30 Jan 2014substantial holder notice● Neutral
BlackRock, Inc reported a PETROQUEST ENERGY INC shareholding of 5,487,308 shares (8.50% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $1.7 million for the period ended 2013-09-30.
5 Nov 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $1.7 million for the period ended 2013-09-30.
20 Sept 2013securities registration● Neutral
PETROQUEST ENERGY INC filed the final prospectus for a registered offering.
17 Sept 2013business combination● Neutral
On September 17, 2013 PetroQuest filed Amendment No. 1 to its S-4, continuing the August 15 offer to swap the $200 million of 10% Senior Notes due 2017 sold in July for identical registered notes, with a consent request to strip most restrictive covenants from the old notes. The company receives no cash, and the expiration date is still blank in this text, so the offer has not yet completed.
17 Sept 2013securities registration● Neutral
PETROQUEST ENERGY INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
15 Aug 2013securities registration● Neutral
PETROQUEST ENERGY INC registered a securities offering with the SEC using its shelf eligibility.
15 Aug 2013business combination● Neutral
On August 15, 2013 PetroQuest filed a registration statement to swap the $200 million of 10% Senior Notes due 2017 sold in July for identical registered notes, as required by the registration rights agreement. The exchange also asks holders for consent to strip most restrictive covenants from the old notes. The company receives no cash, and the new notes will join the existing 2017 notes as one series. This is a routine follow-through on the July notes offering and does not change shareholders' equity.
12 Aug 2013substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, Edward H. McDermott, Eli J. Weinberg disclosed a new substantial PETROQUEST ENERGY INC shareholding (11.10% of votes).
12 Aug 2013substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, Edward H. McDermott, Eli J. Weinberg reported a PETROQUEST ENERGY INC shareholding of 7,180,484 shares (11.10% of votes) in a periodic institutional filing.
6 Aug 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $4.9 million for the period ended 2013-06-30.
6 Aug 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $4.9 million for the period ended 2013-06-30.
3 July 2013asset acquisition disposition● NeutralMajor
On July 3, 2013 PetroQuest closed the $200 million offering of 10% Senior Notes due 2017, guaranteed by PetroQuest Energy L.L.C. and TDC Energy LLC. The notes are unsecured, rank equally with the existing $150 million of 10% notes, and sit behind the secured bank facility. The company also agreed to register the notes for exchange, with extra interest of up to 1% a year if this is not done within 300 days. The filing also lists an Item 2.01 completion of the Gulf of Mexico acquisition announced June 19, but the text provided is cut off before the closing details, so the closing and final price are not confirmed here.
28 June 2013material agreement● NeutralMajor
On June 28, 2013 PetroQuest priced $200 million of new 10% Senior Notes due 2017, issued at face value plus interest from March 1, 2013, with terms substantially identical to its existing $150 million of 10% notes due 2017. The money is meant to pay for the Gulf of Mexico acquisition announced June 19, with any remainder for general corporate purposes. If the Hall acquisitions have not closed by Aug 9, 2013, the notes are redeemed from escrowed funds, and $50 million must be redeemed if the GOM-H purchase does not close. This is the permanent financing for the acquisition, replacing the bridge commitment in practice.
20 June 2013debt financing● NeutralMajor
On June 19, 2013 PetroQuest agreed to buy producing shallow-water Gulf of Mexico oil and gas assets from Hall-Houston Exploration II, III and IV and GOM-H Exploration for about $193 million in cash, effective Jan 1, 2013, with closing expected around July 3, 2013; a $5 million deposit is held in escrow. A Sixth Amendment to the credit facility permits the deal (if liquidity stays at $40 million or more), allows up to $200 million of acquisition debt, raises the borrowing base from $150 million to $200 million and lender commitments from $100 million to $150 million once the Hall-Houston purchases complete, and loosens the debt-to-EBITDAX limit from 3.0x to 3.5x from Sept 30, 2013. A bridge loan commitment of up to $185 million is in place as a backstop if other financing is not obtained. This is a new acquisition and is separate from the Eagle Ford sale permitted in March.
13 May 2013listing compliance notice● Neutral
The NYSE sent PetroQuest a letter on May 10, 2013 because it gave the exchange the wrong record date for its May 21, 2013 annual meeting (March 11 reported, March 25 actual). The company called it a clerical error and an isolated incident. The NYSE letter says the company has not fallen below any financial or other continued listing standard.
8 May 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $3.9 million for the period ended 2013-03-31.
7 May 2013quarterly activities report● Neutral
PETROQUEST ENERGY INC reported a quarterly net income of $3.9 million for the period ended 2013-03-31.
29 Mar 2013debt financing▲ GoodMajor
On March 29, 2013 PetroQuest signed a Fifth Amendment raising its borrowing base from $130 million to $150 million. This was treated as the scheduled redetermination. The amendment permits an 'Eagle Ford Sale' and disregards those assets for borrowing base reductions if the sale closes by September 30, 2013. The filing also reports new gas swaps for April to December 2013, 5,000 MMbtu a day each at $4.05 and $3.74. The company says it now has about 13.1 Bcf of gas hedged for 2013 (49% of estimated gas production at an average $3.57/Mcf) and about 3.7 Bcf for 2014.
11 Feb 2013substantial holder notice● Neutral
The Vanguard Group reported a PETROQUEST ENERGY INC shareholding of 3,504,191 shares (5.47% of votes) in a periodic institutional filing.
8 Feb 2013substantial holder notice● Neutral
BlackRock, Inc reported a PETROQUEST ENERGY INC shareholding of 4,610,685 shares (7.20% of votes) in a periodic institutional filing.
9 Nov 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $37.4 million for the period ended 2012-09-30.
7 Nov 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $37.4 million for the period ended 2012-09-30.
7 Aug 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $53.2 million for the period ended 2012-06-30.
2 Aug 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $53.2 million for the period ended 2012-06-30.
9 May 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $17.3 million for the period ended 2012-03-31.
3 May 2012quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $17.3 million for the period ended 2012-03-31.
13 Feb 2012substantial holder notice● Neutral
BlackRock, Inc reported a PETROQUEST ENERGY INC shareholding of 4,400,285 shares (6.86% of votes) in a periodic institutional filing.
9 Feb 2012substantial holder notice● Neutral
THE VANGUARD GROUP, INC. disclosed a new substantial PETROQUEST ENERGY INC shareholding (5.11% of votes).
4 Nov 2011quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported a quarterly net loss of $17.3 million for the period ended 2011-09-30.