Callon Petroleum Company Reports Fourth Quarter and Full Year 2023 Results
Fourth quarter results top expectations for production
Long-term debt further reduced to
Realized reductions in well costs and gains in well productivity to drive 2024 capital efficiency
Fourth Quarter 2023 Highlights
- Generated
$298.3 million of net cash provided by operating activities - Adjusted free cash flow of
$120.2 million marking 15 consecutive quarters of adjusted free cash flow generation - Total production was above the high end of guidance and averaged 103.4 MBoe/d (79% liquids); oil production averaged 58.7 MBbls/d
- Capital expenditures were in line with guidance at
$170.5 million - Repurchased
$40.5 million in common stock during the quarter
Full-Year 2023 Highlights
- Completed transformative transactions to focus on the
Permian Basin , reduce leverage and accelerate returns to shareholders following the acquisition of high-value, accretive assets in theDelaware Basin and the simultaneous divestiture of its legacyEagle Ford assets - Launched a
$300 million share buyback program, repurchasing 1.7 million shares, or approximately 2.5% of total shares outstanding atDecember 31, 2023 , at an average-weighted price of$33.59 per share - Allocated free cash flow to reduce long-term debt by 14% year-over-year, exiting 2023 with
$1.9 billion in long-term debt and a leverage ratio, calculated as net debt divided adjusted EBITDAX as defined in our credit facility, of less than 1.5x - Generated
$1.1 billion of net cash provided by operating activities - Adjusted free cash flow of
$188.1 million - Total production averaged 103.0 MBoe/d and 60.0 MBbl/d (80% liquids and 58% oil)
- Capital expenditures were in line with guidance at
$977 million - Estimated proved reserves at year-end, as prepared by
DeGolyer and MacNaughton , were 433.5 MMBoe, of which 64% was proved developed producing (PDP) and 55% was crude oil. UsingSEC prices, the standardized measure of discounted future net cash flows was$5.4 billion with an associated PV-10 metric of$5.9 billion (73% PDP)
"The steps we took in 2023 to focus on the Permian and improve overall capital efficiency are paying dividends as demonstrated in the fourth quarter. We posted exceptional results, with a sequential production increase and capital spending on target with plan. Our recent operational initiatives, including fit-for-purpose completion designs and artificial lift optimization, generated tangible improvements in well performance and pave the way for sustained uplift in the future," said
Fourth Quarter 2023 Financial and Operating Summary
Fourth quarter 2023 net income of
Fourth quarter production was above the high end of guidance and averaged 103.4 MBoe/d (57% oil and 79% liquids). During the quarter, 14 gross wells were TIL. Notably, cumulative oil production from fourth quarter wells were 51% more productive on a per lateral foot basis in the first 90 days of production (6,848 Bbl / 1,000 lateral ft.) compared to third quarter 2023 wells.
Average realized commodity prices during the quarter were
Lease operating expense, which includes workover expense, for the quarter was
Capital expenditures for the fourth quarter were
Shareholder Returns
During the fourth quarter, Callon repurchased 1.3 million shares of common stock at a weighted average purchase price of
Environmental, Social, and Governance ("ESG") Updates
The Company is committed to GHG emission reductions and has made significant progress in its 2023 environmental performance, including reaching its 2024 goals for GHG emissions a year earlier than expected. Highlights of the 2023 program include:
- Attained corporate 2024 goal of reducing GHG intensity by more than 50% over 2019 levels
- Reduced methane emissions by more than 80% as compared to 2021 levels to exceed our 2024 goal of methane emissions <0.2% of total gas produced
- Accelerated achievement of 2024 goal to reduce Callon-controlled flaring to less than 1%
2024 Guidance
Due to the pending merger with APA, Callon has discontinued providing guidance.
About
Contact Information
ir@callon.com
(281) 589-5200
No Offer or Solicitation
Communications in this news release are for informational purposes only and are not intended to and do not constitute an offer to sell or a solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, with respect to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act").
