US oil company APA to acquire Callon Petroleum for $4.5bn
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The deal marks further consolidation in the US oil and gas industry. Credit: g0d4ather/Shutterstock.
US oil and gas company APA has signed a definitive agreement to acquire Callon Petroleum Company (Callon) in an all-stock transaction valued at approximately $4.5bn.
Under the terms of the agreement, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock.
The deal, which is inclusive of Callon’s net debt, is anticipated to enhance APA’s financial metrics and add to its inventory.
APA said the acquisition will provide it with additional scale across the Permian Basin, particularly in the Delaware Basin, where Callon holds nearly 120,000 acres.
Following the acquisition, APA’s combined oil-prone acreage in the Midland and Delaware Basins is expected to increase by more than 50%.
On a pro forma basis, the deal will boost APA’s total production to more than 500,000 barrels of oil equivalent per day and increase its enterprise value to more than $21bn.
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This article was originally published by a www.offshore-technology.com . Read the Original article here. .