9 Mar 2007securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2007securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
7 Mar 2007securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
14 Feb 2007substantial holder notice● Neutral
Viking Global Performance LLC, Viking Global Investors LP, Viking Global Equities LP, O. Andreas Halvorsen, David C. Ott reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 3,435,500 shares (4.50% of votes) in a periodic institutional filing.
13 Feb 2007substantial holder notice● Neutral
Third Point LLC, Daniel S. Loeb reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 5,500,000 shares (7.20% of votes) in a periodic institutional filing.
7 Nov 2006asset acquisition disposition▲ GoodMajor
Original report of the same events: the Statoil sale of Big Foot, Caesar and Big Foot North closed Nov 1, 2006 for about $706 million cash (the agreed $700M, now with adjustments). PXP redeemed its $250M 7.125% senior notes on Nov 3 (about $269M plus $6.8M interest), and the 8.75% subordinated notes tender drew about 99.95% of the notes, with the covenant-removing supplemental indenture becoming operative Nov 3. The pro forma exhibit also mentions that the 2007-2008 oil collars were settled by payments on Oct 31 and Nov 2, 2006, and that the credit facilities were paid down on Sept 29, 2006 (the text is cut off after that).
7 Nov 2006asset acquisition disposition▲ GoodMajor
This amendment to the November 2006 report re-files the same news with revised pro forma financial information (Exhibit 99.2). The news: PXP sold its Big Foot, Caesar and Big Foot North deepwater interests to a Statoil subsidiary on Nov 1, 2006 for about $706 million cash, resolving the September agreement. On Nov 3 it redeemed its $250M 7.125% senior notes (about $269M plus $6.8M accrued interest), and about $274.9M (99.95%) of the 8.75% subordinated notes were tendered (about $292M plus $8.2M interest), so the stripped-down covenants took effect. The pro forma figures were truncated, so their changes are not shown.
24 Oct 2006security holder rights change● Neutral
On October 20, 2006 PXP signed a supplemental indenture removing most protective covenants and several default events from the 8.75% senior subordinated notes due 2012. This follows the tender offer launched in October: holders of about $274.8 million (99.93%) of the notes tendered by the consent deadline and will receive $1,062.07 per $1,000 (including a $20 consent payment), with payment expected November 3, 2006. The tender is conditioned on PXP completing the redemption of its 7.125% senior notes, and the amendments become operative once tendered notes are accepted for payment.
4 Oct 2006asset acquisition disposition● NeutralMajor
The $865 million sale of non-strategic onshore California and West Texas properties to Occidental closed on September 29, 2006, resolving the August agreement. PXP also amended its credit agreement (second amendment, Sept 28) to permit redeeming its 7.125% senior notes and tendering for its 8.75% subordinated notes, and cut its borrowing base from $1.2 billion to $1.0 billion until the next redetermination on November 1, 2006 (commitments stay at $750 million). It called the $250 million senior notes for redemption on November 3, 2006 at roughly $270 million (about $20 million premium, based on the Sept 29 treasury rate) and launched a tender offer and consent solicitation for the $275 million subordinated notes. Fourth-quarter guidance shows production of 54-60 MBOE/d, and 2006 capital spending was raised from $526 million to $610 million, mainly for deepwater Gulf of Mexico. The filing does not mention the Stone merger.
18 Sept 2006material agreement▲ GoodMajor
On September 15, 2006 PXP agreed to sell its working interests in the Bigfoot and Caesar deepwater Gulf of Mexico discoveries and the Bigfoot North prospect (four blocks) to Statoil Gulf of Mexico LLC for $700 million in cash, with closing expected in early November 2006. PXP also gave Statoil a right of first negotiation on certain other deepwater leases. The press release says proceeds will complete the remaining $400 million of the authorized stock purchase program and go to debt reduction, and that PXP keeps 15 deepwater prospects, including Norman and Friesian which are currently drilling. The sale is subject to post-closing adjustments and preferential rights.
8 Aug 2006material agreement▲ GoodMajor
PXP signed a deal on August 6, 2006 to sell its non-strategic oil and gas properties, mainly in California and Texas, to Occidental Petroleum subsidiaries for $865 million in cash, effective October 1, 2006. The press release lists the Asphalto, Buena Vista and Mt. Poso fields in the San Joaquin Valley, Sansinena in the LA Basin, Pakenham in West Texas and minor properties, producing about 7,200 BOE/d with about 45 million equivalent barrels of proved reserves at Dec 31, 2005. Closing is expected on or before September 30, 2006 and depends on conditions including antitrust clearance and lien releases. Management says it intends to use the proceeds for debt reduction and continued share repurchases. The filing does not mention the pending Stone Energy merger.
11 July 2006substantial holder notice● Neutral
Plains Exploration & Production Company reported no remaining PLAINS EXPLORATION & PRODUCTION CO shareholding in its periodic institutional filing.
3 July 2006substantial holder notice● Neutral
Third Point LLC, Daniel S. Loeb disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (5.70% of votes).
28 June 2006listing compliance notice▼ Bad
PLAINS EXPLORATION & PRODUCTION CO withdrew a registration statement, abandoning the offering it covered.
9 June 2006substantial holder notice● Neutral
Viking Global Performance LLC, Viking Global Investors LP, Viking Global Equities LP, O. Andreas Halvorsen, David C. Ott disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (5.10% of votes).
