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CIVI 资讯
CIVI 事件
SM Energy Completes All-Stock Merger with Civitas Resources
SM Energy (SM) announced the closing of its all-stock merger with Civitas Resources (CIVI). The transaction was approved by stockholders of both companies at special meetings held on January 27. The combined company continues to trade under the ticker symbol "SM" and will retain the name SM Energy Company.
SM Energy Acquires Civitas Resources
SM Energy Co. (SM) is acquiring Civitas Resources (CIVI) in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.
SM Energy and Civitas Resources Complete All-Stock Merger
SM Energy (SM) and Civitas Resources (CIVI) announced that the stockholders of both companies voted in favor of all proposals necessary for the closing of the companies' previously announced all-stock merger. The merger is expected to close on January 30, subject to satisfaction of other customary closing conditions. The combined company will trade as SM Energy.
SM Energy and Civitas Resources Provide Further Information on Their Merger
SM Energy (SM) and Civitas Resources (CIVI) announced additional details in connection with their planned merger. Upon closing of the Transaction, a leadership team with industry experience supported by a technical team will consist of: Beth McDonald, President and CEO; Wade Pursell, EVP and CFO; Blake McKenna, EVP and COO; James Lebeck, EVP - Corporate Development and General Counsel. Upon closing, the Board will total 11 members and be comprised of six representatives from SM Energy and five representatives from Civitas. Julio Quintana will serve as the Non-Executive Chairman. The company announced a target of at least $1B of planned divestitures within the first year following the closing of the transaction. Identified and achievable annual expected synergies totaling $200M, with upside potential to $300M, are expected to generate meaningful cost savings and margin improvements. The NPV-10 of the expected synergies is $1.0B-$1.5B, representing 22%-32% of the pro-forma market cap. Synergies across all categories are expected to be actioned in 2026, and at least $200M will be realized in 2027, with upside for an additional $100M of potential synergies. Management has identified opportunities to realize savings in all cost categories across its combined cornerstone Permian assets, along with similar expected savings across its other basins. Additionally, management anticipates improved subsurface development planning to yield stronger individual well performance through optimized lateral placement in stacked pay areas. Expects G&A annual synergies of $70M-$95M - 21%-28% of total expected category spend -. The cost of capital annual synergies is expected to be $30M-$55M, or 5%-10% of total expected category spend.
Civitas Stops Offering Quarterly and Annual Forecasts
Due to the pending merger with SM Energy (SM), Civitas (CIVI) has discontinued providing quarterly and annual guidance. Accordingly, investors should not rely on any previously disclosed financial and operating guidance and are cautioned not to rely on historical forward-looking statements as those forward-looking statements were the estimates of management only as of the date provided and were subject to the specific risks and uncertainties that accompanied such forward-looking statements.
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