APA Corporation (NASDAQ: APA) closed its $4.5 billion all-stock acquisition of Callon Petroleum in April 2024, significantly expanding its Permian Basin footprint, particularly in the Delaware Basin where Callon held nearly 120,000 net acres.
The deal boosted APA's pro forma total production to more than 500,000 boe/d and increased its enterprise value to over $21 billion. Callon shareholders received 1.0425 shares of APA common stock for each Callon share.
APA highlighted improved scale, drilling inventory depth, and significant overhead and operational synergies of approximately $55 million annually as primary deal rationale.