Past year: ▲ 12953%(0.21c – 7.65 USD)
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2021listing compliance notice▼ BadMajor
Evolve sold the Palmetto wellbores - the assets it bought from Sanchez Energy for $85 million in 2015 - to Westhoff for about $11.5 million, and disclosed a further listing deficiency in the same filing. A six-year round trip from $85 million to $11.5 million.
26 Apr 2021material agreement▲ Good
Evolve agreed to provide gas lift services to Mesquite Energy on the Piloncillo Ranch for a per-thousand-cubic-foot fee - a small extension of the relationship with its post-bankruptcy main customer.
20 Apr 2021material agreement▼ Bad
Now renamed Evolve Transition Infrastructure, the partnership set up a $7 million market issuance programme with Virtu. The size tells the story: the equivalent facility in 2015 was $100 million.
26 Feb 2021capital raising announcement▼ Bad
Stonepeak's warrant over junior securities was amended again. These amendments recur every few months from here on, each one extending or adjusting a claim that ultimately delivered Stonepeak control of the partnership.
2 Feb 2021capital raising announcement▼ BadMajor
A single quarter's preferred distribution to Stonepeak was paid by issuing 22.3 million new common units instead of cash or more preferred. Issuing tens of millions of units to settle one quarter's obligation is what it looks like when preferred capital eats the equity beneath it.
30 Dec 2020material agreement▲ Good
The partnership settled a group of lawsuits involving Dimension Energy Services, Sunbelt, Sanchez Oil & Gas and Mesquite Energy - the renamed, post-bankruptcy Sanchez Energy - clearing litigation inherited from the Sanchez era.
9 Nov 2020debt financing▼ Bad
The credit facility was amended again, further reducing the commitment. The lenders were steadily shrinking their exposure rather than exiting.
9 Sept 2020director officer appointment● NeutralMajor
As Sanchez Oil & Gas wound down its role, the partnership took a licence over the seismic and geological data it had been relying on, and reshaped its board and governing documents. The Sanchez family's grip was being unwound; Stonepeak's was tightening.
7 July 2020material agreement▲ GoodMajor
The settlement with the Sanchez bankruptcy estate was completed, preserving the gathering arrangements in amended form. The partnership kept its revenue, but its customer emerged as a different, smaller company under new owners.
30 June 2020listing compliance notice● Neutral
The exchange accepted the partnership's plan to regain compliance, giving it until 2021 to rebuild its equity - a stay of execution rather than a fix.
18 June 2020material agreement▼ BadMajor
The bankruptcy settlement was amended a week later as the terms were negotiated further - the partnership had very little leverage in these talks.
11 June 2020material agreement▼ BadMajor
The partnership settled with Sanchez Energy's bankruptcy estate over the gathering contracts that are its entire business - the fifteen-year Catarina agreement signed in 2015 could otherwise have been rejected in the Chapter 11 and left the partnership with pipelines and no volumes. The single most dangerous moment in its history.
8 Apr 2020listing compliance notice▼ BadMajor
NYSE American warned the partnership it was below the listing standards, having reported partners' capital under $2 million at the end of 2019 alongside continuing losses. Its accumulated equity had been wiped out by impairments and by the preferred sitting above it.
25 Nov 2019debt financing▼ BadMajor
With its main customer in Chapter 11, the partnership pushed its credit facility maturity out to September 2021 and cut the commitment to $20 million. A facility that small is no longer a growth tool; it is working capital for a business waiting to find out whether it still has a counterparty.
5 Aug 2019director officer appointment▼ BadMajor
A wholesale restructuring of Stonepeak's position: its preferred was reset, it received a warrant over 10% of the partnership's junior securities, and it gained the right to appoint up to two directors under a standstill. Stonepeak is no longer just a preferred investor - it is on the way to owning the partnership, and this filing is dated nine days before Sanchez Energy filed for bankruptcy.
1 June 2018capital raising announcement▼ Bad
A further 220,214 units were issued to manager SP Holdings for its quarterly fee, the second such payment in the same year.
30 Apr 2018material agreement● Neutral
Wellbores in La Salle County were sold to EP Energy for about $4 million after adjustments.
19 Mar 2018capital raising announcement▼ Bad
The partnership issued 210,978 units to its own manager, SP Holdings, as payment of the shared services fee. The manager is being paid in equity by a partnership whose units it also controls - dilution to a related party, quarter after quarter.
14 Nov 2017asset acquisition disposition● Neutral
The Dallas Petroleum sale closed at about $6.3 million. What remains is Catarina Midstream, the Carnero interests and a residue of wellbores.
16 Oct 2017material agreement termination● Neutral
A further package of Texas wells was agreed for sale to Dallas Petroleum Group for $6.25 million, again with the plugging obligations transferring.
18 July 2017asset acquisition disposition● Neutral
Another upstream disposal closed, this one to Exponent Energy II, continuing the exit from production.
5 July 2017material agreement● Neutral
Now renamed Sanchez Midstream Partners, the partnership agreed to sell Texas wells to Sendero Petroleum for $6.25 million, with the buyer taking on the plugging liabilities. Shedding the last of the upstream tail.
6 Apr 2017material agreement termination● Neutral
The market-issuance programme was moved from MLV to FBR, with the old arrangement terminated - continuing the same slow drip of new units.
27 Jan 2017capital raising announcement▼ BadMajor
The partnership settled a dispute with Stonepeak over how its preferred units were being adjusted, issuing more units to close it. Fourteen months in, the terms of the preferred were already contested - a preview of a relationship that dominated the next seven years.
22 Nov 2016asset acquisition disposition● NeutralMajor
The Carnero Processing purchase closed at about $55.5 million cash plus $24.5 million of assumed commitments. The partnership is now fully a midstream business, and every one of its assets was bought from Sanchez Energy.
22 Nov 2016capital raising announcement▲ GoodMajor
The partnership sold 6.55 million units publicly at $11.00 to help pay for the Carnero processing stake - its only genuine public equity raise under Sanchez ownership.
What it means for a shareholder
6.5m new shares at $11.00 to raise about $72.0m. That's 60% dilution: every existing holder's slice gets 60% smaller. If you held $1,000 of shares (91 at the issue price), your slice goes from 0.00205% to 0.000828% of the company. To keep it you'd need 134 more shares - about $1,474 at the issue price.
Create a free account to see this worked out for your own holding.
7 Oct 2016material agreement● NeutralMajor
The partnership agreed to buy half of Carnero Processing - a cryogenic gas plant under construction in La Salle County - from Sanchez Energy for $47.7 million plus $32.3 million of remaining construction commitments. A third midstream purchase from the same related seller inside eighteen months.
19 July 2016asset acquisition disposition● NeutralMajor
The Oklahoma and Kansas disposal closed for its nominal price, completing the partnership's exit from the gas production business Constellation Energy built it around.
6 July 2016asset acquisition disposition● NeutralMajor
Another purchase from its controlling shareholder: Carnero Gathering bought from Sanchez Energy for about $37 million plus $7.4 million of assumed commitments. The partnership keeps buying midstream from the company that also supplies its volumes.
16 June 2016material agreement▼ BadMajor
The partnership agreed to sell substantially all its operated Oklahoma and Kansas wells - the old Cherokee Basin business - to Gateway Resources for $7,120. Not a typo: the assets were worth less than the liabilities attached to them, and the buyer was effectively paid to take the plugging obligations away.
