HOUSTON (AP) — Callon Petroleum Co. (CPE) on Wednesday reported a loss of $505.1 million in its fourth quarter.
On a per-share basis, the Houston-based company said it had a loss of $12.71. Earnings, adjusted for one-time gains and costs, came to $1 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The independent oil and gas company posted revenue of $296 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $261.6 million.
For the year, the company reported a loss of $2.53 billion, or $63.79 per share, swinging to a loss in the period. Revenue was reported as $1.03 billion.
Callon shares have risen 99% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.20, a rise of roughly 6% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CPE at https://www.zacks.com/ap/CPE
