Rising Demand in Emerging Markets with Key Focus on Chip Price Decline in 2025 Rising Demand in Emerging Markets with Key Focus on Chip Price Decline in 2025

Driven by strong initial progress in well performance and overhead, APA raised its Callon synergy target by 66% to $250MM annually, implying a present value worth ~55% of deal value. Management also continues to streamline the business, selling off $950MM worth of non-core U.S. assets, which are expected to lower domestic lease unit costs by ~10%. With the first Suriname FPSO now officially sanctioned, we remain firmly Overweight but decrease our price target to $36/sh on a lower price deck (~46% price upside).

APA is a leading US E&P with significant international exposure through assets in Egypt, the North Sea and a 50% stake in Suriname's Block 58. In Suriname APA has partnered with TotalEnergies to develop the block with 700Mboe of current estimated resource expected to support a first 200Kboed FPSO from 2028 on. In January the company announced the acquisition of Callon Petroleum, in my opinion a crucial step to improve low reserve depth to bridge the time until Suriname delivers first oil.

APA looks forward to leveraging its technical expertise in work processes across the Callon acreage to generate substantial returns for shareholders.

HOUSTON , March 29, 2024 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced the expiration and final tender results of its previously announced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any and all of its 7.500% Senior Notes due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"). The terms and conditions of the Offers and the Consent Solicitations (as defined below) are set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of March 1, 2024 (as it may be amended or supplemented from time to time, the "Statement").

Callon (CPE) reported earnings 30 days ago. What's next for the stock?

NEW YORK , March 25, 2024 /PRNewswire/ -- AppFolio Inc. (NASD:APPF) will replace Inari Medical Inc. (NASD:NARI) in the S&P MidCap 400, and Inari Medical will replace Callon Petroleum Co. (NYSE:CPE) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, April 1. S&P 500 constituent APA Corp. (NASD:APA) is acquiring Callon Petroleum in a transaction expected to be completed on or about that date pending final conditions.

HOUSTON , March 15, 2024 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced the pricing terms of its previously announced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any and all of its 7.500% Senior Notes due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"). The terms and conditions of the Offers and the Consent Solicitations (as defined below) are set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of March 1, 2024 (as it may be amended or supplemented from time to time, the "Statement").

HOUSTON , March 15, 2024 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced the early tender results of its previously announced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any and all of its 7.500% Senior Notes due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"). The terms and conditions of the Offers and the Consent Solicitations (as defined below) are set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of March 1, 2024 (as it may be amended or supplemented from time to time, the "Statement").

HOUSTON , March 1, 2024 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that it has commenced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any and all of its 7.500% Senior Notes due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"), upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of March 1, 2024 (as it may be amended or supplemented from time to time, the "Statement"). The Offers will expire at 11:59 p.m.