5 Nov 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $312.2 million and net income of $39.3 million for the period ended 2009-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $312.2 million and net income of $39.3 million for the period ended 2009-09-30.
11 Sept 2009material agreement● NeutralMajor
PXP sold $400 million of 8 5/8% Senior Notes due 2019 on September 11, 2009, with net proceeds of about $386 million for general corporate purposes, including part of the $1.1 billion Haynesville carry payment to Chesapeake. This adds to its 2009 note and share sales and ties directly to the August Chesapeake amendment.
10 Sept 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
9 Sept 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
8 Sept 2009substantial holder notice● Neutral
PRIMECAP Management Company reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 6,667,124 shares (4.87% of votes) in a periodic institutional filing.
8 Sept 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
12 Aug 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $278.7 million and net income of $43.6 million for the period ended 2009-06-30.
10 Aug 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
7 Aug 2009material agreement● NeutralMajor
PXP agreed on August 6, 2009 to sell 15,000,000 new shares (30-day option for 2,250,000 more) with net proceeds of about $345.3 million, closing around August 12; the filing does not state a use for the proceeds. Separately, on August 5 it amended its Chesapeake agreement to pay $1.1 billion early for the remaining Haynesville drilling carry, estimated at $1.25 billion (about 12% less), closing expected September 29, 2009. Chesapeake must drill at least 150 wells a year for three years from October 1, 2009, and PXP's option to skip the last $800 million in exchange for giving Chesapeake 50% of its Haynesville acreage is ended. This settles the open carry commitment of up to $1.65 billion and further dilutes existing holders (inference: the equity raise is likely tied to funding the payment, though the filing does not say so).
7 Aug 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
6 Aug 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $278.7 million and net income of $43.6 million for the period ended 2009-06-30.
6 Aug 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
6 Aug 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $278.7 million and net income of $43.6 million for the period ended 2009-06-30.
28 May 2009drilling progress report● Neutral
PXP filed investor slides for a June 2, 2009 London conference, updating its May 20 deck for Gulf of Mexico spud dates, removing the Ammazzo well because of temporary abandonment, and updating drilling progress on the Friesian well. The slides cite 122 million shares outstanding after the April offering of 13.8 million shares, $1.34 billion available under the revolver plus $500 million cash, a 2009 capital program of $1,050 million, and 80,900 BOE per day first-quarter production.
7 May 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $228.5 million and net income of $5.2 million for the period ended 2009-03-31.
7 May 2009quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $228.5 million and net income of $5.2 million for the period ended 2009-03-31.
1 May 2009substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (5.38% of votes).
23 Apr 2009material agreement● NeutralMajor
On April 21, 2009 PXP agreed to sell 12,000,000 new common shares to underwriters Barclays and J.P. Morgan, with a 30-day option for up to 1,800,000 more, closing around April 27, 2009. Net proceeds are estimated at about $218.1 million without the option; the filing does not state a use. This adds shares for existing holders, so their ownership is diluted, and follows the 2009 note sales.
23 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
21 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
21 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
6 Apr 2009material agreement● Neutral
PXP sold a further $200 million of its 10% Senior Notes due 2016 on April 1, 2009, completed April 6, as additional notes of the March 6 series. Net proceeds of about $181 million are for general corporate purposes including future capital spending; unlike the March sale, the filing does not say they will repay the revolver.
2 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
1 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
1 Apr 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
13 Mar 2009debt financing● NeutralMajor
On March 13, 2009 PXP signed Amendment No. 4 to its credit agreement, cutting the borrowing base to $1.5 billion and immediately to $1.4 billion because of the $365 million 10% notes, and reducing lender commitments to $1.4 billion. The first scheduled redetermination is May 1, 2010. This is a sharp reduction from the $2.7 billion borrowing base and $2.3 billion commitments set after the OXY sale closed.
6 Mar 2009material agreement● NeutralMajor
PXP sold $365 million of 10% Senior Notes due 2016 on March 3, 2009, completed March 6, with net proceeds of about $330 million meant to repay revolver borrowings and for general corporate purposes including future capital spending. This adds fixed-rate debt and reduces revolver debt, as with the 2008 notes issue.
4 Mar 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
4 Mar 2009securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.