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HOUSTON, Nov. 4, 2019 /PRNewswire/ — Callon Petroleum Aggregation (NYSE: CPE) (“Callon” or the “Company”) today appear after-effects of operations for the three and nine months concluded September 30, 2019.



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Presentation slides accompanying this antithesis absolution are accessible on the Company’s website at www.callon.com located on the “Presentations” folio aural the Investors breadth of the site.

Third Division and Recent Highlights



“The adamantine assignment by our aggregation throughout this division has connected to aftermath aberrant after-effects with assembly advanced of expectations, operating costs affective lower, and arbitrary banknote breeze in band with operational basic spending. Our acknowledged mega-pad development projects are not alone breeding cogent and abiding bulk accumulation but accept apparent solid productivity. In addition, the connected efforts to optimize advanced acquired assets accept resulted in incremental bulk to shareholders as our aggregation has fabricated noteworthy advance on able-bodied abundance and operational costs aloft our broadcast asset base,” commented Joe Gatto, Callon’s President and Chief Controlling Officer. He continued, “We abide focused on advancing to accommodate the Callon and Carrizo teams and operations aloft closing and will strive to beat our own expectations for basic adeptness and targeted synergy capture. In the accustomed article environment, we admit the allegation to be a low bulk ambassador and are able to assassinate a affairs that will drive chargeless banknote breeze generation, optimize asset development, advance deleveraging efforts, and bear bigger allotment on invested basic to our shareholders in the abreast term.”

Operations Update



At September 30, 2019, we had 492 gross (335.3 net) accumbent wells bearing in the Permian Basin. Net circadian assembly for the three months concluded September 30, 2019 grew 8% to 37.8 Mboe/d (78% oil), as compared to the aforementioned aeon of 2018, or 25% back accounting for bald volumes from the auction of our Southern Midland Basin assets.

For the three months concluded September 30, 2019, we accomplished 12 gross (11.0 net) accumbent wells and placed a accumulated 16 gross (15.6 net) accumbent wells on production. The majority of wells placed on assembly were associated with two ample multi-well developments, one anniversary in the Delaware and Midland basins as declared below. The two added wells were placed on assembly at the end of September.

The Rag Run mega-pad, Callon’s antecedent all-embracing development activity in the Delaware Basin, was placed on assembly abreast the end of July and includes co-development of two Wolfcamp A breeze units and the Wolfcamp B with accompanying operations of two achievement crews. Through the aboriginal 90 canicule of production, these wells accept averaged about 1,000 Boe per day (~80% oil). This activity was placed on assembly application a added bourgeois asphyxiate administration action than antecedent wells, which the Aggregation expects to apply on approaching developments of this attributes to optimize abiding able-bodied performance. The cogent conduct and achievement bulk accumulation accomplished on this antecedent Delaware mega-pad, which resulted in an boilerplate absolute able-bodied bulk of beneath than $1,100 per crabbed foot, are adumbrative of the synergy abduction the Aggregation expects to attain in 2020 and aloft afterwards closing the awaiting accession and alive to beyond pad development as allotment of accustomed operations in the Delaware Basin.

The seven able-bodied activity that was placed on assembly in the Midland Basin at the alpha of September included a multi-interval development of three Lower Spraberry and four Wolfcamp A wells aural the Fairway breadth of our Howard County assets. Through the aboriginal 50 days, the accumulated seven wells accept accomplished boilerplate circadian assembly of about 850 Boe per day (~90% oil). These wells were accomplished and completed offsetting absolute bearing wells and accept performed in-line with the account distinct able-bodied pads in these sections.

Capital Expenditures

For the three months concluded September 30, 2019, we incurred $116.4 actor in operational basic expenditures (including added items) on an accession base as compared to $133.5 actor in the added division of 2019, apery a abatement of 13%. Absolute basic expenditures, across-the-board of capitalized expenses, are abundant beneath on an accession and banknote base (in thousands):

Three Months Concluded September 30, 2019

Operational

Capitalized

Capitalized

Total Capital

Capital (a)

Interest

G&A

Expenditures

Cash base (b)

$

121,457

$

15,165

$

7,373

$

143,995

Timing adjustments (c)

(5,044)

2,965

(2,079)

Non-cash items

866

866

   Accession basis

$

116,413

$

18,130

$

8,239

$

142,782

(a)

Includes facilities, equipment, seismic, acreage and added items. Excludes capitalized expenses.

(b)

Cash base is presented actuality to advice users of banking advice accommodate amounts from the banknote breeze account to the antithesis area by accounting for timing accompanying changes in alive basic that adjust with our development clip and rig count.

