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John S. Weatherly, CFO 1-800-451-1294
Callon Petroleum Company Reports
Results
For
Third Quarter, First Nine Months of 2002
Natchez, MS (November 6, 2002)—Callon Petroleum Company (NYSE: CPE/CPE.PrA) today reported its results of operations for both the quarter and the nine-month period ended September 30, 2002.
Results for the three-month period ended
September 30, 2002 include a net loss of $1.3 million, or $0.12 per
diluted share. This compares to net income of $262,000, or $0.00 per share on a
diluted basis, for the same period in 2001.
Total revenues for the three-month period ended September 30, 2002 were
$15.8 million compared to $12.7 million for the same period in 2001.
Operating results for the three-month period ended September 30, 2002 include oil and gas sales of $15.8 million from average production of 45 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $12.4 million from average daily production of 40 MMcfe/d during the same period in 2001. During the third quarter of 2002, natural gas represented approximately 92 percent of the company’s total production.
Production
delays during the third quarter of 2002 as a result of tropical storms totaled
approximately 130 million cubic feet of natural gas equivalent and reduced the
company’s average production for the quarter by 1.4 MMcfe/d.
The average price received per thousand cubic feet of natural gas in the third quarter of 2002 decreased by 4 percent to $3.24 compared to $3.38 during the same three months of 2001, while the average price received per barrel of oil in the third quarter of 2002 increased by 1 percent to $24.60 compared to $24.28 during the same period a year earlier.
For the nine months ended September 30, 2002, the company reported a net loss, before preferred stock dividends, of $1.4 million, or $0.18 per diluted share. This compares to net income of $9.9 million, or $0.67 per share on a diluted basis, for the same period in 2001. Total revenues for the nine-month period ended September 30, 2002 were $47.1 million compared to $51.2 million for the first nine months in 2001.
Callon Petroleum Company is engaged in the exploration, development, acquisition and operation of oil and gas properties primarily in the Gulf Coast region.
(MORE)
Consolidated Statements of Operations:
(In thousands, except per share amounts)
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Three Months
Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenues: |
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Oil and gas sales |
$ 15,763 |
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$ 12,404 |
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$ 42,121 |
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$ 49,647 |
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Loss on mark-to-market commodity |
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derivative contracts |
(18) |
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-- |
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(788) |
|
-- |
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Interest and other |
23 |
|
311 |
|
845 |
|
1,592 |
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Gain on sale of pipeline |
-- |
|
-- |
|
2,454 |
|
-- |
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Gain on sale of Enron derivatives |
-- |
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-- |
|
2,479 |
|
-- |
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Total revenues |
15,768 |
|
12,715 |
|
47,111 |
|
51,239 |
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Costs and expenses: |
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Lease operating expenses |
2,832 |
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3,238 |
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8,201 |
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8,963 |
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Depreciation, depletion and amortization |
6,763 |
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4,722 |
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18,840 |
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14,773 |
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General and administrative |
1,070 |
|
843 |
|
3,508 |
|
3,545 |
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Interest |
7,103 |
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3,508 |
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18,736 |
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8,742 |
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Total costs and expenses |
17,768 |
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12,311 |
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49,285 |
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36,023 |
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Income (loss) from operations |
(2,000) |
|
404 |
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(2,174) |
|
15,216 |
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Income tax expense (benefit) |
(700) |
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142 |
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(761) |
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5,326 |
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Net income (loss) |
(1,300) |
|
262 |
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(1,413) |
|
9,890 |
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Preferred stock dividends |
320 |
|
320 |
|
958 |
|
958 |
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Net income (loss) available to common shares |
$ (1,620) |
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$ (58) |
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$ (2,371) |
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$ 8,932 |
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Net income (loss) per common share: |
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Basic |
$ (0.12) |
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$ 0.00 |
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$ (0.18) |
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$ 0.67 |
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Diluted |
$ (0.12) |
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$ 0.00 |
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$ (0.18) |
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$ 0.67 |
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Shares used in computing net income (loss) |
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Per common share: |
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Basic |
13,377 |
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