Deals - Acquisition, Mergers, Divestitures | Forecast - Production | Capital Markets | Capital Expenditure | Capital Expenditure - 2019
Callon Closes $245MM Sale of Non-Core Midland Assets; Lowers Guidance, Capex for 2019
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Callon Petroleum Co. has wrapped up its $245 million sale of its non-core Midland Basin assets to Sequitur Energy Resources, LLC.
As a result, the company has updated its 2019 guidance as follows (lower spending and production expectations for 2019):
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Previous Full Year |
Updated Full Year |
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2019 Guidance |
2019 Guidance |
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Total production (Mboe/d) |
39.5 - 41.5 |
38.0 - 39.5 |
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% oil |
77% - 78% |
78% - 79% |
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Income statement expenses (per Boe) |
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LOE, including workovers |
$5.50 - $6.50 |
$5.50 - $6.50 |
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Production taxes, including ad valorem (% unhedged revenue) |
7 % |
7 % |
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Adjusted G&A: cash component (a) |
$2.00 - $2.50 |
$2.00 - $2.50 |
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Adjusted G&A: non-cash component (b) |
$0.50 - $1.00 |
$0.50 - $1.00 |
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Cash interest expense (c) |
$0.00 |
$0.00 |
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Effective income tax rate |
22% |
22% |
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Capital expenditures ($MM, accrual basis) |
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Total operational (d) |
$500 - $525 |
$495 - $520 |
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Capitalized interest and G&A expenses |
$100 - $105 |
$100 - $105 |
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Net operated horizontal wells placed on production |
47 - 49 |
47 - 49 |
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a) |
Excludes stock-based compensation and corporate depreciation and amortization. Adjusted G&A is a non-GAAP financial measure; see our most recent earnings release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense. |
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b) |
Excludes certain non-recurring expenses and non-cash valuation adjustments. Adjusted G&A is a non-GAAP financial measure; see our most recent earnings release for a reconciliation of G&A expense on a GAAP basis to Adjusted G&A expense. |
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c) |
All cash interest expense anticipated to be capitalized. |
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d) |
Includes facilities, equipment, seismic, land and other items. Excludes capitalized expenses. |
Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
|---|---|---|---|---|---|
| 02/12/2024 | E&P | Diamondback To Acquire Endeavor Energy In $26 Billion Transaction |
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| 02/07/2024 | E&P | California Resources To Acquire Aera Energy For $2.1 Billion |
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| 01/15/2024 | E&P | Talos Acquires QuarterNorth Energy For $1.2 Billion |
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| 01/11/2024 | E&P | Chesapeake To Acquire Southwestern Energy |
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| 01/11/2024 | E&P | Prairie Operating Bolt-On DJ Basin Assets From Nickel Road |
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| 01/04/2024 | E&P | APA Corp to Acquire Permian Pure Player- Callon In All Stock Deal |
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| 12/15/2023 | E&P | TG Natural Resources To Acquire backed-Rockcliff Energy II For $2.7 Billion |
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| 12/15/2023 | E&P | Fury Resources Takes Battalion Private In Transaction Worth $450 Million : Map |
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| 12/11/2023 | E&P | Oxy Acquires Midland Basin Juggernaut For $12 Billion |
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| 11/21/2023 | E&P | Northern Oil Acquires Additional Permian Working Interest; Enters Utica |
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| Total |
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