7 Dec 2010securities registration● Neutral
CONCHO RESOURCES INC amended its automatic shelf registration statement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2010securities registration● Neutral
CONCHO RESOURCES INC filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
2 Dec 2010director interest notice● Neutral
CONCHO RESOURCES INC SVP-Engineering & Operations Wright E Joseph sold 100,000 shares.
2 Dec 2010director interest notice● Neutral
CONCHO RESOURCES INC officer Darin G Holderness exercised stock options for 26,608 shares and disposed of 53,216 shares.
16 Nov 2010director interest notice● Neutral
CONCHO RESOURCES INC director Steven L Beal sold 250,000 shares.
8 Nov 2010director interest notice● Neutral
CONCHO RESOURCES INC Sr. VP, Gen. Counsel & Secy. Giraud C William had 2,192 shares withheld for taxes on vesting stock.
4 Nov 2010quarterly activities report▼ Bad
CONCHO RESOURCES INC reported a quarterly net loss of $8.1 million for the period ended 2010-12-31.
3 Nov 2010quarterly activities report▼ Bad
CONCHO RESOURCES INC reported a quarterly net loss of $8.1 million for the period ended 2010-12-31.
20 Oct 2010securities registration● Neutral
CONCHO RESOURCES INC filed notice of an exempt private placement.
14 Oct 2010director interest notice● Neutral
CONCHO RESOURCES INC director Steven L Beal exercised stock options for 56,124 shares and disposed of 113,302 shares.
13 Oct 2010asset acquisition disposition● NeutralMajor
Concho closed the Marbob Energy acquisition on October 7, 2010 for aggregate consideration of about $1.3 billion (down from the ~$1.65 billion announced in July; the filing does not explain the difference), plus about $32 million for extra non-operated interests. Payment was about $1.1 billion cash, 1,103,752 shares at $45.30 to one seller, and a $150 million 8% unsecured note due October 7, 2018. The $300 million private placement of 6,622,517 shares at $45.30 closed alongside it, so existing holders are diluted, and Concho agreed to file a resale registration within 90 days. The credit facility's borrowing base and commitments rose from $1.2 billion to $2.0 billion, about $900 million was newly borrowed to close, and the cap on senior unsecured notes rose from $600 million to $800 million. The acquired Permian Basin acreage in Southeast New Mexico sits next to Concho's Yeso play and includes a position in the Bone Spring play. Executives also received restricted stock vesting October 7, 2014 (Leach 109,250 shares; four other senior officers 21,850 each). Financial statements for the acquired assets are promised by December 27, 2010.
12 Oct 2010director interest notice● Neutral
CONCHO RESOURCES INC Senior VP - Exploration & Land Hyde Matthew Glover received 21,850 shares as part of the equity award.
12 Oct 2010director interest notice● Neutral
CONCHO RESOURCES INC Sr. VP, Gen. Counsel & Secy. Giraud C William received 21,850 shares as part of the equity award.
12 Oct 2010director interest notice● Neutral
CONCHO RESOURCES INC Senior Vice President - CFO Darin G Holderness received 21,850 shares as part of the equity award.
12 Oct 2010director interest notice● Neutral
CONCHO RESOURCES INC Sr. VP-Bus. Dev. & Cap. Mkts. Jack F Harper received 21,850 shares as part of the equity award.
29 Sept 2010director interest notice● Neutral
Don O. Mccormack became a CONCHO RESOURCES INC VP-Chief Accounting Officer and company insider (initial ownership filing).
26 Aug 2010director interest notice● Neutral
CONCHO RESOURCES INC VP - Chief Financial Officer Darin G Holderness had 1,322 shares withheld for taxes on vesting stock.
6 Aug 2010quarterly activities report● Neutral
CONCHO RESOURCES INC reported a quarterly net income of $20.8 million for the period ended 2010-09-30.
5 Aug 2010quarterly activities report● Neutral
CONCHO RESOURCES INC reported a quarterly net income of $20.8 million for the period ended 2010-09-30.
20 July 2010capital raising announcement● NeutralMajor
Concho agreed to buy substantially all the oil and gas assets of Marbob Energy and affiliates (Pitch, Costaplenty, John R. Gray LLC) for about $1.65 billion: $1.45 billion cash, a $150 million 8% unsecured note due eight years after closing, and 1,103,752 shares at $45.30 to Pitch. It plans to fund the cash with a $300 million private placement of 6,622,517 shares at $45.30 plus its credit facility (an amendment is still to be arranged, backed by lender commitments). Closing is expected by November 30, 2010; Concho can terminate if title and environmental defects exceed $51.5 million, paying a $20 million fee. This is far larger than the $225 million Terrace deal in 2009, and the new shares will dilute existing holders.
18 June 2010debt financing● Neutral
Concho and its lenders signed a third credit agreement amendment that narrows the ban on negative pledges to exclude assets outside the borrowing base calculation. The lenders waived defaults tied to certain oil and gas leases containing negative pledges and released their liens on those properties. The filing gives no figures.
25 May 2010director interest notice● Neutral
CONCHO RESOURCES INC VP - Exploration & Land Hyde Matthew Glover had 1,603 shares withheld for taxes on vesting stock.
18 May 2010director interest notice● Neutral
CONCHO RESOURCES INC VP-Engineering & Operations Wright E Joseph exercised stock options for 49,889 shares and disposed of 99,778 shares.
18 May 2010director interest notice● Neutral
CONCHO RESOURCES INC director Steven L Beal sold 250,000 shares.
13 May 2010director interest notice● Neutral
CONCHO RESOURCES INC Chairman & CEO Timothy A Leach exercised stock options for 112,249 shares and disposed of 224,498 shares.
7 May 2010quarterly activities report● Neutral
CONCHO RESOURCES INC reported a quarterly net income of $124.2 million for the period ended 2010-06-30.
5 May 2010quarterly activities report● Neutral
CONCHO RESOURCES INC reported a quarterly net income of $124.2 million for the period ended 2010-06-30.
29 Apr 2010debt financing▲ GoodMajor
Concho amended its credit agreement again, raising the borrowing base from $955.9 million to $1.2 billion and lender commitments from $960 million to $1.2 billion. It also lets lenders reduce the base by less than $0.30 per dollar of senior notes issued, lifts the cap on senior unsecured notes from $300 million to $600 million, and raises the hedging limit to 100% of estimated production for the next two years. This builds on the earlier 2009 amendments and the $300 million notes.
18 Mar 2010director interest notice● Neutral
CONCHO RESOURCES INC director Steven L Beal exercised stock options for 56,125 shares and disposed of 112,250 shares.
2 Mar 2010director interest notice● Neutral
CONCHO RESOURCES INC VP - Exploration & Land Hyde Matthew Glover had 721 shares withheld for taxes on vesting stock.