CPE - Earnings call transcript Q4 2021

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Operator

Good morning. My name is Chantelle and I will be your conference operator today. At this time, I would like to welcome everyone to the Callon Petroleum Fourth Quarter and Full Year 2021 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator of you Director conference. begin Investor Smith, may Relations, your Kevin

Kevin Smith

me are you, thank Executive Operating our and to With and Good Officer; Officer. conference Chief Financial Kevin today's for today. Thank SBVP morning Officer; time Dr. you Jeff Chantelle. and and Gatto, Joe President taking Balmer, the call Haggard, on Chief and call Chief join SVP

which press are earnings prepared on results reference presentation release, remarks, both quarter fourth our of During website. the earnings available our we and may

So, everyone already. encourage to I if download you both haven't documents

Events You under can find & of the the Presentations' headings website News of and slides which release on at press section located within our Investors' the both are page the our www.callon.com.

to statements, our like on to Before disclosures presentation. included I remind disclaimers, two important we cautionary of the slide would review and everyone begin,

statements slides some plans. to call We these on Actual forward-looking our could refer and the differ results will during materially due periodic SEC and to noted estimates filings. today's make in factors that

some refer across we comparisons which help will our believe also today, measures facilitate non-GAAP and financial to with peers. periods We to

For to the measure. measures a provide reconciliation any corresponding GAAP we non-GAAP nearest reference, we

in and reconciliations on release, these to find presentation appendix slides website. our may You of which earnings in the press earnings available our the both are

would remarks, our I the Q&A. to like for Gatto. that, prepared we with turn Joe? Following over will open call up And the call Joe

Joe Gatto

of us world. to morning developments joining good on call, parts and everyone with Kevin a the you, concerning specially the Thank in other on day

for commentary. at comments, a additional earnings website I on run encourage introductory everyone look As our we background on take through presentation our to

recently XX Investor has to Kevin our in Before covering Investor Smith, we previously research most industry. and energy experience analyst new the over Director industry introduce Relations. as of formally of working the E&P in started, Relations sector, like get Kevin years I'd

results to I'd working all to and We start once fourth quarter I'm us and you'll stellar him. are have excited the with sure by during we like beat him enjoy discussing achieved expectations. which with here again

in of the XXX,XXX guidance acquisition. efficient the barrels quarter, the Basin strong equivalent the from integration results and high total day. production came of was For an per at at well end Permian of driven This over by oil Delaware

to categories that at Additionally, of in year operating operating the inflationary approximately pressures. the guidance effective drove disciplined cost record mitigating $XXX cost or our was flow came control for midpoint budget strong performance below new either below the our generation spending free a combined at program million Callon's for capital Overall, with as were cash quarter.

than XXX% XX% free our in excess of that the operating product profit our reduction. unchanged, back we a year As a actual operating reinvestment directly in prices, initiatives. I'm a and I prices. goals was our commodity to ambitious remained those higher planning we of and we top-tier This maintaining disciplined Early by clear very grew industry. flow cash deliver say outlined the the flow rates allocation our cash profile cross-border to In -- roughly margin and debt model year-over-year while that with for remains XX% advancing look on proved as framework represented our reinvestment XXXX, flow for Callon's CapEx XXXX, leverage setting to to of improvement, cash sustainability our began prices XX% planning ultimately XXXX, flow of while be than pleased plan commitments. capital capital cash less operating with stage

reduction earlier, aggressive on both metric was an leverage mentioned debt in for absolute basis team the and I a focus XXXX. As key

quarter an of to $XXX absolute resulted to net These liability a two initiatives our in contributed are asset with EBITDA put drilling debt the achievement improve us and the reduction Alongside a greenhouse fourth of gas and management robust advantage and Callon's emissions ratio adjusted that a portfolio has done all improvement combined overall reinvestment generation flow sheet impressive and basis. footprint. cash free proud collective and of operational organization annualized reduce debt times further with for financial and million our on work balance performance, to locations. disciplined Our monetization position in we are carbon

As flaring you emissions to announced may reduce meaningful XXXX. GHG recall, last goals spring, we and by

flaring timeline that Given emissions we are reducing at with our in XXXX, to methane goal year initiatives had XXXX, reduction accelerated target increased to least in our by paired progress process, increased one in GHG our XX%.

