Callon Reduces 2020 Capital Program by Over 25% and Provides Operational and Hedging Updates
Callon Petroleum Company (CPE)
Last callon petroleum company earnings: 2/26 05:35 pm
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US:NYSE Investor Relations:
ir.callon.com
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Source: PR Newswire
HOUSTON, March 17, 2020 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) today provided an update on its 2020 development program, prioritizing free cash flow and financial flexibility in 2020 and beyond. The revised plan accounts for recent changes in the macroeconomic outlook, including the following highlights:Reducing operational capital plan for full-year 2020 to $700 to $725 million from $975 million, significantly reducing average quarterly expenditures for the remainder of 2020 by approximately 50% from a previously budgeted first quarter level of over $275 million and resulting in relatively flat year-over-year production growth versus the predecessor companies' combined 2019 production volumes Reducing current operated rig count of nine to five before the end of the second quarter of 2020 Reducing frac crew count from five to two upon the completion of currently in-process projects 2H20 and preliminary 2021 plans employ three to four drilling rigs (two to three in the Pe
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