Announced
Completed
Financials
Tags
United States
Private
Acquisition
Majority
Single Bidder
Friendly
Integrated Oil and Gas
Domestic
oil and gas company
Completed
Synopsis
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.
Search a database of more than 250,000 verified dealmakers
Receive automated updates on global transactions
Follow the activity, relationships and transactions of top dealmakers
© COPYRIGHT 2024 MERGERLINKS LIMITED.
ALL RIGHTS RESERVED.
15 BONHILL STREET, LONDON, EC2A 4DN, UNITED KINGDOM.