22 May 2006business combination● NeutralMajor
PXP filed the registration statement (Form S-4) for up to 34,514,861 new shares to be issued to Stone holders in the merger, continuing the April 2006 deal. The draft says the deal is now estimated at $1.8 billion including $563 million of assumed debt, at a PXP price of $34.47 on May 16, 2006. PXP holders would vote on the share issuance, on raising authorized shares from 150 million to 200 million, and on raising the 2004 Stock Incentive Plan from 5 million to 12 million shares. The meeting dates are blank and the document is not yet effective.
3 May 2006substantial holder notice● Neutral
Plains Exploration & Production Company disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (7.50% of votes).
24 Apr 2006material agreement● NeutralMajor
PXP signed a deal on April 23, 2006 to buy Stone Energy in an all-stock merger valued at about $1.46 billion: Stone holders get 1.25 PXP shares per Stone share (about 34.5 million new PXP shares) and PXP assumes $483 million of net debt. Closing is expected in Q3 2006 and needs approval from both companies' stockholders; after closing PXP holders would own about 70% of the combined company. PXP also said it arranged to eliminate its 2007 and 2008 oil collars at a pre-tax cost of about $600 million, assuming payment in Q2 2006, continuing the 2005 hedge removal. It also bought $55 puts for 2008 on 32,000 barrels per day.
14 Feb 2006substantial holder notice● Neutral
Wellington Management Company, LLP reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 906,344 shares (1.16% of votes) in a periodic institutional filing.
25 Jan 2006material agreement● Neutral
PXP's subsidiaries signed three consulting agreements with Cook Hill Properties LLC (headed by former ARCO chairman Lodwrick Cook) to help win development approvals for the surface land of its Montebello, Lompoc and Arroyo Grande oilfields. Cook Hill would earn 15% of net profits from a sale of each property (less $10M, $5M and $2.5M respectively), rising to 20% (less $15M, $7.5M, $3.75M) if proceeds exceed $450M, $225M and $112.5M; no fee if approval is not achieved before January 1, 2013. The same filing's press release estimates Q4 2005 at a $6.9 million pre-tax derivative charge (with $90.7 million of cash settlements), a $4.2 million pre-tax credit on stock appreciation rights, and production of about 62.9 thousand barrels of oil equivalent per day. It also shows 2006 oil protection as $55 put options on 50,000 barrels per day, with premiums of about $7.5 million per month.
15 Nov 2005debt financing▲ Good
PXP amended its $750 million credit facility with JPMorgan Chase: it changed the restricted payments covenant and replaced the minimum tangible net worth covenant with a debt-to-EBITDAX covenant. After the scheduled review, the borrowing base rose from $750 million to $1.2 billion. This continues the May 2005 credit facility thread; the filing does not say whether any more will be drawn.
1 June 2005asset acquisition disposition● NeutralMajor
The $350 million sale of about 275 net active wells to XTO Energy closed May 31, 2005, with PXP receiving $335.5 million in net proceeds after sale costs and closing adjustments. This resolves the XTO sale thread. Separately, PXP paid about $293 million on May 31, 2005 to eliminate all its existing oil price swaps and collars ($147 million for swaps, $146 million for collars). Pro forma results in the filing show the sale reducing March 2005 quarter revenue by $20.0 million; the filing does not say how the proceeds will be used.
17 May 2005debt financing▲ GoodMajor
On May 16, 2005 PXP amended and restated its credit agreement with JPMorgan Chase Bank as agent, raising its revolving credit facility from $500 million to $750 million with a $750 million borrowing base and extending maturity to May 16, 2010. Borrowings are secured by pledged subsidiary shares and mortgages on at least 80% of the present value of domestic oil and gas properties. The filing says PXP was in compliance with covenants at March 31, 2005 and could have borrowed the full amount then available.
2 May 2005securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
4 Apr 2005securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
4 Apr 2005asset acquisition disposition● NeutralMajor
This amendment files pro forma 2004 results for the Nuevo merger and shows what happened after closing: Nuevo's $150 million 9 3/8% notes were repurchased June 29, 2004 (tender cost $169.1 million), its $115 million TECONs redeemed for $117.0 million, and the Congo operations sale closed July 30, 2004. This resolves the Congo sale thread and the earlier assumed-debt items. Pro forma income from continuing operations was $1.1 million after $22.7 million of debt-extinguishment losses.
1 Apr 2005material agreement● NeutralMajor
PXP agreed on April 1, 2005 to sell 275 net active wells to XTO Energy, Inc. for $350 million. The properties had about 27 million barrels of equivalent proved reserves at year-end 2004 (81% developed) and produce about 5,800 barrels per day; closing is expected in the second quarter, subject to customary conditions. Updated guidance puts 2005 production at 68,000-72,000 BOE per day and 2006 at 76,000-80,000, reflecting this sale and the Bentley-Simonson purchase. The filing does not say how proceeds will be used.
15 Mar 2005material agreement● NeutralMajor
PXP agreed (effective March 14, 2005) to buy oil and gas properties from Bentley-Simonson, Inc. for $119 million in cash, mainly in the onshore Los Angeles Basin with some in adjacent Ventura County. The same filing gives 2005 guidance: production of 72,000-80,000 BOE per day for the year, with operational capital spending of about $350 million (excluding acquisitions) and basic shares of 77,000 thousand. Closing is not yet confirmed.
24 Feb 2005material agreement● Neutral
The compensation committee set 2004 cash bonuses to be paid in late February 2005: $800,000 for CEO James Flores and $400,000 each for Thorington, Wombwell and Gladney. The filing says the bonuses are discretionary and based on financial, operational and individual performance measures.
14 Feb 2005substantial holder notice● Neutral
Wellington Management Company, LLP reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 6,646,463 shares (8.62% of votes) in a periodic institutional filing.