Callon Petroleum reports results of operations for 2Q
NATCHEZ — Callon Petroleum Company (NYSE: CPE) recently reported results of operations for both the three and the six-month periods ended June 30, 2009.
For the quarter ended June 30, 2009, the company reported a net loss of $0.9 million, or $0.04 per share, after a non-recurring charge of $2.2 million associated with staffing reductions and employee retirements, which reduced earnings per share by $0.10. Net income for the comparable period of 2008 was $5.2 million, or $0.23 per share.
For the six months ended June 30, 2009, Callon reported net income of $1.5 million, or $0.07 per share. This compares with net income of $12.8 million, or $0.58 per share during the same period of 2008. All per share amounts are on a diluted basis.
Operating results for the three months ended June 30, 2009, include oil and gas sales of $25.0 million from average production of 33.1 million cubic feet of natural gas equivalent per day (MMcfe/d) which exceeded the high-end of the company’s published guidance range of 28.0 to 30.0 MMcfe/d. This corresponds to sales of $48.0 million from average production of 37.2 MMcfe/d during the comparable 2008 period.