Past year: ▲ 49%(27.90 – 54.93 USD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2005business combination▲ GoodMajor
The CNPC International acquisition closed on October 26, 2005 at US$55.00 cash per share, and shareholders are to be paid by Computershare Trust Company of Canada within a few days. PetroKazakhstan is now an indirect wholly-owned subsidiary of CNPC and has applied to delist from the NYSE, TSX, London, Frankfurt and Kazakhstan exchanges. This resolves the takeover thread; shareholders were cashed out.
26 Oct 2005business combination▲ GoodMajor
The Alberta Court of Queen's Bench approved the arrangement under which a CNPC International subsidiary acquires PetroKazakhstan for US$55.00 cash per share. The company planned to close on October 26, 2005 and to announce once closing occurred. The filing does not say what happened to Lukoil's opposition, and it does not mention the shareholder vote result.
11 Oct 2005business combination▼ BadMajor
PetroKazakhstan said Lukoil Overseas Kumkol B.V. gave notice it will appear at the October 18, 2005 Alberta court hearing and oppose the US$55.00 per share CNPC International arrangement. Lukoil asks the court to defer approval until a Stockholm arbitration decides whether Lukoil has a pre-emptive right to buy the company's interest in Turgai Petroleum, or failing that to appoint an inspector to hold the Turgai interest. The company calls the request without merit and still aims to close on October 19, 2005, with the shareholder meeting on October 18. This ties the earlier Turgai/Lukoil dispute to the takeover.
12 Sept 2005dividend declaration▲ Good
PetroKazakhstan declared its next quarterly dividend at C$0.20 per share, payable by October 31, 2005 to holders of record on October 14, 2005. The filing does not mention the pending CNPC International offer.
26 Aug 2005business combination▲ GoodMajor
PetroKazakhstan signed an arrangement agreement dated August 21, 2005 with CNPC International Ltd., under which a CNPCI subsidiary (818 Acquisition Inc.) offers US$55.00 in cash per common share for all outstanding shares. The deal needs a shareholder vote, Alberta court approval and other conditions, so it is pending, not complete.
11 July 2005regulatory community update▲ Good
PetroKazakhstan reported that three of four 2005 wells on its Kolzhan license found oil, including well KK-43, which tested 120 barrels a day from a previously untested basement formation. It plans three to six more wells in this area before year-end. This builds on the Kolzhan success reported in January 2005.
18 Jan 2005production update● NeutralMajor
PetroKazakhstan reported 2004 average production of 151,103 barrels a day (151,349 in 2003), below its original 160,000-175,000 target that was cut to 152,000 in September 2004. It plans 170,000 a day in 2005 with a US$243 million capital budget, reported new oil finds at Aryskum, Kolzhan and Akshabulak, and said a Turgai court order restored Turgai's production on December 29, 2004, ending the curtailment. The Turgai dispute continues in court, including a Turgai action to force PetroKazakhstan Oil Products to refine its crude.
29 Dec 2004joint venture update▼ BadMajor
PetroKazakhstan said production at Turgai Petroleum, its 50% joint venture with Lukoil, was temporarily curtailed after it claimed Turgai's management did not follow marketing agreements on supplying the domestic market. The company said the curtailment was expected to last only a few days and that it would keep seeking an amicable resolution with Lukoil. This opens a dispute with its joint venture partner.
13 Dec 2004dividend declaration▲ Good
The board approved raising the quarterly dividend to C$0.20 per share for 2005, up from C$0.15. The first payment is due February 3, 2005 to holders of record on January 14, 2005.
20 Sept 2004dividend declaration▲ Good
PetroKazakhstan set its third quarterly dividend at C$0.15 per share, payable November 1, 2004 to holders of record on October 15, 2004. This continues the quarterly dividend policy begun in 2004 at the same rate.
11 Aug 2004security holder rights change▲ Good
PetroKazakhstan received Toronto Stock Exchange approval to renew its share buyback, allowing purchase of up to 7,091,429 Class A shares (10% of public float) between August 13, 2004 and August 12, 2005; bought shares will be cancelled. The company has 76,634,191 shares outstanding, and in July 2004 it had already bought 3,999,975 shares at C$40.00 each through a tender offer.
28 June 2004dividend declaration▲ Good
PetroKazakhstan set its second quarterly dividend at C$0.15 per share, payable August 16, 2004 to holders of record on July 30, 2004. This follows the regular quarterly dividend policy announced March 4, 2004, whose first C$0.15 payment was made on May 3, 2004.
3 Jan 2003debt financing▲ GoodMajor
Hurricane Hydrocarbons Ltd. (the company's name before it became PetroKazakhstan) announced it will repay all US$208,210,000 of its 12% Senior Notes due 2006 on February 3, 2003. The price is US$212,374,200 (102% of principal) plus accrued interest of US$12,492,600, so this debt is being retired early.
