Callon Petroleum Appoints Newberry As COO And Senior VP

U.S. exploration and production company, Callon Petroleum Company (NYSE:CPE) announced that it has appointed Gary A. Newberry as senior vice president and chief operating officer. Newberry joined Callon Petroleum in 2010 from Marathon Oil Corp. (NYSE:MRO) , from where he retired after 33 years.

During his tenure in Marathon, Newberry held management positions overseeing production and drilling operations in the U.S. Midcontinent and Rockies regions, Alaska, and the Permian basin, as well as globally.

The appointment comes at an opportune moment for Callon as oil price recently logged its largest weekly gain in five months on expectations of a production freeze from the 14-member OPEC bloc and Russia. For the beleaguered commodity, things further brightened with the release of the U.S. Energy Department's report showing big drawdowns in domestic crude and gasoline stocks. A weaker dollar – that made the greenback-priced crude cheap for investors holding foreign currency – provided further support.

Callon is an independent energy company focused on the acquisition, development, exploration and operation of oil and gas properties in the Permian Basin in West Texas. As of Jun 30, 2016, Callon had 118 gross (93.0 net) horizontal wells producing from five established zones. Its net daily production for the three months ended Jun 30, 2016, grew approximately 41% to 13,451 BOE/d (approximately 77% oil) from the same period of 2015.

The company is proactive as evident from the three-month period ending Jun 30, 2016, when it drilled 6 gross (3.7 net) horizontal wells, completed 5 gross (3.4 net) horizontal wells and placed 5 gross (3.4 net) horizontal wells on production. As of Jun 30, 2016, it had 6 gross (4.2 net) horizontal wells awaiting completion.

The company currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are NGL Energy Partners LP (NYSE:NGL) and Enbridge Energy Partners L.P. (NYSE:EEP) . All these stocks sport a Zacks Rank #1 (Strong Buy).