2 May 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Land Ramon Moore acquired 50,356 shares and disposed of 119,797 in a set of related equity transactions.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 May 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. VP & Chief Accounting Officer Wade E Jaques acquired 16,325 shares and disposed of 101,038 in a set of related equity transactions.
2 May 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Finance & Planning Scott A Fenoglio acquired 49,752 shares and disposed of 79,306 in a set of related equity transactions.
2 May 2017substantial holder notice● Neutral
Fir Tree Inc reported no remaining CIVITAS RESOURCES, INC. shareholding in its periodic institutional filing.
2 May 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. director James A Watt disposed of 44,139 shares via option/appreciation-right settlement.
2 May 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. President & CEO Richard J Carty acquired 282,336 shares and disposed of 499,028 in a set of related equity transactions.
1 May 2017listing compliance notice● NeutralMajor
CIVITAS RESOURCES, INC.'s exchange filed to remove a class of its securities from listing.
28 Apr 2017securities registration● Neutral
CIVITAS RESOURCES, INC. amended an already-effective registration statement.
28 Apr 2017listing compliance notice▲ GoodMajor
the New York Stock Exchange certified CIVITAS RESOURCES, INC.'s securities for listing, clearing them to begin trading.
26 Apr 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. VP, Chief Accounting Officer Wade E Jaques exercised stock options for 28,725 shares and disposed of 40,979 shares.
26 Apr 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Finance & Planning Scott A Fenoglio exercised stock options for 26,739 shares and disposed of 38,258 shares.
26 Apr 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. President & CEO Richard J Carty exercised stock options for 145,834 shares and disposed of 195,937 shares.
26 Apr 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Land Ramon Moore exercised stock options for 37,654 shares and disposed of 54,825 shares.
19 Apr 2017auditor change● Neutral
On April 13, 2017 management dismissed auditor Hein & Associates and appointed Grant Thornton, which the confirmation order lets management do without board or audit committee action. Hein's reports for 2016 and 2015 were clean apart from a going-concern paragraph in the 2016 report, and the filing reports no disagreements with Hein.
7 Apr 2017bankruptcy or receivership▼ BadMajor
On April 7, 2017 the bankruptcy court confirmed the company's Chapter 11 plan, resolving the confirmation thread. Existing common shares (49,669,026 outstanding) will be cancelled on the Effective Date; holders who did not opt out of releases share 4.5% of the new stock plus 3-year warrants for up to 7.5% at a $1.45 billion equity value. The ad hoc equity committee settled its objections: its members will invest $7.5 million and receive 1.75% of new stock plus their share of the holder consideration and up to $3 million of fees. The revolver lenders get cash payment in full plus a share of an Exit RBL of about $191.6 million (KeyBank agent, matures March 31, 2021). The plan is not yet effective: it still needs the rights offering, the new NGL Crude Logistics oil purchase agreement and other approvals. The new board will have seven members, including CEO Richard Carty.
16 Mar 2017material agreement▲ GoodMajor
On March 16, 2017 the bankruptcy court approved the company's February 16, 2017 restructuring support agreement with its revolver lenders, who agree to back the noteholder-supported plan and use commercially reasonable efforts to enter an amended and restated revolving credit facility when the plan takes effect. This adds the bank lenders to the plan's supporters; the filing does not say the plan is confirmed or give the facility's size.
14 Feb 2017substantial holder notice● Neutral
Hutchin Hill Capital, LP, Hutchin Hill Capital GP, LLC, Neil A. Chriss disclosed a new substantial CIVITAS RESOURCES, INC. shareholding (8.30% of votes).
14 Feb 2017substantial holder notice● Neutral
Barclays PLC, Barclays Bank PLC disclosed a new substantial CIVITAS RESOURCES, INC. shareholding (6.02% of votes).
10 Feb 2017substantial holder notice● Neutral
The Vanguard Group reported a CIVITAS RESOURCES, INC. shareholding of 2,003,139 shares (4.03% of votes) in a periodic institutional filing.
9 Feb 2017substantial holder notice● Neutral
Fir Tree Inc disclosed a new substantial CIVITAS RESOURCES, INC. shareholding (17.29% of votes).
3 Feb 2017material agreement● NeutralMajor
On February 1, 2017 the company entered a stipulation with the noteholder ad hoc group and Silo Energy, LLC to settle certain Silo claims in the bankruptcy. It also disclosed that an ad hoc committee of shareholders, which says it holds 34% of the stock, proposed an alternative deal (notes 80%/equity 20%, a $300 million rights offering with $100 million for equity holders), which 'did not result in an acceptable transaction' and drew no counteroffer.
6 Jan 2017director interest notice● Neutral
CIVITAS RESOURCES, INC. 10%+ owner Fir Tree INC. bought 3,618,922 shares on the open market.
6 Jan 2017director interest notice● Neutral
Fir Tree INC. became a CIVITAS RESOURCES, INC. 10%+ owner and company insider (initial ownership filing).
4 Jan 2017bankruptcy or receivership▼ BadMajor
On January 4, 2017 the company and certain subsidiaries (including Rocky Mountain Infrastructure, LLC) filed Chapter 11 in Delaware to pursue the prepackaged plan from the December RSA, and keep operating as debtors in possession. The filing accelerated about $191.7 million under the revolver, $531.9 million of 2021 notes and $335.2 million of 2023 notes, though enforcement is stayed; the company expects to emerge before the end of Q1 2017 and warns trading in its securities is highly speculative.
23 Dec 2016material agreement▼ BadMajor
On December 23, 2016 the company signed a restructuring support agreement with holders of about 51% of its 5.75% 2023 and 6.75% 2021 senior notes, and with NGL, for a prepackaged Chapter 11 filing on or before January 5, 2017. The plan converts about $800 million of senior notes into equity and adds a $200 million backstopped rights offering; existing shares are cancelled, though holders who grant releases would share 4.5% of the new shares plus warrants. This follows the deferred interest, shrinking borrowing base and NYSE notices seen earlier in 2016.
2 Dec 2016listing compliance notice▼ BadMajor
The company elected to repay the $50 million borrowing base shortfall in six monthly installments and paid the first on November 30, 2016. On November 28 the NYSE again notified it that its 30-day average share price ($0.99) was below $1.00, with six months to cure; the filing says an August notice of the same kind was cured on September 30, 2016.
16 Nov 2016director interest notice● Neutral
CIVITAS RESOURCES, INC. President & CEO Richard J Carty had 2,881 shares withheld for taxes on vesting stock.
4 Nov 2016debt financing▼ BadMajor
On October 31, 2016 the lenders cut the borrowing base from $200 million to $150 million, with about $214.7 million borrowed. After the last monthly installment of about $14.6 million on the May shortfall, the company will have a new shortfall of about $50 million, which it must address by repaying, pledging more properties, or paying in installments.
1 Nov 2016director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Reserves Lynn Boone disposed of 7,790 shares via option/appreciation-right settlement.
17 Oct 2016director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, General Counsel & Secy. IV Cyrus D Marter received a stock option grant for 150,000 shares.