Callon Petroleum Company revised production guidance for the third quarter, fourth quarter and full year of 2021. Production in the 2021 third quarter has been above previous expectations due to strong well performance in the Delaware and Midland Basins. As a result, Callon is raising production guidance to 98.5 - 99.5 MBoe/d (64% oil) from a previous range of 95.5 - 97.5 MBoe/d (64% oil). Operational capital for the quarter is currently estimated to be $120 - $125 million.
Callon is reinstating and updating full year 2021 guidance, reflecting both the acquisition of the Delaware Basin assets and the pending divestiture. The company now expects total production guidance of 94.5 - 95.5 MBoe/d compared to 89.0 - 91.0 MBoe/d expected earlier.
During the fourth quarter, Callon intends to operate six drilling rigs and an average of 1.5 completions crews as the current Primexx development program is transitioned to larger scale development with increased project sizes targeting multiple landing zones. In addition to expanding the drilled, uncompleted well inventory on the acquired Delaware assets, the Company expects to place approximately 18 gross (15 net) wells on production in the quarter, all in the Permian Basin. Daily production for the fourth quarter, including the impact of the pending divestiture, is expected to be 110.0 112.5 MBoe/d (63% oil) and operational capital in the range of $150 - $160 million.