2023 Capital Program
Callon expects to invest approximately $1 billion in 2023, representing a cash flow reinvestment rate of approximately 60% of 2023 consensus Adjusted EBITDA. Capital investments in 2023 are front-end loaded with approximately 55% – 60% of the total allocated to the first half of the year as multiple, large-scale Permian projects are executed with simultaneous operations of drilling and completion activity. More than 80% of the budget for the year is earmarked for the Permian Basin.
Highlights
- 2023 planned capital expenditures of $1 billion, representing a projected reinvestment rate of ~60%1
- 2023 production expected to average 104 – 107 thousand barrels per day of oil equivalent (MBoe/d)
- Adjusted free cash flow from 2023-27 projected to total >$2.75 billion, assuming $80 per barrel NYMEX WTI and current service cost levels, or more than 125% of Callon’s current market capitalization
- Company expects to continue its rapid pace of debt reduction and reach its key $2 billion debt milestone in the second half of 2023, based on the current commodity price environment
- Five-year outlook characterized by increasing capital efficiency and a projected compounded annual production growth rate of 2% – 4%, highlighting the depth of consistent, high-quality inventory and improved cycle times
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas. Callon Petroleum our core footprint to approximately 200,000 net acres in the Permian Basin and Eagle Ford Shale.
Callon Petroleum ranks #20 in wells drilled in 2022 with 104 wells drilled in the Mid Continent of the US. The Mid Continent region includes Texas, Oklahoma, New Mexico and Louisiana.
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