16 May 2016quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $45.4 million and a net loss of $147.2 million for the period ended 2016-03-31.
Announcements, explained
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.
16 Feb 2016quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $45.4 million and a net loss of $147.2 million for the period ended 2016-03-31.
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.
13 Nov 2015quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $63.6 million and a net loss of $544.5 million for the period ended 2015-12-31.
28 Sept 2015late filing notice▼ Bad
EPL OIL & GAS, INC. notified the SEC that its annual report would be filed late.
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.
15 May 2015quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $83.2 million and a net loss of $295.6 million for the period ended 2015-03-31.
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.
13 Feb 2015quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $83.2 million and a net loss of $295.6 million for the period ended 2015-03-31.
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.
12 Nov 2014quarterly activities report▼ Bad
EPL OIL & GAS, INC. reported quarterly revenue of $155.6 million and a net loss of $454.6 million for the period ended 2014-12-31.
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.
8 May 2014quarterly activities report● Neutral
EPL OIL & GAS, INC. reported quarterly revenue of $159.5 million and net income of $13.3 million for the period ended 2014-03-31.
8 May 2014quarterly activities report● Neutral
EPL OIL & GAS, INC. reported quarterly revenue of $159.5 million and net income of $13.3 million for the period ended 2014-03-31.
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.
27 Feb 2014quarterly activities report● Neutral
EPL OIL & GAS, INC. reported quarterly revenue of $159.5 million and net income of $13.3 million for the period ended 2014-03-31.
14 Feb 2014substantial holder notice● Neutral
Birch Run Capital Advisors, LP, BRC Advisors GP, LLC, Daniel Beltzman, Gregory Smith disclosed a new substantial EPL OIL & GAS, INC. shareholding (5.30% of votes).
12 Feb 2014substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial EPL OIL & GAS, INC. shareholding (6.37% of votes).