![Breaking: Permian Powerhouse Callon Petroleum (CPE) Sparks Frenzy as Strategic Options Unveiled Amidst Acquisition Buzz! Breaking: Permian Powerhouse Callon Petroleum (CPE) Sparks Frenzy as Strategic Options Unveiled Amidst Acquisition Buzz!](https://dailypostusa.com/wp-content/uploads/2023/12/1-19.png)
Callon Petroleum (NYSE:CPE) experienced a 3.3% increase following reports that the Permian-based producer is actively considering its strategic options in response to acquisition interest. The oil producer is reportedly collaborating with advisors to explore various possibilities, including a potential sale, as outlined in a Friday Bloomberg report citing sources familiar with the matter. While no definitive decision has been reached, the company has the option to remain independent.
READ: “Revolutionizing Fleets: AT&T Teams Up with Rivian for Electric Vehicle Game-Changer!
Bloomberg’s attempt to seek immediate comment from Callon Petroleum (CPE), which holds a market capitalization of $2.2 billion, was unsuccessful.
Callon Petroleum
The potential deal involving Callon (CPE) coincides with a period of significant consolidation among operators in the Permian basin. This trend includes Exxon Mobil’s (XOM) proposed $59 billion acquisition of Pioneer Natural Resources (PXD). Additionally, Reuters reported a week ago that privately-held Endeavor Energy Partners is contemplating a sale, valuing the largest privately-held oil and gas producer in the Permian basin at $25 billion to $30 billion.
On Monday, Occidental Petroleum (OXY) finalized a deal to acquire CrownRock and its substantial Permian basin assets, with the transaction valued at approximately $12 billion.
It is worth noting that Callon Petroleum’s (CPE) short interest currently stands at 24%.