11 June 2013listing compliance notice▼ BadMajor
PLAINS EXPLORATION & PRODUCTION CO terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 June 2013business combination● NeutralMajor
FCX completed its acquisition of PXP on May 31, 2013. PXP merged into an FCX subsidiary (now Freeport-McMoRan Oil & Gas LLC), its stock was delisted from the NYSE that day, and its directors and named executive officers ceased to hold those roles at PXP. Each PXP share was converted into the right to receive about $46.01 in value, as cash or about 1.4302 FCX shares; those who made no valid election received about 99.5% cash. The new subsidiary and FCX Oil & Gas took over PXP's eight series of senior notes with an FCX guarantee, and PXP's $5.0 billion November 2012 credit agreement was terminated. This resolves the merger announced in December 2012.
31 May 2013listing compliance notice● NeutralMajor
PLAINS EXPLORATION & PRODUCTION CO's exchange filed to remove a class of its securities from listing.
20 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
13 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
10 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
9 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
6 May 2013quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $1232.1 million and net income of $31.8 million for the period ended 2013-03-31.
3 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
2 May 2013quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $1232.1 million and net income of $31.8 million for the period ended 2013-03-31.
1 May 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
19 Apr 2013agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
18 Apr 2013business combination● NeutralMajor
On April 18, 2013 PXP sent stockholders its final proxy statement for a May 20, 2013 special meeting to vote on the FCX merger; a majority of outstanding shares is needed, and the board unanimously recommends approval. Holders get $25.00 plus 0.6531 times FCX's average price, in cash or FCX stock; the filing's example at FCX's $28.00 price on April 17 gives about $43.29 per share, down from $50.00 at announcement. About 91 million FCX shares and roughly $3.5 billion in cash are expected to be paid in total. Holders who don't vote for the deal may have appraisal rights under Delaware law if they follow its procedures.
21 Feb 2013quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $869.2 million for the period ended 2012-12-31.
14 Feb 2013substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, CR Intrinsic Investors, LLC, S.A.C. Global Investors LLP, Sigma Capital Management, LLC, Steven A. Cohen reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 5,628,527 shares (4.40% of votes) in a periodic institutional filing.
14 Feb 2013substantial holder notice● Neutral
Paulson & Co. Inc disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (9.92% of votes).
11 Feb 2013substantial holder notice● Neutral
Mackenzie Financial Corporation disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (2.96% of votes).
1 Feb 2013substantial holder notice● Neutral
BlackRock, Inc reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 10,800,458 shares (8.38% of votes) in a periodic institutional filing.
6 Dec 2012agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
6 Dec 2012business combination● NeutralMajor
The merger agreement with FCX, signed December 5, 2012, has PXP merging into an FCX subsidiary. It needs PXP stockholder approval and regulatory approvals, and is expected to close in the second quarter of 2013. PXP may owe FCX up to $69 million of expenses and/or a $207 million termination fee if the deal ends in certain circumstances, and it agreed not to solicit competing offers. PXP also agreed to vote its McMoRan shares for FCX's separate McMoRan merger. Four top executives signed letter agreements: Flores would become FCX Vice-Chairman and CEO of its oil and gas business, and Bourgeois, Talbert and Wombwell would become FCX oil and gas executive vice presidents.
5 Dec 2012business combination▲ GoodMajor
On December 5, 2012 PXP and Freeport-McMoRan Copper & Gold (FCX) announced a deal for FCX to acquire PXP for about $6.9 billion in cash and stock. Each PXP share can be exchanged for 0.6531 FCX shares plus $25.00 in cash, worth $50.00 per share at FCX's December 4, 2012 close; holders may elect cash or stock, subject to proration. This comes days after PXP closed its large BP/Shell Gulf of Mexico purchases, and FCX is also buying McMoRan, in which PXP holds shares.
30 Nov 2012asset acquisition disposition● NeutralMajor
On November 30, 2012 PXP closed the Gulf of Mexico acquisitions from BP and Shell announced in September, paying about $5.36 billion to BP (after a roughly $191.0 million price reduction) and $532.1 million to Shell (after a roughly $27.9 million reduction). The deals were funded with borrowings under a new credit agreement and the October 2012 note proceeds. The new Amended and Restated Credit Agreement has a $5.175 billion initial borrowing base, a $3.0 billion revolver, a $750 million 5-year term loan and a $1.25 billion 7-year term loan, with debt to EBITDAX capped at 4.5 to 1. This resolves the pending acquisitions and replaces the older credit facility.
1 Nov 2012quarterly activities report▼ Bad
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $605.1 million and a net loss of $44.0 million for the period ended 2012-09-30.
1 Nov 2012quarterly activities report▼ Bad
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $605.1 million and a net loss of $44.0 million for the period ended 2012-09-30.
26 Oct 2012debt financing● NeutralMajor
On October 26, 2012 PXP completed a $3.0 billion senior note offering: $1.5 billion of 6 1/2% notes due 2020 and $1.5 billion of 6 7/8% notes due 2023, netting about $2.95 billion. The proceeds are to fund part of the BP and Shell Gulf of Mexico acquisitions announced in September, with some used meanwhile to repay revolver borrowings. Lenders consented to the notes' special redemption terms, allowed pro forma adjustments for the BP deal in the debt covenant until March 15, 2013, and left the $2.3 billion borrowing base unchanged. This continues financing the acquisitions.
24 Oct 2012securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
23 Oct 2012securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
23 Oct 2012securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
22 Oct 2012securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO amended its automatic shelf registration statement.
17 Oct 2012substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, CR Intrinsic Investors, LLC, Sigma Capital Management, LLC, Steven A. Cohen disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (5.10% of votes).