31 Oct 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable November 21, 2011 to holders of record November 10, 2011 (about US$0.181). The amount is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable October 20, 2011 to holders of record October 11, 2011 (about US$0.176). The amount is unchanged.
30 Aug 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable September 20, 2011 to holders of record September 9, 2011 (about US$0.184). The amount is unchanged.
29 July 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable August 19, 2011 to holders of record August 10, 2011 (about US$0.19). It is described as an eligible dividend for Canadian tax and a qualified dividend for U.S. tax. The amount is unchanged.
30 June 2011dividend declaration▲ Good
Enerplus declared its regular CDN$0.18 per share dividend, payable July 20, 2011 to holders of record July 10, 2011. Starting in July, dividends to Canadian shareholders qualify for the enhanced dividend tax credit (effective rate 18%-36% for top-bracket individuals), versus 28%-41% for February-June payments. The company says it had acquired private corporations with low-rate income that had to be paid out at the regular credit rate first.
29 June 2011asset acquisition disposition▲ GoodMajor
Enerplus closed the Marcellus sale announced in May and received about US$580 million, subject to ordinary post-closing adjustments and consents. It will use the money to repay its bank debt, leaving the entire $1 billion credit facility undrawn. It keeps about 110,000 net acres: 45,000 non-operated (average 20% interest) in northeast Pennsylvania and 65,000 operated (average 90%) in Clinton County PA, Garrett County MD and Preston County WV. A review of 2011-2012 spending, production and cost outlook is under way, with an update promised soon. This resolves the May sale announcement.
31 May 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable June 20, 2011 to holders of record June 10, 2011 (about US$0.18 at the stated exchange rate). The amount is unchanged from prior months.
16 May 2011asset acquisition disposition▲ GoodMajor
Enerplus agreed to sell about 91,000 net acres of mostly non-operated Marcellus gas interests in Pennsylvania, Maryland and West Virginia for estimated proceeds of US$575 million, with closing expected by the end of the second quarter. The company says proceeds will more than eliminate its current bank debt, and it keeps about 110,000 net acres (60% operated), which continues the Marcellus position built from the 2009 Chief joint venture and the August 2010 acquisition. It will review 2011 capital spending and production guidance and update later.
2 May 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable May 20, 2011 to holders of record May 10, 2011 (about US$0.19 at the stated exchange rate). The amount is unchanged from the prior month.
31 Mar 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable April 20, 2011 to holders of record April 10, 2011. The amount is unchanged from the prior month.
1 Mar 2011dividend declaration● Neutral
Enerplus declared its regular CDN$0.18 per share dividend, payable March 20, 2011 to holders of record March 10, 2011. The amount is unchanged from the prior month.
25 Feb 2011regulatory community update● Neutral
Enerplus filed year-end regulatory documents after the January 1, 2011 conversion: a cover letter, a tiny audited balance sheet of the new corporation at December 31, 2010 (cash and share capital of $10, one share held by the Fund), and a short MD&A. The MD&A states the conversion was approved by unitholders on December 9, 2010 and the Alberta court on December 10, 2010, and that the company's financial position and outlook are substantially the same as the Fund's. It also warns the change in future tax rates may raise future tax liability and reduce shareholders' equity, possibly materially, and that IFRS reporting begins in 2011. This confirms the special meeting held in December.
31 Jan 2011dividend declaration▲ Good
Enerplus declared a CDN$0.18 per share dividend payable February 20, 2011 to holders of record February 10, 2011, the first dividend as a corporation. The release also says that as a corporation, dividends to top-bracket Canadian individuals should carry an effective tax rate of 28%-41% until July 2011 (versus 39%-50% on prior trust distributions), and that U.S. tax-sheltered accounts should no longer face Canadian withholding tax. The dividend level matches the rate the company said it intended to maintain after conversion.
4 Jan 2011business combination● NeutralMajor
Enerplus announced the conversion from a trust to a corporation was completed on January 1, 2011, with the business, directors and management unchanged. Trust unit holders received one common share per unit and Class B exchangeable partnership unit holders received 0.425 of a share per unit; all outstanding securities of the Fund and the partnership were cancelled and both were dissolved. The company says it intends to keep the dividend at CDN$0.18 per share (monthly) based on current commodity prices and capital spending plans, and says conversion avoids the 2011 income trust tax. This resolves the arrangement filed in October 2010.
28 Oct 2010business combination● NeutralMajor
Enerplus filed the arrangement agreement dated October 22, 2010 to convert the trust into a corporation: Enerplus Resources Fund, Enerplus Exchangeable Limited Partnership, EnerMark and a new company, Enerplus Corporation, are the parties. The agreement says the filing of the articles of arrangement is intended for January 1, 2011 (or another date the EnerMark board chooses), subject to unitholder approval and a court order. Exchange ratios are not shown in the visible part of the text, beyond the existing 0.425 Class B unit exchange ratio. This is likely the purpose of the December 9, 2010 special meeting noted earlier (inference).
