Apa corporation to acquire callon petroleum company in all-stock transaction

Houston, jan. 04, 2024 (globe newswire) --  apa corporation (“apa” or the “company”) (nasdaq: apa) and callon petroleum company (“callon”) (nyse: cpe) have entered into a definitive agreement under which apa will acquire callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of callon's net debt. under the terms of the transaction, each share of callon common stock will be exchanged for a fixed ratio of 1.0425 shares of apa common stock. the transaction is expected to be accretive to all key financial metrics and add to apa's inventory of high quality, short-cycle opportunities. callon's assets provide additional scale to apa's operations across the permian basin, most notably in the delaware basin, where callon has nearly 120,000 acres. on a pro forma basis, total company production exceeds 500,000 boe per day and enterprise value increases to more than $21 billion.*
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