20 May 2009securities registration● Neutral
PETROQUEST ENERGY INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2009substantial holder notice● Neutral
Michael W. Cook Asset Management, Inc. d/b/a SouthernSun Asset Management disclosed a new substantial PETROQUEST ENERGY INC shareholding (0.07% of votes).
6 Apr 2009securities registration● Neutral
PETROQUEST ENERGY INC registered a securities offering with the SEC using its shelf eligibility.
24 Mar 2009material agreement▼ BadMajor
On March 24, 2009 PetroQuest amended its October 2008 credit agreement, cutting the borrowing base from $150 million to $130 million. The amendment adds a requirement to keep at least $10 million of liquidity, raises interest margins (Eurodollar margin now 2.5% to 3.5%, previously 1.5% to 2.25%), and waives the company's failure to deliver a reserve report and related items by March 1, 2009. The company estimated cash of about $30 million at February 28, 2009. This reverses the run of borrowing base increases through 2008.
17 Feb 2009substantial holder notice● Neutral
Maverick Capital, Ltd., Maverick Capital Management, LLC, Lee S. Ainslie III disclosed a new substantial PETROQUEST ENERGY INC shareholding (5.30% of votes).
17 Feb 2009substantial holder notice● Neutral
Vaughan Nelson Investment Management, L.P, Vaughan Nelson Investment Management, Inc reported no remaining PETROQUEST ENERGY INC shareholding in its periodic institutional filing.
10 Feb 2009substantial holder notice● Neutral
Michael W. Cook Asset Management, Inc. d/b/a SouthernSun Asset Management disclosed a new substantial PETROQUEST ENERGY INC shareholding (10.24% of votes).
5 Feb 2009substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial PETROQUEST ENERGY INC shareholding (3.76% of votes).
12 Jan 2009substantial holder notice● Neutral
Michael W. Cook Asset Management, Inc. d/b/a SouthernSun Asset Management disclosed a new substantial PETROQUEST ENERGY INC shareholding (9.85% of votes).
6 Oct 2008debt financing● NeutralMajor
On October 2, 2008 PetroQuest replaced its prior credit facility with a new $300 million revolving credit facility (JPMorgan Chase as agent, with Calyon, Bank of America, Wells Fargo and Whitney) maturing February 10, 2012, or October 2, 2013 if the 10 3/8% senior notes due 2012 are prepaid or refinanced. The initial borrowing base is $150 million, the facility is secured by liens on substantially all assets of the borrower and subsidiaries, and $62 million was outstanding. Covenants include a maximum debt to EBITDAX of 3.0x and a minimum current ratio of 1.0x. Before the replacement, lenders had waived the current-ratio covenant from September 30 to November 30, 2008.
25 Apr 2008debt financing▲ Good
On April 22, 2008 PetroQuest signed Amendment No. 5 to its credit agreement, raising the borrowing base from $80.0 million to $95.0 million, effective April 1, 2008. This is more borrowing capacity, not new debt drawn.
14 Feb 2008substantial holder notice● Neutral
Vaughan Nelson Investment Management, L.P, Vaughan Nelson Investment Management, Inc disclosed a new substantial PETROQUEST ENERGY INC shareholding (7.06% of votes).
21 Sept 2007securities registration● Neutral
PETROQUEST ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
20 Sept 2007securities registration● Neutral
PETROQUEST ENERGY INC filed a free-writing prospectus - marketing material for an offering in progress.
19 Sept 2007securities registration● Neutral
PETROQUEST ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
18 Sept 2007debt financing● Neutral
On September 17, 2007 PetroQuest signed Amendment No. 3 to its credit agreement, raising the borrowing base from $77.5 million to $80.0 million. The amendment also allows the sale of its Woodford Shale gas gathering systems in southeast Oklahoma and waives the current-ratio covenant for all periods through December 31, 2007. The company says it is evaluating strategic alternatives for those systems, no transaction is agreed, and it will not give updates until a deal is signed or the process ends. The waiver suggests (inference) the ratio might otherwise have been hard to meet.
