12 Aug 2019quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $14.0 million and a net loss of $761 thousand for the period ended 2019-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2019auditor change● Neutral
On June 21, 2019 PetroQuest amended and restated a registration rights agreement first signed February 8, 2019 with certain holders of its new Class A Common Stock (par $0.01) and its 10% Senior Secured PIK Notes due 2024. Those holders, acting together, can require the company to file a shelf registration (within 75 business days of a request) so they can resell their shares, can ask for demand or underwritten offerings, and can ask the company to seek over-the-counter quotation of the Class A stock; the company generally pays registration costs. The filing is labelled as an auditor change but contains no auditor information, only the registration agreement. It shows the post-reorganization equity now exists (it was issued to former noteholders, consistent with the plan), and implies the company is still an SEC reporting company, but gives no figures on holdings.
14 Feb 2019substantial holder notice● Neutral
Divisar Capital Management LLC, Steven Baughman reported no remaining PETROQUEST ENERGY INC shareholding in its periodic institutional filing.
11 Feb 2019listing compliance notice▼ BadMajor
PETROQUEST ENERGY INC terminated the registration of a class of securities, ending its reporting obligation for them.
31 Jan 2019bankruptcy or receivership▼ BadMajor
On January 31, 2019 the bankruptcy court confirmed PetroQuest's Chapter 11 plan (the first amended plan, immaterially modified January 28), meeting the January 31 confirmation target. Existing common stock (25,587,441 shares at January 29, 2019) and Series B preferred (1,495,000 shares) will be cancelled on the effective date with no distribution or value to shareholders, while the $50 million term loan is repaid in cash from a new exit facility and the 2021 note and PIK note holders get 100% of the new equity (diluted by management incentive shares and the exit-facility backstop premium) plus $80 million of new PIK notes due 2024. The company is targeting an effective date on or before February 8, 2019 but gives no assurance, and technical plan amendments are possible.
25 Jan 2019securities registration● Neutral
PETROQUEST ENERGY INC amended a filing by which it applied to qualify a debt indenture with the SEC.
15 Jan 2019material agreement● Neutral
On January 14, 2019 PetroQuest filed a modified Chapter 11 plan reflecting a settlement with the creditors committee and holders of the Hoog/Lee litigation claims, who agreed to support confirmation. General unsecured creditors would share $1.2 million in cash (up from $400,000), with claims of $7,500 or less paid 50% and the Hoog/Lee litigation holders' share capped at $400,000; the 2021 note holders get nothing on their deficiency claims. The filing does not address shareholders; the earlier plan terms for equity are not restated here and the plan is still unconfirmed.
21 Dec 2018material agreement● Neutral
On December 18, 2018 PetroQuest and the supporting creditors amended the Restructuring Support Agreement, pushing the confirmation order deadline from December 21, 2018 to January 31, 2019 and the plan effective date from December 31, 2018 to February 8, 2019. A revised plan filed December 20 keeps the same split of the new equity and $80 million of new PIK notes (now due 2024 rather than 2023) between the 2021 notes and PIK notes holders, and moves note deficiency claims into the general unsecured pool. The filing does not mention any change for existing shareholders; the earlier plan terms extinguishing the equity are not restated here.
19 Nov 2018securities registration● Neutral
PETROQUEST ENERGY INC applied to qualify a debt indenture with the SEC.
13 Nov 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $20.9 million and a net loss of $3.7 million for the period ended 2018-09-30.
7 Nov 2018bankruptcy or receivership▼ BadMajor
On November 6, 2018 PetroQuest and certain subsidiaries filed Chapter 11 in the Southern District of Texas (Case No. 18-36322), with a Restructuring Support Agreement signed by holders of 81.83% of the 2021 notes, 84.76% of the 2021 PIK notes and supporting term loan lenders. Under the plan, existing common and preferred stock would be extinguished with no distribution to shareholders; the $50 million term loan would be paid in cash from an exit facility, and the 2021 note and PIK note holders ($9.427 million and $275.0 million of claims) would receive 100% of the new equity (subject to dilution from management incentive shares and a backstop premium) plus $80 million of new 10% PIK notes due 2023. This resolves the forbearance thread by choosing Chapter 11 over a private exchange, and the filing also accelerates the debt and includes a motion to restrict trading in the equity to preserve tax attributes. Plan milestones: solicitation by November 20 and confirmation order by December 21, 2018. This is a proposed plan, not yet confirmed.
5 Nov 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $20.9 million and a net loss of $3.7 million for the period ended 2018-09-30.
31 Oct 2018debt default or forbearance▼ BadMajor
PetroQuest bought another week from its creditors. Having skipped about $14.2 million of interest due on its two sets of 2021 second-lien notes in August, it extended forbearance with its term lenders and with holders of 77.9% of the notes and 70.7% of the PIK notes to 6 November, and said openly that Chapter 11 was among the options being weighed. The fourth such extension in six weeks - the negotiation, not the default, was now the story.
19 Oct 2018material agreement● Neutral
On October 19, 2018 the term loan lenders and the supporting 2021 notes and 2021 PIK notes holders signed third amendments extending their agreement not to act on the unpaid August interest from October 19 to October 31, 2018 (11:59 p.m. ET). The filing gives no new terms or progress on a restructuring; it is another short extension of the existing forbearance.
5 Oct 2018material agreement● Neutral
On October 5, 2018 PetroQuest and its term loan lenders (Wells Fargo as agent), plus the supporting 2021 notes holders (about 77.9%) and 2021 PIK notes holders (about 70.7%), extended their agreements not to act on the unpaid ~$14.2 million August interest, from October 5 to October 19, 2018 (11:59 p.m. ET). The company still says it is weighing private debt exchanges or Chapter 11, and reports about $25.4 million of cash on September 30, 2018 with no borrowing availability under the term loan. No resolution; another two-week delay continuing the thread.
28 Sept 2018material agreement▼ BadMajor
On September 28, 2018 PetroQuest extended all three forbearance agreements (term loan lenders, 2021 notes holders, 2021 PIK notes holders) from September 28 to October 5, 2018. The $14.2 million August interest remains unpaid, and the company says it is still evaluating private debt exchanges or Chapter 11. No resolution yet, only another one-week delay.
17 Sept 2018material agreement▼ BadMajor
Effective September 14, 2018, PetroQuest signed forbearance agreements with the term loan lenders and with holders of about 77.9% of the 2021 notes and 70.7% of the 2021 PIK notes. All agree not to act on the unpaid $14.2 million August interest until September 28, 2018. The company says it is weighing private debt exchanges or a Chapter 11 filing and is negotiating with these creditors, with Seaport Global and Porter Hedges as advisors. It says it continues to pay suppliers and fund operations. This extends the August 15 missed-payment thread and puts bankruptcy on the table for the first time.
31 Aug 2018debt financing● NeutralMajor
On August 31, 2018 PetroQuest signed a new $50 million Multidraw Term Loan Agreement with Wells Fargo as agent, replacing the October 2016 loan, and borrowed the full $50 million at 10% interest, maturing October 17, 2020. It used $32.5 million to repay the previous loan and kept the balance, leaving no borrowing availability and about $25 million of cash. The loan has a first-priority lien on substantially all assets, a required reserves-value coverage ratio of 1.4x at September 30, 2018 and 1.5x from December 31, 2018, and still bars Series B preferred dividends. This was done during the forbearance on the missed note interest, and the filing says the company was in compliance with the covenants.
15 Aug 2018material agreement▼ BadMajor
PetroQuest chose not to pay about $14.2 million of semi-annual interest due August 15, 2018 on its 2021 second lien notes and 2021 PIK notes, stating this was to preserve liquidity. The term loan agent (Wells Fargo) and lenders agreed to forbear, meaning not act on the resulting defaults, until the earlier of September 14, 2018 or a further default. This is the first missed interest payment in the company's history shown here, and it puts the PIK-notes structure from 2016 under strain.
7 Aug 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $21.6 million and a net loss of $1.3 million for the period ended 2018-06-30.
6 Aug 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $21.6 million and a net loss of $1.3 million for the period ended 2018-06-30.
22 May 2018listing compliance notice● NeutralMajor
PETROQUEST ENERGY INC's exchange filed to remove a class of its securities from listing.
8 May 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $24.9 million and a net loss of $927 thousand for the period ended 2018-03-31.
7 May 2018listing compliance notice▼ BadMajor
On May 4, 2018 the NYSE suspended trading in PetroQuest stock and began delisting proceedings because the average market capitalization over 30 trading days was below $15 million. The shares began trading on the OTCQX market on May 7, 2018 under the symbol PQUE. The company can seek review by an NYSE committee and says it is considering what actions to take. This is the delisting threat flagged in the April notice and ends the long-running NYSE listing thread, although the formal delisting process may still continue.
7 May 2018quarterly activities report▼ Bad
PETROQUEST ENERGY INC reported quarterly revenue of $24.9 million and a net loss of $927 thousand for the period ended 2018-03-31.
27 Apr 2018substantial holder notice● Neutral
Charles T. Goodson reported a PETROQUEST ENERGY INC shareholding of 998,156 shares (3.90% of votes) in a periodic institutional filing.
17 Apr 2018listing compliance notice▼ BadMajor
On April 11, 2018 the NYSE told PetroQuest its stock fell below listing standards because the average closing price was under $1.00 over the 30 trading days ending April 9, 2018. The company has six months to get back above $1.00. Its market capitalization had also recently fallen below $15 million, and if the 30-trading-day average is under $15 million the NYSE will immediately suspend trading and start delisting. This is a worse price-based warning than the 2015 and June 2017 notices, which concerned price and market value or equity under $50 million.
13 Feb 2018substantial holder notice● Neutral
Divisar Capital Management LLC, Steven Baughman disclosed a new substantial PETROQUEST ENERGY INC shareholding (5.44% of votes).
1 Feb 2018material agreement▲ GoodMajor
On January 31, 2018 PetroQuest's subsidiary sold certain producing Gulf of Mexico oil and gas assets to Northstar Offshore Ventures LLC, effective December 1, 2017. It received no sale proceeds and must contribute $3.75 million to future abandonment costs, but it removes an approximate $35.4 million undiscounted abandonment liability and it expects a cash refund of about $10.3 million of bond collateral. If Northstar fails to post replacement bonds or security within a reasonable time, PetroQuest can rescind the sale. The filing also mentions 2017 reserves estimates in a news release, but the figures are not in the text provided.
10 Jan 2018substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc reported a PETROQUEST ENERGY INC shareholding of 2,240,000 shares (10.50% of votes) in a periodic institutional filing.