30 Dec 2016director interest notice● Neutral
PDC ENERGY, INC. CEO, President & Director Barton R Brookman Jr. had 4,734 shares withheld for taxes on vesting stock.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2016director interest notice● Neutral
PDC ENERGY, INC. EVP Corp Dev & Strategy Lance Lauck had 1,866 shares withheld for taxes on vesting stock.
21 Dec 2016director interest notice● Neutral
PDC ENERGY, INC. CFO & SVP David W Honeyfield received 18,632 shares as part of the equity award.
21 Dec 2016director interest notice● Neutral
David W Honeyfield became a PDC ENERGY, INC. CFO & SVP and company insider (initial ownership filing).
20 Dec 2016business combination● Neutral
PDC filed a registration statement to let holders swap the $400M of 6.125% senior notes due 2024 (issued September 15, 2016 to fund the acquisition) for identical notes registered with the SEC. The terms are the same apart from transfer restrictions and registration-right provisions; this is a paperwork step, not new borrowing. The filing also describes PDC as now operating in the Delaware Basin in Texas, consistent with the completed acquisition.
8 Dec 2016director interest notice● Neutral
PDC ENERGY, INC. Sr. VP, General Counsel & Sec. Daniel Willson Amidon sold 4,000 shares at $78.27.
7 Dec 2016asset acquisition disposition● NeutralMajor
PDC completed the Kimmeridge Delaware Basin acquisition on December 6, 2016, buying about 57,000 net acres in Reeves and Culberson Counties, Texas, which resolves the pending deal from August. The Arris purchase was paid with $503,591,349 in cash and 5,390,478 shares; the 299 purchase with $412,621,614 in cash and 3,996,290 shares (cash amounts subject to post-closing adjustments). The shares were issued to the sellers under Investment Agreements with registration rights, so existing shareholders now share the company with these new holders. Financial statements and pro forma figures for the acquired businesses are to be filed later.
6 Dec 2016director interest notice● Neutral
PDC ENERGY, INC. CAO R Scott Meyers sold 3,000 shares at $75.41.
28 Nov 2016director interest notice● Neutral
PDC ENERGY, INC. director Jeffrey C Swoveland sold 1,200 shares at $69.10.
28 Nov 2016director interest notice● Neutral
PDC ENERGY, INC. Sr. VP, General Counsel & Sec. Daniel Willson Amidon sold 1,550 shares at $70.02.
23 Nov 2016director interest notice● Neutral
PDC ENERGY, INC. director Kimberly Luff Wakim sold 2,000 shares at $69.10.
23 Nov 2016director interest notice● Neutral
PDC ENERGY, INC. Sr. VP, General Counsel & Sec. Daniel Willson Amidon sold 5,441 shares at $68.73.
17 Nov 2016director interest notice● Neutral
PDC ENERGY, INC. director David C Parke sold 500 shares at $64.06.
3 Nov 2016quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $163.9 million and a net loss of $23.3 million for the period ended 2016-09-30.
3 Nov 2016quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $163.9 million and a net loss of $23.3 million for the period ended 2016-09-30.
7 Oct 2016substantial holder notice● Neutral
BlackRock, Inc reported a PDC ENERGY, INC. shareholding of 5,608,802 shares (10.20% of votes) in a periodic institutional filing.
6 Oct 2016director interest notice● Neutral
PDC ENERGY, INC. director Kimberly Luff Wakim was credited 243 deferred share units under a company plan.
6 Oct 2016director interest notice● Neutral
PDC ENERGY, INC. director Jeffrey C Swoveland was credited 78 deferred share units under a company plan.
15 Sept 2016security holder rights change● NeutralMajor
PDC closed a $400M offering of 6.125% senior notes due 2024 on September 15, 2016, with proceeds meant to pay part of the cash price of the Kimmeridge acquisition, fees and general corporate purposes. Because the stock and convertible offerings raised over $600M, the JPMorgan bridge loan commitment was terminated. The notes must be redeemed at par plus accrued interest if the acquisition is terminated or not completed by December 31, 2016 (or in some cases January 15, 2017). The indenture also limits PDC's ability to pay dividends on its common stock.
14 Sept 2016debt financing● NeutralMajor
To fund the Delaware Basin acquisition, PDC sold 7,900,000 new shares at $61.51 each to the underwriters (the shares were bought at that price from PDC), with the 1,185,000-share extra-allotment option exercised in full on September 9, for 9,085,000 shares in total. It also issued $175M of 1.125% convertible senior notes due 2021, plus a fully exercised $25M extra option, for $200M in total. The notes convert at about $85.39 per share. The new shares dilute existing holders, and the notes add debt that could add shares later.
12 Sept 2016securities registration● Neutral
PDC ENERGY, INC. filed a prospectus supplement for an offering off its existing shelf.
12 Sept 2016securities registration● Neutral
PDC ENERGY, INC. filed a prospectus supplement for an offering off its existing shelf.
9 Sept 2016securities registration● Neutral
PDC ENERGY, INC. filed a free-writing prospectus - marketing material for an offering in progress.
8 Sept 2016material agreement● NeutralMajor
PDC amended its revolving credit agreement on September 6, 2016 to allow the Delaware Basin acquisition and related financing. Once the acquisition closes, commitments rise from $450M to $700M and the interest rate is adjusted, which carries out the commitment letter step from the August deal. The filing also supplies Arris's financial statements and pro forma figures, and notes that two Colorado ballot proposals that would have restricted drilling failed to qualify for the November 2016 ballot, though an appeal is possible within 30 days and PDC says future proposals are possible. It also lists hedges with a fair value of $64.7M as of September 1, 2016.
8 Sept 2016securities registration● Neutral
PDC ENERGY, INC. filed a prospectus supplement for an offering off its existing shelf.
8 Sept 2016securities registration● Neutral
PDC ENERGY, INC. filed a prospectus supplement for an offering off its existing shelf.
24 Aug 2016capital raising announcement● NeutralMajor
PDC agreed on August 23, 2016 to buy about 57,000 net acres in Reeves and Culberson Counties, Texas (the Delaware Basin) from Kimmeridge-managed sellers for about $1.5 billion in cash and PDC stock. The deal is two parts: Arris Petroleum ($525.3M cash plus 5,390,478 shares) and the 299 Resources assets ($389.4M cash plus 3,996,290 shares). Together that is about 9.39 million new shares, so existing holders would be diluted. Closing needs customary conditions and antitrust clearance, and either side can walk away if it isn't done by December 31, 2016. PDC also lined up a JPMorgan commitment for a bridge loan of up to $600M (not expected to be drawn) and a $250M increase in its revolving credit commitments to $700M. This moves PDC beyond its Colorado and Ohio operations into Texas.
16 Aug 2016director interest notice● Neutral
PDC ENERGY, INC. director David C Parke sold 500 shares at $61.84.
9 Aug 2016quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $20.1 million and a net loss of $95.5 million for the period ended 2016-06-30.
9 Aug 2016quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $20.1 million and a net loss of $95.5 million for the period ended 2016-06-30.