CPE - Callon Petroleum Non-GAAP EPS of $3.46 misses by $0.01 revenue of $704.25M beats by $76.85M

• Callon Petroleum press release ( NYSE: CPE ): Q4 Non-GAAP EPS of $3.46 misses by $0.01 .
• Revenue of $704.25M (+11.3% Y/Y) beats by $76.85M .
• Generated $372.6 million of net cash provided by operating activities and adjusted free cash flow of $165.4 million
• Net income of $272.5 million, or $4.41 per diluted share, adjusted EBITDA of $412.2 million, and adjusted income of $207.7 million or $3.36 per diluted share
• Fourth quarter 2022 production averaged 106.3 MBoe/d (62% oil)
• Reduced lease operating expense  to $7.58 per Boe
• Reduced debt by an additional $133.0 million
• Callon reported fourth quarter 2022 net income of $272.5 million, or $4.41 per diluted share, and adjusted EBITDA of $412.2 million. The Company's adjusted income was $207.7 million, or $3.36 per diluted share.

• The Company generated $372.6 million of net cash provided by operating activities in the fourth quarter, a 2% year-over-year increase. Net cash provided by operating activities in 2022 was up 54% year-over-year to $1.5 billion.

• Total operational capital expenditures for the fourth quarter and full-year 2022 were $191.7 million and $841.5 million, respectively. Callon is committed to not outspending cash flow and had a capital reinvestment rate of less than 60% of net cash provided by operating activities in 2022.

• For full-year 2022, debt was reduced by $461.9 million. The year-end balance on the Company's senior secured revolving credit facility (the "Credit Facility") was $503.0 million and cash balances were $3.4 million. In mid-October, Callon and its lenders entered into an amendment to the Credit Facility which extended the maturity to October 19, 2027. The Credit Facility has a borrowing base of $2.0 billion with an elected commitment of $1.5 billion.

For further details see: