On Monday Callon Petroleum Company (NYSE:CPE) traded with change of 5.81% on volume of 28611331 shares in the last session as compared to average volume of 18384227 shares. During last trade its minimum price was $4.06 and it gained highest price of $4.29. CPE has total market capitalization of $956937353. Its closing value stands at $4.19.
On Nov. 4, 2019, Callon Petroleum Company (NYSE:CPE) issued the following statement in response to a report by Institutional Shareholder Services (ISS) regarding Callon’s all-stock acquisition of Carrizo Oil & Gas (NASDAQ: CRZO). Callon strongly disagrees with ISS’s recommendation and believes the following points are essential to understanding the merits of the transaction:
- Callon’s stated strategy remains unchanged: As we have articulated in numerous quarterly investor calls, and on slide 20 of our recently filed investor presentation, Callon has been pursuing four strategic financial objectives: increase cash return on invested capital, generate free cash flow, reduce leverage and maintain a long-term focus. This transaction clearly advances each point of Callon’s strategy.
- Scale is critical in an evolving industry landscape: As the shale industry turns from acreage acquisition to manufacturing mode, the efficiencies gained from large pad development and simultaneous operations are increasingly important for achieving a competitive cost structure. While Callon has made important progress implementing a scaled development model in select projects within its existing portfolio, the larger capital base of the combined company is expected to enhance its ability to optimize asset development through larger pad investments across the combined footprint on a sustained, repeatable basis.
Eugene Harris joined us after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. Eugene earned bachelor degree from Union College with a focus in Business Administration. Eugene is the Senior Editor and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
Email Contact – [email protected]
Address – 797 Paradise Crescent, Hauterive, Quebec
Zip Code – G5C 1M1
Phone Number – 418-920-9491