We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Callon (CPE) Stock Dips 3% Since Q4 Earnings Miss Estimates
Read MoreHide Full Article
Callon Petroleum Company’s shares have declined 3% since it reported lower-than-expected fourth-quarter earnings on Feb 23. The downward stock movement can be attributed to higher lease operating expenses. The negatives were partially offset by increased production volumes and higher commodity price realizations.
Callon reported fourth-quarter adjusted earnings of $2.66 per share, missing the Zacks Consensus Estimate of $2.81. However, the bottom line significantly rose from earnings of $1 per share a year ago.
Operating revenues of $692.2 million beat the Zacks Consensus Estimate of $526 million. The top line also increased from the year-ago quarter’s $296 million.
Callon Petroleum Company Price, Consensus and EPS Surprise
For the quarter, Callon’s net production volumes averaged 112,365 Boe/d, up from the year-ago period’s 94,914 Boe/d. Production volumes increased in the Permian Basin, while the same in Eagle Ford declined from the year-ago quarter. Of the total fourth-quarter production, 64% was oil.
Callon’s oil production for the quarter was 6,566 thousand barrels (MBbls), up from the year-ago level of 5,425 MBbls. Natural gas production increased to 11,273 million cubic feet (MMcf) from 9,738 MMcf in fourth-quarter 2020. Also, natural gas liquids (NGLs) production for the quarter under review was recorded at 1,893 MBbls, up from the year-ago figure of 1,684 MBbls.
Price Realizations (Without Impacts of Cash-Settled Derivatives)
The average realized price per barrel of oil equivalent was $61.22. The figure increased from the year-ago quarter’s $30.57 a barrel. The average realized price for oil was $77.13 per barrel compared with $41.06 a year ago. Meanwhile, the average realized price for natural gas was $5.03 per thousand cubic feet, up from $1.91 in the prior-year quarter. The average realized price per barrel for NGLs was $36.86, higher than the year-ago level of $15.24.
Total Expenses
Callon’s total operating expenses of $327.8 million declined from the year-ago level of $1,010.1 million. The year-ago figure includes an impairment charge of $585.8 million.
Total lease operating costs increased to $73.5 million from the year-ago level of $45 million. Also, the company’s per-unit lease operating expenses increased to $7.11 per Boe for the reported quarter from $5.15 a year ago.
Capital Expenditure & Balance Sheet
Capital expenditure for the reported quarter was $151 million. Callon generated an adjusted free cash flow of $123.6 million, up from $24.4 million a year ago.
As of Dec 31, 2021, the company’s total cash and cash equivalents amounted to $9.9 million, increasing from $3.7 million at the third-quarter end. Long-term debt totaled $2,694.1 million, down from $2,809.6 million in the previous quarter. It had a total debt to capitalization of 59.1%.
Outlook
For 2022, Callon expects total production of 101-105 thousand barrels of oil equivalent per day. Of the total, 64% will likely be crude oil.
The company projects its operational capital budget at $725 million, of which 85% will be allocated to the Permian Basin. Moreover, it expects to generate an adjusted free cash flow of more than $500 million for the year.
Viper Energy Partners LP (VNOM - Free Report) reported fourth-quarter 2021 adjusted earnings per unit of 36 cents, comfortably beating the Zacks Consensus Estimate of 19 cents. As of 2021-end, VNOM estimated its proved reserves at 128 million barrels of oil equivalent (MMBoe), reflecting a year-over-year increase of 29%.
Viper Energywas authorized by the board of directors of its general partner to make a cash distribution of 47 cents per common unit. The metric increased almost 24% from the prior-quarter figure of 38 cents per common unit.
Pioneer Natural Resources Company reported fourth-quarter 2021 earnings of $4.58 per share (excluding one-time items), beating the Zacks Consensus Estimate of $4.05. As of Dec 31, 2021, PXD’s proved reserves were recorded at 2,222,000 MBoe, up from the year-ago period’s 1,271,321 MBoe.
For first-quarter 2022, Pioneer Natural announced a dividend payment of $3.78 per share of common stock, which includes a variable dividend of $3 per share and a base dividend of 78 cents. This suggests a 5.6% increase from the prior dividend of $3.58 per share.
Continental Resources Inc. reported fourth-quarter 2021 adjusted earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.73. Investors should know that as of Dec 31, 2021, CLR’s estimated proved reserves were 1,645.3 MMBoe.
Continental Resources’ board of directors announced a quarterly dividend payment of 23 cents per share, a 15% increase from 20 cents paid out in the previous quarter. The amount will be paid out on Mar 4, 2022, to stockholders of record as of Feb 22, 2022.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Callon (CPE) Stock Dips 3% Since Q4 Earnings Miss Estimates
Callon Petroleum Company’s shares have declined 3% since it reported lower-than-expected fourth-quarter earnings on Feb 23. The downward stock movement can be attributed to higher lease operating expenses. The negatives were partially offset by increased production volumes and higher commodity price realizations.
