Callon reports another increase in earnings
NATCHEZ — Callon Petroleum Company reports net income of $1.6 million, or $0.05 per diluted share, for the third quarter, and $7.7 million, or $0.26 per diluted share, for the nine-month period ended Sept. 30, 2010.
These results represent three consecutive quarters of improved earnings over the corresponding periods of 2009, during which the company reported a net loss of $1.0 million, or $0.04 per diluted share, for the third quarter of 2009 and net income of $0.5 million, or $0.02 per diluted share, for the nine-month period ended September 30, 2009.
“With the third quarter, we delivered another period of positive execution of our strategic growth plan that we implemented a little more than a year ago,” Fred Callon, chairman and CEO, said. “This time last year, we had no onshore oil production. Today we are reporting onshore oil production of 500 net barrels per day, and we have our Haynesville Shale acreage held by production. Our diversification strategy for reinvesting cash flow generated from our offshore deepwater fields into lower-risk onshore oil and shale gas plays has enabled us to increase our long-term visible growth prospects, strengthen our balance sheet and continue growing per-share value.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- HUNTER ARNOLD: Mississippi, Gulf Coast states focus on global business markets
- Ridgeland property rights tussle is expected to have wide impact
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- BILL CRAWFORD: Keep schools free from preventable diseases
- Report ranks state schools' performance 51st in the nation
- JOSH MABUS — Mississippi’s Healthcare: Not a quality problem, a marketing problem
- The leadership styles of President Obama
- PHIL HARDWICK: When will Mississippi change its culture?
- Host families prepare for Mississippi Braves’ season