APA Corp acquires Callon Petroleum in $4.5B all-stock deal; 1.0425x exchange ratio

APA Corp

Each Callon share exchanged for 1.0425 APA shares; implied value ~$38.31/sh based on APA close Jan 3, 2024.
Total consideration ~$4.5B including Callon's net debt; pro forma enterprise value >$21B.
Pro forma production >500k BOE/day; Permian output +48%; annual synergies >$150M.
Transaction unanimously approved by both boards; expected close Q2 2024, subject to shareholder & HSR approvals.
APA secures $2B bridge financing from JPMorgan, Citi, and Wells Fargo for debt refinancing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

APA Corp entered into Agreement and Plan of Merger with Callon Petroleum Company valued at exchange ratio of 1.0425 shares of APA common stock per Callon share (effective 2024-01-03).

Action: entry
Agreement: merger
Counterparty: Callon Petroleum Company
Value: exchange ratio of 1.0425 shares of APA common stock per Callon share
Effective: 2024-01-03

Exact text from the filing

On January 3, 2024, APA Corporation, a Delaware corporation (“ APA ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Callon Petroleum Company (“ Callon ”) and Astro Comet Merger Sub Corp., a wholly owned subsidiary of APA (“ Merger Sub ”).

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273 material agreements filed in the last 30 days. Browse all material agreements →

APA Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-002515

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