(c)

Includes timing adjustments accompanying to banknote disbursements in the accustomed aeon for basic expenditures incurred in the above-mentioned period.

Operating and Banking Results

The afterward table presents arbitrary advice for the periods indicated: 

Three Months Ended

September 30, 2019

June 30, 2019

September 30, 2018

Net production

Oil (MBbls)

2,725

2,848

2,521

Natural gas (MMcf)

4,538

5,031

4,144

   Absolute (Mboe)

3,481

3,687

3,212

Average circadian assembly (Boe/d)

37,837

40,516

34,913

   % oil (Boe basis)

78

%

77

%

78

%

Oil and accustomed gas revenues (in thousands)

   Oil revenue

$

148,210

$

160,728

$

142,601

   Accustomed gas revenue

7,168

6,324

18,613

      Absolute revenue

155,378

167,052

161,214

   Appulse of acclimatized derivatives

1,011

(1,157)

(9,239)

      Adapted Absolute Acquirement (i)

$

156,389

$

165,895

$

151,975

Average accomplished sales price

(excluding appulse of acclimatized derivatives)

   Oil (per Bbl)

$

54.39

$

56.44

$

56.57

   Accustomed gas (per Mcf)

1.58

1.26

4.49

   Absolute (per BOE)

44.64

45.31

50.19

Average accomplished sales price

(including appulse of acclimatized derivatives)

   Oil (per Bbl)

$

54.01

$

54.87

$

52.87

   Accustomed gas (per Mcf)

2.03

1.91

4.51

   Absolute (per BOE)

44.93

44.99

47.31

Additional per BOE data

   Sales bulk (a)

$

44.64

$

45.31

$

50.19

      Charter operating expense

5.65

6.18

5.77

      Assembly taxes

3.41

3.02

3.20

   Operating margin

$

35.58

$

36.11

$

41.22

   Depletion, abrasion and amortization

$

16.09

$

17.07

$

15.02

   Adapted G&A (b)

      Banknote basic (c)

$

2.52

$

2.42

$

2.17

      Non-cash component

0.44

0.68

0.57

(a)

Excludes the appulse of acclimatized derivatives.

(b)

Excludes assertive non-recurring costs and non-cash appraisal adjustments. Adapted G&A is a non-GAAP banking measure; see the adaptation provided aural this columnist absolution for a adaptation of G&A bulk on a GAAP base to Adapted G&A expense.

(c)

Excludes the acquittal of equity-settled, share-based allurement awards and accumulated abrasion and amortization.

Total Revenue. For the division concluded September 30, 2019, Callon appear absolute acquirement of $155.4 actor and absolute acquirement including acclimatized derivatives (“Adjusted Absolute Revenue,” a non-GAAP banking measure(i)) of $156.4 million, including the appulse of a $1.0 actor accession from the adjustment of acquired contracts. The table aloft reconciles Adapted Absolute Acquirement to the accompanying GAAP admeasurement of the Company’s absolute operating revenue. Boilerplate circadian assembly for the division was 37.8 Mboe/d, compared to boilerplate circadian assembly of 40.5 Mboe/d in the added division of 2019, a aeon which included volumes associated with our southern Midland Basin denial that bankrupt on June 12, 2019. Boilerplate accomplished prices, including and excluding the furnishings of hedging, are abundant above.

Hedging impacts. For the division concluded September 30, 2019, the net accession (loss) on article acquired instruments includes the following:

Three Months Concluded September 30, 2019

In Thousands

Per Unit

Oil derivatives

Net accession (loss) on settlements

$

(1,045)

$

(0.38)

Net accession (loss) on fair bulk adjustments

25,767

   Absolute accession (loss) on oil derivatives

24,722

Natural gas derivatives

Net accession (loss) on settlements

2,056

$

0.45

Net accession (loss) on fair bulk adjustments

(733)

   Absolute accession (loss) on accustomed gas derivatives

1,323

Total article derivatives

Net accession (loss) on settlements

1,011

$

0.29

Net accession (loss) on fair bulk adjustments

25,034

   Absolute accession (loss) on absolute article derivatives

$

26,045

Lease Operating Expenses, including workover (“LOE”). LOE per Boe for the three months concluded September 30, 2019 was $5.65 per Boe, compared to LOE of $6.18 per Boe in the added division of 2019. The abatement on a per assemblage base was attributable to a abridgement in actinic usage, aliment and maintenance, and workovers compared to the antecedent period.

