Net cash proceeds were adjusted for an effective date of 1 January 2019, and do not include potential contingent consideration payments of up to US$60 million based on West Texas Intermediate average annual pricing over a three-year period.
Joe Gatto, President and CEO, commented: "We remain on a clear path to attain the various objectives we have outlined for investors. This transaction is a meaningful step forward on our deleveraging goals which will also be advanced by our cash flow generation in coming quarters."
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/14062019/callon-petroleum-closes-southern-midland-basin-divestiture/
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