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Callon Petroleum Q2 adjusted results match Street estimates

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Callon Petroleum Q2 adjusted results match Street estimates

Callon Petroleum Co. on Aug. 6 reported a second-quarter adjusted income of $41.3 million, or 18 cents per share, down from the adjusted income of $44.5 million, or 21 cents per share, posted for the same period in 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 18 cents per share.

The company's GAAP net income came in at $55.2 million, compared to the $50.5 million seen a year ago.

Total operating revenues were pegged at $167.1 million, up from the $137.1 million posted during the second quarter of 2018.

Average production for the quarter came in at 40,516 barrels of oil equivalent per day, up from the 28,954 boe/d seen a year ago. However, average realized prices, including the impact of settled derivatives, sank with $44.99/boe posted for the quarter compared to the $48.99/boe seen during the second quarter of 2018.

The firm also highlighted its ongoing acquisition of Carrizo Oil & Gas Inc. in an all-stock transaction valued at $3.2 billion.