Additional Information and Where to Find It
In connection with the proposed transaction, APA has filed with the
Investors and security holders will be able to obtain free copies of the Registration Statement and definitive Joint Proxy Statement/Prospectus, as each may be amended or supplemented from time to time, and all other relevant documents that are filed or will be filed with the
Participants in the Proxy Solicitation
Callon, APA and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under
Cautionary Statement Regarding Forward Looking Information
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are all statements other than statements of historical facts. In some cases, you can identify forward-looking statements in this news release by words such as "anticipate," "project," "intend," "estimate," "expect," "believe," "predict," "budget," "projection," "goal," "plan," "forecast," "target" or similar expressions but not all forward-looking statements contain such words. Forward-looking statements that may be included in this news release include statements about our oil and natural gas reserve quantities and the discounted present value of these reserves, the amount and nature of our capital expenditures, our future drilling and development plans and our potential drilling locations, the timing and amount of future capital and operating costs, commodity price risk management activities and the impact on our average realized prices, business strategies and plans of management, our initiatives to control costs and improve capital and structural drilling efficiency; our ability to efficiently integrate recent acquisitions, and the pending Merger.
These forward-looking 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 (or assumed) 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. 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
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," "adjusted income per diluted share," "net debt" and "PV-10." 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
- Adjusted free cash flow is a 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 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.
- Net debt is a supplemental non-GAAP measure that is defined by the Company as total debt excluding unamortized premiums, discount, and deferred loan costs, less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in determining the Company's leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.
- Callon believes that the presentation of PV-10 provides greater comparability when evaluating oil and gas companies due to the many factors unique to each individual company that impact the amount and timing of future income taxes. In addition, we believe that PV-10 is widely used by investors and analysts as a basis for comparing the relative size and value of our proved reserves to other oil and gas companies. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows or any other measure of a company's financial or operating performance presented in accordance with GAAP. Neither PV-10 nor the standardized measure of discounted future net cash flows purport to represent the fair value of our proved oil and gas reserves.
Adjusted Income and Adjusted EBITDAX. The following tables reconcile the Company's adjusted income and adjusted EBITDAX to net income:
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
(In thousands except per share data) |
||||||
Net income |
|
|
|
|
|
|
|
|
(Gain) loss on derivative contracts |
|
(43,116) |
|
55,804 |
|
25,855 |
|
(18,898) |
