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Bonanza Creek Energy and Extraction Oil & Gas have successfully merged and acquired Crestone Peak Resources, resulting in the formation of Civitas Resources, Inc. This merger, endorsed by over 99.9% of stockholders from both companies, positions Civitas as the largest pure-play energy producer in Colorado's DJ Basin and the state's first carbon neutral oil and gas company. Civitas plans to emphasize operational discipline and ESG leadership while trading under the ticker 'CIVI' starting November 2, 2021.
Bonanza Creek Energy reported its third quarter 2021 financial results, achieving an average daily sales volume of 43.7 MBoe/d, with oil comprising 51% of total volumes. The company incurred total capital expenditures of $54.8 million and recorded a GAAP net income of $40.7 million. Adjusted EBITDAX reached $116.5 million, equating to $3.74 per diluted share. The firm also announced an upcoming merger to form Civitas Resources, pending stockholder approval. Guidance for future performance was also provided, indicating strong operational metrics.
Bonanza Creek Energy (BCEI) has announced a private placement of $400 million in senior notes due 2026, priced at par with a 5.000% interest rate. The offering is expected to close around October 13, 2021, subject to customary conditions. Proceeds will be utilized to repay outstanding borrowings under the Crestone Peak credit facility and Bonanza Creek's credit facility, as well as for general corporate purposes. Notably, the notes will have a special mandatory redemption clause tied to the completion of the Extraction and Crestone Peak merger agreements.
Bonanza Creek Energy (BCEI) announced its intention to offer $400 million in senior unsecured notes due 2026, pending market conditions. The net proceeds will be utilized to repay outstanding borrowings under the Crestone Peak credit facility, as well as Bonanza Creek’s credit facility, and for general corporate purposes. Notably, the notes will have a special mandatory redemption clause related to the pending mergers with Extraction Oil & Gas and Crestone Peak. The securities will not be registered under the Securities Act, limiting their offering to qualified institutional buyers and non-U.S. persons.
Bonanza Creek Energy (BCEI) announced Q2 2021 results, reporting average daily sales of 42.3 MBoe/d, a 70% increase year-over-year, with oil comprising 49.5% of total volumes. The company declared its first quarterly dividend of $0.35 per share, with a yield of 3.7%. Capital expenditures totaled $40.8 million, and adjusted EBITDAX reached $88.1 million. Production guidance for Q3 is revised to 41-44 MBoe/d, improving operational efficiency with lower lease operating expenses estimated at $2.85-$3.00 per Boe.
Bonanza Creek Energy, Inc. (NYSE: BCEI) will announce its Q2 2021 financial results on August 9, 2021, after market close. A conference call for discussion of these results is scheduled for August 10, 2021, at 9:00 a.m. MT. The call can be accessed via phone or through a live webcast available on the company's Investor Relations page. Bonanza Creek is focused on the exploration and production of oil and gas in the Rocky Mountain region, particularly in Colorado's DJ Basin.
Civitas Resources, Inc. is set to enhance its presence in the Denver-Julesburg Basin by acquiring Crestone Peak Resources. This merger follows the integration of Bonanza Creek Energy and Extraction Oil & Gas, aiming for a combined enterprise value of approximately $4.5 billion. Civitas plans to operate across over 500,000 net acres, yielding an estimated production of 160,000 barrels of oil equivalent per day. The move is anticipated to generate $1.3 billion in EBITDA for 2022 and increase shareholder dividends from $1.60 to $1.85 per share, promoting a net-zero emissions target.
Civitas Resources, Inc. announced its strategy to consolidate the Denver-Julesburg Basin by acquiring Crestone Peak Resources in an all-stock deal. This acquisition, following the merger of Bonanza Creek Energy and Extraction Oil & Gas, is valued at $4.5 billion. Civitas aims to enhance its operational scale, with an estimated production base of 160,000 barrels of oil equivalent per day. The company intends to increase shareholder dividends from $1.60 to $1.85 per share and expects synergies of $45 million annually. Civitas will also commit to becoming Colorado's first carbon-neutral oil and gas producer.
