Callon Petroleum Company Reports Q1 Earnings

Callon Petroleum announced its quarterly earnings of $1.49 per share, beating the Zacks Consensus Estimate of $0.90 per share. This compares to earnings of $1.20 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 65.56%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.41 per share when it produced earnings of $1, delivering a surprise of 143.90%.

Callon Petroleum, which belongs to the Zacks Oil and Gas Exploration and Production United States industry, posted revenues of $359.88 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 29.05%. This compares to year-ago revenues of $289.92 million. The company has topped consensus revenue estimates three times over the past four quarters.

The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call. Callon Petroleum shares have added about 183.6% since the beginning of the year versus the S&P 500’s gain of 10.9%.

The Delivered production of the United stated based oil company is approximately 81.0 MBoe/d which is 64% oil in the first quarter of 2021. Generated net cash provided by operating activities of $137.7 million and adjusted free cash flow1 of $24.2 million. The Net loss of $80.4 million, or $1.89 per diluted share, driven primarily by a loss on derivative contracts of $214.5 million, adjusted EBITDA1 of $170.6 million, and adjusted income1 of $70.0 million, or $1.49 per diluted share. Achieved an operating margin of $33.46 per Boe, a 58% increase from the previous quarter