million expect reduce our total X.X% XXXX, end that also to year As I to years we've below original flaring But base estimates. want XX% at oil of are in reduce economic represents the below In that based GHG materials also raising and inventory intensity part volumes. presentation per goals, routine barrel barrels highlight relative equivalent less flaring and methane X% oil XX all XXX this to eliminate that comprised of and our we XX% to than locations on year. third-party of at Permian bar our substantial XXXX, reserve $XX crude of of outlined by by to

volumes almost PDP in XX% Importantly, XXXX reserves. by proved now and total of PDP represents increased XX%

drill year were the BOE. over $X production billion. cost F&D the to XXXX group through an at addition SEC an exited $X.X volumes through increased per as nearly PV-XX PV-XX PDP attractive with we our SEC value XXX% In adding total, at bit $X we valuation billion valuation a approximately by placed In of of acquisition, for

assumption. WTI increase free capital we $XXX XX% per price and reinvestment XX% XXXX, million, flow flow implied million. of to levels, cash would cash using represents to that decline set barrel of For would $XX generate $XXX of approximately recent approximately have the oil budget rate well an rate cash expected operating At $XXX a is which at nearly stripped reinvestment free flow over million pricing to

a the model expanded set to to XXX,XXX in development this allocation XX% of capital will opportunity our across Our recently Permian advance we basin. over as scale the increase year acres

for program development strategy being pressures the we contracting steady key help last inflationary Callon's began services, spot which proactive and will in year, mitigate markets. seen Importantly,

costs inflation XX%, steel, accelerated initiatives, and our driven million approximately fuel completion which are drilling budgeting in $XX and cost year being missions to result, I for and labor, equipment of also and for a that we projects the earlier. environmental goals costs. by primarily discussed this We're range are As new the achieve forecasting

number impacted larger development quarter XXXX model of quarter XXXX the our production day at of approximately fourth on levels Looking a shift divestitures properties, X,XXX the newly by in and to of production. BOE production the scale fourth we our reset profile, the expect as the and are to production similar per XXXX wells online first number quarter a of of acquired in XXXX third More in of specifically, combined, wells on alone of placed XXXX timing the impact to will alone. which quarter XXXX quarter be -- first placed will the the

business in expect during during second flow XX This our development year. of rebound enterprise wells in asset an the annual base, sustain inventory course balances turn of and backwardation. first day our it XXXX pricing, year, in margins adjusting strong the of a model. see per the scale adding cash for the operating At of sustainable from a rates To year. not transferred year the a wells in over to positioning value future for deliver for an $XXX in below XX debt compromise forecast of in Permian project with a average production from free clear of for ongoing of larger volumes I in divestiture will also development has scaled outlook In benefited a timing story high bleeding proposition free and acquisition oil that value first to of with create came operations. leave equity cash With continue the strong deleveraging shift increases capital operational across after XXXX discuss accommodate inventories line the this Callon's of of with foundation in over is our graded Based stripped as into will flow approximately XX million a over total now the to and efficient we path for growth cash the near-term in generation in portion in POPs value. year, XX% this XX% this activity forward enterprise of to production Our in other program model, increased $XX a Jeff the quarters. XXXX, sizes in words, potential and the base. points. XXXX, additional shareholder we to locations quarter. net With to level inventory recent key the not at they was Callon's WTI despite curve, we market through XXX,XXX maintenance conjunction pace sequential by a will flexibility the excess cash flow with half. you BOE of years value will expansion value and multi-zone forecast a has larger sum-up lineation quarter on inventory. strength an more is with resource upside DUC of barrel few will this over per our extraordinary liquidation on upcoming Notice I'll

Jeff Balmer

good you and Thank morning everyone.

cost to team control, operating out, them. challenges XX was proud our to As many the Joe the and I'm pointed on had we months for our an execution year. presented that focus over Thanks and last environment say outstanding up

performance above came production guidance expectations. in results at the end of as trended Our high well

costs as exhibited midpoint environment. of lifting and we we this came guidance, below capital or exceptional at cost in even cost the inflationary Additionally, controls in

what later the doing and we're into cost prepared dig inflation to remarks. Now, environment offset my

year. some like had I'd we with the highlights operational the the discuss Eagle Starting Now, Ford. of to during

Ford West played quarter, the during West project our success. important a development completion well in the and planning the activity that second it's and the the fourth during in XX was production overstate how results been Callon across project part the did quarter While, of The tremendous well every in have not Urban we history company's a coordination Eagle and essentially the for horizontal I terrific largest through year. came cannot Urban any online

