Callon Petroleum Q1 2024 – Net Income Plummets

By Bobby Samwell • Tuesday, December 03 10:19 • Permanent Link

Callon Petroleum Company has released its consolidated financial statements for the first quarter of 2024, providing insight into the company's performance compared to the same period in 2023. Here are some key figures:

Total current assets as of March 31, 2024, amounted to $299,895, a significant increase from $252,127 as of December 31, 2023.
Operating revenues for the three months ended March 31, 2024, totaled $563,621, compared to $560,046 for the same period in 2023.
Income from operations for the first quarter of 2024 was $90,733, a notable decrease from $184,190 for the same period in 2023.
Net income for the first quarter of 2024 was $14,912, significantly lower than the net income of $220,638 for the same period in 2023.
Cash and cash equivalents as of March 31, 2024, stood at $19,547, marking a substantial increase from $3,325 as of December 31, 2023.
Long-term debt as of March 31, 2024, amounted to $2,024,660, up from $1,918,655 as of December 31, 2023.
The company's total stockholders' equity as of March 31, 2024, was $4,010,776, compared to $3,991,361 as of December 31, 2023.
Net cash provided by operating activities for the first quarter of 2024 was $135,540, a decrease from $247,913 for the same period in 2023.
Net cash used in investing activities for the first quarter of 2024 was $223,834, compared to $209,909 for the same period in 2023.
Net cash provided by (used in) financing activities for the first quarter of 2024 was $104,516, a significant change from ($38,029) for the same period in 2023.

These figures highlight the company's fluctuations in various financial metrics, indicating both positive and negative changes compared to the previous period. It's important to note that the completion of a merger agreement with APA Corporation and Astro Comet Merger Sub Corp. impacted the company's status as a publicly traded entity, leading to changes in its financial reporting. Following these announcements, the company's shares moved 0.5%, and are now trading at a price of $22.45. For more information, read the company's full 8-K submission here.

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