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Callon Hires Debt Advisors as it Grapples with $3.0B Debt Load

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   |    Friday,April 03,2020

Callon Petroleum Co. has hired debt advisors as it looks to restructure its considerable debt load, according to a report by Reuters.

Currently, the company has logged over $3.0 billion in debt, a good chunk of which was assumed when it acquired Carrizo Oil & Gas last year (Carrizo had $1.7 billion in debt at the time of the deal).

In the wake of the market downturn and to preserve its financials, Callon cut its 2020 budget by 30% in March and dropped several rigs from its program.

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