Past year: ▲ 77%(12.56 – 23.29 USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2022business combination▲ GoodMajor
Centennial agreed to combine with Colgate Energy Partners in an all-equity 'merger of equals' creating a $7.0 billion Permian Basin pure-play with about 180,000 net acres and 135,000 boe/d of production; Sean Smith becomes Executive Chair while Colgate's Will Hickey and James Walter become Co-CEOs of the combined company.
23 Feb 2022debt financing▲ GoodMajor
Centennial replaced its credit agreement with a new facility (initial $1.15 billion borrowing base, $750 million elected commitments) and launched a $350 million share repurchase program, reporting a swing to $138 million of full-year 2021 net income after 2020's pandemic-driven loss.
19 Mar 2021debt financing▲ GoodMajor
As the oil market recovered, Centennial issued $150 million of new 3.25% exchangeable senior notes due 2028, convertible into Centennial common stock - its first equity-linked debt issuance and a lower-cost financing option than its prior secured notes.
13 Oct 2020debt financing▲ Good
Centennial's bank lenders reaffirmed its $700 million borrowing base at the scheduled fall redetermination, and the company reported improved liquidity after paying down $15 million of revolver debt in the third quarter as oil prices began recovering.
13 Aug 2020listing compliance notice▼ BadMajor
Nasdaq issued Centennial a second warning that its stock remained below the $1 minimum bid price requirement, continuing the delisting risk first flagged in April.
22 May 2020debt financing▼ BadMajor
Centennial settled its distressed exchange offers, swapping about $254 million of its unsecured 2026 and 2027 notes for $127 million of new 8.00% second-lien secured notes due 2025 - noteholders took a discount to move up in the capital structure amid the COVID oil price crash.
18 May 2020material agreement termination▼ BadMajor
Centennial terminated its $150 million sale of water infrastructure to WaterBridge after WaterBridge failed to close by the contractual deadline; Centennial believes it is entitled to keep the $10 million deposit held in escrow.
4 May 2020debt financing▼ BadMajor
Centennial's lenders cut its revolving credit borrowing base to $700 million (from $800 million) in the spring 2020 redetermination and reduced elected commitments to match, tightening credit amid collapsed oil prices.
23 Apr 2020listing compliance notice▼ BadMajor
Amid the COVID-19 oil price crash, Nasdaq warned Centennial that its stock had traded below the $1 minimum bid price for 30 straight days, risking delisting; separately the company launched distressed exchange offers, proposing to swap its unsecured 2026 and 2027 notes for new second- and third-lien secured notes.
2 Apr 2020material agreement▼ Bad
As the COVID-19 oil price crash hit, Centennial and BP agreed to delay the ramp-up of their crude oil supply agreement by a year, pushing the higher-volume delivery period to January 2021.
25 Feb 2020material agreement▲ GoodMajor
Centennial agreed to sell its Delaware Basin saltwater disposal and water transportation infrastructure to WaterBridge for $150 million, with up to $75 million more in potential earnout payments.
18 Mar 2019debt financing● NeutralMajor
Centennial issued $500 million of new 6.875% senior notes due 2027, using the proceeds to repay revolving credit facility borrowings.
4 Sept 2018material agreement▲ Good
Centennial signed a similar crude oil offtake agreement with ExxonMobil, ramping from 20,000 barrels a day in 2019 up to 75,000 barrels a day by 2023, diversifying its sales commitments beyond the BP deal signed weeks earlier.
6 Aug 2018material agreement▲ Good
Centennial signed a five-year agreement to sell crude oil to BP, starting at 20,000 barrels a day in 2019 and rising to 30,000 barrels a day, giving it a committed offtake outlet for its growing Delaware Basin production.
8 May 2018debt financing▲ GoodMajor
Centennial replaced its credit agreement with a new five-year facility providing an $800 million initial borrowing base and up to $1.5 billion in maximum revolving credit.
7 Mar 2018material agreement● Neutral
Centennial's early sponsor investors sold another 25 million shares (worth about $491 million) in a secondary offering; the company received no proceeds.
5 Dec 2017debt financing● NeutralMajor
Centennial closed its $400 million offering of 5.375% senior notes due 2026.
16 Nov 2017material agreement● NeutralMajor
Centennial priced an upsized $400 million (from a planned $350 million) offering of 5.375% senior notes due 2026 and voluntarily cut its revolving credit facility commitments to $475 million as it shifted funding toward the new notes.
14 Nov 2017debt financing● NeutralMajor
Centennial launched a private offering of $350 million in senior unsecured notes due 2026 to repay revolving credit facility borrowings, with lenders waiving the usual borrowing-base reduction that new debt would otherwise trigger.
9 Nov 2017material agreement● Neutral
Centennial's early sponsor investors (Riverstone and other original Silver Run/Centennial holders) sold 25 million shares of Centennial stock in a secondary offering; the company itself received no proceeds.
3 Nov 2017debt financing▲ GoodMajor
Centennial's lenders raised its revolving credit facility's borrowing base from $350 million to $575 million and doubled the maximum facility size to $1 billion.
9 June 2017asset acquisition disposition▲ GoodMajor
Centennial completed its roughly $350 million acquisition of Northern Delaware Basin properties from GMT Exploration, funded by a concurrent private stock placement.
1 May 2017debt financing▲ GoodMajor
Centennial agreed to buy undeveloped and producing oil and gas properties in the Northern Delaware Basin from GMT Exploration for about $350 million, marking its strategic entry into that area and raising its 2020 oil production target to 60,000 bbl/d.
31 Mar 2017listing compliance notice● NeutralMajor
Permian Resources Corp's exchange filed to remove a class of its securities from listing.
4 Jan 2017debt financing● Neutral
In connection with closing the Silverback acquisition, Centennial's operating subsidiary amended its credit agreement with JPMorgan Chase, formalizing terms tied to the newly closed deal.
29 Dec 2016asset acquisition disposition▲ GoodMajor
Centennial closed its roughly $855 million acquisition of Reeves County, Texas leasehold and upstream assets from Silverback Exploration, funded by a $910 million private placement of equity (including $430 million from Riverstone) alongside an increased borrowing base on its revolving credit facility.
25 Nov 2016auditor change● NeutralMajor
Newly renamed Centennial Resource Development dismissed WithumSmith+Brown and engaged KPMG (which had already audited Centennial Resource Production's own books) as its independent auditor, with no disagreements over accounting matters.
10 Nov 2016asset acquisition disposition▲ GoodMajor
Silver Run filed updated financial statements for Centennial Resource Production and pro forma combined financials ahead of completing its acquisition of the company, which closed on October 11, 2016 and was renamed Centennial Resource Development, Inc.
11 Oct 2016business combination▲ GoodMajor
Silver Run Acquisition Corporation completed its acquisition of approximately 89% of Centennial Resource Production and renamed itself Centennial Resource Development, Inc., converting from a blank-check SPAC into an operating Permian Basin oil and gas company.
11 Oct 2016listing compliance notice● NeutralMajor
Permian Resources Corp's exchange filed to remove a class of its securities from listing.
