Callon Petroleum Co. reported a preliminary Q3 report on production, spending and other financials.
Production Up YOY; Down 7% from Q2 2019
Callon expects production for the third quarter of 2019 to be between 37.5 and 37.9 MBoed (~78% oil) - this is a decrease of -7% from 2Q and an +8% increase YOY.
Lease operating expenses for the period are expected to be between $19.5 and $20 million on an absolute basis or in the range of $5.60 to $5.80 per Boe. Operational Capital spending for the third quarter is expected to be between $114 and $118 million, which is in line with projected full year operational capital expenditures between $495 and $520 million. The combined total of capitalized interest and capitalized G&A for third quarter is expected to be between $26 and $27 million. Pre-hedge realized prices for the quarter are projected to be roughly $54 per barrel and $1.55 per Mcf for natural gas.
President & CEO Joe Gatto said: "We have continued to make significant progress towards our goal of enhanced shareholder value through growing, repeatable free cash flow generation. Our field level performance during the third quarter exemplified our team's ongoing efforts to reduce capital and operating costs which translates into enhanced capital efficiency across the combined asset footprint in 2020 and beyond. This incremental value will accrue to our shareholders as we execute on our deleveraging goals and improve overall shareholder returns."
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