Callon Petroleum completed the acquisition of Primexx Energy Partners from Primexx Energy Partners for $788m.

Callon Petroleum, an independent oil and natural gas company, completed the acquisition of Primexx Energy Partners, a private oil and gas operator in the Delaware Basin, from Primexx Energy Partners, an oil and gas operator, for $788m. "The Primexx transaction checks every operational and financial box on the list of compelling attributes of consolidation. The asset base adds substantial current oil production and a top-tier inventory to our Delaware portfolio, and fits squarely into our model of scaled, co-development of a multi-zone resource base. Our integrated, future development plans will benefit greatly from the combined Delaware scale and we expect to generate approximately 30% more adjusted free cash flow from the third quarter of 2021 through year-end 2023 under our conservative planning price assumptions. The infusion of over $550m of equity from the acquisition and Kimmeridge's exchange further heightens the overall benefits, immediately reducing leverage metrics and creating a visible path to net debt to adjusted EBITDA of below 2.0x next year," Joe Gatto, Callon President and CEO.