6 May 2019quarterly activities report▼ Bad
Callon Petroleum Co reported a quarterly net loss of $19.5 million for the period ended 2019-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2019securities registration● Neutral
Callon Petroleum Co filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
26 Feb 2019quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $156.2 million for the period ended 2018-12-31.
12 Feb 2019substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a Callon Petroleum Co shareholding of 13,450,287 shares (5.91% of votes) in a periodic institutional filing.
12 Feb 2019quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $156.2 million for the period ended 2018-12-31.
11 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a Callon Petroleum Co shareholding of 20,839,300 shares (9.15% of votes) in a periodic institutional filing.
30 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a Callon Petroleum Co shareholding of 26,888,623 shares (11.80% of votes) in a periodic institutional filing.
24 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a Callon Petroleum Co shareholding of 26,888,623 shares (11.80% of votes) in a periodic institutional filing.
7 Nov 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $37.9 million for the period ended 2018-09-30.
6 Nov 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $37.9 million for the period ended 2018-09-30.
28 Sept 2018debt financing▲ Good
On September 27, 2018 Callon amended its $2 billion senior secured revolving credit facility, raising the borrowing base from $825 million to $1.1 billion and lenders' elected commitments from $650 million to $850 million, and updating various covenants. This continues the facility's stepwise increases from April 2018 and comes shortly after the Cimarex deal closed; the filing gives no link or reason (any link is inference).
4 Sept 2018asset acquisition disposition▲ GoodMajor
On August 31, 2018 Callon completed the Delaware Basin purchase from Cimarex announced in May, paying $538.6 million in cash after customary price adjustments (the headline price was $570 million). The properties include about 28,000 net surface acres in the Spur area, over 90% held by production and mostly next to its existing acreage. This resolves the pending Cimarex deal; a press release also updated 2018 guidance (figures not in this filing), and acquired-business financials are due by later amendment.
7 Aug 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $50.5 million for the period ended 2018-06-30.
7 Aug 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $50.5 million for the period ended 2018-06-30.
27 July 2018securities registration● Neutral
Callon Petroleum Co filed the final prospectus for a registered offering.
16 July 2018business combination● Neutral
Callon filed a registration statement (Form S-4) to swap the $400 million of 6.375% senior notes due 2026 it sold privately on June 7, 2018 for identical notes registered with the SEC. Callon receives no proceeds and the new notes have the same terms apart from dropping transfer restrictions and registration rights. This fulfils the registration commitment left open when the notes were issued, but the offer's expiry date is blank and it is not yet effective.
10 July 2018substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a Callon Petroleum Co shareholding of 14,512,608 shares (6.38% of votes) in a periodic institutional filing.
7 June 2018debt financing● NeutralMajor
On June 7, 2018 Callon closed the $400 million 6.375% senior notes due July 1, 2026, with net proceeds of about $394 million and interest paid each January 1 and July 1 starting January 1, 2019. The notes are guaranteed by Callon Petroleum Operating Company and rank equally with the existing 6.125% notes due 2024. Proceeds go to part-fund the pending Cimarex acquisition, repay revolver debt and general purposes. Callon must register exchange notes with the SEC, aiming for effectiveness within 270 days. This completes the sale agreed on May 31.
1 June 2018debt financing● NeutralMajor
On May 31, 2018 Callon agreed to sell $400 million of 6.375% senior unsecured notes due 2026 to J.P. Morgan and other initial purchasers, upsized by $100 million from the $300 million first announced. Proceeds are to partly fund the Cimarex purchase and repay borrowings under the revolving credit facility, with any remainder for general purposes. This is the debt part of the Cimarex financing.
25 May 2018material agreement● NeutralMajor
On May 24, 2018 Callon priced a public offering of 22,000,000 new common shares at $11.80 each, about $259.6 million gross, with underwriters holding a 30-day option for 3,300,000 more shares. Proceeds are meant to partly fund the Cimarex acquisition; if it does not close, the money would go to development, a potential preferred stock redemption and general purposes. This is the equity part of the funding announced with the deal and means existing shareholders are diluted by the new shares.
25 May 2018securities registration● Neutral
Callon Petroleum Co filed a prospectus supplement for an offering off its existing shelf.
24 May 2018material agreement▲ GoodMajor
On May 23, 2018 Callon agreed to buy producing oil and gas properties and undeveloped acreage in the Delaware Basin from Cimarex Energy for $570 million in cash, effective April 1, 2018, with a $28.5 million deposit paid. The press release says it adds about 28,657 net acres to the Spur area (over 90% held by production) and about 6,831 boe/d of current production (about 73% oil, seller-provided data). Closing is expected by September 10, 2018. Callon intends to fund it with an equity offering, cash on hand and/or long-term debt. This likely identifies the 'pending Delaware acquisitions' left open earlier, and extends the Spur position bought from Ameredev in 2017 (inference on the link).
24 May 2018securities registration● Neutral
Callon Petroleum Co filed a prospectus supplement for an offering off its existing shelf.
3 May 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $55.8 million for the period ended 2018-03-31.
3 May 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $55.8 million for the period ended 2018-03-31.
6 Apr 2018debt financing▲ GoodMajor
On April 5, 2018, Callon amended its $2 billion bank revolving credit facility: maturity extended one year to May 25, 2023, borrowing base raised from $700 million to $825 million, and elected commitments raised from $500 million to $650 million. Interest margins fall by 50 to 75 basis points depending on leverage. This continues the facility's growth since the May 2017 agreement; the borrowing base had risen from $650 million to $700 million between those filings, which the text implies but does not describe. James P. Ulm II now signs as CFO.
28 Feb 2018quarterly activities report● Neutral
Callon Petroleum Co reported a quarterly net income of $22.8 million for the period ended 2017-12-31.
8 Feb 2018substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a Callon Petroleum Co shareholding of 24,322,947 shares (12.05% of votes) in a periodic institutional filing.
8 Feb 2018substantial holder notice● Neutral
The Vanguard Group reported a Callon Petroleum Co shareholding of 17,257,289 shares (8.55% of votes) in a periodic institutional filing.
2 Feb 2018production update▲ GoodMajor
Callon reported fourth quarter 2017 production of about 26.5 MBoe/d (79% oil), up 18% from the prior quarter, and set a 2018 capital budget of $500-540 million, about 40% Delaware and 60% Midland. It expects 2018 production of 29.5-32.0 MBoe/d, 30-40% growth, adding a fifth rig in the first quarter and a second dedicated Delaware rig. This builds on the Delaware (Ameredev) and Midland acquisitions of 2016-17; January weather curtailed production beyond normal downtime and is built into guidance.