APA Corporation Announces Timeline For Closing of Callon Petroleum Company

HOUSTON, Feb. 26, 2024 (GLOBE NEWSWIRE) — APA Corporation APA announced today that the applicable statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on Feb. 22, 2024. Assuming both APA and Callon shareholder approvals are obtained, the closing of the acquisition is expected to occur on or about April 1, 2024. APA and Callon have scheduled separate shareholder meetings for March 27, 2024, for their respective shareholders to vote on the transaction. APA shareholders can join the virtual meeting by registering in advance at www.proxydocs.com/APA.

“We are pleased to be taking this next step toward the closing of the Callon acquisition, which is scheduled to take place in just under three months following the January announcement,” said John J. Christmann IV, APA’s chief executive officer. “This transaction is expected to be accretive on all financial metrics and offers significant cost synergies. We look forward to integrating the Callon assets and providing more information about the Permian Basin outlook from the combined assets. We are confident that we will deliver considerable future value for both companies’ shareholders.”

In anticipation of the closing of the Callon transaction, APA published a presentation today highlighting its top-tier performance in the Permian Basin. The presentation includes more information about the company’s progress in the Permian Basin, its proprietary approach to unconventional development, and incremental details on the planned integration of Callon.

“We have achieved top-tier well results and best-in-class productivity improvements in both the Midland and Delaware Basins,” Christmann said. “The company has delivered high returns and strong oil volume growth through extensive data collection and analysis and by applying proprietary workflows – from planning through execution – that have driven substantial drilling efficiency gains.”

Click here for the presentation or view it directly on APA’s website. The APA subsidiary Apache Corporation operates the majority of the company’s assets in the Permian Basin.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the closing of the proposed acquisition of Callon and the expected benefits of such transaction. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations, including the following: uncertainties as to whether the potential transaction will be consummated on the expected time period or at all, or if consummated, will achieve its anticipated benefits and projected synergies within the expected time period or at all; APA’s ability to integrate Callon’s operations in a successful manner and in the expected time period; the occurrence of any event, change, or other circumstance that could give rise to the termination of the transaction; risks that the anticipated tax treatment of the potential transaction is not obtained; unforeseen or unknown liabilities; customer, shareholder, regulatory, and other stakeholder approvals and support; unexpected future capital expenditures; potential litigation relating to the potential transaction that could be instituted against APA and Callon or their respective directors; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the effect of the announcement, pendency, or…