Nov 2 (Reuters) - Oil exploration company Callon Petroleum Co posted quarterly profit that beat analysts' estimates, helped by higher production, but cut its full-year crude oil production forecast.
Callon now expects full-year crude oil production of 995-1,070 million barrels of oil (Mbo), down from its 1,000-1,125 Mbo view earlier.
July-September earnings were $8.4 million, or 21 cents per share compared with $1.6 million, or 5 cents per share, a year ago.
Analysts, on average, expected the company to earn 15 cents on revenue of $33.3 million, according to Thomson Reuters I/B/E/S.
Average daily production for the third quarter rose 23 percent to 5,261 barrels of oil equivalent per day.
Total operating revenue rose 39 percent to $33.5 million.
Shares of the Natchez, Mississippi-based company closed at $4.83 on Wednesday on the New York Stock Exchange
Key CPE success: “Our deepwater offshore fields continue to deliver positive results with minimal reinvestment requirements, generating free cash flow for reinvestment into onshore growth opportunities. We remain committed to the transformation of our asset base and believe the robust cash flow from our deepwater properties will continue to provide a strong source of funding for this change."
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