Callon Petroleum Company (NYSE:CPE) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 09:00 am ET


Callon Petroleum Company (NYSE:CPE) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Callon Petroleum Company Third Quarter 2019 Earnings and Operating Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mark Brewer, Director of Investor Relations. Please go ahead.

Mark Brewer

Thank you, operator. Good morning everyone and thank you for taking the time to join our conference call today. With me this morning are Joe Gatto, our President and Chief Executive Officer; Dr. Jeff Balmer, our Chief Operating Officer; and Jim Ulm, our Chief Financial Officer. During our prepared remarks, we'll be referencing the earnings results presentation we posted yesterday afternoon to our website. So I encourage everyone to download the presentation if you haven't already.

You can find the slides on our Events and Presentations page located within the Investors section of our website at Before we begin, I'd like to remind everyone to review our cautionary statements, disclaimers and important disclosures included on Slide 2 and 3 of today's presentation. We will make some forward-looking statements during today's call that refer to estimates and plans, as well as reference our previously announced acquisition of Carrizo Oil & Gas, Inc. Actual results could differ materially due to factors noted on these slides and in our periodic SEC filings. We'll also refer to some non-GAAP financial measures today, which we believe help to facilitate comparisons across periods and with our peers. For any non-GAAP measures we reference, we provide a reconciliation to the nearest corresponding GAAP measure. You may find these reconciliations in the appendix to the presentation slides and in our earnings press release, both of which are available on our website. We incorporate those by reference for today's call.

Following our prepared remarks we will open the call for Q&A. Please note that the topic for this call is our quarterly results, so we appreciate directing any questions on this call to the company's current and previous quarterly results and operational performance. We continue to firmly believe the announced merger with Carrizo is the right strategic move for Callon, but we will defer answering questions relating to the status of the transaction at this time. We are engaging extensively with our shareholders ahead of the special meeting vote on the merger with Carrizo, and we look forward to having the opportunity to discuss issues in greater depth and address any questions during those conversations.

With that, I would like to turn the call over to Joe Gatto.

Joe Gatto

Thanks, Mark. And we appreciate everyone joining us today. Yesterday afternoon, we released our third quarter results, which demonstrated the strength of our operations and progression towards highly efficient scaled development that's producing tangible improvements in capital efficiency. We see an unique opportunity to make additional gains in capital efficiency with our pending acquisition of Carrizo, which will accelerate our timeline for sustainable free cash