Callon Petroleum to buy Carrizo in quest for strong cash flow Jul 15 2019 [Reuters]
Callon Petroleum Company (CPE)
Last callon petroleum company earnings: 2/26 05:35 pm
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Source: Reuters
Callon Petroleum to buy Carrizo in quest for strong cash flow - Reuters 3 Min Read (Reuters) - Callon Petroleum Co ( CPE.N ) said on Monday it would buy Carrizo Oil & Gas Inc ( CRZO.O ) for $1.2 billion in stock, the latest in a string of acquisitions as energy companies scale up to boost cash flow and quell investor criticism over lack of returns. Oil and gas companies have been under pressure to cut costs and increase buybacks and dividends to shareholders, who are no longer willing to back drilling programs in the absence of strong cash flow. Carrizo’s fourth-largest shareholder, Lion Point Capital, in May urged the company to look at a potential merger or to sell its units. The deal, valued at $3.2 billion including $1.71 billion in Carrizo’s debt, will bolster Callon’s presence in the Permian shale basin, the most prolific oil patch in the United States, and the Eagle Ford shale field. “The deal highlights the importance of scale needed to meet investor demands,” SunTrust Rob
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