Print
Email
Callon Petroleum Company (CPE) filed Quarterly Report for the period ended 2011-09-30.
Callon Petroleum has a market cap of $180.8 million; its shares were traded at around $4.59 with a P/E ratio of 8.5 and P/S ratio of 2.
This is the annual revenues and earnings per share of CPE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CPE.
Highlight of Business Operations:
Operating Activities. For the nine-months ended September 30, 2011, net cash provided by operating activities was $57.9 million, compared to $82.2 million for the same period in 2010. Cash flows from operations in the first nine months of 2010 included a $44.8 million recoupment of royalties paid to the Bureau of Ocean Energy Management, Regulation and Enforcement (“BOEMRE”; formerly the Minerals Management Service), and related interest of $7.9 million. Excluding this $52.7 million related to the BOEMRE royalty recoupment, cash flow provided by operating activities increased period-over-period by approximately 96% or $28.4 million primarily as a result of a 25% increase in the average realized sales price on an equivalent basis and a 17% increase in total production on an equivalent basis.As discussed in Note 6, at June 30, 2011, we estimated the fair values of the assets acquired to be $11.4 million and liabilities assumed of CEC to be $4.0 million as a result of this Agreement. The assets acquired consisted primarily of the Entrada surplus equipment and the liabilities assumed consisted of deferred tax liabilities associated with the basis difference of the equipment. The total net assets acquired of approximately $7.4 million were recorded at June 30, 2011 as a $3.7 million gain and $3.7 million as an adjustment to our full cost pool of oil and gas properties. The gain recognition was required as a result of our acquiring CIECO s former 50% share of the assets, and the full cost pool adjustment was required to reflect the 50% share of the assets we held prior to the deconsolidation of the CEC subsidiary in 2010. The gain of $3.7 million increased our fully diluted earnings per share by $0.09 and $0.10, respectively for the three and six months ended June 30, 2011.
Oil revenues increased $11.4 million or 76% to $26.5 million for the three months ended September 30, 2011 compared to revenues of $15.1 million for the same period of 2010. As noted above in conjunction with the overall increase in total revenue, both an increase in commodity prices and production resulted in the increase in oil revenue. The average price realized increased 36% to $98.27 per barrel compared to $72.47 for the same period of 2010. Similarly, production levels, for the reasons previously discussed, increased 29% to 270 thousand barrels (“MBbls”) compared to 209 MBbls during the same period in 2010.
For the nine months ended September 30, 2011, oil revenues increased $26.7 million or 56% to $74.4 million compared to revenues of $47.7 million for the same period of 2010. As previously mentioned, increases in both commodity prices and production contributed to the increase in revenue. The average price realized increased 35% to $99.82 per barrel compared to $73.78 for the same period of 2010. Similarly, production increased 15% to 746 MBbls compared to 646 MBbls during the same period in 2010.
Gas revenues of $7.0 million for the three months ended September 30, 2011 increased 31% or $1.6 million compared to gas revenues of $5.4 million for the same period of 2010. Gas production increased 16% period-over-period, primarily driven by production from our Haynesville Shale gas well, which was placed on production during September 2010, and due to the production from East Cameron #2 well, which was shut-in during the first quarter of 2010 for repairs to the host facility and did not return to production until December 2010. In addition to production increases, the average realized price increased 13% to $5.46 per thousand cubic feet of natural gas (“Mcf”) compared to an average realized price of $4.84 per Mcf for the corresponding period in 2010.
Subscribe RSS
