Callon Petroleum Reports Second Quarter Results

Callon Petroleum (NYSE: CPE) reported results of operations for both the three and the six-month periods ended June 30, 2007.

Second Quarter and Six Months 2007 Net Income. For the quarter ended June 30, 2007, the company reported net income of $2.6 million, or $0.12 per share. This compares to net income of $12.3 million, or $0.57 per share, for the same period in 2006. For the six months ended June 30, 2007, Callon reported net income of $8.4 million, or $0.39 per share. This compares with net income of $25.1 million, or $1.17 per share during the same period of 2006. The second quarter results were impacted by additional interest expense incurred as a result of Callon's April acquisition of BP Exploration and Production Company's 80% working interest in the Entrada Field. All per share amounts are on a diluted basis.

Second Quarter and Six Months 2007 Operating Results. Operating results for the three months ended June 30, 2007 include oil and gas sales of $43.5 million from average production of 54.1 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $47.1 million from average production of 57.6 MMcfe/d during the comparable 2006 period. The average price, after the impact of hedging, received per thousand cubic feet of natural gas (Mcf) for the quarter ended June 30, 2007 increased to $8.17, compared to $7.93 for the quarter ended June 30, 2006. The average price, after the impact of hedging, received per barrel of oil (Bbl) in the second quarter of 2007 increased to $61.47, compared to $59.99 during 2006. Oil and gas sales for the first six months of 2007 totaled $89.0 million from average production of 57.2 MMcfe/d. This corresponds to sales of $92.6 million from average production of 56.8 MMcfe/d during the same period in 2006. The average price, after the impact of hedging, received per Mcf of natural gas in the six-month period of 2007 decreased to $8.07, compared to $8.44 during the first six months of 2006, while the average price, after the impact of hedging, received per Bbl in the first half of 2007 increased to $58.36, compared to $56.74 during the same period in 2006. Second Quarter and Six Months 2007 Discretionary Cash Flow. Discretionary cash flow for the three-month period ended June 30, 2007 totaled $24.9 million compared to $35.1 million during the comparable prior year period. Net cash flow provided by operating activities, as defined by GAAP, totaled $37.3 million and $34.3 million during the quarters ended June 30, 2007 and 2006, respectively. Discretionary cash flow for the first six months of 2007 totaled $58.4 million compared to $68.9 million during the same period in 2006. Net cash flow provided by operating activities, as defined by GAAP, totaled $70.2 million and $75.3 million during the six-month periods ended June 30, 2007 and 2006, respectively. (See "Non-GAAP Financial Measure" that follows and the accompanying reconciliation of discretionary cash flow, a non-GAAP measure, to net cash flow provided by operating activities.)

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Brent Crude Oil : $55.44/BBL 0.38%
Light Crude Oil : $53.18/BBL 0.81%
Natural Gas : $3.28/MMBtu 1.23%
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