Finance & Investing | Debt | Capital Markets
Callon Hires Debt Advisors as it Grapples with $3.0B Debt Load
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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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