16 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. General Counsel & Secretary IV Cyrus D Marter exercised stock options for 12,000 shares and disposed of 24,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2021substantial holder notice● Neutral
Canada Pension Plan Investment Board, CPPIB Crestone Peak Resources Canada Inc disclosed a new substantial CIVITAS RESOURCES, INC. shareholding (25.40% of votes).
9 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. SVP, Operations Dean Tinsley exercised stock options for 4,000 shares and disposed of 8,000 shares.
9 Nov 2021substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr reported a CIVITAS RESOURCES, INC. shareholding of 3,488,856 shares (4.10% of votes) in a periodic institutional filing.
4 Nov 2021director interest notice● Neutral
Cppib Crestone Peak Resources Canada INC. became a CIVITAS RESOURCES, INC. 10%+ owner and company insider (initial ownership filing).
4 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. 10%+ owner Pension Plan Investment Board Canada bought 24,166 shares on the open market at $55.42.
3 Nov 2021asset acquisition disposition▲ GoodMajor
On November 1, 2021 the company completed both the Extraction merger of equals and the Crestone Peak acquisition, resolving the two pending deals. It was renamed Civitas Resources, Inc. and its stock began trading on the NYSE as CIVI on November 2, 2021. Extraction holders received 1.1711 shares per share plus about 0.017225678 shares per share of dividend equalization (covering the June 30 and September 30, 2021 dividends); Crestone Peak's holder received 22,500,000 shares. Ownership after closing is about 37% former Bonanza Creek, 37% former Extraction and 26% Crestone Peak. Extraction's warrants were cancelled and replaced with Civitas warrants expiring January 20, 2025 (Tranche A) and January 20, 2026 (Tranche B). Around $1.5 million in cash was paid to certain Crestone Peak employees for phantom equity awards.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. Chief Sustainability Officer Brian Cain received 11,712 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Jeff E Wojahn received 3,435 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director James M Trimble received 5,071 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
Morris R Clark became a CIVITAS RESOURCES, INC. director and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Benjamin Dell received 19,674 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Brian Steck received 3,435 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Morris R Clark received 19,674 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
Marianella Foschi became a CIVITAS RESOURCES, INC. Chief Financial Officer and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. Chief Operating Officer Matthew R Owens received 21,079 shares and a 63,239-share option grant as part of the equity award.
2 Nov 2021director interest notice● Neutral
Carrie M Fox became a CIVITAS RESOURCES, INC. director and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
Benjamin Dell became a CIVITAS RESOURCES, INC. director and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Carrie L Hudak received 3,435 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Howard A. Willard received 19,674 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. Chief Financial Officer Marianella Foschi received 16,512 shares and a 50,493-share option grant as part of the equity award.
2 Nov 2021director interest notice● Neutral
CIVITAS RESOURCES, INC. director Carrie M Fox received 19,674 shares as part of the equity award.
2 Nov 2021director interest notice● Neutral
Howard A. Willard became a CIVITAS RESOURCES, INC. director and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
James M Trimble became a CIVITAS RESOURCES, INC. director and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
Matthew R Owens became a CIVITAS RESOURCES, INC. Chief Operating Officer and company insider (initial ownership filing).
2 Nov 2021director interest notice● Neutral
Brian Cain became a CIVITAS RESOURCES, INC. Chief Sustainability Officer and company insider (initial ownership filing).
22 Oct 2021business combination● Neutral
The company disclosed that lawsuits and demand letters challenge the merger proxy: two demand letters and one complaint (Orphanidis, S.D.N.Y.) on the Bonanza Creek side, and two demand letters and four complaints on the Extraction side. The plaintiffs claim the proxy statement lacks disclosures; the companies call the claims without merit but are adding voluntary disclosures to avoid delay. Special meetings of both companies' stockholders are set for October 29, 2021, a date not previously seen, and the filing says the supplements will not change that timing.
15 Oct 2021debt financing● NeutralMajor
Bonanza Creek completed the $400 million 5.000% senior notes offering on October 13, 2021, resolving the pricing/closing question left open earlier. The notes are unsecured, mature October 15, 2026, pay interest semiannually from April 15, 2022, and are issued under an indenture with Wells Fargo as trustee. They must be redeemed at 100% plus accrued interest if the Extraction and Crestone Peak mergers do not close by December 31, 2021 or the company says it will not pursue them. Proceeds and cash are expected to repay all Crestone Peak credit facility borrowings, repay borrowings under the Bonanza Creek credit facility, and for general corporate purposes. The notes add new debt on top of the credit facility.
6 Oct 2021business combination● NeutralMajor
Bonanza Creek priced its previously announced private offering of $400 million of 5.000% senior notes due 2026, sold at par and expected to close around October 13, 2021. The notes must be redeemed early if the Extraction and Crestone Peak mergers are not completed by December 31, 2021 or if the company says it will not pursue them. This continues the October 5 financing plan; proceeds plus cash are to repay all Crestone Peak credit facility borrowings, repay borrowings under Bonanza Creek's own credit facility, and for general corporate purposes. The filing also repeats that the S-4 became effective September 28, 2021.
5 Oct 2021business combination● NeutralMajor
On October 5, 2021 the company announced plans to offer $400 million of new senior unsecured notes due 2026 in a private placement, subject to market conditions. Proceeds plus cash on hand are to repay all borrowings under the Crestone Peak credit facility and some borrowings under Bonanza Creek's own credit facility, and for general corporate purposes. The notes must be redeemed early if the Extraction and Crestone Peak mergers are not completed by December 31, 2021 or if the company says it won't pursue them. The filing also states the S-4 was declared effective by the SEC on September 28, 2021 and the joint proxy statement has been sent to shareholders of both companies.