• 13 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 15 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 17 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 18 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 20 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 21 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 8 days Kurdish Independence Could Spark Civil War
  • 8 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 8 days The Capital Of Coal Is Looking For Other Options
New Tech Is Transforming Japan’s Energy Sector

New Tech Is Transforming Japan’s Energy Sector

The tech that built bitcoin…

Clashes In Kurdistan Send Oil Prices Higher

Clashes In Kurdistan Send Oil Prices Higher

Reports of skirmishes between Iraqi…

Centennial Resource Files For IPO

Permian Basin

Centennial Resource Development out of Denver, Colorado, is pursuing a $100 million initial public offering (IPO). The company filed with the Security Exchange Commission on 22 June and will actually launch later in 2016.

Centennial is an independent company whose efforts center on the development of “unconventional” oil and gas reserves in the Delaware Basin, part of the Permian Basin. Centennial owns 61 horizontal rigs in the Basin.

In the filing, the company states that it believes the Delaware Basin to be one of the “most attractive operating areas in the United States.” According to a report by Bloomberg, the Delaware Basin is “yielding larger and larger oil discoveries.” Bloomberg also notes that horizontal drilling is allowing companies to access new parts of the Basin.

In the report to the SEC, Centennial says that it will use funds from the IPO to repay a $65 million term loan and other debts from its revolving credit facility. The company also plans to use revenue raised through the IPO to fund capital expenditures, and use a portion of it for “general corporate purposes.”

Related: New Drilling To Start As Oil Prices Firm Up

The company also states that Credit Suisse and Barclays are underwriters to the IPO. Centennial was founded in 2012 and had $81 billion in sales for the fiscal year ending on March 31 of this year. The Centennial filing marks the first time in over a year that an energy and production company in the United States has filed for an IPO.

It has been a rough year for oil prices, and many privately-backed energy companies have held off on public offerings. Other companies have gone bankrupt during the price slump. For the first quarter 2016, Centennial’s revenues were at $15.1 million. That is down significantly from the first quarter of 2015, when they were at $24.4 million.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News