1.
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NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Paulson & Co. Inc.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) [ ]
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(b) [ ]
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS
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OO
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
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7.
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SOLE VOTING POWER
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21,593,523 (1)
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8.
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SHARED VOTING POWER
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0
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9.
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SOLE DISPOSITIVE POWER
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21,593,523 (1)
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10.
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SHARED DISPOSITIVE POWER
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0
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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21,593,523 (1)
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ] |
13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.5%
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14.
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TYPE OF REPORTING PERSON
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IA,
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Item 1. |
Security and Issuer.
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Item 2. |
Identity and Background.
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Item 3. |
Source and Amount of Funds or Other Consideration.
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Item 4. |
Purpose of Transaction.
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Item 5. |
Interest in Securities of the Issuer.
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(i) |
Sole power to vote or direct the vote: 21,593,523 (see Note 1).
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(ii) |
Shared power to vote or direct the vote: 0
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(iii) |
Sole power to dispose or direct the disposition: 21,593,523 (see Note 1).
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(iv) |
Shared power to dispose or direct the disposition: 0
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Item 6. |
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
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Item 7. |
Material to be Filed as Exhibits.
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Ex. 99.1 |
Letter to Board of Directors, dated as of September 9, 2019, from Paulson & Co. Inc.
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PAULSON & CO. INC.
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By:
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/s/ Michael D. Waldorf
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Name:
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Michael D. Waldorf
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Title:
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Authorized Signatory
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Name
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Title and Principal Occupation
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Business Address and Place of Employment
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John Paulson
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President, Director, Portfolio Manager
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1133 Avenue of the Americas
New York, NY 10036
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Chris Bodak
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Chief Financial Officer
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1133 Avenue of the Americas
New York, NY 10036
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Stuart Merzer
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General Counsel and Chief Compliance Officer
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1133 Avenue of the Americas
New York, NY 10036
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Andrew Hoine
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Director of Research
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1133 Avenue of the Americas
New York, NY 10036
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Linda Forish
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Chief Operating Officer
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1133 Avenue of the Americas
New York, NY 10036
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Date
|
Security
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Amount of Shs. Bought/(Sold)
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Approx. price ($) per Share
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7/15/2019
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Common Stock
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1,025,000
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$5.473
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7/15/2019
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Common Stock
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1,025,000
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$5.43
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7/15/2019
|
Common Stock
|
769,004
|
$5.4985
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7/15/2019
|
Common Stock
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1,435,000
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$5.4516
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7/16/2019
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Common Stock
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2,050,000
|
$5.6951
|
7/16/2019
|
Common Stock
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410,000
|
$5.6
|
7/16/2019
|
Common Stock
|
135,860
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$5.6304
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7/16/2019
|
Common Stock
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307,500
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$5.71
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7/16/2019
|
Common Stock
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4,407,500
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$5.7048
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7/16/2019
|
Common Stock
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615,000
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$5.7285
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7/17/2019
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Common Stock
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120,316
|
$5.2806
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7/17/2019
|
Common Stock
|
205,000
|
$5.23
|
7/17/2019
|
Common Stock
|
205,000
|
$5.27
|
7/17/2019
|
Common Stock
|
512,500
|
$5.2585
|
7/17/2019
|
Common Stock
|
283,878
|
$5.2566
|
7/18/2019
|
Common Stock
|
410,000
|
$4.8634
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7/18/2019
|
Common Stock
|
102,500
|
$4.8
|
7/18/2019
|
Common Stock
|
372,311
|
$4.8215
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7/18/2019
|
Common Stock
|
410,000
|
$5.0439
|
7/18/2019
|
Common Stock
|
410,000
|
$4.9366
|
7/22/2019
|
Common Stock
|
615,600
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$5.1089
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7/22/2019
|
Common Stock
|
1,603,211
|
$5.0827
|
7/23/2019
|
Common Stock
|
205,000
|
$5.2537
|
7/24/2019
|
Common Stock
|
717,500
|
$5.4537
|
7/24/2019
|
Common Stock
|
250,598
|
$5.3239
|
7/25/2019
|
Common Stock
|
53,530
|
$4.9881
|
7/25/2019
|
Common Stock
|
517,830
|
$5.0718
|
7/26/2019
|
Common Stock
|
190,643
|
$4.8909
|
7/26/2019
|
Common Stock
|
615,000
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$4.94
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7/26/2019
|
Common Stock
|
307,542
|
$4.929
|
7/29/2019
|
Common Stock
|
307,500
|
$4.6878
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7/29/2019
|
Common Stock
|
73,100
|
$4.7079
|
7/30/2019
|
Common Stock
|
410,000
|
$5.039
|
8/14/2019
|
Common Stock
|
307,500
|
$4.2
|
8/14/2019
|
Common Stock
|
207,600
|
$4.117
|
Market Cap
|
|
Exxon Mobil
|
$298 B
|
Chevron
|
$224 B
|
Royal Dutch Shell
|
$222 B
|
ConocoPhillips
|
$59 B
|
Occidental
|
$40 B
|
Pioneer
|
$21 B
|
Diamondback
|
$16 B
|
Concho
|
$14 B
|
Devon
|
$9 B
|
Encana
|
$6 B
|
Parsley
|
$5 B
|
Jagged Peak
|
$2 B
|
-BARCLAYS (7/22/19): |
-“…[M]any see the deal as highly dilutive to CPE’s inventory quality and depth”
|
-CREDIT SUISSE (7/15/19): |
-“Struggling to rationalize CRZO merger on valuation and asset quality”
|
-SIMMONS (7/16/19): |
-“…[W]e expect investor pushback as many viewed CPE as a relatively simple Permian story with optionality associated with in-basin consolidation. The innate complexity associated [with] business combinations,
diminishment of the M&A put, and long lead time to value realization could result in an increased risk premium on the equity for some time.”
|
Marcelo Kim |
Jim Hoffman
|
Partner |
Partner
|
Paulson & Co. Inc. |
Paulson & Co. Inc.
|