Another is grid. to efforts highlight Ford emissions the electric Eagle vastly by ongoing reduce fields our our on from having the

across million the us reduces $X our generators from This in During to over release five service, Also, Eagle XX in fields of allowed to and plan over XX% targets. methane year, replacing continue also power annual but year, expanding the full not reduction air we'll to take Ford overall is we results instrument closer savings. footprint, with this devices to grid pneumatic more the our us carbon which connected our only diesel XX move electrification the an generators. to to assets the be field additional help

So, shifting to Basin. the Midland

in with targeting development to have our success of multi-bench continue field life We philosophy.

the spud Spraberry Lower or of wells, expectations. During the completed end bringing represents three-zone which development at we an eight-well, on length days and XX,XXX January. are meeting to drilling Results a wells wells of eight an six The exceeding the and two time. Wolfcamp all quarter, XXXX that the project to-date early A, with of the days our XX% release, B average feet, our formations, which lateral average reduction in excellent other averaged XX fourth in Wolfcamp drilling for about for roughly rig had from versus of those

continued efficiency. again, So

from to South Delaware, later, XX acquired I'll quarter during Delaware the online were Moving of properties. very the the our Three wells, were wells. we active which bringing fourth discuss newly

that third Two we Primex the to we that that So, Delaware like has I County highlight wells would South. formation. brought wells online Springs the are completed Bone in Ward Crowheart become

IP formation. of X,XXX which So, nontraditional a of average BOE was day, lateral oil. XX-day wells rate modestly X,XXX-foot had an per over These XX%

production. of making year, all of were amount decision X,XXX-foot again, active So, the the in pumps, short development our Wolfcamp which And significant wells lift line performance or Throughout systems laterals converting the that significantly with completions, upfront in were well improve very of ESPs, remaining old expectations. submersible this helped Basin, performing electric we've has Delaware and artificial been systems. reduce gas gas to in and costs a

gathering secured to we our and tier regions an in help in Our XX% secondary management top gas for has since reduce improvement gas the Permian options time flared. XXXX. Last program run additional is total year, ESP resulted

of devices methane year, we no be fleet. treatment We projects as frac also contracts fleet pneumatics natural upgrade as electric a tested the to and frac or facilities, both full air fuel our a fleet initiatives. majority us substitution year Permian an and two region. we XXXX in This sign for dual of dual gas gas for instrument plan operated these well a The emission will rate natural led reduction to to electric high fuel replacing our support with success

like has I'd a provide standpoint operations as you close Dover the an next, South transition possible. seamless as with We to And been on this recently So, from acquisition frac to a acquired within assets. wells the And the an site were had really, in on Xst. bugs we the completed crew by on three completed of drilled October and hours on closing, that Primex. drilling out update

team oil brought in South wells days Delaware Our allows assets of and and stable cuts seven of our pricing expectations. of to wells our and having and successfully during five have within supply line with closing. the East plan the completion XX recently producing than wells are that to have for with brought six contracts additional our online portion two the we're operating remainder three and drilling overall more been us acreage. days in development to excited performing size nature plus this roughly plan online similar Delaware operators and Currently, We quarter. rigs to assets. at on place deal service another in first on about spot wells the are methods tight market. our implementing lock Very The These favorable

continue really is be our two-well prioritize to XXXX scale. focused we a on to Permian Delaware Over Ford, at D&C Delaware our infill wells and to on development, zones. drill And assets. we'll primarily We total, primarily our our Spraberry approximately going infill away and acreage we've be pads Lower Eagle assets. then focus remain on and mentioned, Basin, our optimizing costs. of budget In and plan shifted the our South capital A on attention Wolfcamp will in of to Joe upon larger to focus half one our the Delaware target opportunities of multi-zone on Permian. as allocated methods focused target course, completed the As the In will our Middle program Basin, the Midland the and focused new continuing as development the and to B from multi-bench core increased XX% budget we've

to to So, offset taking inflation. like I'd lastly, discuss we're steps the

And and also rigs Just we primarily To locked and labor XX%. offset are and providers maybe average of like long-term our for experiencing this, like materials inflation increases price in the service service fuel. well then, inflation raw to our peers, costs pushing We're between we've in factories. market. of items we're with seeing X% experiencing reflect cost tight course, contracts and

