APA Corp to Acquire Callon Petroleum in $4.5 Bln Deal

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APA Corp to Acquire Callon Petroleum in $4.5 Bln Deal

Reuters01-04

Jan 4 (Reuters) - U.S. oil producer APA said on Thursday it would acquire Permian Basin producer Callon Petroleum in a $4.5 billion all-stock deal, inclusive of debt, as dealmaking accelerates in the largest U.S. oilfield.

Callon Petroleum gained 5.4% while APA Corporation dropped 4.1% in premarket trading Thursday.

Callon's assets would provide scale to APA's operations in the Permian Basin, and increase the company's acreage by 50%.

Under terms of the deal, each outstanding share of Callon will be exchanged for 1.0425 shares of APA, representing an implied value to each Callon share of $38.31 per share, the companies said.

Callon entered the Permian basin in 2009 with the acquisition of about 8,800 net acres for $16 million. In 2019, Callon completed the merger with Carrizo Oil & Gas expanding its footprint across the Permian Basin.

The deal with APA is expected to close during the second quarter of 2024.

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·01-04
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