Production Taxes, including ad valorem taxes. Assembly taxes were $3.41 per Boe for the three months concluded September 30, 2019, apery about 7.6% of absolute acquirement afore the appulse of acquired settlements. The incremental access as compared to the added division of 2019 and third division of 2018 is due to an access in ad valorem taxes based aloft a college appraisal of our oil and gas backdrop by the demanding jurisdictions.

Depreciation, Burning and Acquittal (“DD&A”). DD&A for the three months concluded September 30, 2019 was $16.09 per Boe compared to $17.07 per Boe in the added division of 2019. The abatement was attributed to lower approaching development costs for PUD locations about to our absolute rate.

General and Authoritative (“G&A”). G&A was $9.4 million, or $2.70 per Boe, and G&A, excluding assertive non-cash allurement share-based advantage appraisal adjustments, (“Adjusted G&A”, a non-GAAP measure(i)) was $10.3 million, or $2.96 per Boe, for the three months concluded September 30, 2019 compared to $10.6 million, or $2.87 per Boe, and $11.4 million, or $3.10 per Boe, respectively, for the added division of 2019. The banknote basic of Adapted G&A was $8.8 million, or $2.52 per Boe, for the three months concluded September 30, 2019 compared to $8.9 million, or $2.42 per Boe, for the added division of 2019.

For the three months concluded September 30, 2019, G&A and Adapted G&A, which excludes the acquittal of equity-settled, share-based allurement awards and accumulated abrasion and amortization, are affected as follows (in thousands):

Three Months EndedSeptember 30, 2019

Total G&A expense

$

9,388

   Change in the fair bulk of accountability share-based awards (non-cash)

926

Adjusted G&A – total

10,314

   Belted banal share-based advantage (non-cash)

(1,525)

   Accumulated abrasion & acquittal (non-cash)

(3)

Adjusted G&A – banknote component

$

8,786

Income Tax Expense. Callon provides for assets taxes at the approved bulk of 21% adapted for abiding differences accustomed to be realized. We recorded an assets tax bulk of $17.9 actor for the three months concluded September 30, 2019, compared to assets tax bulk of $16.7 actor for the three months concluded June 30, 2019. The change in assets tax bulk is based aloft net assets generated in the corresponding periods.

Updated 2019 Advice (Stand-Alone Callon)

The Aggregation is afterlight advice for the abounding year 2019 to reflect absolute operational achievement throughout the aboriginal three abode of the year. This adapted advice does not booty into aftereffect the Carrizo merger, which is accustomed to abutting in the fourth quarter, accountable to actor approvals.

Third Quarter

Year to Date

Updated Abounding Year

2019 Actual

2019 Actual

2019 Guidance

Total assembly (Mboe/d) (a)

37.8

39.5

39.2 – 39.6

% oil

78%

78%

78%

Income account costs (per Boe)

LOE, including workovers

$5.65

$6.16

$5.75 – $6.25

Production taxes, including ad valorem (% unhedged revenue)

8%

7%

7%

   Adapted G&A: banknote basic (b)

$2.52

$2.41

$2.00 – $2.50

   Adapted G&A: non-cash basic (c)

$0.44

$0.52

$0.50 – $1.00

   Banknote absorption bulk (d)

$0.00

$0.00

$0.00

Effective assets tax rate

24%

24%

22%

Capital expenditures ($MM, accession basis)

Total operational (e)

$116

$405

$495 – $520

Capitalized absorption and G&A expenses

$26

$84

$100 – $105

Net operated accumbent wells placed on production

16

43

48 – 50

(a)

Year to date 2019 absolute assembly reflects volumes associated with southern Midland Basin backdrop bald on June 12, 2019.

(b)

Excludes the acquittal of equity-settled, share-based allurement awards, accumulated abrasion and amortization, and awaiting merger-related expenses. Adapted G&A is a non-GAAP banking measure; see the adaptation provided aural this columnist absolution for a adaptation of G&A bulk on a GAAP base to Adapted G&A expense.

(c)

Excludes assertive non-recurring costs and non-cash appraisal adjustments. Adapted G&A is a non-GAAP banking measure; see the adaptation provided aural this columnist absolution for a adaptation of G&A bulk on a GAAP base to Adapted G&A expense.

(d)

All banknote absorption bulk advancing to be capitalized.

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(e)

Includes facilities, equipment, seismic, acreage and added items. Excludes capitalized expenses.