primarily progress really and pushing And size use partnerships provides outlined area us well to vendor Our to think We to development our we the active opportunity treatment in one effective expertise our lifting stable, allow costs and in and then to also management in the management and more scale buy due made very natural bulk, chemicals, specifically, and South program. efficiencies. chemicals bring cheaper down Delaware is use That is that a can we've we reducing in-house assets. significant in our costs. source gas

time, of time for Basin in Delaware field the overall the already increase productivity and the we've the proficiency overall assets. again, new seen the run ESP in Delaware our Additionally, South, run

up, right the we the assets with in to right the it exceeded in XXXX. to the once and team that, to Kevin over turn handle in right plan, got operations So XXXX. I'll expectations deliver place wrap again board to the And financials. across We've

Kevin Haggard

Jeff. you, Thank

key financial promises, year XXXX, goals achieve new and deleveraging records target. the and full our fourth we our delivered set During on quarter like

highlights. our by we ending X.X and forma $XXX X.X, remarkable adjustments. We divestiture on with based approximately for over a and This a closing the ratio our pro lending acquisition leverage this in times. the to of leverage delivered Let's the year set Perhaps With on the on follows quickly We year. of at this same is for regard metric targets a achievement, a EBITDA some is use EBITDA, during most forma forma we banks look calculation of million reduced ratio turns pro which these pro October two billion on bonds. with adjusted calculation $X for Primex posting Xst. year, leverage, the the realized importantly, record new our

top-tier to Jeff again significant with properties, in our are peer-leading Delaware once able higher XX% reductions increase costs new the per quarterly $XX margin This us to fourth margins. margin cash Despite on which X% an operating increase a sequential quarter, adjusted our plus expand oil helped weighting realize the BOE. in over of $XXX South approximately quarter, the high for in EBITDA an million as of reduced processing base, the of cash our we production transportation our associated of led During a we interest in record The mentioned, with burden basis level per our XXXX spending, adjusted at levels capital increase and our asset company to has third lifting lower flow. record free EBITDA were quarter fourth margins targeted results. new and operating realized of combined disciplined gathering unit to led

Callon of quarter, fourth free cash the During approximately million. an $XXX generated flow adjusted

For full generated cash $XXX flow. year, million the free of roughly we

debt Our to the the levels and strengthen capital has provided reduce sheet. discipline opportunity balance

balance During our to lowered debt below XXXX, we reduced our level $XXX borrowing RBL million XX%. by and

down as a debt levels as from two shareholders has the the to for Since value. cash line pro the returning $XXX our to year. of implications debt view debt consider million of positive now years. for we This also is million in paid equity of We reduced roughly it year-end of Callon debt. really the $XXX has acquisition, value form borrowed consecutive million equity. we you XXXX, If for has moved it $XXX over course reduction forma Primax have this

at of million a a puts free position done achieve cash of initial and our and metrics we around approximately levels financial the quantum oil lien more ratio of to price. closely a debt absolute cost achievement cash one continued either. second on estimates, those rating. year-end. flow approaching consensus notes leverage guidance structure XXXX half our allow and $XX also to flat us of stated to times not our $X our financial BB by reduce debt, are flow billion XXXX $XXX mirror and in remove of a of capital in should We a goals our us This generate The Based expect from overall credit here

our is downside hedging, still while XXXX potential. hedge minimizing program to risk the for fairly leaving upside Turning complete,

hedges. As adding we remain look we XXXX, to additional in proactive

to the in in the deleveraging cash been oil The begun floor has have two in money from to natural strengthening a protect about with past having see add made market regard flow good of oil helpful outyears. discussions both this strides the The that we've slides, for could we in plus the puts over You latest hedges the us curve $XX. start gas and positive XXXX the shareholders. position to years, returning meaningful outlook recently

many investigate to move before to corporate the While we and I'm In turn leverage of organically to sheet we flexibility. invest rapidly capital value return point share to the value debt like with In we through goals to near-term, the balance options are that, to increasing future, ways increase dividends value. we shareholders can to things our generate continuing reduction, our can in evaluating back through are be where achieved, will we we the to best creating the our throughout over debt the and And do us buybacks. something and we will business means reduction This other protecting we be equity Joe through Q&A. year approaching is need this affording shareholder and will while for to discuss shareholders going value as look organically. and

Joe Gatto

Kevin. Thanks

certainly appropriate for for things drove it's come. up here our which and and employees an year great to us up efforts to thanking their sets tireless think for Callon exceptional I clearly finish by dedication

turn open going I'm that, back with it to to for Q&A. up So, operator to

Operator

Derrick [Operator from Whitfield Instructions] Our first Stifel. question comes with

line is open. Your

Derrick Whitfield

deleveraging Thanks. progress. Good all your and morning and congrats portfolio on

Joe Gatto

Thank you.