Callon reported fourth-quarter adjusted earnings of $2.66 per share, missing the Zacks Consensus Estimate of $2.81. However, the bottom line significantly rose from earnings of $1 per share a year ago.
Operating revenues of $692.2 million beat the Zacks Consensus Estimate of $526 million. The top line also increased from the year-ago quarter’s $296 million.
Callon Petroleum Company Price, Consensus and EPS Surprise
Callon Petroleum Company price-consensus-eps-surprise-chart | Callon Petroleum Company Quote
Production
For the quarter, Callon’s net production volumes averaged 112,365 Boe/d, up from the year-ago period’s 94,914 Boe/d. Production volumes increased in the Permian Basin, while the same in Eagle Ford declined from the year-ago quarter. Of the total fourth-quarter production, 64% was oil.
Callon’s oil production for the quarter was 6,566 thousand barrels (MBbls), up from the year-ago level of 5,425 MBbls. Natural gas production increased to 11,273 million cubic feet (MMcf) from 9,738 MMcf in fourth-quarter 2020. Also, natural gas liquids (NGLs) production for the quarter under review was recorded at 1,893 MBbls, up from the year-ago figure of 1,684 MBbls.
Price Realizations (Without Impacts of Cash-Settled Derivatives)
The average realized price per barrel of oil equivalent was $61.22. The figure increased from the year-ago quarter’s $30.57 a barrel. The average realized price for oil was $77.13 per barrel compared with $41.06 a year ago. Meanwhile, the average realized price for natural gas was $5.03 per thousand cubic feet, up from $1.91 in the prior-year quarter. The average realized price per barrel for NGLs was $36.86, higher than the year-ago level of $15.24.
Total Expenses
Callon’s total operating expenses of $327.8 million declined from the year-ago level of $1,010.1 million. The year-ago figure includes an impairment charge of $585.8 million.
Total lease operating costs increased to $73.5 million from the year-ago level of $45 million. Also, the company’s per-unit lease operating expenses increased to $7.11 per Boe for the reported quarter from $5.15 a year ago.
Capital Expenditure & Balance Sheet
Capital expenditure for the reported quarter was $151 million. Callon generated an adjusted free cash flow of $123.6 million, up from $24.4 million a year ago.
As of Dec 31, 2021, the company’s total cash and cash equivalents amounted to $9.9 million, increasing from $3.7 million at the third-quarter end. Long-term debt totaled $2,694.1 million, down from $2,809.6 million in the previous quarter. It had a total debt to capitalization of 59.1%.
Outlook
For 2022, Callon expects total production of 101-105 thousand barrels of oil equivalent per day. Of the total, 64% will likely be crude oil.
The company projects its operational capital budget at $725 million, of which 85% will be allocated to the Permian Basin. Moreover, it expects to generate an adjusted free cash flow of more than $500 million for the year.
Zacks Rank
Callon currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Viper Energy Partners LP (VNOM - Free Report) reported fourth-quarter 2021 adjusted earnings per unit of 36 cents, comfortably beating the Zacks Consensus Estimate of 19 cents. As of 2021-end, VNOM estimated its proved reserves at 128 million barrels of oil equivalent (MMBoe), reflecting a year-over-year increase of 29%.
Viper Energywas authorized by the board of directors of its general partner to make a cash distribution of 47 cents per common unit. The metric increased almost 24% from the prior-quarter figure of 38 cents per common unit.
Pioneer Natural Resources Company reported fourth-quarter 2021 earnings of $4.58 per share (excluding one-time items), beating the Zacks Consensus Estimate of $4.05. As of Dec 31, 2021, PXD’s proved reserves were recorded at 2,222,000 MBoe, up from the year-ago period’s 1,271,321 MBoe.
For first-quarter 2022, Pioneer Natural announced a dividend payment of $3.78 per share of common stock, which includes a variable dividend of $3 per share and a base dividend of 78 cents. This suggests a 5.6% increase from the prior dividend of $3.58 per share.
Continental Resources Inc. reported fourth-quarter 2021 adjusted earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.73. Investors should know that as of Dec 31, 2021, CLR’s estimated proved reserves were 1,645.3 MMBoe.
Continental Resources’ board of directors announced a quarterly dividend payment of 23 cents per share, a 15% increase from 20 cents paid out in the previous quarter. The amount will be paid out on Mar 4, 2022, to stockholders of record as of Feb 22, 2022.