Callon Petroleum Reports Record Results For 2Q04

Callon Petroleum Company (NYSE:CPE) (NYSE:CPE.PrA) reported record results of operations for both the quarter and the six-month period ended June 30, 2004. The results were attributable to strong prices realized for crude oil and natural gas, and substantial increases in production when compared to the same periods last year.

Results for the three-month period ended June 30, 2004 include an increase in net income to $9.7 million, or $0.58 per diluted share. This compares to a net loss of $647,000, or $0.07 per share on a diluted basis, for the same period in 2003.

Operating results for the three-month period ended June 30, 2004 include oil and gas sales of $37.6 million from average production of 73 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $18.4 million from average daily production of 38 MMcfe/d during the same period in 2003. The average price received per thousand cubic feet of natural gas in the second quarter of 2004 increased to $6.28 compared to $5.44 during the second three months in 2003, while the average price received per barrel of oil in the second quarter of 2004 increased to $30.03 compared to $26.59 during the same period a year earlier.

For the six months ended June 30, 2004, the company reported an increase in net income to $11.8 million, or $0.75 per diluted share. This compares to a net income of $735,000, or $0.00 per share on a diluted basis, for the same period in 2003.

Operating results for the six-month period ended June 30, 2004 include oil and gas sales of $69.5 million from average production of 68 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $39.7 million from average daily production of 39 MMcfe/d during the same period in 2003. The average price received per thousand cubic feet of natural gas for the six-month period ended June 30, 2004 increased to $6.11 compared to $5.62 during the first six months in 2003, while the average price received per barrel of oil increased to $30.32 compared to $28.93 during the same period a year earlier.

For the three months ended June 30, 2004, discretionary cash flow totaled $25.6 million compared to $9.1 million during the second three months of the previous year. Net cash flow provided by operating activities, as defined by GAAP, totaled $21.9 million and $12.9 million during the three-month period ended June 30, 2004 and 2003, respectively.

For the six months ended June 30, 2004, discretionary cash flow totaled $43.5 million compared to $21.3 million during the first six months of the previous year. Net cash flow provided by operating activities, as defined by GAAP, totaled $39.8 million and $23.9 million during the six-month period ended June 30, 2004 and 2003, respectively.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Production Analyst
Expertise: Accounting|Financial Analyst
Location: Midland, TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours