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Callon Added a Fourth Rig in July, Expects Higher Oil Mix Through End of 2017
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Callon released its Q2 results where it primarily focused on production growth and rig activity through the end of 2017 and into 2018.
Highlights Include: Currently operating 4 rigs (3 in Midland, 1 in Delaware, added in July) and expects to add 1 additional rig to the Delaware in 2018 Q2 production grew 65% to 22.2 mboe/d when compare to the same period in 2016 and grew 9% from Q1 2017 Q2 oil production was 1.6 mmbbls, which was a 9% quarter-over-quarter increase, driven primarily by a higher oil mix (79%) The company is 50% hedged through 2017 and 40% hedged going into 2018 Capex in Q2 was $64 million, an increase of about 8% from $55.5 million in Q1 The company produced 1.6 mmbbls in Q2. As a result, it increased its oil mix guidance 2% higher than originally forecasted. The company…- ✓ Full news archive — U.S., Canada & international coverage
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