Gain (loss) on commodity derivative settlements, net |
|
(4,638) |
|
(9,196) |
|
(44,380) |
|
11,841 |
Non-cash expense related to share-based awards |
|
1,889 |
|
3,955 |
|
3,615 |
|
11,413 |
Impairment of oil and gas properties |
|
— |
|
— |
|
2,201 |
|
406,898 |
Gain on sale of oil and gas properties |
|
(2,906) |
|
(20,570) |
|
— |
|
(23,476) |
Merger, integration and transaction |
|
4,730 |
|
4,925 |
|
— |
|
11,198 |
Other (income) expense |
|
(3,544) |
|
3,220 |
|
(485) |
|
(6,684) |
(Gain) loss on extinguishment of debt |
|
— |
|
(1,238) |
|
3,241 |
|
(1,238) |
Tax effect on adjustments above (a) |
|
9,993 |
|
(7,749) |
|
2,090 |
|
(82,121) |
Change in valuation allowance |
|
(22,379) |
|
(24,690) |
|
(40,836) |
|
(234,201) |
Adjusted income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share |
|
|
|
|
|
|
|
|
Adjusted income per diluted share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares outstanding |
|
67,257 |
|
67,931 |
|
61,610 |
|
64,692 |
Diluted weighted average common shares outstanding (GAAP) |
|
67,421 |
|
68,083 |
|
61,844 |
|
64,852 |
(a) Calculated using the federal statutory rate of 21%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
Net income |
|
|
|
|
|
|
|
|
(Gain) loss on derivative contracts |
|
(43,116) |
|
55,804 |
|
25,855 |
|
(18,898) |
Gain (loss) on commodity derivative settlements, net |
|
(4,638) |
|
(9,196) |
|
(44,380) |
|
11,841 |
Non-cash expense related to share-based awards |
|
1,889 |
|
3,955 |
|
3,615 |
|
11,413 |
Impairment of oil and gas properties |
|
— |
|
— |
|
2,201 |
|
406,898 |
Gain on sale of oil and gas properties |
|
(2,906) |
|
(20,570) |
|
— |
|
(23,476) |
Merger, integration and transaction |
|
4,730 |
|
4,925 |
|
— |
|
11,198 |
Other (income) expense |
|
(3,544) |
|
3,220 |
|
(485) |
|
(6,684) |
Income tax (benefit) expense |
|
16,590 |
|
509 |
|
7,286 |
|
(189,808) |
Interest expense |
|
42,611 |
|
43,149 |
|
46,772 |
|
179,305 |
Depreciation, depletion and amortization |
|
143,750 |
|
138,598 |
|
134,735 |
|
535,661 |
Exploration |
|
1,441 |
|
3,588 |
|
2,466 |
|
9,143 |
(Gain) loss on extinguishment of debt |
|
— |
|
(1,238) |
|
3,241 |
|
(1,238) |
Adjusted EBITDAX |
|
|
|
|
|
|
|
|
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 |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
Changes in working capital and other |
|
(16,255) |
|
26,344 |
|
13,781 |
|
40,146 |
Changes in accrued hedge settlements |
|
5,714 |
|
(10,224) |
|
15,816 |
|
8,919 |
Merger, integration and transaction |
|
4,730 |
|
4,925 |
|
— |
|
11,198 |
Cash flow from operations before net change in working capital |
|
292,455 |
|
287,873 |
|
363,584 |
|
1,152,792 |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
217,978 |
|
252,407 |
|
200,539 |
|
968,982 |
Increase (decrease) in accrued capital expenditures |
|
(45,756) |
|
(12,872) |
|
(1,870) |
|
(4,251) |
Capital expenditures before accruals |
|
172,222 |
|
239,535 |
|
198,669 |
|
964,731 |
|
|
|
|
|
|
|
|
|
Adjusted free cash flow |
|
|
|
|
|
|
|
|
Net Debt. The following table presents and reconciles the Company's net debt to total debt:
|
|
|
|
|
|
|
|
|
(In thousands) |
||||
Total debt |
|
|
|
|
|
|
Unamortized premiums, discount, and deferred loan costs, net |
|
17,128 |
|
18,164 |
|
19,726 |
Adjusted total debt |
|
|
|
|
|
|
Less: Cash and cash equivalents |
|
3,325 |
|
3,456 |
|
3,395 |
Net debt |
|
|
|
|
|
|
PV-10. PV-10 as of
|
|
As of |
|
|
(In millions) |
Standardized measure of discounted future net cash flows |
|
|
Add: present value of future income taxes discounted at 10% per annum |
