operating revenues of $151,862,000 compared to $102,569,000 a year ago. Income from operations was $38,270,000 compared to $10,664,000 a year ago. Income before income taxes was $60,900,000 compared to $7,391,000 a year ago. Income available to common stockholders was $29,871,000 or $0.65 per diluted share compared to loss available to common stockholders of $323,000 or $0.01 per diluted share a year ago. Net cash provided by operating activities was $94,387,000 compared to $54,475,000 a year ago. Capital expenditures were $232,596,000 compared to $159,724,000 a year ago. For the first quarter of 2015, the company expects total production of 7,800 - 8,100 BOE/d. The company expects operational CapEx to be similar to slightly above the fourth quarter level as the early impacts of well cost reductions are offset by accruals for fourth quarter activity under the 3-rig program are paid in the first quarter of 2015. For the year of 2015, the company expects operational CapEx budget of $150 million to $165 million.

 

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Industry Analysis

CPE

Industry Average

Valuation CPE Industry Range
Price/Earnings 11.7x
Price/Sales 2.8x
Price/Book 1.0x
Price/Cash Flow 5.3x
TEV/Sales 1.1x
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