secwatch.observer — SEC 8-K summary
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Issuer:     Callon Petroleum Co (—)
CIK:        0000928022
Form:       8-K
Filed at:   2023-07-07T23:59:59+00:00
Accession:  0000928022-23-000122
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Callon closes Percussion acquisition ($249M cash+6.3M shares) & Eagle Ford sale ($551M); debt cut ~$300M; $300M buyback
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/0000928022-23-000122-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/cpe-20230703.htm
  HTML page:      https://secwatch.observer/filing/0000928022-23-000122

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