|
|
Total proved reserves - PV-10 |
|
|
Total proved developed reserves - PV-10 |
|
|
Total proved undeveloped reserves - PV-10 |
|
|
Consolidated Balance Sheets (In thousands, except par and share amounts) |
|||
|
|||
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
|
|
|
Accounts receivable, net |
206,791 |
|
237,128 |
Fair value of derivatives |
11,857 |
|
21,332 |
Other current assets |
30,154 |
|
35,783 |
Total current assets |
252,127 |
|
297,638 |
Oil and natural gas properties, successful efforts accounting method: |
|
|
|
Proved properties, net |
5,086,973 |
|
4,851,529 |
Unproved properties |
1,063,033 |
|
1,225,768 |
Total oil and natural gas properties, net |
6,150,006 |
|
6,077,297 |
Other property and equipment, net |
26,784 |
|
26,152 |
Deferred income taxes |
180,963 |
|
— |
Other assets, net |
101,596 |
|
87,382 |
Total assets |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
|
|
|
Fair value of derivatives |
24,147 |
|
16,197 |
Other current liabilities |
96,369 |
|
150,384 |
Total current liabilities |
646,962 |
|
702,814 |
Long-term debt |
1,918,655 |
|
2,241,295 |
Asset retirement obligations |
42,653 |
|
53,892 |
Fair value of derivatives |
29,880 |
|
13,415 |
Other long-term liabilities |
81,965 |
|
51,272 |
Total liabilities |
2,720,115 |
|
3,062,688 |
Commitments and contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Common stock, 66,474,525 and 61,621,518 shares outstanding, respectively |
665 |
|
616 |
Capital in excess of par value |
4,186,524 |
|
4,022,194 |
Accumulated deficit |
(195,828) |
|
(597,029) |
Total stockholders' equity |
3,991,361 |
|
3,425,781 |
Total liabilities and stockholders' equity |
|
|
|
|
|
* |
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-K for the year ended |
Consolidated Statements of Operations (In thousands, except per share amounts) |
|||||||
|
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022* |
|
2023 |
|
2022* |
Operating Revenues: |
|
|
|
|
|
|
|
Oil |
|
|
|
|
|
|
|
Natural gas |
19,414 |
|
42,774 |
|
82,468 |
|
232,681 |
Natural gas liquids |
43,919 |
|
49,776 |
|
174,407 |
|
260,472 |
Sales of purchased oil and gas |
110,994 |
|
97,965 |
|
389,083 |
|
475,164 |
Total operating revenues |
601,357 |
|
704,249 |
|
2,342,984 |
|
3,230,964 |
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
Lease operating |
77,948 |
|
74,097 |
|
303,363 |
|
290,486 |
Production and ad valorem taxes |
25,493 |
|
34,079 |
|
113,512 |
|
159,920 |
Gathering, transportation and processing |
27,651 |
|
25,285 |
|
108,221 |
|
96,902 |
Exploration |
1,441 |
|
2,466 |
|
9,143 |
|
9,703 |
Cost of purchased oil and gas |
113,295 |
|
100,338 |
|
399,242 |
|
478,445 |
Depreciation, depletion and amortization |
143,750 |
|
134,735 |
|
535,661 |
|
494,229 |
Impairment of oil and gas properties |
— |
|
2,201 |
|
406,898 |
|
2,201 |
Gain on sale of oil and gas properties |
(2,906) |
|
— |
|
(23,476) |
|
— |
General and administrative |
28,439 |
|
26,511 |
|
115,344 |
|
97,996 |
Merger, integration and transaction |
4,730 |
|
— |
|
11,198 |
|
769 |
Total operating expenses |
419,841 |
|
399,712 |
|
1,979,106 |
|
1,630,651 |
Income From Operations |
181,516 |
|
304,537 |
|
363,878 |
|
1,600,313 |
|
|
|
|
|
|
|
|
Other (Income) Expenses: |
|
|
|
|
|
|
|
Interest expense |
42,611 |
|
46,772 |
|
179,305 |
|
187,792 |
(Gain) loss on derivative contracts |
(43,116) |
|
25,855 |
|
(18,898) |
|
330,953 |
(Gain) loss on extinguishment of debt |
— |
|
3,241 |
|
(1,238) |
|
45,658 |
Other (income) expense |
(3,544) |
|
(485) |
|
(6,684) |
|
2,645 |