2 July 2007substantial holder notice● Neutral
Independence Investments LLC I.R.S reported no remaining PETROQUEST ENERGY INC shareholding in its periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Wellington Management Company, LLP reported a PETROQUEST ENERGY INC shareholding of 1,624,000 shares (3.40% of votes) in a periodic institutional filing.
7 Feb 2007substantial holder notice● Neutral
Manulife Financial Corporation, John Hancock Advisers, LLC, John Hancock Life Insurance Company reported a PETROQUEST ENERGY INC shareholding of 530,800 shares (1.10% of votes) in a periodic institutional filing.
11 Jan 2007substantial holder notice● Neutral
Independence Investments LLC I.R.S disclosed a new substantial PETROQUEST ENERGY INC shareholding (6.56% of votes).
21 Nov 2006material agreement▲ Good
On November 16, 2006 PetroQuest signed Amendment No. 2 to its credit agreement with JPMorgan Chase, Macquarie and Calyon, raising the borrowing base from $67.5 million to $75 million after a regular redetermination. This is added borrowing capacity, not new borrowing, and continues the series of increases from $40 million earlier in 2006.
18 Aug 2006material agreement● Neutral
On August 17, 2006 the board approved an Annual Cash Bonus Plan with eight employee tiers, from the CEO down to administrative staff. Awards depend on criteria including stock performance, drilling success rates and earnings-per-share growth, and are at the compensation committee's discretion, including the discretion to pay nothing if the company's finances do not warrant it. On a change of control, participants get a pro-rated target bonus. The filing gives no dollar amounts.
11 Aug 2006material agreement● Neutral
On August 9, 2006 the compensation committee granted CEO Charles Goodson options on 81,159 shares and 212,578 shares of restricted stock, on the same terms as the other executives' May grants (options vest over three years, restricted stock over five, both fully vest on a change of control). He had received no grant in May; this adds to potential share dilution.
28 June 2006material agreement▲ Good
On June 27, 2006 the credit facility lenders raised the borrowing base from $60 million to $67.5 million (more borrowing capacity, not money drawn), continuing the series of increases. They also waived a requirement so that a possible sale of certain Gulf of Mexico properties, tied to the previously disclosed engagement of Randall & Dewey, can proceed without the proceeds having to be used to repay the facility. No sale is announced.
19 May 2006material agreement● Neutral
After the May 16, 2006 annual meeting, PetroQuest set 2006 base salaries (CEO Charles Goodson $400,000) and stockholders approved enlarging the 1998 Incentive Plan's share reserve to the greater of 7,000,000 shares or 15% of outstanding shares (previously the greater of 3,000,000 or 10%). The board then deleted the plan's ability to reprice awards. Four other executives received the option and restricted stock grants already seen in the May 18 insider notices (Goodson got none), and their severance agreements were amended to cover excise taxes on change-in-control payments. The company expects about $4.5 million of non-cash compensation expense in 2006 from these grants; this means more potential share dilution over time.
18 May 2006director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP and General Counsel Daniel G Fournerat received 150,698 shares and a 56,418-share option grant as part of the equity award.
18 May 2006director interest notice● Neutral
PETROQUEST ENERGY INC director William W Rucks IV received a stock option grant for 20,000 shares.
18 May 2006director interest notice● Neutral
PETROQUEST ENERGY INC Exec VP - Explor and Prod Art M Mixon III received 160,186 shares and a 59,970-share option grant as part of the equity award.
18 May 2006director interest notice● Neutral
PETROQUEST ENERGY INC director E Wayne Nordberg received a stock option grant for 20,000 shares.
24 Apr 2006material agreement▲ Good
PetroQuest was told on April 20, 2006 that the borrowing base on its credit facility rose from $40 million to $60 million after the regularly scheduled redetermination. This is more available borrowing capacity under the facility, not money already drawn.