Callon Petroleum (CPE) Trades Down as Oil Prices Drop

Callon Petroleum (NYSE:CPE) was under pressure as oil as gas prices fell Wednesday, dragging most of the energy companies down with them.

Brent crude settled down $5.06 at $112.57 a barrel, while U.S. crude futures dropped $5.67 to settle at $98.21.

Natural gas for June delivery settled 6.5 cents, or 1.5%, lower, at $4.181 per million British thermal units on the New York Mercantile Exchange.

The U.S. Oil Fund (USO) dropped 4.2 percent to closed at $39.35, the Energy Select Sector SPDR Fund (XLE) was down 2.9 percent to close at $74.28, and the U.S. gasoline fund LP (UGA) plunged 6.4 percent to close at $51.44.

Callon Petroleum Company participates in the acquisition, exploration, development, and production of crude oil and natural gas properties in the onshore in Louisiana and Texas, and the offshore waters of the Gulf of Mexico.

Callon Petroleum (CPE) closed Wednesday at $7.10, down $0.46, or 6.08 percent.