5 Feb 2013material agreement● Neutral
Sold 9.2 million common units (over-allotment fully exercised) at $27.85 each, continuing to fund acquisitions with public equity.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Dec 2012material agreement termination▼ Bad
Lost the $131 million Montana Bakken acquisition after a third party exercised its preferential right to buy the assets instead - a rare deal announced weeks earlier that didn't close.
15 Nov 2012material agreement▲ GoodMajor
Agreed to buy non-operated Bakken oil assets in Montana for $131.0 million, currently producing about 1,100 barrels of oil equivalent a day, effective 1 August 2012 and due to close by year end. The 8-K text calls the seller undisclosed, but the purchase and sale agreement filed with it names Halliburton Energy Services. A third party holds a pre-emptive right to buy the assets instead, expiring 30 days after notice.
5 Nov 2012material agreement▲ GoodMajor
Agreed to buy $335 million of natural gas assets in Colorado's Piceance Basin and Wyoming's Powder River and Wind River basins from Bill Barrett Corporation.
9 Oct 2012debt financing● Neutral
Issued an additional $200 million of its 7.875% 2020 notes as an add-on to the April offering, using proceeds to pay down credit-facility borrowings.
17 Sept 2012material agreement● Neutral
Sold 6.9 million common units (including a fully exercised over-allotment) at $27.51 each, its largest common-unit offering to date.
10 July 2012material agreement● Neutral
Increased its credit facility borrowing base to $975 million from $670 million and added two new lenders, absorbing the debt drawn for the Antero acquisition.
5 July 2012asset acquisition disposition▲ Good
Closed the Antero Resources Arkoma Basin acquisition at an adjusted $434.4 million, funded entirely through its reserve-based credit facility.
4 June 2012material agreement▲ GoodMajor
Agreed to buy $445 million of Woodford and Fayetteville Shale gas assets in the Arkoma Basin from Antero Resources - its largest deal since the Encore merger.
4 Apr 2012debt financing● NeutralMajor
Raised $350 million through its first public bond offering - 7.875% senior notes due 2020 - and used the proceeds to pay off its second-lien term loan and reduce credit-facility borrowings, diversifying away from bank debt alone.
29 Feb 2012material agreement● Neutral
Agreed to swap 1.9 million of its own units for Appalachian Basin gas assets (Ariana Energy and Trust Energy) owned by trusts controlled by Majeed Nami - a founding unitholder from the company's 2007 IPO - folding a related party's private gas interests into the public company.
24 Jan 2012material agreement● Neutral
Sold 4 million new common units and helped Denbury Onshore sell down 3.14 million units it had received as Encore merger consideration, at $27.71 per unit; Vanguard kept only the proceeds of its own 4 million units.
5 Oct 2011material agreement▲ GoodMajor
Lined up a much larger credit facility - borrowing base jumping to $765 million - conditioned on completing the pending Encore Energy Partners merger, reflecting the combined company's bigger reserve base.
12 Sept 2011material agreement● Neutral
Expanded its at-the-market equity program to $200 million with Knight Capital, its main channel for incremental unit sales alongside larger underwritten offerings.
11 July 2011business combination▲ GoodMajor
Agreed to fully merge with Encore Energy Partners, converting all remaining public ENP units into 0.75 Vanguard units each - the roll-up of the MLP it had taken control of seven months earlier into a single company.
23 June 2011material agreement▲ Good
Agreed to buy another $42.5 million of Permian Basin oil and gas properties from a private seller, continuing its acquire-and-hedge growth model.
3 Jan 2011asset acquisition disposition▲ GoodMajor
Completed the $380 million purchase of Encore Energy Partners' general partner and Denbury's 46% common-unit stake, becoming Encore's controlling owner and setting up a full merger down the road.
28 Dec 2010capital raising announcement● Neutral
Elected to pay $80 million of the Encore Energy Partners purchase price in unregistered units issued directly to Denbury's Encore Operating affiliate rather than in cash.
17 Nov 2010debt financing▲ GoodMajor
Agreed to buy Denbury Resources' entire stake in Encore Energy Partners - its general partner plus a 46% common-unit position - for $380 million, financed with a new term loan and credit-facility borrowings. This was a step toward eventual full control of a separate public MLP, not just another property purchase.
7 Oct 2010material agreement● Neutral
Sold 4.15 million common units at $25.40 each in another underwritten offering, continuing to fund its acquisition pipeline with new equity.
10 Aug 2010material agreement● Neutral
Set up an at-the-market equity program allowing it to sell up to $60 million of common units gradually through Knight Capital Markets rather than in one underwritten block.
4 June 2010material agreement● Neutral
Reset its credit facility borrowing base to $240 million and gained the ability to hedge acquired production as soon as a deal is signed rather than waiting for closing.
13 May 2010material agreement● Neutral
Sold 3.25 million common units at $23.00 each, helping fund the pending $113.1 million multi-state acquisition announced days earlier.
5 May 2010material agreement▲ GoodMajor
Agreed to buy $113.1 million of producing oil and gas assets across Mississippi, Texas and New Mexico from a private seller (Alpine Gas Investors) - its largest single deal to date.
4 Dec 2009material agreement▲ GoodMajor
Agreed and closed the same day on a $55 million purchase of Permian Basin oil and gas assets from private sellers, immediately hedging most of the acquired oil production through 2013.
2 Dec 2009material agreement● Neutral
Raised additional equity, selling 2.25 million common units at $18.00 each, as unit prices recovered from the 2008-09 downturn.
1 Sept 2009material agreement● Neutral
Refinanced its reserve-based credit facility at a $175 million borrowing base maturing 2012, continuing the pattern of using bank debt to fund acquisitions.
18 Aug 2009asset acquisition disposition▲ Good
Closed the second Segundo Navarro/Lewis Energy gas acquisition for $52.25 million, funded by the August equity raise and credit-facility borrowings.
12 Aug 2009material agreement● Neutral
Sold 3.5 million common units at $14.25 each to help fund its pending second South Texas gas acquisition from Lewis Energy.
21 July 2009material agreement▲ GoodMajor
Agreed to a second purchase of Segundo Navarro/Lewis Energy natural gas properties in South Texas for about $52.25 million, again with Lewis continuing to operate the wells.