Hedge Portfolio Summary

The afterward table summarizes our accessible acquired positions as of September 30, 2019:

For the Remainder

For the Abounding Year

For the Abounding Year

Oil affairs (WTI)

of 2019

of 2020

of 2021

   Puts

      Absolute aggregate (Bbls)

230,000

      Weighted boilerplate bulk per Bbl

$

65.00

$

$

   Put spreads

   Absolute aggregate (Bbls)

230,000

   Weighted boilerplate bulk per Bbl

   Floor (long put)

$

65.00

$

$

   Floor (short put)

$

42.50

$

$

   Collar affairs with abbreviate puts (three-way collars)

   Absolute aggregate (Bbls)

1,196,000

5,124,000

   Weighted boilerplate bulk per Bbl

   Ceiling (short call)

$

67.46

$

65.46

$

   Floor (long put)

$

56.54

$

55.45

$

   Floor (short put)

$

43.65

$

44.66

$

   Collar affairs (two-way collars)

   Absolute aggregate (Bbls)

276,000

   Weighted boilerplate bulk per Bbl

   Ceiling (short call)

$

60.00

$

$

   Floor (long put)

$

55.00

$

$

   Abbreviate call

   Absolute aggregate (Bbls)

1,825,000

(a)

   Weighted boilerplate bulk per Bbl

$

$

$

63.00

   Swap contracts

   Absolute aggregate (Bbls)

276,000

1,098,000

   Weighted boilerplate bulk per Bbl

$

60.17

$

56.17

$

Oil affairs (Brent ICE)

   Collar affairs with abbreviate puts (three-way collars)

   Absolute aggregate (Bbls)

837,500

   Weighted boilerplate bulk per Bbl

   Ceiling (short call)

$

$

70.00

$

   Floor (long put)

$

$

58.24

$

   Floor (short put)

$

$

50.00

$

Oil affairs (Midland base differential)

   Swap contracts

   Absolute aggregate (Bbls)

2,176,000

4,576,000

1,095,000

   Weighted boilerplate bulk per Bbl

$

(2.50)

$

(1.29)

$

1.00

Oil affairs (Argus Houston MEH base differential)

   Swap contracts

   Absolute aggregate (Bbls)

1,439,205

   Weighted boilerplate bulk per Bbl

$

$

2.40

$

Natural gas affairs (Henry Hub)

   Collar affairs (two-way collars)

      Absolute aggregate (MMBtu)

598,000

      Weighted boilerplate bulk per MMBtu

         Ceiling (short call)

$

3.50

$

$

         Floor (long put)

$

3.13

$

$

   Swap contracts

      Absolute aggregate (MMBtu)

155,000

      Weighted boilerplate bulk per MMBtu

$

2.87

$

$

Natural gas affairs (Waha base differential)

   Swap contracts

      Absolute aggregate (MMBtu)

2,116,000

4,758,000

      Weighted boilerplate bulk per MMBtu

$

(1.18)

$

(1.12)

$

(a)

Premiums from the auction of alarm options were acclimated to access the anchored bulk of assertive accompanying accomplished bulk swaps.

Income (Loss) Accessible to Accustomed Stockholders. The Aggregation appear net assets accessible to accustomed shareholders of $47.2 million, or $0.21 per absolutely adulterated share, and Adapted Assets accessible to accustomed shareholders of $42.9 million, or $0.19 per absolutely adulterated share, for the three months concluded September 30, 2019. Adapted Income, a non-GAAP banking measure(i), adjusts our assets accessible to accustomed stockholders to reflect our abstract tax accouterment for above-mentioned aeon abode as if the appraisal allowance did not exist. The afterward tables accommodate to the accompanying GAAP measure, the Company’s assets accessible to accustomed stockholders to Adapted Assets and the Company’s net assets to Adapted EBITDA(i), a non-GAAP banking measure, (in thousands):

Three Months Ended

September 30, 2019

June 30, 2019

September 30, 2018

Income (loss) accessible to accustomed stockholders

$

47,180

$

53,357

$

36,108

   (Gain) accident on derivatives, net of settlements

(20,798)

(15,193)

25,100

   Change in the fair bulk of share-based awards

(925)

(850)

879

   Alliance and affiliation expense

5,943

   Added operating expense

(175)

770

Tax aftereffect on adjustments above

3,351

3,207

(5,456)

   Change in appraisal allowance

(8,323)

   Accident on accession of adopted stock

8,304

Adjusted Assets (i)

$

42,880

$

41,291

$

48,308

Adjusted Assets per absolutely adulterated accustomed allotment (i)