Derrick Whitfield

your Perhaps comments, of improved you improving ended to commodity your prepared stats and of dramatically leverage with ending XXXX actions have for in the kind Joe a or guys price where backdrop. Kevin, date result since as your

should a times preference we and or to that potential for in think free your debt-to-EBITDA you once half cash achieved capital sub one leverage net about achieve the XXXX, With metric? longer-term flow how allocation

Joe Gatto

Yes. jump see if Derrick, there our things good look here. clearly, wants to got a and But margins on power but reduction I'll cash in. start we're continued we dramatic great of on here, Kevin follow-through, path and the off

medium-term look metrics there to sort think as we and top the right we to out the priorities piece inventory to But investors. it's assessing clearly and is make if might to options, certainly continue a But get be capital down that that, list, of of bring now, a are Kevin continue in where of return lot options around you returns and assess have on leverage to seen closer and materials half tangible being get to deliver in just taking that. our deleveraging now ahead and started key talk still open, deployed certainly that of alongside the that. it. well will planning we're be horizon, times. later at and a get this that target, keeping look to strong as to and decisions a their the feedback our even to a position a out of I understand also investors as invest one bring one mentioned, to commitments in We've of think of as There's to of there's goals right we'll very our to models some on longer-term around and capital year, We it. more going from

Derrick Whitfield

as a Great. debt? importance More this And you -- seeing on activity? add these an evaluation is development to to elaborate follow-up, my could of means high-grade Or slide are for XX, the objectives as simply your delineated you specifically, opportunities XXXX? referencing inventory

Joe Gatto

compelling here. in some delineating. core that not think We're These locations. we always I are our opportunities So, have

to base when to lens the of non-core dealing some say zones. to with, other Derek, they're think, see, you're zones opportunity going in a of to We the as in take target core multi-zone one, there, in the capital. some you're the if seen I like especially results We've these compete Delaware, for resource developing around spots.

for good very a you're could and zone. compelling, as developing certainly Delaware Basin a important co-development are like when But Some in capital. know, you is compete potentially place you

to is to that So going economic later. over if sooner be know want zone probably than an this time,

now it going effort. makes put to sense if want it's put continue we're develop going with other that to capital, that you plan. the So, zones, to the money to for not into If not into to

Derrick Whitfield

thanks Very helpful. your guys Great update for and time.

Joe Gatto

Thanks Derrick.

Operator

Our next question comes from Neil Wiese with Truist.

Your line is open.

Neil Wiese

Good the that? line. a had Jeff, wondering success. on that more just much really little And morning only of bit. maybe part bit -- guys little seeing wondering talk Jeff, development, a you hear doing have development. a just kind you're a plan more could others I'm wondering, were about -- or two large-scale you on to much right Maybe zones with efficiencies you Joe. not been just how how from along maybe little share seeing love bit Maybe I've just maybe said large same would are mentioned upside the what I'm development. there, I a out I'm just you the this just, but you I scale you of from just guess, one it always or why larger if

Jeff Balmer

integration remain same in Also, the program. well robust with that the is. to committed analysis the -- here very a has part and see and represented of about now the very even Carrizo these And several XXXX. of from implementation Primex of XXXX, the philosophy that absolutely, really the you'll proud remained nice XXXX, years companies over couple the last I'm very Callon through the XXXX and of fact, that development Yes, top-to-bottom and that,

that data it. group aspects data regional now more put larger, development slightly all together sets and each areas. with allows system in all pad different different particular ability are in and of each using development congruent a You independent independent of have program of those optimization specializing three to other, analyze those two sets the And the

one even XXX-ish. tight assets tight, X,XXX and some in basis Wolfcamp see And Midland barrels the on spacing, mature not So oil with B Basin, you'll -- wells infill over was averaging have the pad certainly several side in of we of we of but reasonably day. an an like had founded a the that eight-well tight, fantastic results put

newer bit see to you'll program. idea in of and the both little vertically the South depletion assets, items, an do subsurface but productivity healthy we're to other, to logging wells how broader XXXX we'll is analysis some starting overall development be with that continue with aspects, to right program within So, the spacing a just Delaware get reflected so overall The overall Basin assets, the left company. the additional influence very interact take see each some the laterally, systems how fracture different top bottom, this to and and

