Deal Insight
Callon Petroleum acquires Carrizo Oil & Gas for US$3.1 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
On July 15th, Callon Petroleum announced that it is attempting to purchase Carrizo Oil & Gas in an all-stock deal, valued at US$3.3 billion. The deal is certainly notable because the total consideration, including Carrizo's full enterprise value, would make it the third-largest M&A transaction of the year. Post completion, shareholders of Callon and Carrizo will own 54% and 46% of the combined entity respectively. This makes the deal more of a merger of peers. Carrizo currently produces approximately 66,000 boe/d across 76,500 net acres in the Eagle Ford and 46,000 net acres in the Delaware basin. The Eagle Ford asset generates roughly US$200 million of cash flow, which was cited as a self-funding mechanism for the pro-forma company's new Permian program. This will help the pro forma company deliver on its plans to develop its acreage with a more capital-intensive tank or cube style development.
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:
- Executive summary: Table 1
- Callon and Carrizo Delaware Basin Activity (Wolfcamp A Total Organic Carbon)
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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