APA said it completed its all-stock acquisition of Callon Petroleum Company (Callon) on April 1, 2024, with a transaction value of about $4.5 billion including Callon's debt. Each share of Callon common stock was converted into 1.0425 shares of APA common stock, and APA issued about 70 million shares in the transaction.

1. 01

   APA said it completed its all-stock acquisition of Callon Petroleum Company (Callon) on April 1, 2024, with a transaction value of about $4.5 billion including Callon's debt. Each share of Callon common stock was converted into 1.0425 shares of APA common stock, and APA issued about 70 million shares in the transaction.

2. 02

   APA said net income attributable to common stock for Q2 2024 was $541 million ($1.46 per diluted share), up from $381 million ($1.23 per diluted share) for Q2 2023. The company cited the Callon acquisition production, among other factors, as drivers of the increase, and said net income included $276 million of net gains on divestitures of non-core assets.

3. 03

   APA said cash from operating activities for the first six months of 2024 was $1.2 billion, 7% lower than in the same period of the prior year, and attributed the decline mainly to timing differences in working capital items. In the same period, the company repurchased 4.5 million shares of common stock for $144 million and paid $168 million in dividends.

4. 04

   APA said it borrowed $1.5 billion under the Term Loan Credit Agreement on April 1, 2024, consisting of 3-Year Tranche Loans maturing April 1, 2027, which were used to repay part of Callon's debt and pay related expenses. As of June 30, 2024, $1.5 billion of these loans remained outstanding.

Key figures

Quarter ended June 30, 2024

Operating income

$979M

Net income

$620M

EPS

$1.46

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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