History
APA Corp, created in 2021 as Apache's holding company, bought Callon Petroleum in an all-stock deal in 2024 and has since refinanced older Apache debt.
2021-2023: A new parent for Apache
On 1 March 2021, APA Corporation was created as a new Delaware holding company for Apache Corporation. It became the successor registrant on Nasdaq under the same ticker, APA, through a holding-company reorganization. Apache, whose operating history predates the change, carried on as a wholly owned subsidiary.
The record for the next few years is quiet. The share count stood at about 377 million at the end of 2020 and fell to roughly 304 million by the end of 2023, but the beats do not explain the decline.
2024: The Callon deal
On 4 January 2024, APA agreed to buy Callon Petroleum in an all-stock deal, paying 1.0425 APA shares for each Callon share. The aim was to add scale to its Delaware Basin position in the Permian, and the deal was expected to improve APA's key financial measures. At signing, the offer was worth about $38.31 a Callon share.
The shares were registered on 1 February in a joint proxy document, as both sets of shareholders still had to vote. An amended version on 13 February set 15 February 2024 as the record date for both special meetings. It showed that holders would end up owning about 81% APA and 19% Callon. It also set break fees of $170 million if APA walked away and $85 million if Callon did.
APA completed the acquisition on 1 April 2024. Each Callon share became 1.0425 APA shares, and Callon's equity awards and warrants carried over as APA equivalents. Callon became a wholly owned APA subsidiary. The share count rose from about 304 million at the end of 2023 to about 365 million at the end of 2024, in line with the all-stock deal.
2025-2026: Refinancing old debt
On 10 January 2025, APA raised $850 million in a private notes offering, with 6.10% notes due 2035 and 6.75% notes due 2055. The money funded a tender offer for outstanding Apache notes, continuing the refinancing of legacy Apache debt at the parent level.
The latest beat, on 5 March 2026, records that the exchange certified APA Corp's securities for listing, clearing them to begin trading. At that date, APA stood as the parent of Apache and Callon, with roughly 350 million shares on issue.
Written from the 7 story beats below (2021 to 5 Mar 2026), which come from the company's own announcements and filings.