4 June 2003director interest notice● Neutral
Tom H Delimitros became a PLAINS EXPLORATION & PRODUCTION CO director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 June 2003director interest notice● Neutral
Jerry L Dees became a PLAINS EXPLORATION & PRODUCTION CO director and company insider (initial ownership filing).
4 June 2003director interest notice● Neutral
Thomas M Gladney became a PLAINS EXPLORATION & PRODUCTION CO EVP Exploration & Production and company insider (initial ownership filing).
4 June 2003director interest notice● Neutral
John T Raymond became a PLAINS EXPLORATION & PRODUCTION CO President & COO and company insider (initial ownership filing).
4 June 2003director interest notice● Neutral
Stephen A Thorington became a PLAINS EXPLORATION & PRODUCTION CO EVP & CFO and company insider (initial ownership filing).
15 May 2003business combination● Neutral
PXP filed an 8-K only to update the pro forma financial statements for the pending 3TEC merger that were in its May 1, 2003 merger filing. The update says a three-year, $500.0 million credit facility with JPMorgan Chase (initial borrowing base $425.0 million) has been arranged and will fund when the merger closes, which resolves the earlier open question about how the cash portion would be funded. Pro forma figures show about 39.9 million basic shares after the merger (15.9 million issued) and $295.1 million of acquisition debt; the merger itself still awaits the June 3 votes.
14 May 2003director interest notice● Neutral
Jerry L Dees became a PLAINS EXPLORATION & PRODUCTION CO director and company insider (initial ownership filing).
2 May 2003securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
1 May 2003business combination● Neutral
PXP filed Amendment No. 2 to the merger filing, moving both shareholder meetings to June 3, 2003 (from May 7) and setting the mailing to on or about May 5, 2003. With PXP stock at $8.27 on April 16, 2003, the estimated deal value fell again, to about $306.0 million, or $15.53 per 3TEC share ($8.50 cash plus $7.03 in PXP stock). The 3TEC credit facility balance PXP would assume rose to $106.0 million at March 31, 2003. The merger still awaits both shareholder votes.
23 Apr 2003substantial holder notice● Neutral
ENCAP INVESTMENTS L.L.C reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 1,572,605 shares (6.50% of votes) in a periodic institutional filing.
27 Mar 2003business combination● Neutral
PXP amended its merger filing (Amendment No. 1) and set both shareholder meetings for May 7, 2003, with a record date of April 4, 2003. With PXP stock at $8.68 on March 25, 2003, the estimated deal value fell to about $312 million, or $15.88 per 3TEC share ($8.50 cash plus $7.38 in PXP stock), against $16.51 in the earlier filing. PXP would still assume the 3TEC credit facility balance, now $99.0 million at February 28, 2003. The director slate grew from four nominees to five.
10 Mar 2003substantial holder notice● Neutral
State Street Research & Management Company # disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (7.85% of votes).
12 Feb 2003business combination● Neutral
PXP filed the registration statement and draft joint proxy for the 3TEC merger, registering up to 15,977,234 PXP shares to be issued to 3TEC holders. Based on PXP's $9.42 close on February 11, 2003, the consideration is estimated at $16.51 per 3TEC share ($8.50 cash plus $8.01 in PXP stock), about $324 million in total, and PXP would also assume the $99.0 million 3TEC credit facility balance. Both companies' shareholders must still vote, and PXP holders are also being asked to vote on a 2002 Stock Incentive Plan, four director elections and the auditor. The meeting dates and record dates are blank in this draft.
12 Feb 2003substantial holder notice● Neutral
EnCap Investments L.L.C reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 1,848,728 shares (7.60% of votes) in a periodic institutional filing.
12 Feb 2003substantial holder notice● Neutral
ENCAP INVESTMENTS L.L.C disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (7.60% of votes).
3 Feb 2003business combination● NeutralMajor
Plains Exploration & Production (PXP) agreed on February 2, 2003 to acquire 3TEC Energy Corporation in a deal valued at about $432 million. 3TEC holders would get $8.50 in cash and 0.85 PXP shares per 3TEC share (adjusted if PXP's price falls below $7.65 or rises above $12.35), with the cash to be funded through a new credit facility. After closing, 3TEC holders would own about 40% of the combined company and PXP holders about 60% (subject to the price adjustments), and the deal still needs approval from both companies' stockholders.