Neil Wiese

you this for this was is just to prices. to there little in a an mentioned in is or Great I'm with bit would jump you And the baseline of wondering Or detail things you you Jeff. what on incremental perspective, guys going of think operational from oil either is And business advantage follow-up. of just for about a as -- Joe, Kevin, maybe precedent then usual, talked sort that do morning, maybe near-term? the just, near-term question things Joe, doing or Mike. for Obviously, are the taking you, a about I on hedging maybe a sort the guess? from

Joe Gatto

Yes, certainly it's deployment I for standpoint, operational business as and think usual. capital

about to up on. activity, prices about, we've maybe focused or well others steady on future. about, Obviously, planning executing taking As thinking companies. portion above very our have more dialing that talked that, and a as obviously, going are small we're we're foreseeable maybe be cash that We're doing excess plan outlined we companies the for flow talked not well private we of debt as to put free it public

take account there. out to you of think some into pricing market spot also I have the

wanted price you make a is point. from where -- from different to of that are. very If sort decision we It's step certainly change a

And cash are. of focus maintaining better maintaining pricing just and in development take steady here structure, extra with maintaining reduction that cost debt we've that the there. a So benefit and benefit from we locked clear where that the flow sort on we'll right prices, take is

the we'll On talk Kevin, why little over can and back it the side, approached few the turn weeks don't last going look you it bit forward. market to hedging a how I we've at how about

Kevin Haggard

here of over in are to if movement $XX early is on of And would to advantage production Certainly, some sheet that's see past that's in protecting of chance that probably discussions as floors think and curve we've light balance layer take insurance floor and layer seeing the those XXXX. you carry able through today the early the sites. continue I on a as the look. of some hedged price really of has ads, the there's as improve, advantage that in I kind you'll percentage overall -- Yes, the lesser sheet there financial well. to taken a weeks, around had our to of some these as probably an movements couple position base and kind price hedges remind balance of

Neil Wiese

details. Thank Great you all.

Jeff Balmer

Neil. Thanks

Operator

next question from with Johnston comes [Operator Phillips Instructions] Our Capital One.

open. Your line is

Phillips Johnston

cash strong, year. aren't cash Kevin on But might to expecting A Thanks. payer? you cash do if a be remain question when a taxpayer you taxes. guys you prices think become guys. for this Obviously, Hey tax

Joe Gatto

Yes, that's a I good question. think -- it's

our at think below forecast. out term still medium still out levels it's I even -- this, like price beyond

Phillips Johnston

Okay.

wondering I'm how the decline embedded on both in appreciate next year-end XXXX year-end good. your then for changed gas assumed is reserve of the what reserves. I report? was kind oil and numbers? those kind all of versus PDP maybe XX-month Sounds rate details have decline rates And in the what And

Joe Gatto

Yes. to? want Jeff, do you

Jeff Balmer

mid-XXs of we're relative kinds new crook and stayed we tends Basin assets such absolutely. to versus, same a decline the little little coincidentally Eagle and of which -- because some the additional have more say, rates decline the things, a rate, relatively Yes, modestly initial it's arena. Ford, and Delaware the stayed from flat, in is The of it in mature the wells in mature of higher some those some of a profile to kind brought hook the Sure. when -- which as PDP bit

a to relatively there with it's overall you see But reserve And So, fluctuations grew extremely XXXX. has, proposition. PDP be overall picture next that. will an outstanding XXXX basis, robust. rates remains Callon that door inventory of from decline course, the when value the consistent And through some we that from

Phillips Johnston

Okay, great.

you. Thank good. Sounds

Jeff Balmer

you. Thank

Operator

There Gatto at back are questions to remarks. time. call I'll no this Joe over the turn further closing for

Joe Gatto

everyone look everything with that you again and we've Thank we speaking Thank and forward. do for going expect the Callon joining year your you. done certainly interest you what continued and forward We this in next quarter. to to call

Operator

call. This concludes today's conference

disconnect. now may You

Callon Petroleum (CPE) 24 Feb 222021 Q4 Earnings call transcript