APA and its subsidiary Apache Corp. are plucking Callon Petroleum off the board for $4.5 billion in stock as a historic wave of Permian consolidation enters a new year.
In 2023, majors Chevron and Exxon Mobil took four public names off the board Pioneer Natural Resources, Denbury, PDC Energy, and Hess Corp. using all-equity takeout mechanisms with scant premiums.