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Exhibit 99.1 Callon Petroleum Company Announces Second Quarter 2021 Results HOUSTON , TX ( August 4 , 2021 ) - Callon Petroleum Company ( NYSE : CPE ) ( " Callon ” or the “ Company ” ) today reported results of operations for the three and six months ended June 30 , 2021 . Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the " Presentations " page within the Investors section of the site . Second Quarter 2021 and Recent Highlights Delivered production of approximately 89.0 MBoe / d ( 63 % oil ) in the second quarter of 2021 Generated net cash provided by operating activities of $ 175.6 million and adjusted free cash flow of $ 6.9 million Net loss of $ 11.7 million , or $ 0.25 per diluted share , driven primarily by a loss on derivative contracts of $ 190.5 million , adjusted EBITDA of $ 196.8 million , and adjusted income¹ of $ 70.3 million , or $ 1.49 per diluted share Achieved an operating margin of $ 37.76 per Boe , a 13 % increase from the previous quarter Completed the divestiture of certain non - core assets for aggregate net cash proceeds of $ 30.7 million Issued $ 650 million of new 8.00 % senior unsecured notes due 2028 and completed the redemption of the 6.25 % senior unsecured notes due 2023 Received company credit rating upgrades from both Moody's and S & P following successful senior notes offering Reduced the outstanding balance on Callon's senior secured credit facility to approximately $ 780 million , representing less than 50 % utilization of the available capacity² Executed Callon's largest multi - well project in history , the 29 - well Irvin West project , driving robust production growth with July volumes estimated to be approximately 10 % above second quarter average daily production Issued the company's second annual sustainability report , highlighting meaningful improvement in key categories as well as incremental transparency measures and alignment with both SASB and TCFD reporting standards . Joe Gatto , President and Chief Executive Officer commented , " Our team advanced critical priorities during the second quarter , preparing ourselves for a very strong second half of 2021. We generated positive adjusted free cash flow for the fourth consecutive quarter , despite the second quarter being our highest projected capital spending period of the year . We actively managed our nearest maturities and further reduced our credit facility borrowings , both of which support a continued upward trajectory in our credit profile . The third quarter is off to a tremendous start with July production volumes well ahead of our second quarter average and our commodity price realizations are projected to benefit from the reduction in overall hedged production . Our adjusted free cash flow during the third and fourth quarter should further reduce our credit facility borrowings and continue to advance our deleveraging goals with the potential to accelerate that timeline through selective monetizations . " He continued , " We recently issued our 2020 Sustainability report showing meaningful improvement in numerous critical areas including greenhouse gas emissions reductions , flaring , and safety . In addition , we have aligned our disclosure with both the Sustainability Accounting Standards Board ( " SASB " ) and the Task Force on Climate - Related Financial Disclosures ( " TCFD " ) frameworks providing additional clarity and transparency on issues that our shareholders and stakeholders value . This represents another step towards achieving alignment with shareholder expectations . " Issuance of 2028 Senior Unsecured Notes and Redemption of 2023 Senior Unsecured Notes On June 21 , 2021 , the Company entered into a Purchase Agreement where it issued $ 650.0 million in aggregate principal amount of 8.00 % senior unsecured notes due 2028 ( the " 8.00 % Senior Notes " ) through private placement , which closed on July 6 , 2021 for net proceeds of approximately $ 638.1 million , net of underwriting discounts and commissions and offering costs . Also on June 21 , 2021 , the Company delivered a redemption notice with respect to all $ 542.7 million of its outstanding 6.25 % senior unsecured notes due 2023 ( the “ 6.25 % Senior Notes " ) , which became redeemable on July 21 , 2021. The Company used a portion of the net proceeds from the 8.00 % Senior Notes to redeem all of its outstanding 6.25 % Senior Notes with the remaining proceeds used to partially repay amounts outstanding under its Credit Facility . Following the issuance of the new 8.00 % Senior Notes , Callon was upgraded by both Moody's and S & P at the corporate level due to improving credit metrics and corporate outlooks . Moody's raised Callon's corporate family ratings to B3 and S & P raised its issuer credit rating to B- with a stable outlook . Credit Facility and Liquidity On May 3 , 2021 , Callon completed the spring redetermination for its senior secured credit facility . The borrowing base and elected commitment were both reaffirmed at $ 1.6 billion . As of June 30 , 2021 , the drawn balance on the facility was $ 875.0 million and cash balances were $ 3.8 million . Upon completion of the redemption of the 6.25 % Senior Notes , the remaining proceeds from the issuance of the 8.00 % Senior Notes were used to repay outstanding borrowings on the credit facility , further reducing the outstanding balance to approximately $ 780.0 million² .