"APA Corporation Seals $4.5 Billion All-Stock Deal for Callon Petroleum Acquisition"
APA Corporation has announced an all-stock transaction to acquire Callon Petroleum Company, valued at approximately $4.5 billion, including Callon's net debt. The deal is expected to be accretive to APA's financial metrics, enhance its Permian Basin asset base, and increase its pro forma production to over 500,000 BOE per day. The transaction will see Callon shareholders receive 1.0425 shares of APA for each share of Callon, with the combined enterprise value exceeding $21 billion. The merger is anticipated to close in the second quarter of 2024, subject to shareholder and regulatory approvals.