4 Oct 2010asset acquisition disposition▲ GoodMajor
Enerplus closed the previously announced sales of its 100% interest in the Kirby oil sands lease for $405 million and of 2,500 BOE/day of non-core production for $158.5 million ($153 million after closing adjustments). Proceeds will reduce bank debt from the Bakken and Marcellus acquisitions announced in September.
22 Sept 2010business combination● NeutralMajor
Enerplus announced a portfolio reshuffle: buying about 46,500 net acres of Bakken land in North Dakota for US$456 million (funded from its credit facility, closing expected October 2010), closing a 58,500-acre Marcellus acquisition on August 23, 2010, and selling the Kirby oil sands lease for $405 million plus non-core conventional assets for about $158.5 million. Kirby, which it had called the focus of its oil sands strategy at the 2008 Joslyn sale, is now being sold, leaving mainly its Laricina Energy shares in oil sands. Kirby proceeds are to retire bank debt, and 2010 production and capital guidance was adjusted.
9 Sept 2009capital raising announcement● NeutralMajor
Enerplus closed an equity offering of 10,406,250 trust units at CDN$21.65 each, for gross proceeds of about CDN$225 million, including the full over-allotment option. It was launched alongside a Marcellus shale gas acquisition; proceeds effectively funded an average 21.5% working interest in about 540,000 gross acres and future capital and general expenses. Existing unitholders are diluted by the new units, and this adds a Marcellus gas position to the portfolio.
25 June 2009debt financing● NeutralMajor
Enerplus filed a note purchase agreement dated June 18, 2009 for new senior notes issued by EnerMark: US$40 million at 6.82% due June 18, 2015, Cdn$40 million at 6.37% due 2015, and US$225 million at 7.97% due June 18, 2021. The Fund and subsidiaries guarantee the notes. This is new long-term debt on top of the existing notes; the excerpt does not state what the proceeds are for.
24 Feb 2009regulatory community update● Neutral
Filing only gives notice of the Annual General Meeting: held May 8, 2009 in Calgary, with a March 20, 2009 record date for notice and voting. It covers trust units, Class B LP units and DRIP trust units. No other substance is stated.
31 July 2008asset acquisition disposition▲ GoodMajor
The Joslyn sale to Occidental Petroleum announced in June closed, with net proceeds of about $500 million after adjustments and transaction costs. The money will first reduce bank debt, which includes the credit facility raised to $1.4 billion in the Focus merger, and the company still expects to redeploy funds into acquisitions and development later.
23 June 2008asset acquisition disposition▲ GoodMajor
Enerplus agreed to sell its 15% working interest in the Joslyn oil sands lease to Occidental Petroleum for $500 million (estimated $510 million at closing before transaction costs). Proceeds are to first reduce bank debt, with the company expecting to redeploy funds into acquisitions and development. The sale is subject to conditions and approvals and is expected to close by the end of Q3 2008. The company says it keeps its Kirby oil sands project, where it is sole owner and operator.
4 Apr 2008business combination● Neutral
Enerplus filed its required report on the Focus acquisition. It says 30,149,752 Enerplus units were issued to former Focus unitholders, the credit facility rose from $1.0 billion to $1.4 billion, and two former Focus directors joined the EnerMark board. None of Focus's former senior officers stayed after a transition period ending March 31, 2008. It also attaches Focus's audited 2007 financials, showing net income of $86.1 million and long-term debt of $274 million.
18 Mar 2008debt financing● Neutral
Enerplus filed copies of existing debt documents as exhibits: a November 18, 2004 credit agreement with a bank syndicate led by CIBC, plus 2002 and 2003 note purchase agreements. The 2003 one covers US$54 million of 5.46% senior notes due October 1, 2015 issued by EnerMark. These are older agreements being filed, not new borrowing as far as the text shows.
13 Feb 2008business combination▲ GoodMajor
Focus unitholders approved the merger with 99.8% of votes cast in favour, and the Alberta court granted the Final Order. Focus holders are to get 0.425 of an Enerplus unit per Focus unit, leaving current Enerplus unitholders with about 79% and former Focus holders about 21% of the combined trust. This moves forward the merger agreed in the earlier arrangement agreement, with closing expected February 13, 2008.
13 Feb 2008business combination▲ GoodMajor
The Focus merger closed on February 13, 2008, completing the deal approved the day before. The combined trust is described as producing about 100,000 BOE/day with a reserve life index of about 14 years, and Enerplus raised its unsecured bank credit facility by $400 million to $1.4 billion. Focus holders received 0.425 Enerplus unit per Focus unit.
8 Jan 2008business combination● NeutralMajor
Enerplus filed the full arrangement agreement, effective December 2, 2007, to merge Enerplus Resources Fund with Focus Energy Trust. It replaces an earlier agreement between the parties and sets out the terms, conditions, and damages and termination provisions for the deal.