Ahead of the Bell: Callon evacuates Gulf workers

Callon Petroleum Co. will evacuate all of its workers from three deep water fields in the Gulf of Mexico, with Hurricane Ike entering the warm waters of the Gulf Wednesday.

The company reported minor damage to its facilities from Hurricane Gustav last week.

Callon's Spar production facility at the Medusa Field had some damage, but is ready to resume production if there is no damage from Ike, which appeared to be heading south of most Gulf installations early Wednesday. The field was producing 13.8 million cubic feet of natural gas and 15,200 barrels of oil per day when it was shut in on Aug. 30.

The company's Auger production facility was not damaged.

The U.S. Gulf Coast is home to nearly half the nation's refining capacity, while offshore, the Gulf accounts for about 25 percent of domestic oil production and 15 percent of natural gas output.

The region largely escaped damage from Hurricane Gustav, though major oil companies are evacuating personnel ahead of Ike, so much of the production from the Gulf remains shut-in.

Shares of Callon Petroleum Co. closed down $1.47 at $17.60 on Tuesday.