SCHEDULE: CPPIB Exits Civitas Resources Post-SM Energy Merger

Canada Pension Plan Investment Board (CPPIB) reports zero beneficial ownership in Civitas Resources following its merger into SM Energy Company.

Summary

• On January 30, 2026, Civitas Resources, Inc. completed a merger with SM Energy Company, becoming a wholly-owned subsidiary of SM Energy.
• The merger involved two steps: first, Merger Sub (a wholly-owned subsidiary of SM Energy) merged into Civitas, with Civitas surviving as a wholly-owned subsidiary of SM Energy; second, Civitas merged into SM Energy, with SM Energy continuing as the surviving corporation.
• Each eligible share of Civitas Common Stock was converted into the right to receive 1.45 shares of SM Energy common stock, with cash paid for fractional shares.
• As of the closing date, Canada Pension Plan Investment Board (CPPIB) and CPPIB Crestone Peak Resources Canada Inc. (the Reporting Persons) no longer beneficially own any shares of Civitas Common Stock.
• The Reporting Persons ceased to be beneficial owners of more than five percent of Civitas's outstanding Common Stock as of the closing date.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a factual regulatory disclosure reporting the completion of a merger and a subsequent change in beneficial ownership, rather than providing new operational or financial performance data.

Positives

• The successful completion of the merger transaction for Civitas Resources, Inc. and SM Energy Company.
• The Reporting Persons have fulfilled their regulatory obligation by updating their beneficial ownership status following the merger.

Future Outlook

The filing does not contain any forward-looking statements or guidance from the reporting persons, as it primarily reports a completed transaction and a change in beneficial ownership.

Industry Context

StockSavvy.ai notes that the merger of Civitas Resources into SM Energy Company represents a consolidation within the energy sector, potentially leading to increased operational scale and efficiency for the combined entity. CPPIB's divestment reflects a portfolio adjustment in response to this significant M&A event, a common practice for large institutional investors post-transaction.

Stakeholder Impact

• Shareholders of Civitas Resources, Inc. received 1.45 shares of SM Energy common stock for each Civitas share, impacting their investment holdings and future exposure.
• Canada Pension Plan Investment Board (CPPIB) and CPPIB Crestone Peak Resources Canada Inc. are no longer direct stakeholders in Civitas Resources, Inc. as beneficial owners.

Key Dates

Keywords

Merger, Acquisition, Beneficial Ownership, Schedule 13D, SEC Filing, Canada Pension Plan Investment Board, CPPIB, Civitas Resources, SM Energy Company, Energy Sector