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Centennial Resource Development (CDEV) announced its third quarter 2020 results, reporting a net loss of $51.5 million, or $0.19 per share, compared to a loss of $3.6 million a year earlier. The company generated free cash flow of $10.5 million, with total production averaging 68,934 Boe/d. Operating expenses decreased for the fourth consecutive quarter, improving both liquidity and cost structure. Centennial expects to maintain free cash flow positivity in Q4, supported by a $700 million borrowing base. The company has increased its oil production guidance to 36,000 Bbls/d for 2020.
Centennial Resource Development (CDEV) announced it will report its third quarter 2020 financial and operating results on November 2, 2020, following the market close. An earnings conference call is scheduled for November 3, 2020, at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time). Participants can join the call by dialing the provided numbers or via the company’s website. Centennial focuses on developing unconventional oil and natural gas reserves in the Permian Basin, with operations centered in the Delaware Basin.
Centennial Resource Development (CDEV) announced the reaffirmation of its $700 million borrowing base by its bank group, led by JPMorgan Chase. This update follows a reduction in revolver borrowings and outstanding letters of credit, leading to improved liquidity. As of September 30, 2020, CDEV reported $355 million in borrowings, $5 million in cash, and a total liquidity of $314 million, reflecting a $17 million increase (6%) since Q2 2020. CEO Sean R. Smith noted the enhancement in liquidity through debt repayment and anticipates an improving cash flow and liquidity profile for the remainder of the year.
Centennial Resource Development (CDEV) announced that CEO Sean R. Smith will present at the Barclays CEO Energy-Power Conference on September 9, 2020, at 4:25 p.m. Eastern. The event will be held virtually, with the presentation materials and live webcast accessible on the company's website under the Investor Relations tab. Centennial is focused on developing unconventional oil and liquids-rich natural gas reserves in the Permian Basin, primarily in the Delaware Basin.
Centennial Resource Development (CDEV) reported a net income of $5.3 million for Q2 2020, down from $17.9 million year-over-year. The company reduced capital expenditures by 84% and curbed production by 20% in May due to low oil prices.
Centennial plans to resume drilling with a single rig in Q4 and reduce its capital budget to $255 million. The anticipated production volume for 2020 is 64,000 to 68,000 Boe/d. Following a debt exchange, total debt decreased by $127 million, improving liquidity to $297.2 million as of June 30.
Centennial Resource Development, Inc. (CDEV) will release its second quarter 2020 financial and operational results on August 3, 2020, after market close. An earnings conference call is scheduled for August 4, 2020, at 8:00 a.m. Mountain Time. Interested participants can join by calling (800) 789-3525 or (442) 268-1041 internationally, using Conference ID: 7031059. The call will also be accessible online. A replay will be available for 14 days post-call. Centennial focuses on developing unconventional oil and natural gas in the Permian Basin, particularly the Delaware sub-basin.
Centennial Resource Development (NASDAQ: CDEV) announced that CEO Sean R. Smith and CFO George S. Glyphis will participate in the virtual J.P. Morgan Energy, Power & Renewables Conference on June 16, 2020. Presentation materials will be accessible on the company's website under the Investor Relations tab on the same day. Centennial focuses on the development of unconventional oil and natural gas reserves in the Permian Basin, particularly in the Delaware Basin. For more details, visit www.cdevinc.com.
Centennial Resource Development (CDEV) announced the final settlement of its exchange offers, allowing holders to exchange up to $250 million in 5.375% Senior Notes due 2026 and 6.875% Senior Notes due 2027 for new 8.00% Second Lien Senior Secured Notes due 2025. On May 22, 2020, $110.5 million of Old 2026 Notes and $143.6 million of Old 2027 Notes were tendered. A total of $127.1 million in Second Lien Notes was issued, and no Third Lien Notes were issued as the maximum was not exceeded. Remaining outstanding Old Notes amount to $645.8 million.
Centennial Resource Development (CDEV) announced the expiration of its exchange offers for its subsidiary, Centennial Resource Production, LLC, on May 19, 2020. Approximately $110.6 million of 5.375% Senior Notes due 2026 and $143.6 million of 6.875% Senior Notes due 2027 were tendered for exchange. The company will issue approximately $127.1 million of 8.00% Second Lien Senior Secured Notes due 2025, while the Third Lien Notes will not be issued due to the exchange limit not being reached. Settlement is expected around May 22, 2020.
Centennial Resource Development (CDEV) announced the termination of its divestiture of saltwater disposal wells and water infrastructure in Reeves County, Texas, due to WaterBridge Resources failing to close the transaction by the deadline of May 15, 2020. Centennial has asserted its right to a $10 million deposit held in escrow as per the purchase agreement. The company remains focused on developing its oil and natural gas reserves in the Permian Basin, specifically in the Delaware Basin.
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