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Callon expects 8% YOY increase in Q3 production

Callon Petroleum Co. expects third-quarter production in the range of 37,500 barrels of oil equivalent per day to 37,900 boe/d, up from 34,900 boe/d during the same period a year ago.

Production for the third quarter is composed of 78% oil, according to an Oct. 21 news release from the Houston-based company.

During the second quarter, Callon produced 40,516 boe/d.

Callon also said operational capital spending will total between $114 million and $118 million during the third quarter, which follows the estimated operational capital expenditures of $495 million to $520 million for 2019.

Lease operating expenses are expected to range between $19.5 million and $20 million, or in the range of $5.60 to $5.80 per boe.

Total capitalized interest and capitalized G&A for the third quarter are expected to be between $26 million and $27 million.

Pre-hedge realized prices are expected to be roughly $54 per barrel and $1.55 per Mcf for natural gas.

In July, Callon Petroleum Co. announced it will acquire Carrizo Oil & Gas Inc. in an all-stock transaction amounting to $3.2 billion, with the deal expected to close during the fourth quarter.

The two companies produced a total of 106,159 boe/d during the second quarter.