Callon Petroleum (CPE) burned cash flows last year but in 2020, the company will deliver free cash flows, even in a weak oil price environment. In my previous article, I wrote that Callon Petroleum's outlook is looking uncertain and the company could face resistance from some shareholders who opposed its Carrizo Oil & Gas (CRZO) acquisition. Callon Petroleum, however, provided considerably more clarity about its future and successfully completed the merger in late-December. After the latest developments, I think Callon Petroleum is now looking much better and investors should consider