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Civitas (CIVI) Announces Bison Oil Takeover & CEO Departure
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One of Colorado’s largest pure-play energy producers, Civitas Resources (CIVI - Free Report) , said that it has signed definitive agreements to buy the privately-owned Denver-Julesburg (DJ) Basin operator, Bison Oil & Gas II, LLC, for a consideration of about $346 million. The company’s Chief Executive Officer, Eric Greager, has left his post contemporaneously.
The deal, which is expected to close in the first quarter of 2022, shows Civitas’ focused outlook toward consolidation, emphasizing value creation and accretion. It constitutes about $45 million in cash, approximately 2.3 million of Civitas’ shares, and roughly $176 million in debt and other liabilities.
The acquisition will enhance CIVI’s portfolio by adding 102 gross high-quality locations, 38 of which are fully permitted. The deal will also lead to an increase in output by about 9,000 barrels of oil equivalent per day (90% liquids, 70% oil) and will be accretive to Civitas’ net asset value, production, EBITDA this year, and free cash flow starting 2023.
Civitas also made public the fact that CEO, Eric Greager, stepped down from his position at the company concurrent with the transaction but he will serve as a technical consultant for the next 12 months. Subsequently, the company Chairman, Ben Dell, took charge as the interim CEO.
Denver-based Civitas Resources Inc. is a carbon-neutral oil & gas producer and is focused on developing and producing crude oil, natural gas, and natural gas liquids principally in Colorado's DJ Basin. Civitas Resources Inc., formerly known as Bonanza Creek Energy Inc., was formed out of the merger between Bonanza Creek Energy and Extraction Oil & Gas.
Civitas Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector include BP plc (BP - Free Report) , Centennial Resource Development , and Earthstone Energy , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BP’s earnings for the upcoming quarter is projected at $1.06 per share, up about 37.7% from the year-ago quarter’s 77 cents.
BP stock has increased 54% in a year. BP beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 10.8%.
The Zacks Consensus Estimate for Centennial’s 2022 earnings is projected at $1.29 per share, which is an increase of approximately 98.4% from the projected year-ago earnings of 65 cents.
Centennial stock has increased about 176.9% in a year. The Zacks Consensus Estimate for CDEV’s 2022 earnings per share has been revised from $1.12 to $1.29, up about 15% in the past 60 days.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings is projected at $3.15 per share, up about 125% from the projected year-ago earnings of $1.40.
Earthstone stock has gone up 130.7% in a year. ESTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 93.2%.
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Civitas (CIVI) Announces Bison Oil Takeover & CEO Departure
One of Colorado’s largest pure-play energy producers, Civitas Resources (CIVI - Free Report) , said that it has signed definitive agreements to buy the privately-owned Denver-Julesburg (DJ) Basin operator, Bison Oil & Gas II, LLC, for a consideration of about $346 million. The company’s Chief Executive Officer, Eric Greager, has left his post contemporaneously.
The deal, which is expected to close in the first quarter of 2022, shows Civitas’ focused outlook toward consolidation, emphasizing value creation and accretion. It constitutes about $45 million in cash, approximately 2.3 million of Civitas’ shares, and roughly $176 million in debt and other liabilities.
The acquisition will enhance CIVI’s portfolio by adding 102 gross high-quality locations, 38 of which are fully permitted. The deal will also lead to an increase in output by about 9,000 barrels of oil equivalent per day (90% liquids, 70% oil) and will be accretive to Civitas’ net asset value, production, EBITDA this year, and free cash flow starting 2023.
Civitas also made public the fact that CEO, Eric Greager, stepped down from his position at the company concurrent with the transaction but he will serve as a technical consultant for the next 12 months. Subsequently, the company Chairman, Ben Dell, took charge as the interim CEO.
Denver-based Civitas Resources Inc. is a carbon-neutral oil & gas producer and is focused on developing and producing crude oil, natural gas, and natural gas liquids principally in Colorado's DJ Basin. Civitas Resources Inc., formerly known as Bonanza Creek Energy Inc., was formed out of the merger between Bonanza Creek Energy and Extraction Oil & Gas.
Civitas Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector include BP plc (BP - Free Report) , Centennial Resource Development , and Earthstone Energy , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BP’s earnings for the upcoming quarter is projected at $1.06 per share, up about 37.7% from the year-ago quarter’s 77 cents.
BP stock has increased 54% in a year. BP beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 10.8%.
The Zacks Consensus Estimate for Centennial’s 2022 earnings is projected at $1.29 per share, which is an increase of approximately 98.4% from the projected year-ago earnings of 65 cents.
Centennial stock has increased about 176.9% in a year. The Zacks Consensus Estimate for CDEV’s 2022 earnings per share has been revised from $1.12 to $1.29, up about 15% in the past 60 days.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings is projected at $3.15 per share, up about 125% from the projected year-ago earnings of $1.40.
Earthstone stock has gone up 130.7% in a year. ESTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 93.2%.