CPE - Callon Petroleum closes Delaware Basin deal cuts outstanding debt by $300M

2023-07-05 07:22:42 ET

Callon Petroleum ( NYSE: CPE ) said Wednesday it has reduced its outstanding debt by ~$300M to less than $2B, and plans to repurchase the first shares under its new two-year, $300M stock buyback program in Q3.

Callon ( CPE ) also said it closed its previously announced acquisition of Delaware Basin assets from Percussion Petroleum Operating II and the sale of its Eagle Ford assets to Ridgemar Energy Operating.

The company said it paid $249M in cash and ~6.3M common shares at closing for the Percussion transaction, and received $551M in cash at closing for the sale of its Eagle Ford assets to Ridgemar.

More on Callon Petroleum:

• Financial and valuation comparison to sector peers
• Analysis: Callon Petroleum's Recent Acquisition Implies Further Upside For Vital Energy
• Stock price return: Up 1.5% YTD, down 2% in the past 12 months

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