Deal Insight
APA Corporation acquires Callon Petroleum for US$4.5 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Following the splash of recent Permian M&A, APA Corporation (APA) announced the acquisition of Callon Petroleum (CPE) in an all-stock deal for a total consideration of US$4.5 billion. Relative to our base case valuation, Callon had been trading at a 10% discount and is at par with the deal premium. The stock-based acquisition presented an opportunity for APA shareholders – thanks to their premium-rated equity relative to our valuation – in addition to other operational upsides.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Delaware Basin - leasehold by operatorDelaware Basin well results (2020 - 2023)
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Midland Basin - leasehold by operatorMidland Basin well results (2020 - 2023)Existing APA and acquired CPE core Permian 2P inventory by benchUpstream assets: Table 1Deal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Peer GroupsOil & gas pricing and assumptions: Table 1
- 1 more item(s)...
What's included
This report contains:
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