Callon Petroleum
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration, and sustainable development of assets in the Permian Basin in West Texas. Acquired by APA Corporation in 2024, Callon Petroleum's operations are concentrated in the Delaware and Midland Basins.
Company History
Callon Petroleum Company, founded in the early 1950s, has built a legacy of trust and reliability with its partners. Over the decades, the company has successfully navigated numerous commodity cycles in the oil and gas industry through adaptability, creativity, and valued relationships. Its commitment to sustainable development and high-quality asset acquisition has been a defining feature throughout its history.
Operations and Production
Callon Petroleum's operations are concentrated in the Delaware and Midland Basins, specifically within the Permian Basin in West Texas. The company had a total production average of 103.0 MBoe/d and 60.0 MBbl/d, with 80% of the production being liquids and 58% oil for the fiscal year ended December 31, 2023. Callon Petroleum operates from a base of 917 gross producing wells and employs 281 staff members.
Financial Performance
For the fiscal year ending December 31, 2023, Callon Petroleum generated $1.1 billion of net cash provided by operating activities and had an adjusted free cash flow of $188.1 million. The company continues to focus on maintaining robust margins and a low-risk profile through its deep inventory of delineated high-return drilling locations.
Headquarters and Offices
Callon Petroleum is headquartered in Houston, Texas, and maintains a field office in Midland, Texas. This strategic positioning allows the company to effectively manage its operations in the core areas of the Permian Basin, ensuring close proximity to its highly productive acreage. The new headquarters plays a crucial role in supporting daily operations and strategic planning.
Acquisition by APA Corporation
On April 1, 2024, Callon Petroleum was acquired by APA Corporation. This acquisition included approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. The transaction brought APA’s daily reported production to approximately 500,000 barrels of oil equivalent (BOE), with around two-thirds of this production coming from the Permian Basin.