One-Page Deal Sheet
APA Corp to Acquire Permian Pure Player- Callon In All Stock Deal
APA Corp. Callon Petroleum Co.
Announced Date
January 04,2024
Close Date
April 01,2024
Transaction Type
Corporate
Enterprise Value (EV)($MM)
4500
Asset/Basin:
["Permian Basin", "Delaware Basin", "Midland Basin"]
TargetZones:
[]
Net Acres
% Oil:
PDP PV-10 ($MM)
PV-10 ($MM)
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
County
Reeves ,Ward ,Winkler ,Howard ,Martin ,Midland ,Dawson ,Borden
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Residual Metrics Residual Value
Transaction Details: Subscribe to see
APA Corporation said it will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt.
Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock.
Transaction Summary
Land : 145k Net Acres Produciton : 101Mboe/d (57% oil)(79% liquids) Deal Value : $4.5 billion Locations : 1500 (gross) Total proved reserves: 433.5 MMboe (PD 278.5; PUD 155.0) (from 10k) PDP PV-10 = $4,294.9MM (~$4.3B), ( From Callon 10k)Here’s the breakout from Callon’s latest 10-K (as of Dec 31, 2023):
Proved crude oil: 239,260 MBbls
Permian Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| Feb-02-2026 |
-  |
- |
Click here | Texas | E&P |
| Nov-03-2025 |
- |
- |
Click here | Texas | E&P |
| Jan-30-2025 |
- |
- |
Click here | Texas | E&P |
| Jan-27-2025 |
- |
- |
Click here | Texas | E&P |
| Oct-11-2023 |
- |
- |
Click here | Texas | E&P |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Feb-12-2024 | Diamondback To Acquire Endeavor Energy In $26 Billion Transaction | - |
- |
| Dec-15-2023 | Fury Resources Takes Battalion Private In Transaction Worth $450 Million : Map | - |
- |
| Dec-11-2023 | Oxy Acquires Midland Basin Juggernaut For $12 Billion | - |
- |