7 Aug 2013quarterly activities report▼ Bad
BAYTEX ENERGY USA, INC. reported quarterly revenue of $109.7 million and a net loss of $25.4 million for the period ended 2013-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. 10%+ owner Magnum Hunter Resources Corp sold 271,782 shares.
2 Aug 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. 10%+ owner Magnum Hunter Resources Corp sold 284,971 shares.
23 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. 10%+ owner Magnum Hunter Resources Corp sold 134,599 shares.
2 July 2013securities registration● Neutral
BAYTEX ENERGY USA, INC. filed the final prospectus for a registered offering.
1 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Edward B Cloues II received 2,925 shares and a 2,925-share option grant as part of the equity award.
1 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Steven W Krablin received 5,851 shares as part of the equity award.
1 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director John U Clarke received 4,920 shares and a 4,920-share option grant as part of the equity award.
1 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Gary K Wright received a stock option grant for 5,851 shares.
1 July 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Marsha Reines Perelman received 5,851 shares as part of the equity award.
20 June 2013business combination● Neutral
The company filed a registration statement offering to swap its $775 million of 8.500% senior notes due 2020 (issued privately April 24, 2013) for identical notes registered with the SEC. This fulfils the registration rights promised when the notes were issued; the company receives no cash and the notes' terms are substantially identical apart from the removal of transfer restrictions and extra-interest provisions. The text is truncated, so the exchange expiry date and results are not shown.
3 June 2013debt financing▲ Good
On May 30, 2013 the company signed a Third Amendment to its credit agreement with Wells Fargo as agent, raising total lender commitments from about $275 million to $350 million. It also updates the agreement for Dodd-Frank hedging rules and changes the form of promissory note. This builds on the credit facility set up in September 2012 and amended in April 2013.
9 May 2013quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $83.2 million for the period ended 2013-03-31.
8 May 2013quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $83.2 million for the period ended 2013-03-31.
7 May 2013securities registration● Neutral
BAYTEX ENERGY USA, INC. registered a securities offering with the SEC using its shelf eligibility.
6 May 2013director interest notice● Neutral
Magnum Hunter Resources Corp became a BAYTEX ENERGY USA, INC. 10%+ owner and company insider (initial ownership filing).
6 May 2013substantial holder notice● Neutral
Magnum Hunter Resources Corporation disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (15.30% of votes).
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead received a stock option grant for 532,257 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP and CFO Steven A. Hartman received a stock option grant for 243,950 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO, General Counsel Nancy M Snyder received a stock option grant for 221,773 shares.
3 May 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, Operations John A Brooks received a stock option grant for 310,483 shares.
29 Apr 2013asset acquisition disposition● NeutralMajor
On April 24, 2013 the company issued the $775 million 8.500% senior notes due May 1, 2020, unsecured and guaranteed by subsidiaries, with interest from Nov 1, 2013. It also issued 10,000,000 common shares to Magnum Hunter in connection with the Eagle Ford Hunter acquisition closing, and agreed to register them for resale. Magnum Hunter can require the company to use part of the proceeds of future stock offerings to buy back some of those shares (up to 50% before and 25% after the registration statement is effective). A fifth supplemental indenture for the 2016 notes was signed in connection with the tender offer. The text provided is truncated, so the full closing terms and tender results are not shown.
11 Apr 2013material agreement● NeutralMajor
On April 10, 2013 the company signed the purchase agreement with RBC Capital Markets, as representative of the initial purchasers, to sell $775 million of 8.500% senior notes due 2020, expected to close April 24, 2013. It also signed a Second Amendment to its credit agreement allowing hedging on the assets to be acquired and waiving, from the acquisition closing, the automatic borrowing base reduction for up to $350 million of the notes. This continues the financing of the Eagle Ford Hunter purchase.
11 Apr 2013material agreement● NeutralMajor
This filing attaches the Eagle Ford Hunter purchase agreement and its April 8, 2013 amendment, which adds a form of standstill agreement. It also attaches the parent guarantee and a press release saying the company priced an upsized $775 million of 8.50% senior notes due 2020, up from $400 million. About $400 million of the proceeds plus $40 million of equity go to the acquisition, about $330 million to a planned tender offer for the 10.375% notes due 2016, and the rest to repay revolver borrowings. The notes are redeemed at par if the acquisition does not close by June 30, 2013. The revolver borrowing base is stated to drop from $300 million to $188.8 million until closing, then be $276.3 million.
3 Apr 2013capital raising announcement▲ GoodMajor
Penn Virginia agreed on April 2, 2013 to buy Eagle Ford Hunter, Inc. from Magnum Hunter Resources for about $400 million, with up to $40 million payable in Penn Virginia shares and the rest in cash. A $10 million deposit is paid, closing is scheduled for May 2, 2013, and a $25 million termination fee applies in certain circumstances. The company plans to fund it with debt, equity and cash, and has a bridge commitment of up to $250 million from Royal Bank of Canada and WF Investment Holdings. Lenders under the Sept 2012 credit agreement amended it to permit the deal. The press release says the deal adds about 19,000 net Eagle Ford acres (about 54,000 net in total) and about 12.0 million barrels of oil equivalent of proved reserves. This continues the Eagle Ford focus, and the company also said it will keep its Lavaca County interests it had been considering selling.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Edward B Cloues II received 3,403 shares and a 3,403-share option grant as part of the equity award.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Marcke De Lummen Philippe Van received 6,806 shares as part of the equity award.
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Steven W Krablin received 6,806 shares as part of the equity award.
1 Apr 2013agm notice● Neutral
BAYTEX ENERGY USA, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
1 Apr 2013director interest notice● Neutral
BAYTEX ENERGY USA, INC. director John U Clarke received 5,724 shares and a 5,724-share option grant as part of the equity award.