Revenue during the quarter surged 105.82 percent to $69.08 million from $33.56 million in the previous year period. Gross margin for the quarter contracted 165 basis points over the previous year period to 79.55 percent.

Operating income for the quarter was $21.17 million, compared with an operating loss of $118.54 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $49.27 million compared with $31.83 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2351 basis points in the quarter to 71.33 percent from 94.83 percent in the last year period.

“Callon delivered exceptional growth in our producing assets in 2016, with a nearly 60% increase in daily production and 70% increase in proved reserves,” commented Fred Callon, chairman and chief executive officer. “The strength of a capital efficient operational base, combined with our solid financial position, allowed us to stay on our front foot throughout the year and ultimately enter into acquisition agreements that tripled our acreage position in the Permian Basin on an accretive basis. We are now entering a period that will be characterized by drill-bit growth, planning to increase our horizontal development program to five rigs in both the Midland and Delaware Basins by early 2018. Our 2017 drilling program will be active in all four of our core operating areas as we prioritize top-tier cash returns in our portfolio, without the need to manage onerous drilling obligations. In the near-term, we are on the cusp of unlocking the value of our newly acquired WildHorse position after investing in facilities for efficient development and adding a second rig to this position last month. We look forward to accelerating the value proposition in a similar manner in the Spur area with a rig starting by mid-year. Overall, we currently expect our operations to produce another year of production growth approaching 60% in 2017 while maintaining the financial strength required to navigate any potential headwinds in 2017 and beyond. With our existing portfolio of delineated locations in core, unconventional shale plays, Callon is well-positioned to deliver leading production and cash flow growth per share, as well as additional upside in emerging zones across the entire Permian Basin.”

The company has spent $866.29 million cash to meet investing activities during the year as against cash outgo of $259.16 million in the last year.

Cash flow from financing activities was $1,399.49 million for the year, up 711 percent or $1,226.92 million, when compared with the last year.

Cash and cash equivalents stood at $652.99 million as on Dec. 31, 2016, up 53,249.10 percent or $651.77 million from $1.22 million on Dec. 31, 2015.

Working capital turns positive
Working capital of Callon Petroleum Company has turned positive to $593.58 million on Dec. 31, 2016 from negative $25.62 million on Dec. 31, 2015. Current ratio was at 5.51 as on Dec. 31, 2016, up from 0.71 on Dec. 31, 2015.