$

0.19

$

0.18

$

0.21

Three Months Ended

September 30, 2019

June 30, 2019

September 30, 2018

Net assets (loss)

$

55,834

$

55,180

$

37,931

   (Gain) accident on derivatives, net of settlements

(20,798)

(15,193)

25,100

   Non-cash stock-based advantage expense

644

904

2,587

   Alliance and affiliation expense

5,943

   Added operating expense

(161)

935

1,435

   Assets tax (benefit) expense

17,902

16,691

1,487

   Absorption expense

739

741

711

   Depreciation, burning and amortization

57,107

64,374

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48,977

   Accession expense

128

216

202

Adjusted EBITDA (i)

$

117,338

$

123,848

$

118,430

Discretionary Banknote Flow. Operating banknote breeze was $113.7 actor and arbitrary banknote flow, a non-GAAP measure(i), was $111.5 actor for the three months concluded September 30, 2019. Arbitrary banknote breeze is accommodated to operating banknote breeze in the afterward table (in thousands):

Three Months Ended

September 30, 2019

June 30, 2019

September 30, 2018

Cash flows from operating activities:

Net assets (loss)

$

55,834

$

55,180

$

37,931

Adjustments to accommodate net assets to banknote provided by operating activities:

   Depreciation, burning and amortization

57,107

64,374

48,977

   Accession expense

128

216

202

   Acquittal of non-cash debt accompanying items

739

741

708

   Deferred assets tax (benefit) expense

17,902

16,691

1,487

   (Gain) accident on derivatives, net of settlements

(20,798)

(15,193)

25,100

   (Gain) accident on auction of added acreage and equipment

(13)

21

(102)

   Non-cash bulk accompanying to disinterestedness share-based awards

1,569

1,754

1,708

   Change in the fair bulk of accountability share-based awards

(925)

(850)

879

Discretionary banknote breeze (i)

$

111,543

$

122,934

$

116,890

   Changes in alive capital

2,803

27,789

(347)

   Payments to achieve asset retirement obligations

(654)

(107)

(507)

   Payments to achieve vested accountability share-based awards

(129)

Net banknote provided by operating activities

$

113,692

$

150,487

$

116,036

Callon Petroleum Company

Consolidated Antithesis Sheets

(in thousands, except par and per allotment data)

September 30, 2019

December 31, 2018

ASSETS

Unaudited

Current assets:

   Banknote and banknote equivalents

$

11,309

$

16,051

   Accounts receivable

114,120

131,720

   Fair bulk of derivatives

25,032

65,114

   Added accustomed assets

14,912

9,740

      Absolute accustomed assets

165,373

222,625

Oil and accustomed gas properties, abounding bulk accounting method:

   Evaluated properties

4,830,499

4,585,020

   Beneath accumulated depreciation, depletion, acquittal and impairment

(2,458,026)

(2,270,675)

   Evaluated oil and accustomed gas properties, net

2,372,473

2,314,345

   Unevaluated properties

1,405,993

1,404,513

      Absolute oil and accustomed gas properties, net

3,778,466

3,718,858

Operating charter right-of-use assets

24,447

Other acreage and equipment, net

24,770

21,901

Restricted investments

3,490

3,424

Deferred costs costs

5,081

6,087

Fair bulk of derivatives

11,209

Other assets, net

4,087

6,278

   Absolute assets

$

4,016,923

$

3,979,173

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

   Accounts payable and accrued liabilities

$

243,481

$

261,184

   Operating charter liabilities

19,196

   Accrued interest

25,660

24,665

   Cash-settleable belted banal assemblage awards

535

1,390

   Asset retirement obligations

1,250

3,887

   Fair bulk of derivatives

8,941

10,480

   Added accustomed liabilities

1,948

13,310

      Absolute accustomed liabilities

301,011

314,916

Senior anchored revolving acclaim facility

200,000

200,000

6.125% chief apart addendum due 2024

596,337

595,788

6.375% chief apart addendum due 2026

394,317

393,685

Operating charter liabilities

4,995

Asset retirement obligations

8,294

10,405

Cash-settleable belted banal assemblage awards

1,737

2,067

Deferred tax liability

39,007

9,564

Fair bulk of derivatives

2,573

7,440

Other abiding liabilities

100

   Absolute liabilities

1,548,271

1,533,965

Commitments and contingencies

Stockholders’ equity:

   Adopted stock, alternation A cumulative, $0.01 par bulk and $50.00 defalcation preference, 2,500,000 shares authorized; 0 and 1,458,948 shares outstanding, respectively

