"APA Corporation Seals $4.5 Billion All-Stock Deal for Callon Petroleum Amid Energy Sector Shake-Up"
APA Corp. has agreed to acquire Callon Petroleum Co., a Permian Basin shale oil driller, for $2.6 billion in an all-stock transaction, with the total enterprise value of the deal being $4.5 billion including debt. This move is part of a broader trend of consolidation in the US oil industry, with APA looking to bolster its near-term cash flow and scale up its operations in the Permian Basin. The acquisition is expected to close in the second quarter, and APA plans to maintain drilling operations post-acquisition, contrary to the industry trend of reducing rigs.