M&A Deal Summary

Callon Petroleum Acquires Carrizo Oil & Gas

On July 15, 2019, Callon Petroleum acquired oil/gas exploration company Carrizo Oil & Gas for 3.2B USD

Acquisition Highlights
  • This is Callon Petroleum’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Callon Petroleum’s largest (disclosed) transaction.
  • This is Callon Petroleum’s 2nd transaction in the United States.
  • This is Callon Petroleum’s 1st transaction in Texas.

M&A Deal Summary
Date 2019-07-15
Target Carrizo Oil & Gas
Sector Oil/Gas Exploration
Buyer(s) Callon Petroleum
Deal Type Add-on Acquisition
Deal Value 3.2B USD
Advisor(s) RBC Capital Markets
Lazard Ltd. (Financial)
Baker Botts (Legal)

Target

Carrizo Oil & Gas

Houston, Texas, United States
Carrizo Oil & Gas, Inc. is an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Carrizo Oil & Gas, Inc. was formed in 1993 and is headquartered in Houston, Texas.

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Buyer(S) 1

Buyer

Callon Petroleum

Houston, Texas, United States
Category Company
Founded 1950
Sector Oil/Gas Exploration
Revenue 3.2B USD (2022)
DESCRIPTION

Callon Petroleum is an independent energy company focused on the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas. Callon Petroleum was incorporated in 1950 and is based in Houston, Texas.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 2 of 3
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 2
Country (United States) 2 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 Callon Petroleum - Non-Core Assets

Natchez, Mississippi, United States

Callon Petroleum Co. - Non-Core Assets comprises operating area in the southern Midland Basin which includes approximately 9,850 net Wolfcamp acres (66% working interest), over 80 currently producing horizontal wells that have been drilled since 2012 and 70 net, delineated locations that exceed internal threshold of an IRR of greater than 25% at strip pricing. Daily production from these assets averaged approximately 4,000 Boe/d (52% oil) in February 2019. Our capital plans for the year are unchanged as there was no planned activity in the Ranger area for 2019.

Sell $320M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-03 Percussion Petroleum II

Houston, Texas, United States

Percussion Petroleum II is an oil and gas company that focuses on acquisition and development opportunities in select onshore basins in North America. Percussion Petroleum II is based in Houston, Texas.

Buy $475M
Mergr

Product

Company

Legal