Callon Petroleum Co: M&A transaction — Callon closes Percussion acquisition ($249M cash+6.3M shares) & Eagle Ford sale ($551M); debt cut ~$300M; $300M buyback

Callon Petroleum Co

Acquired Percussion (Delaware Basin) for ~$249M cash plus ~6.3M shares ($210M), plus earnout up to $62.5M based on WTI thresholds.
Sold Eagle Ford assets to Ridgemar for $551M cash; contingent consideration up to $45M if WTI exceeds thresholds in 2024.
Net debt reduced approximately $300M; gross debt below $2.0B; redeemed $187.2M of 8.25% Senior Notes due 2025.
Board authorized $300M share repurchase program over two years; first repurchases expected in Q3 2023.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Callon Petroleum Co completed a disposition involving Ridgemar Energy Operating, LLC for approximately $551.0 million in cash (closed 2023-07-03).

Action: disposition
Counterparty: Ridgemar Energy Operating, LLC
Consideration: approximately $551.0 million in cash
Closing: 2023-07-03

Exact text from the filing

Concurrently, CPOC completed the Eagle Ford Divestiture for a sale prices of approximately $551.0 million in cash as total consideration for the equity interests in Callon Eagle Ford.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Callon Petroleum Co completed an acquisition involving Percussion Petroleum Management II, LLC for approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 m (closed 2023-07-03).

Action: acquisition
Counterparty: Percussion Petroleum Management II, LLC
Consideration: approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 m
Closing: 2023-07-03

Exact text from the filing

On July 3, 2023, the Company and CPOC completed the Percussion Acquisition for a purchase price of approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 million in shares of Company common stock (the “Stock Consideration”) as total consideration for the equity interests acquired in Percussion Target.

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Source: SEC EDGAR

accession 0000928022-23-000122

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