Houston-based Callon Petroleum Co., whose portfolio stretches across the Permian Basin’s two major formations and across the Eagle Ford Shale, reduced costs and delivered “near-term economic returns” at current strip prices during the third quarter, the CEO said.

Callon

Net production jumped 170% to 102,000 boe/d year/year, above expectations, while capital spending was $38 million, below consensus. The top end of operational capital spending guidance has fallen by 15% since May, and lease operating expenses have declined by 10% sequentially to around $4.89/boe. 

“Well performance from our modified stacking and spacing program has met or exceeded expectations, confirming the merits of our life-of-field development model that will preserve the future value of our inventory while...