---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-002515"
form_type: "8-K"
ticker: "APA"
cik: "0001841666"
company_name: "APA Corp"
filed_at: "2024-01-04T23:59:59+00:00"
generated_at: "2026-06-07T04:12:41.132479+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-002515
- form_type: 8-K
- ticker: APA
- cik: 0001841666
- company_name: APA Corp
- filed_at: 2024-01-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841666/000119312524002515/0001193125-24-002515-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841666/000119312524002515/d680825d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-002515
- JSON: https://secwatch.observer/filing/0001193125-24-002515.json
- Plain text: https://secwatch.observer/filing/0001193125-24-002515.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841666/000119312524002515/0001193125-24-002515-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.