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Updated Jan. 4, 2024 7:20 am ET

Energy company APA has agreed to buy smaller peer Callon Petroleum in a stock-swap deal valued at about $4.5 billion including debt, continuing a wave of consolidation in the energy sector.

APA on Thursday said it would issue 1.0425 shares, worth $38.31 based on the Wednesday closing price of $36.75, for each share of Callon, offering a nearly 14% premium to Callon’s closing price.

Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

This post first appeared on wsj.com

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