Callon to Buy Carrizo for $1.2 Billion in Latest Permian M&A (2)

Callon Petroleum Co. agreed to buy Carrizo Oil & Gas Inc. for about $1.2 billion in an all-stock deal that will give it additional operations in the Permian Basin in West Texas as well as assets in the Eagle Ford shale patch in the south of the state.

The takeover, which gives Carrizo shareholders a deal premium of about 25% based on last week’s closing price, is the biggest Permian-related transaction since Occidental Petroleum Corp. agreed two months ago to acquire Anadarko Petroleum Corp. That blockbuster $38 billion deal, which made Occidental the largest crude producer in the basin, prompted ...