CPE - Callon Petroleum raises FY22 free cash flow view to over $900M; reaffirms 2022 production and expense guidance

Callon Petroleum (NYSE:CPE) provides an updated operational capital budget range of $790 to $810 million in 2022, compared to the initial forecast of $725 million provided in February to incorporate increase in service costs. The company also increased its expectations for adjusted free cash flow to over $900 million in 2022 based on prevailing commodity prices and reaffirmed guidance for production and all expense categories. For the quarter ended June 30, 2022, current expectations are for a total debt to last twelve months pro forma adjusted EBITDA ratio below 1.6x, calculated pursuant to the credit facility, and a credit facility balance of ~$550 million. The total production is unchanged from prior guidance to 101 – 105 (MBoe/d). The company secures multi-year firm transportation agreements for Permian Natural Gas Production to the Gulf Coast for ~75K MMBtu/d which are expected to be in effect beginning in mid-2023. Now Read: Callon Petroleum: May Be Able To

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Callon Petroleum raises FY22 free cash flow view to over $900M; reaffirms 2022 production and expense guidance