Total other (income) expense |
(4,049) |
|
75,383 |
|
152,485 |
|
567,048 |
|
|
|
|
|
|
|
|
Income Before Income Taxes |
185,565 |
|
229,154 |
|
211,393 |
|
1,033,265 |
Income tax benefit (expense) |
(16,590) |
|
(7,286) |
|
189,808 |
|
(13,822) |
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Common Share: |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
Basic |
67,257 |
|
61,610 |
|
64,692 |
|
61,620 |
Diluted |
67,421 |
|
61,844 |
|
64,852 |
|
61,904 |
|
|
* |
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-K for the year ended |
Consolidated Statements of Cash Flows (In thousands) |
|||||||
|
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022* |
|
2023 |
|
2022* |
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
143,750 |
|
134,735 |
|
535,661 |
|
494,229 |
Impairment of oil and gas properties |
— |
|
2,201 |
|
406,898 |
|
2,201 |
Amortization of non-cash debt related items, net |
2,811 |
|
2,652 |
|
10,790 |
|
12,332 |
Deferred income tax (benefit) expense |
18,771 |
|
5,198 |
|
(187,270) |
|
6,308 |
(Gain) loss on derivative contracts |
(43,116) |
|
25,855 |
|
(18,898) |
|
330,953 |
Cash received (paid) for commodity derivative settlements, net |
(10,352) |
|
(60,196) |
|
2,922 |
|
(493,714) |
Gain on sale of oil and gas properties |
(2,906) |
|
— |
|
(23,476) |
|
— |
(Gain) loss on extinguishment of debt |
— |
|
3,241 |
|
(1,238) |
|
45,658 |
Non-cash expense related to share-based awards |
1,889 |
|
3,615 |
|
11,413 |
|
8,042 |
Other, net |
824 |
|
(1,568) |
|
5,387 |
|
7,136 |
Changes in current assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
34,066 |
|
48,943 |
|
48,285 |
|
(3,480) |
Other current assets |
(3,284) |
|
(3,163) |
|
(16,462) |
|
(15,392) |
Accounts payable and accrued liabilities |
(13,162) |
|
(49,394) |
|
(82,684) |
|
(58,043) |
Net cash provided by operating activities |
298,266 |
|
333,987 |
|
1,092,529 |
|
1,355,673 |
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
(217,978) |
|
(200,539) |
|
(968,982) |
|
(848,688) |
Acquisition of oil and gas properties |
(9,505) |
|
(9,700) |
|
(287,939) |
|
(26,706) |
Proceeds from sales of assets |
1,776 |
|
17,780 |
|
553,222 |
|
27,093 |
Cash paid for settlement of contingent consideration arrangement |
— |
|
— |
|
— |
|
(19,171) |
Other, net |
(762) |
|
792 |
|
(3,612) |
|
14,289 |
Net cash used in investing activities |
(226,469) |
|
(191,667) |
|
(707,311) |
|
(853,183) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Borrowings on credit facility |
883,500 |
|
751,000 |
|
3,513,000 |
|
3,286,000 |
Payments on credit facility |
(914,500) |
|
(884,000) |
|
(3,651,000) |
|
(3,568,000) |
Issuance of 7.5% Senior Notes due 2030 |
— |
|
— |
|
— |
|
600,000 |
Redemption of 8.25% Senior Notes due 2025 |
— |
|
— |
|
(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 |
(362) |
|
(10,275) |
|
(922) |
|
(21,898) |
Cash paid to repurchase common stock |
(40,525) |
|
— |
|
(55,505) |
|
— |
Other, net |
(41) |
|
— |
|
(3,623) |
|
1,715 |
Net cash used in financing activities |
(71,928) |
|
(143,275) |
|
(385,288) |
|
(508,977) |
Net change in cash and cash equivalents |
(131) |
|
(955) |
|
(70) |
|
(6,487) |
Balance, beginning of period |
3,456 |
|
4,350 |
|
3,395 |
|
9,882 |
Balance, end of period |
|
|
|
|
|
|
|
|
|
* |
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-K for the year ended |
View original content:https://www.prnewswire.com/news-releases/callon-petroleum-company-reports-fourth-quarter-and-full-year-2023-results-302071633.html
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