This Oil Stock Is Following Leaders ExxonMobil and Occidental Petroleum by Making a Major Acquisition
The merger wave in the oil patch is continuing in 2024. The latest deal will see APA Corporation (NASDAQ: APA) acquire fellow oil company Callon Petroleum (NYSE: CPE). That acquisition will enhance APA's scale in the resource-rich Permian Basin.
The deal follows the blueprint of leaders ExxonMobil (NYSE: XOM) and Occidental Petroleum (NYSE: OXY), which have made large deals in that same region. Here's a look at the latest oil stock merger and what it means for investors.
APA Corporation is buying Callon Petroleum in an all-stock deal valued at $4.5 billion, including the assumption of debt. The merger will create a much larger oil company with a total enterprise value of more than $21 billion and combined production of over 500,000 barrels of oil equivalent per day (BOE/D).
Source Fool.com