APA to Buy US Shale Oil Driller Callon Petroleum for $4.5 Billion
- All-stock transaction equates to $38.31 per share for Callon
- Transaction is the latest in blockbuster US oil takeovers
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APA Corp. agreed to acquire Permian Basin shale explorer Callon Petroleum Co. for $2.6 billion, the latest in a wave of deals reshaping the US oil landscape.
APA plans to retire Callon’s roughly $1.9 billion in debt, giving the deal an enterprise value of $4.5 billion.