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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Centennial Resource Development, Inc.    CDEV

CENTENNIAL RESOURCE DEVELOPMENT, INC.

(CDEV)
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Centennial Resource Development : Announces Reaffirmation of Borrowing Base and Improvement to Liquidity Position

10/14/2020 | 12:21pm EST

DENVER - Centennial Resource Development, Inc. ('Centennial' or the 'Company') (NASDAQ: CDEV) today announced that its bank group, led by JPMorgan Chase Bank, N.A., has reaffirmed the Company's $700 million borrowing base.

As a result, given a reduction in revolver borrowings and outstanding letters of credit, Centennial's liquidity position has improved since June 30, 2020.

As of September 30, 2020, after making repayments of $15 million during the third quarter, Centennial had $355 million of borrowings outstanding under its revolving credit facility and approximately $5 million in cash on hand. At September 30, 2020, Centennial's pro forma total liquidity was $314 million, based on its balance sheet position, the $32 million availability blocker and $4 million in current outstanding letters of credit. As a result, the Company's liquidity increased by approximately $17 million, or 6%, compared to the prior quarter.

'Centennial appreciates the ongoing support from its lenders with the reaffirmation of the borrowing base. We believe this outcome reflects our high-quality asset base and recent reductions to field-level costs,' said Sean R. Smith, Chief Executive Officer. 'Additionally, we are pleased to have organically increased the Company's liquidity position through debt repayment and anticipate an improving free cash flow and liquidity profile through the end of the year.'

About Centennial Resource Development, Inc.

Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company's assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words 'could,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' 'goal', 'plan', 'target' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

Contact:

Hays Mabry

Tel: (832) 240-3265

Email: ir@cdevinc.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 546 M - -
Net income 2020 -625 M - -
Net Debt 2020 1 125 M - -
P/E ratio 2020 -0,57x
Yield 2020 -
Capitalization 341 M 341 M -
EV / Sales 2020 2,69x
EV / Sales 2021 2,48x
Nbr of Employees -
Free-Float 62,8%
Chart CENTENNIAL RESOURCE DEVELOPMENT, INC.
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Centennial Resource Development, Inc. Technical Analysis Chart | CDEV | US15136A1025 | MarketScreener
Technical analysis trends CENTENNIAL RESOURCE DEVELOPMENT, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 0,92 $
Last Close Price 1,28 $
Spread / Highest target 17,2%
Spread / Average Target -27,9%
Spread / Lowest Target -60,9%
EPS Revisions
Managers
NameTitle
Sean R. Smith Chief Executive Officer & Director
Steven J. Shapiro Non-Executive Chairman
Matthew R. Garrison Chief Operating Officer & Vice President
George S. Glyphis Chief Financial Officer & Vice President
Colleen C. Proctor Vice President-Information Technology
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