|Bid||0.0000 x 29200|
|Ask||4.6000 x 28000|
|Day's Range||4.2100 - 4.3500|
|52 Week Range||3.5100 - 8.6800|
|Beta (3Y Monthly)||1.51|
|PE Ratio (TTM)||4.17|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The recent production cut of 500,000 BPD from the OPEC+ group is set to result in total output cut of 1.7 million BPD, which represents 1.7% of global demand.
Callon Petroleum Company (NYSE:CPE) shareholders should be happy to see the share price up 13% in the last week. But...
The Zacks Analyst Blog Highlights: Diamondback Energy, Pioneer Natural Resources, Callon and Parsley Energy
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Diamondback Energy, Callon Petroleum, EOG Resources and ConocoPhillips
Despite the recent signs of moderation in American oil production growth, the country is poised to become energy independent by next year.
The Permian Shale, which is spread over roughly 75,000 square miles of western Texas and southeastern New Mexico, is believed to hold enough oil to feed all the domestic refineries for 12 years.
ConocoPhillips (COP) unveiled a 10-year plan that targets, among others, $50 billion in free cash flow. Meanwhile, HollyFrontier (HFC) raised its dividend by 6%.
A flurry of oil and gas industry mergers in early fall buoyed what has been a quiet market for deals. Experts says its a sign of declining investor confidence even as companies producing oil and natural gas from onshore shale basins like Colorado’s Denver-Julesburg Basin set new records in production. The industry is caught between debt taken on in 2017 and 2018 as companies raced to establish growth amid high oil prices and the sudden lack of confidence in the sector now that lower oil prices have lingered and U.S. oil production continues to boom and contribute to oversupply.
Hedge fund Paulson & Co, a top shareholder in Callon Petroleum Co, said on Monday it would not oppose the U.S. shale producer's reduced buyout offer for Carrizo Oil & Gas Inc, while cutting its stake in the company. Billionaire investor John Paulson's hedge fund, which did not give any details on its latest shareholding, had a 9.5% stake in Callon as of Nov. 6. Paulson had earlier opposed the deal saying that a 25% premium for the acquisition was too steep and that Callon would lose its position as a Permian pure play by acquiring a company with holdings in the Eagle Ford shale region of South Texas.
Hedge fund Paulson & Co. Inc. is dropping its opposition to U.S. shale producer Callon Petroleum Company's buyout of rival Permian player Carrizo Oil & Gas.
Both OPEC and the IEA released key reports this week, both of which pointed to some major worries for the oil cartel, yet oil markets seem not to have noticed
(Bloomberg Opinion) -- Here’s a company that really wants to get bought:As you can see, that wasn’t the case with Carrizo Oil & Gas Inc. up until quite recently. Back in early 2018, when it was trading at about $17 a share, the exploration and production company rejected activist Kimmeridge Energy Management Co.’s calls to either sell the whole company or a big slug of assets. It then capitalized on the summer’s upswing in oil prices — how long ago that seems — to sell a slug of new stock instead, at $23 apiece. By this summer, its confidence had waned and it agreed to an all-stock takeover by Callon Petroleum Co. valuing it at $13 and change — a deal so well-received that the one-day drop in Callon’s stock all but wiped out the 25% premium.Callon picked up an activist of its own a few months ago when Paulson & Co. said it was overpaying for Carrizo. So on Thursday, amended terms were announced. Carrizo has now agreed to an offer that gives it 42% of the combined company — versus 45% before — at a value of just $7.81 per share. That is barely a third of what investors paid for new stock in August 2018. It is, in fact, much lower than the price of every one of the 10 secondary stock sales Carrizo has carried out in the past 12 years, according to figures compiled by Bloomberg. Remarkably, the implied market value for Carrizo of $723 million is below the $850 million value the companies estimated back in July for the cost savings and efficiencies arising from the deal.This puts the “pit” in capitulation. Along with the revised share ratio, Callon’s executives will also forgo the special bonuses they would have received and which came under particular fire from Paulson. Callon also agreed to cap the authorized share count of the combined group.Carrizo’s past 18 months or so captures perfectly the broader shift in sentiment toward frackers. Kimmeridge’s original tilt at Carrizo was predicated on the notion that, like many of its peers, it lacked sufficient scale to operate efficiently and incentives for management needed an overhaul. The 2018 rally in oil prices let Carrizo shrug that off. The subsequent drop and associated derating of E&P stocks, as investors gave up on the oil option notionally embedded in them, forced a quick rethink on Carrizo’s part. But the lingering expectations that recovery just had to be around the corner, along with the ever-present skewed compensation practices embedded in Callon’s offer, were also behind the times.As of now, it’s unclear if Paulson backs the revised deal terms, though the pointed lack of any statement to that effect in Thursday’s announcement suggests it isn’t nailed down. Meanwhile, the shareholder vote has been pushed back a month. Consolidation in shale-land has been needed for a while, but management teams have resisted. The Carrizo-Callon saga shows it will ultimately happen anyway, just from a position of weakness rather than strength.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
In the wake of investor pressure, two Houston-based energy companies have revised the terms of their multibillion-dollar deal the same day shareholders were scheduled to vote on the acquisition.
U.S. shale producer Callon Petroleum on Thursday cut its buyout offer for rival Carrizo Oil & Gas and postponed a shareholder vote in a last ditch effort to win support for the deal. The first major shale merger since Occidental Petroleum Corp's purchase of Anadarko sent Callon's shares tumbling. Its bid was seen as a test of whether investors who have opposed shale mergers would accept an all-stock deal that promised higher earnings and cash flow.
Following months of opposition from one of its largest shareholders, Callon Petroleum Company has lowered its acquisition offer for rival Permian player Carrizo Oil & Gas, Inc.
Callon Petroleum's (CPE) third-quarter results are supported by a surge in oil equivalent production volumes, partially offset by lower price realizations of commodities.