15

   Accustomed stock, $0.01 par value, 300,000,000 shares authorized; 228,372,081 and 227,582,575 shares outstanding, respectively

2,284

2,276

   Basic in balance of par value

2,421,559

2,477,278

   Retained antithesis (accumulated deficit)

44,809

(34,361)

      Absolute stockholders’ equity

2,468,652

2,445,208

Total liabilities and stockholders’ equity

$

4,016,923

$

3,979,173

Callon Petroleum Company

Consolidated Statements of Operations

(Unaudited; in thousands, except per allotment data)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

2019

2018

2019

2018

Operating revenues:

Oil sales

$

148,210

$

142,601

$

450,036

$

380,500

Natural gas sales

7,168

18,613

25,441

45,229

Total operating revenues

155,378

161,214

475,477

425,729

Operating expenses:

Lease operating expenses

19,668

18,525

66,511

44,705

Production taxes

11,866

10,263

33,810

26,265

Depreciation, burning and amortization

56,002

48,257

178,690

122,407

General and administrative

9,388

9,721

31,705

26,779

Merger and affiliation expense

5,943

5,943

Settled share-based awards

3,024

Accretion expense

128

202

585

626

Other operating expense

(161)

1,435

931

3,750

Total operating expenses

102,834

88,403

321,199

224,532

Income from operations

52,544

72,811

154,278

201,197

Other (income) expenses:

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Interest expense, net of capitalized amounts

739

711

2,218

1,765

(Gain) accident on acquired contracts

(21,809)

34,339

31,415

55,374

Other income

(122)

(1,657)

(270)

(2,571)

Total added (income) expense

(21,192)

33,393

33,363

54,568

Income afore assets taxes

73,736

39,418

120,915

146,629

Income tax expense

17,902

1,487

29,444

2,463

Net income

55,834

37,931

91,471

144,166

Preferred banal dividends

(350)

(1,823)

(3,997)

(5,471)

Loss on accession of adopted stock

(8,304)

(8,304)

Income accessible to accustomed stockholders

$

47,180

$

36,108

$

79,170

$

138,695

Income per accustomed share:

Basic

$

0.21

$

0.16

$

0.35

$

0.65

Diluted

$

0.21

$

0.16

$

0.35

$

0.65

Weighted boilerplate accustomed shares outstanding:

Basic

228,322

227,564

228,054

213,409

Diluted

228,469

228,140

228,557

214,079

Callon Petroleum Company

Consolidated Statements of Banknote Flows

(Unaudited; in thousands)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

2019

2018

2019

2018

Cash flows from operating activities:

Net income

$

55,834

$

37,931

$

91,471

$

144,166

Adjustments to accommodate net assets to banknote provided by operating activities:

   Depreciation, burning and amortization

57,107

48,977

182,153

124,430

   Accession expense

128

202

585

626

   Acquittal of non-cash debt accompanying items

739

708

2,218

1,749

   Deferred assets tax expense

17,902

1,487

29,444

2,463

   Accident on derivatives, net of settlements

(20,798)

25,100

30,979

29,696

   (Gain) accident on auction of added acreage and equipment

(13)

(102)

36

(80)

   Non-cash bulk accompanying to disinterestedness share-based awards

1,569

1,708

7,868

4,466

   Change in the fair bulk of accountability share-based awards

(925)

879

106

1,428

   Payments to achieve asset retirement obligations

(654)

(507)

(1,425)

(1,080)

   Payments for cash-settled belted banal assemblage awards

(1,425)

(4,990)

Changes in accustomed assets and liabilities:

   Accounts receivable

(21,081)

(56,764)

17,600

(54,384)

   Added accustomed assets

929

3,885

(5,172)

(1,665)

   Accustomed liabilities

23,216

47,741

(13,038)

64,801

   Other

(261)

4,791

(2,662)

4,389

Net banknote provided by operating activities

113,692

116,036

338,738

316,015

Cash flows from advance activities:

Capital expenditures

(143,995)

(156,982)

(503,425)

(455,352)

Acquisitions

(1,418)

(550,592)

(40,788)

(595,984)

Acquisition deposit

27,600

Proceeds from auction of assets

5,656

5,249

279,952

8,326

Net banknote provided by (used in) advance activities

(139,757)

(674,725)

(264,261)

(1,043,010)

Cash flows from costs activities:

Borrowings on chief anchored revolving acclaim facility

221,000

105,000

581,000

270,000

Payments on chief anchored revolving acclaim facility

(126,000)

(40,000)

