APA Corporation said that its acquisition plan of Callon Petroleum Company has been completed. The transaction was approved by APA and Callon shareholders at special meetings held on March 27, 2024.

“We are very pleased to close this transaction as Callon’s assets bring scale to our Delaware position and balance to our overall Permian asset base — all at what we believe is a compelling valuation,” said John J. Christmann IV, APA’s CEO. “We are confident this transaction will create shareholder value, as we expect to drive improved capital productivity and well performance, while realizing significant cost synergies. We look forward to applying our technical expertise and work processes across the Callon acreage to unlock potentially substantial shareholder value.”

The acquisition will bring APA’s daily reported production to approximately 500,000 barrels of oil equivalent (BOE), approximately two-thirds coming from the Permian Basin. The acquired assets include approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. Callon’s fourth-quarter production was 103,000 BOE per day, comprising 58% oil and 80% liquids.

Subject to the terms of the merger agreement, each share of Callon common stock was converted into the right to receive 1.0425 shares of APA common stock, with cash in lieu of fractional shares. As a result, APA issued approximately 70 million shares of common stock related to the transaction. Callon stock is no longer listed for trading on the NYSE.