$FTW

Presidio Production Refinances $350 Debt At Lower Rate

Presidio Production (FTW) has closed a $350 million investment-grade refinancing of its prior asset-backed securitization, obtaining a lower interest rate, the oil-and-gas producer disclosed late Tuesday.The new debt has a weighted average coupon of 6.38%, about 184 basis points less than the prior debt, said Presidio.The transaction also reduced scheduled amortization, "enhancing free cash flow available for dividends," said Presidio.Of the new $350 million borrowed, $263 million was used to pay off existing debt, accrued interest and make-whole fees, $37 million was used to pay down revolving funds, and $35 million used for additional hedge protection on oil prices.The remainder of the new borrowed funds was used for transaction fees, expenses and general corporate purposes, said Presidio Production.

William Blair Initiates Presidio Production at Outperform

Sector Update: Energy Stocks Lower in Late Afternoon Trading

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each decreasing about 0.4%.The Philadelphia Oil Service Sector Index rose 1%, and the Dow Jones US Utilities Index shed 0.7%.In sector news, crude oil prices rose Friday as tensions flared up again in the Middle East conflict ahead of Iran's expected response to a US proposal to end the war. US forces disabled three empty Iranian oil tankers that violated the American blockade in the Strait of Hormuz in the past three days, US Central Command said Friday. The US and Iran traded fire Thursday in the narrow waterway. US Secretary of State Marco Rubio expects Iran to respond to Washington's peace proposal on Friday, CNBC reported.Front-month West Texas Intermediate crude oil rose 0.6% to $95.41 a barrel, and the global benchmark Brent crude contract was advancing 1% to $101.07 a barrel. Henry Hub natural gas futures fell 0.7% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 7% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.5% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.32 per share, payable June 30 to shareholders of record June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Shell shares were down 0.4%.Presidio Production (FTW) signed definitive purchase and sale agreements to acquire the Canyon Creek assets for about $83 million in its first acquisition as a public company, the company said Friday. Presidio shares rose 4.2%.

Sector Update: Energy

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each decreasing 0.4%.The Philadelphia Oil Service Sector Index rose 1%, and the Dow Jones US Utilities Index shed 0.7%.Front-month West Texas Intermediate crude oil rose 0.6% to $95.41 a barrel, and the global benchmark Brent crude contract was advancing 1% to $101.07 a barrel. Henry Hub natural gas futures decreased 0.7% to $2.75 per 1 million BTU.In corporate news, Presidio Production (FTW) signed definitive purchase and sale agreements to acquire the Canyon Creek assets for about $83 million in its first acquisition as a public company, the company said Friday. Presidio shares rose 4.6%.

Presidio Production to Buy Canyon Creek Assets in $83 Million Deal

Presidio Production (FTW) signed definitive purchase and sale agreements to acquire the Canyon Creek assets for about $83 million in its first acquisition as a public company, the company said Friday.The deal will be funded with $60 million in cash and about 2.17 million shares issued to the sellers, with the cash portion financed through Presidio's $1 billion Goldman Sachs ABS warehouse facility and cash on hand, the company said.Presidio expects the acquisition to close early in Q3 2026 and support an increase in its anticipated annual dividend to $1.50 per share from $1.35 previously, the company added.

Presidio Production Declares Pro Rata Special Cash Dividend of $0.10125 a Share; Payable May 18 to Shareholders of Record May 4