30 Nov 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP, CFO and Treasurer James Bond Clement sold 2,764 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP, CFO and Treasurer James Bond Clement exercised stock options for 7,779 shares and disposed of 12,145 shares.
15 Nov 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP - Gen. Counsel & Sec. Edward E. Abels Jr. exercised stock options for 6,825 shares and disposed of 9,040 shares.
15 Nov 2016director interest notice● Neutral
PETROQUEST ENERGY INC Chairman, CEO and President Charles T Goodson exercised stock options for 16,928 shares and disposed of 26,683 shares.
15 Nov 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP - Operations and Prod Art M Mixon III exercised stock options for 7,998 shares and disposed of 12,365 shares.
4 Nov 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $22.0 million for the period ended 2016-09-30.
31 Oct 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $22.0 million for the period ended 2016-09-30.
17 Oct 2016debt financing▲ GoodMajor
On Oct 17, 2016 PetroQuest signed a Multidraw Term Loan Agreement with Franklin Income Fund and Wells Fargo as agent, for up to $50 million at 10% interest, available to draw for three years and maturing Oct 17, 2020. It replaces the JPMorgan bank facility, whose borrowing base had been cut to $0; nothing is borrowed yet. It is secured by a first-priority lien and carries reserve-coverage covenants and a ban on Series B preferred dividends. This delivers the Franklin commitment from August, though the filing says three-year availability against the four-year term described earlier.
4 Oct 2016director interest notice● Neutral
PETROQUEST ENERGY INC director E Wayne Nordberg bought 10,317 shares on the open market.
3 Oct 2016director interest notice● Neutral
PETROQUEST ENERGY INC director E Wayne Nordberg bought 10,317 shares on the open market.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC director Wilson Joseph Gordon III received a stock option grant for 21,000 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP - Gen. Counsel & Sec. Edward E. Abels Jr. received a stock option grant for 54,930 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP - Operations and Prod Art M Mixon III received a stock option grant for 100,000 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC director Charles F Md Mitchell received a stock option grant for 21,000 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP, CFO and Treasurer James Bond Clement received a stock option grant for 100,000 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC director E Wayne Nordberg acquired 21,000 shares at $3.17 under a company stock plan.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC Chairman, CEO and President Charles T Goodson received a stock option grant for 182,738 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC director Michael L Finch received a stock option grant for 21,000 shares.
29 Sept 2016director interest notice● Neutral
PETROQUEST ENERGY INC director William W Rucks IV received a stock option grant for 21,000 shares.
27 Sept 2016capital raising announcement● NeutralMajor
On Sept 27, 2016 PetroQuest closed its exchange offers: holders of $243.468 million of old 2017 and 2021 notes (about 86.9% of the total) tendered and received $243.468 million of new 10% Second Lien Senior Secured PIK Notes due Feb 15, 2021 plus 3,517,000 new common shares. This completes the August exchange thread; the shares dilute existing holders, and the new notes carry an option to pay part of the interest in kind for the first three interest dates. The filing states the new notes are second-lien, behind the bank facility. The text provided is cut off, so the effect on the remaining 2017 notes is not shown.
14 Sept 2016material agreement● Neutral
On Sept 13, 2016, after holders of the 2021 notes gave the required consents, PetroQuest signed a First Supplemental Indenture changing that indenture, which takes effect only when the exchange offers complete, and holders waived registration rights. Changes include allowing the new PIK notes to be increased or issued for PIK interest and letting bank-type loan proceeds be used to buy or redeem leftover 2017 notes. A Sept 14 press release gave early tender results, but the figures are not in the text provided. This advances the August exchange thread but does not show it completed.
1 Sept 2016material agreement▼ BadMajor
On Sept 1, 2016 PetroQuest chose not to pay the interest due on its 2017 notes and entered the 30-day grace period, and JPMorgan agreed to forbear on the resulting bank defaults until the earlier of Oct 1, 2016 or a forbearance default. The company says that if the exchange offers fail it will consider alternatives including a Chapter 11 filing, and that even if they succeed it may seek bankruptcy protection without further liquidity improvement and debt restructuring. This is the first explicit mention of bankruptcy in the filings and raises the risk for shareholders.
25 Aug 2016material agreement▼ BadMajor
On Aug 25, 2016 PetroQuest cut its bank borrowing base and commitments from $22.5 million to $0, with the lenders (other than JPMorgan, which stays as sole lender) leaving the facility, and approved up to $280.3 million of new second-lien PIK notes. It launched new exchange offers for the remaining 2017 notes ($135.6 million) and the 2021 notes ($144.7 million) into new 10% PIK notes plus up to 3,517,000 shares, with support agreements covering about 79% of the old notes. Franklin Income Fund also committed to a $50 million four-year first-lien term loan, conditional on at least 87% of the old notes exchanging and closing by Oct 21, 2016. This reverses the February deal's aim of a lasting fix and adds a new exchange and dilution.
3 Aug 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $22.9 million for the period ended 2016-06-30.
1 Aug 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $22.9 million for the period ended 2016-06-30.
21 June 2016material agreement▼ BadMajor
On June 20, 2016 the Fourteenth Amendment to the bank credit agreement cut the borrowing base and lender commitments from $32 million to $22.5 million and suspended the financial covenants until the first borrowing or letter of credit. Borrowing is effectively blocked: the company expects to be able to use $0 for now, and later no more than $5 million, with excess cash above $10 million required to prepay. The company also filed a risk factor saying the limited access could constrain funding of development. No borrowings were outstanding at June 20, 2016. This further shrinks the bank facility (the $42 million level in January had already fallen to $32 million by this filing, a step not described here).
4 May 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $37.6 million for the period ended 2016-03-31.
2 May 2016quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $37.6 million for the period ended 2016-03-31.
21 Apr 2016material agreement● NeutralMajor
On April 20, 2016 PetroQuest's subsidiary sold the majority of its remaining Woodford Shale assets in the East Hoss field to GR Woodford Properties, LLC for about $18 million gross (before customary adjustments, effective April 1, 2016). The filing does not say how the proceeds will be used. This appears to be the Oklahoma asset sale the bank amendment had allowed by March 31, 2016, though the filing does not link them and the closing came after that date (inference).
19 Feb 2016substantial holder notice● Neutral
Central Square Management, LLC disclosed a new substantial PETROQUEST ENERGY INC shareholding (5.27% of votes).