- Callon Petroleum press release (NYSE:CPE): Q1 Non-GAAP EPS of $1.94 misses by $0.10.
- Revenue of $560.04M (-27.9% Y/Y) beats by $24.75M.
- Net cash provided by operating activities was $247.9 million and adjusted free cash flow was $7.2 million
- Total production averaged 100 MBoe/d (60% oil), in-line with guidance
- Capital expenditures were below expectations at $270.1 million
- Reduced total debt by $37.7 million, the eleventh consecutive quarter of debt reduction
Callon reported first quarter 2023 net income of $220.6 million, or $3.57 per share, and adjusted EBITDAX of $326.3 million.
Adjusted income was $119.9 million, or $1.94 per diluted share.
The Company generated $247.9 million of net cash provided from operating activities in the first quarter.
For the second quarter, the Company expects to produce 105 - 108 MBoe/d which includes oil volumes of 63 - 65 MBbls/d. Gross wells turned to sales are expected to be 33 - 38 gross wells (31 - 36 net).
Operational capital expenditures are expected to be $285 - $300 million on an accrual basis. Second quarter guidance are available in the accompanying presentation.