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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.
Extraction Oil & Gas reported strong preliminary third-quarter 2021 results, achieving net sales volumes of 74 MBoe/d and revenue of $261 million, a $103 million increase from the previous year. The rise in revenue is attributed to higher prices for crude oil, natural gas, and NGLs. The company incurred $10.1 million in capital expenditures and turned 17 gross wells to sales. Extraction ended the quarter with $95 million in cash and no borrowings. A special shareholder meeting is set for October 29, 2021, to vote on a merger with Bonanza Creek Energy.
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.
Extraction Oil & Gas reported Q1 2021 financial results, emerging from bankruptcy on January 20. The company achieved net sales volumes of 72 MBoe/d and revenue of $292 million, up from $165 million in Q1 2020. Net income reached $960 million, primarily due to a $874 million gain from reorganization. Adjusted EBITDAX increased 67% year-over-year to $207 million. Average crude oil sales prices rose to $56.12 per barrel, while capital expenditures totaled $31 million. However, average net sales volumes and crude oil volumes declined by 24% and 33%, respectively, year-over-year.
Extraction Oil & Gas (NASDAQ: XOG) reported its preliminary financial and operational results for Q1 2021, revealing average net sales volumes of 71.6 MBoe/d. The company achieved realized prices of $54.61/Bbl for crude oil and $8.47/Mcf for natural gas. Capital expenditures reached approximately $31 million, with drilling of 11 gross wells. The company ended the quarter with $94 million in borrowings and $38 million in cash. Extraction expects to finish Q2 2021 with net debt between $100-125 million after an ad valorem tax payment of $94 million.
Extraction Oil & Gas (NASDAQ: XOG) reported its fourth-quarter and full-year 2020 results, highlighting average net sales volumes of 82,944 Boe/d. The company faced a net loss of $444 million for Q4, impacted by reduced sales revenue of $171 million, down from $286 million in 2019. Extraction emerged from financial restructuring with $265 million in debt and expects to finish 2021 debt-free. However, proved reserves declined 43% to 146 MMBoe due to a strategic shift towards cash flow generation. The company anticipates improved operational efficiency in 2021 with revised production guidance of 66-74 MBoe/d.
Extraction Oil & Gas (NASDAQ: XOG) announced guidance for the year ending December 31, 2021, focusing on maximizing returns and generating free cash flow. Production is expected to range from 66-74 Mboepd with oil comprising 36-38%. The company's budget for D&C capex is set at $140-180 million, while recurring cash G&A expenses are projected to be $29-31 million. Extraction aims to exit 2021 with $100-$175 million in net debt and is considering implementing a dividend policy by year-end.
Extraction Oil & Gas has successfully completed its financial restructuring, emerging from Chapter 11 with a significant reduction of $1.3 billion in funded debt and preferred equity. The company appointed Tom Tyree as CEO and established a new seven-member Board of Directors. Extraction's new capital structure includes a $1 billion reserve-based lending facility with a $500 million initial borrowing base. The company commenced trading on NASDAQ under the ticker XOG on January 20, 2021, marking a pivotal shift towards a new exploration and production business model focused on generating shareholder returns.
Extraction Oil & Gas filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for Delaware, seeking to restructure its finances. The company secured a $125 million debtor-in-possession financing facility to support operations during the restructuring. This plan includes a debt-for-equity swap to reduce liabilities, leaving unsecured noteholders with the majority of equity. CEO Matt Owens emphasized the move as a way to strengthen the balance sheet and ensure operational continuity, thanking stakeholders for their support during the pandemic. Court-related information is available on the company’s website.
