Past year: ▲ 29%(26.87 – 39.14 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2016debt default or forbearance▼ BadMajor
The waiver was extended to 15 April and widened to cover missed interest on the parent's 6.875% 2024 and 11% 2020 notes as well as EPL's own - by now the whole Energy XXI group was skipping bond payments. This is the last substantive disclosure in EPL's record.
4 Mar 2016debt default or forbearance▼ BadMajor
EPL missed the 15 February interest payment on its 8.25% 2018 notes. Its bank lenders waived the resulting default only until 14 March, barred any new borrowing and required loan proceeds to sit in accounts they controlled. The company was in default on its bonds and being kept alive two weeks at a time.
30 Nov 2015material agreement▼ Bad
Lenders amended the first-lien loan again, changing when EPL must guarantee its parent's debt and pledge its assets - tightening the ties binding the subsidiary's assets to the parent's borrowings.
9 Sept 2015financial restatement▼ BadMajor
EPL said its accounts from June 2014 through March 2015 could no longer be relied on: its hedging paperwork did not meet the documentation standard for hedge accounting, so derivative gains and losses parked in reserves should have run through profit all along. An accounting failure, not a cash one, but it cost the company credibility at the worst possible moment.
18 Mar 2015debt financing▼ BadMajor
EPL signed a $325 million second-lien promissory note to its parent at 10% interest, funded by the parent's $1.45 billion issue of 11% secured notes, and used it to repay its share of the group revolver. The group was refinancing bank debt with far more expensive secured debt - the classic last stage before a restructuring.
9 Mar 2015material agreement▼ Bad
With oil prices collapsed, lenders tightened the group's first-lien loan again, sharply restricting the parent's ability to pay dividends or make other distributions - a lender protecting itself rather than a borrower gaining room.
4 Dec 2014auditor change● Neutral
EPL's auditor UHY resigned after BDO USA bought its Texas practice, a second change of auditor in six months with no disagreement behind either.
9 Sept 2014material agreement▼ Bad
Lenders formally loosened the group leverage covenant from 3.5 to 4.25 times earnings, converting the waiver granted weeks earlier into a permanent change - relief bought before oil prices had even started falling.
3 Sept 2014asset acquisition disposition▼ BadMajor
Immediately after the merger EPL bought South Pass 49 interests from a sister Energy XXI company for about $230 million, repaid and cancelled its own $475 million credit facility and joined the parent's first-lien loan. The same filing disclosed that the group had breached its leverage covenant at 30 June - 3.6 times against a 3.5 limit - and needed a lender waiver. The first crack in the acquirer.
18 July 2014listing compliance notice▼ BadMajor
EPL OIL & GAS, INC. terminated the registration of a class of securities, ending its reporting obligation for them.
15 July 2014listing compliance notice● NeutralMajor
EPL OIL & GAS, INC.'s exchange filed to remove a class of its securities from listing.
27 June 2014auditor change● Neutral
Energy XXI dismissed PricewaterhouseCoopers as EPL's auditor weeks after taking control, with no disagreements reported, folding the subsidiary into its own audit arrangements.
3 June 2014business combination▲ GoodMajor
The merger completed on 3 June 2014 and EPL became an indirect wholly-owned subsidiary of Energy XXI, its shares delisted and its board and officers replaced. Holders received about 65% cash and 35% Energy XXI shares - the end of EPL as an independent company, sixteen months before its new parent's own debts began to unravel.
2 June 2014business combination● Neutral
EPL and Energy XXI published the final tally of how shareholders had chosen between cash and shares, the last step before completion.
21 Apr 2014material agreement▲ Good
Bondholders consented to change the takeover definitions in the 8.25% 2018 notes, so the Energy XXI merger would not let them demand early repayment - removing the last financing obstacle to the deal.
14 Apr 2014business combination● Neutral
EPL and Energy XXI set 30 May for the shareholder votes on the merger and said they expected to complete it around 3 June.
13 Mar 2014business combination▲ GoodMajor
EPL agreed to be bought by Energy XXI: shareholders could elect $39.00 cash, 1.669 Energy XXI shares, or a mix, prorated so the total was 65% cash and 35% shares. The board also adopted a bylaw forcing shareholder lawsuits into Delaware. Five years after leaving bankruptcy with 5% of its own equity, the surviving stock was being cashed out at $39.
13 Mar 2014business combination● Neutral
The same Energy XXI merger agreement disclosure was filed a second time the same day, restating the terms without the bylaw and press-release items.
21 Jan 2014asset acquisition disposition▲ GoodMajor
The Nexen purchase closed on schedule at $70.4 million, adding the Eugene Island 258/259 leases to EPL's oil-weighted shelf position.
6 Jan 2014material agreement▲ GoodMajor
EPL agreed to buy Nexen's Eugene Island 258/259 field for $70.4 million - five leases at full working interest producing about 900 barrels a day, 95% oil, with about $27 million of well-abandonment liability coming with them.
3 May 2013material agreement● Neutral
Shareholders approved lifting the ceiling on shares issuable under the 2009 incentive plan from 2.47 million to 3.57 million at the annual meeting, alongside the routine board and auditor votes.
6 Nov 2012asset acquisition disposition▲ GoodMajor
EPL completed the $550 million Hilcorp acquisition, funded by the new notes and bank borrowings, and at the same time expanded its secured facility from $250 million to a maximum of $750 million with maturity out to 2016. The company was now roughly three times the size it left bankruptcy at - and carried the debt to match.
30 Oct 2012material agreement● Neutral
The $300 million of additional 8.25% 2018 notes were issued and the proceeds placed in escrow pending completion of the Hilcorp purchase, taking EPL's bond debt to $510 million.
24 Oct 2012material agreement● NeutralMajor
EPL agreed to sell a further $300 million of 8.25% senior notes due 2018, netting about $288 million, to fund the Hilcorp acquisition.
18 Sept 2012material agreement▲ GoodMajor
Now renamed EPL Oil & Gas, the company agreed to buy Hilcorp's Gulf of Mexico shelf subsidiary for $550 million - about 10,000 barrels a day and 36.3 million barrels of proved reserves, mostly ex-Chevron fields next to its own. By far its largest deal since the failed Stone bid, and more than twice the Anglo-Suisse purchase.
21 May 2012asset acquisition disposition▲ GoodMajor
Energy Partners bought W&T Offshore's 40% of the South Timbalier 41 field for $32.4 million, becoming sole owner of a field it already operated and adding about 960 barrels a day.
21 Nov 2011asset acquisition disposition● NeutralMajor
The Main Pass purchase closed at $38.4 million rather than $80 million, because an Apache subsidiary that already held a working interest exercised pre-emption rights over part of the package. The company got about half the assets it had agreed to buy.
2 Nov 2011material agreement▲ GoodMajor
Energy Partners agreed to pay $80 million for extra interests in the Main Pass complex it had bought into nine months earlier - from Stone Energy Offshore, a subsidiary of the same Stone Energy it had spent $52 million failing to acquire in 2006.
15 Feb 2011asset acquisition disposition▲ GoodMajor
The $210 million of 8.25% notes were issued and the Anglo-Suisse acquisition closed the same day for $200.7 million, the bond proceeds funding the purchase almost exactly. The rebuilt company now had a bond maturity in 2018 and a materially larger oil-weighted asset base.
9 Feb 2011material agreement▲ GoodMajor
To pay for the Anglo-Suisse assets the company agreed to sell $210 million of 8.25% senior notes due 2018, raising about $202 million - re-entering the unsecured bond market less than eighteen months after its previous notes were wiped out in bankruptcy, and at a far lower coupon than the 20% it paid on exit.
