Callon Petroleum +6% following strong Q3 results

|About: Callon Petroleum Co. (CPE)|By:, SA News Editor

Callon Petroleum (CPE +5.8%) jumps after reporting better than expected Q3 earnings and revenues, helped by higher oil prices.

Q3 total production rose 55% Y/Y to 34.9k boe/day (78% oil), while operating margin of $41.22/boe increased 27% from a year ago, and expects full-year average production of 32K-33K boe/day.

CPE says its Q3 averaged realized sales price excluding derivatives was $50.19/boe vs. $40.80/boe a year ago.

CPE also names Jeffrey Balmer as its new COO, effective Dec. 10, succeeding Gary Newberry, who will retire from the company in January.

Balmer's most recent role was VP and general manager of the southern operating area for Encana, with responsibility for all  upstream operations in the Permian basin.

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