Permian basin-focused Callon Petroleum is taking over Carrizo Oil & Gas in all-stock deal valued at $3.2 billion as the companies aim to benefit from increased scale in an effort to drive free cash flow.
The takeover will see the two Houston-based companies combine their acreage positions in the Delaware sub-basin of the prolific Permian, along with Carrizo’s assets in the south Texas Eagle Ford shale.
