The present invention is for a downhole tool having a perforator gun portion disposed within a housing of the downhole tool for perforating an oil and gas formation. The downhole tool also includes a bypass passageway for directing fluid past the perforator gun portion in the downhole tool to permit fluid flowing into the downhole tool to flow out of the downhole tool to facilitate an oil and gas operation. Furthermore, the downhole tool is used in a method of performing the oil and gas operation in a wellbore by pumping fluid through the downhole tool.