(581,000)

(230,000)

Issuance of 6.375% chief apart addendum due 2026

400,000

Issuance of accustomed stock

7

288,364

Payment of adopted banal dividends

(350)

(1,823)

(3,997)

(5,471)

Payment of deferred costs costs

(1,296)

(31)

(9,960)

Tax withholdings accompanying to belted banal units

(316)

(216)

(2,174)

(1,804)

Redemption of adopted stock

(73,012)

(73,017)

Net banknote provided by (used in) costs activities

21,322

61,672

(79,219)

711,129

Net change in banknote and banknote equivalents

(4,743)

(497,017)

(4,742)

(15,866)

Balance, alpha of period

16,052

509,146

16,051

27,995

Balance, end of period

$

11,309

$

12,129

$

11,309

$

12,129

Non-GAAP Banking Measures and Reconciliations

This account absolution refers to non-GAAP banking measures such as “Discretionary Banknote Flow,” “Adjusted G&A,” “Adjusted Income,” “Adjusted EBITDA” and “Adjusted Absolute Revenue.” These measures, abundant below, are provided in accession to, and not as an another for, and should be apprehend in affiliation with, the advice absolute in our banking statements able in accordance with GAAP (including the notes), included in our SEC filings and acquaint on our website.

Earnings Alarm Information

The Aggregation will host a appointment alarm on Tuesday, November 5, 2019, to altercate its third division 2019 banking and operating results.

Please accompany Callon Petroleum Aggregation via the Internet for a webcast of the appointment call:

Date/Time:

Tuesday, November 5, 2019, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time)

Webcast:

Select “IR Calendar” beneath the “Investors” breadth of the website: www.callon.com.

Presentation Slides:

Select “Presentations” beneath the “Investors” breadth of the website: www.callon.com.

Alternatively, you may accompany by blast application the afterward numbers:

Toll Free:

1-888-317-6003

Canada Toll Free:

1-866-284-3684

International:

1-412-317-6061

Access code:

1044236

An annal of the appointment alarm webcast will be accessible at www.callon.com under the “Investors” breadth of the website.

About Callon Petroleum Company

Callon is an absolute activity aggregation focused on the accession and development of anarchistic onshore oil and accustomed gas affluence in the Permian Basin in West Texas.

This account absolution is acquaint on the Company’s website at www.callon.com and will be archived there for consecutive analysis beneath the “News” articulation on the top of the homepage.

No Action or Solicitation

Communications herein do not aggregate an action to advertise or the address of an action to buy any balance or a address of any vote or approval with account to the proposed transaction or otherwise, nor shall there be any auction of balance in any administration in which such offer, address or auction would be actionable above-mentioned to allotment or accomplishment beneath the balance laws of any such jurisdiction. Advice herein do not aggregate a apprehension of accession with account to or an action to acquirement or advertise (or the address of an action to acquirement or sell) any adopted banal of Carrizo Oil & Gas, Inc. (“Carrizo”).

Additional Advice and Where to Find It

In affiliation with the proposed transaction, Callon has filed, and the SEC has declared effective, a allotment account on Form S-4 (the “Registration Statement”), which contains a collective proxy account of Callon and Carrizo that additionally constitutes a advertisement of Callon. This advice is not a acting for the collective proxy statement/prospectus or the Allotment Account or for any added certificate that Callon or Carrizo may book with the SEC and/or accelerate to Callon’s shareholders and/or Carrizo’s shareholders in affiliation with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF CALLON AND CARRIZO ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY CALLON AND CARRIZO WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLON, CARRIZO AND THE PROPOSED TRANSACTION.

Investors will be able to access chargeless copies of the Allotment Account and collective proxy statement/prospectus, as anniversary may be adapted from time to time, and added accordant abstracts filed by Callon and Carrizo with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of abstracts filed with the SEC by Callon will be accessible chargeless of allegation from Callon’s website at www.callon.com beneath the “Investors” tab or by contacting Callon’s Investor Relations Department at (281) 589-5200 or [email protected] Copies of abstracts filed with the SEC by Carrizo will be accessible chargeless of allegation from Carrizo’s website at www.carrizo.com beneath the “Investor Relations” tab or by contacting Carrizo’s Investor Relations Department at (713) 328-1055 or [email protected]

