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APA Corporation completes acquisition of Callon Petroleum Company

Published by , Editorial Assistant
Oilfield Technology,

APA Corporation has announced that its acquisition of Callon Petroleum Company has been completed.

“We are very pleased to close this transaction as Callon’s assets bring scale to our Delaware position and balance to our overall Permian asset base — all at what we believe is a compelling valuation,” said John J. Christmann IV, APA’s CEO. “We are confident this transaction will create shareholder value, as we expect to drive improved capital productivity and well performance, while realising significant cost synergies. We look forward to applying our technical expertise and work processes across the Callon acreage to unlock potentially substantial shareholder value.”

The acquisition will bring APA’s daily reported production to approximately 500 000 boe approximately two-thirds coming from the Permian Basin. The acquired assets include approximately 120 000 net acres in the Delaware Basin and 25 000 net acres in the Midland Basin. Callon’s 4Q production was 103 000 boe/d, comprising 58% oil and 80% liquids.

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