APA Corporation announced that Stephen J. Riney has been promoted to president and chief financial officer. Riney has served as executive vice president and chief financial officer since joining the.
The valuation looks attractive with Callon being acquired around the value of its existing production without paying a meaningful amount for the undevelop.
Callon’s assets provide additional scale to APA’s operations across the Permian basin, most notably in the Delaware basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 boed and enterprise value increases to more than $21 billion.