Participants in the Proxy Solicitation

Callon, Carrizo and their corresponding admiral and assertive of their controlling admiral and added associates of administration and advisers may be deemed, beneath SEC rules, to be participants in the address of proxies from Callon’s shareholders and Carrizo’s shareholders in affiliation with the proposed transaction. Advice apropos the controlling admiral and admiral of Callon is included in its absolute proxy account for its 2019 anniversary affair filed with the SEC on March 27, 2019. Advice apropos the controlling admiral and admiral of Carrizo is included in its absolute proxy account for its 2019 anniversary affair filed with the SEC on April 2, 2019. Added advice apropos the bodies who may be accounted participants and their absolute and aberrant interests, by aegis backing or otherwise, will be set alternating in the Allotment Account and collective proxy statement/prospectus and added abstracts back they are filed with the SEC in affiliation with the proposed transaction. Chargeless copies of these abstracts may be acquired as declared in the paragraphs above.

Cautionary Account Apropos Forward-Looking Information

Certain statements in this advice apropos the proposed transaction, including any statements apropos the accustomed calendar for commutual the proposed Carrizo transaction, the results, effects, allowances and synergies of the proposed transaction, approaching opportunities for the accumulated company, approaching banking achievement and condition, advice and any added statements apropos Callon’s or Carrizo’s approaching expectations, beliefs, plans, objectives, banking conditions, assumptions or approaching contest or achievement that are not absolute facts are “forward-looking” statements based on assumptions currently believed to be valid. Advanced statements are all statements added than statements of absolute facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,” “positioned,” “strategy,” and agnate expressions or added words of agnate meaning, and the negatives thereof, are advised to analyze advanced statements. The advanced statements are advised to be accountable to the safe anchorage provided by Breadth 27A of the Balance Act of 1933, Breadth 21E of the Balance Exchange Act of 1934 and the Private Balance Litigation Reform Act of 1995.

These advanced statements absorb cogent risks and uncertainties that could account absolute after-effects to alter materially from those anticipated, including, but not bound to, abortion to access the appropriate votes of Callon’s shareholders or Carrizo’s shareholders to accept the transaction and accompanying matters; whether any accession of Carrizo’s adopted banal will be all-important or will action above-mentioned to the closing of the transaction; the accident that a action to closing of the proposed transaction may not be satisfied, that either affair may abolish the alliance acceding or that the closing of the proposed transaction adeptness be delayed or not action at all; abeyant adverse reactions or changes to business or agent relationships, including those consistent from the advertisement or achievement of the transaction; the aberration of administration time on transaction-related issues; the ultimate timing, aftereffect and after-effects of amalgam the operations of Callon and Carrizo; the furnishings of the business aggregate of Callon and Carrizo, including the accumulated company’s approaching banking condition, after-effects of operations, action and plans; the adeptness of the accumulated aggregation to apprehend advancing synergies in the timeframe accustomed or at all; changes in basic markets and the adeptness of the accumulated aggregation to accounts operations in the address expected; authoritative approval of the transaction; the furnishings of article prices; and the risks of oil and gas activities. Expectations apropos business outlook, including changes in revenue, pricing, basic expenditures, banknote breeze generation, strategies for our operations, oil and accustomed gas bazaar conditions, legal, bread-and-butter and authoritative conditions, and ecology affairs are alone forecasts apropos these matters.

Additional factors that could account after-effects to alter materially from those declared aloft can be begin in Callon’s Anniversary Report on Form 10-K for the year concluded December 31, 2018 and in its consecutive Quarterly Reports on Form 10-Q for the division concluded March 31, 2019, and the division concluded June 30, 2019, anniversary of which is on book with the SEC and accessible from Callon’s website at www.callon.com beneath the “Investors” tab, and in added abstracts Callon files with the SEC, and in Carrizo’s Anniversary Report on Form 10-K for the year concluded December 31, 2018 and in its consecutive Quarterly Reports on Form 10-Q for the division concluded March 31, 2019, and the division concluded June 30, 2019, anniversary of which is on book with the SEC and accessible from Carrizo’s website at www.carrizo.com beneath the “Investor Relations” tab, and in added abstracts Carrizo files with the SEC.

All advanced statements allege alone as of the date they are fabricated and are based on advice accessible at that time. Neither Callon nor Carrizo assumes any obligation to amend advanced statements to reflect affairs or contest that action afterwards the date the advanced statements were fabricated or to reflect the accident of hasty contest except as appropriate by federal balance laws. As advanced statements absorb cogent risks and uncertainties, attention should be acclimatized adjoin agreement disproportionate assurance on such statements.

Contact Information

Mark BrewerDirector of Investor RelationsorKate SchillingInvestor RelationsCallon Petroleum [email protected](281) 589-5200

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