Callon Petroleum Company (NYSE:CPE) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET

Company Participants

Kevin Smith – Head-Investor Relations

Joe Gatto – President and Chief Executive Officer

Jeff Balmer – Senior Vice President and Chief Operating Officer

Kevin Haggard – Senior Vice President and Chief Financial Officer

Conference Call Participants

Zach Parham – JPMorgan

Neal Dingmann – Truist Securities

Derrick Whitfield – Stifel

Phillips Johnston – Capital One

Paul Diamond – Citi

Fernando Zavala – Pickering Energy Partners

Tim Rezvan – KeyBanc

Operator

Ladies and gentlemen, welcome to the Callon Petroleum Frist Quarter 2023 Earnings Conference Call. [Operator instructions] Just to remind you today’s conference is being recorded. [Operator Instructions]

I will turn the call over Callon’s Head of Investor Relations, Kevin Smith. Please go ahead sir.

Kevin Smith

Thank you, Mallorie. And good morning everyone. I am joined by our CEO, Joe Gatto; our COO, Jeff Balmer; and our CFO, Kevin Haggard.

During our prepared remarks today, we will reference our release on the first quarter and our recently announced Permian and Eagle Ford transactions, as well as supplemental slide decks related to both. All these materials are available on our website, at www.callon.com.

Today's call will include forward-looking statements that refer to estimates and plans. Actual results could differ materially due to risk factors noted in our presentation and SEC filings. We will also refer to some non-GAAP financial measures that help facilitate comparisons across periods and with our peers. For any non-GAAP measures reference, we provide a reconciliation to the nearest corresponding GAAP measure in the appendix to our slide deck and in our earnings press release, both of which are available on our website. Following our prepared remarks, we will open the call for Q&A.

I would now like to turn the call over to Joe Gatto. Joe?

Joe Gatto

Thank you, Kevin. Good morning everyone. We are thrilled to have you with us today on this very exciting day for Callon. We delivered another strong quarter of performance highlighted by improved Permian cycle times and continued debt reduction. I will cover the first quarter highlights later in my remarks, but we're off to a great start in 2023.

I'll spend most of my time today discussing our accretive and transformative transaction in the Delaware Basin. Simply put, this deal is a great fit for us. It solidifies our focus and positions us as a leading operator in the Permian with more than 145,000 net acres and 107,000 Boe per day of production. It's contiguous with and complements our existing Delaware position where we have proven history of adding value and these high quality assets will be seamlessly integrated into our development model and will immediately compete for capital within Callon's broader Permian portfolio.