6 Aug 2015substantial holder notice● Neutral
PRIMECAP Management Company disclosed a new substantial REX ENERGY CORP shareholding (6.50% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $152.8 million for the period ended 2015-06-30.
19 June 2015material agreement▲ GoodMajor
Rex agreed on June 18, 2015 to sell its entire 60% stake in Water Solutions Holdings (including Keystone Clearwater Solutions) to American Industrial Water, an affiliate of American Water Works. The deal is valued at about $130 million including cash and debt, and Rex expects roughly $66 million of net proceeds after taxes, to be used to pay down the revolver and for general purposes. This completes the sale process that was open in the context (RBC advising); closing still needs Hart-Scott-Rodino antitrust clearance, and the revolver lenders waived a restriction on this type of sale on June 15.
26 May 2015substantial holder notice● Neutral
Hirzel Capital Management LLC, Zac S. Hirzel, Hirzel Capital Master Fund, L.P disclosed a new substantial REX ENERGY CORP shareholding (9.00% of votes).
14 May 2015agm notice● Neutral
REX ENERGY CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
11 May 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $17.8 million for the period ended 2015-03-31.
7 May 2015securities registration● Neutral
REX ENERGY CORP filed the final prospectus for a registered offering.
5 May 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $17.8 million for the period ended 2015-03-31.
27 Apr 2015business combination● Neutral
Rex filed a registration statement (Form S-4) for an exchange offer, letting holders swap the $325 million of 6.250% senior notes due 2022 issued July 17, 2014 for identical notes registered with the SEC and freely tradable. This is the registered exchange offer for the 2022 notes that was still open in the context; the terms are the same, with no new money raised and no change in the amount of debt. The expiration date is left blank in this filing.
2 Apr 2015material agreement● NeutralMajor
Rex signed a participation agreement on March 30, 2015 with ArcLight affiliate AL Marcellus Holdings under which ArcLight funds well costs for 32 designated Butler Operated Area wells in return for a 35% working interest, valued at about $67 million ($16.6 million received at closing per the press release). ArcLight's interest drops to 17.5% if return thresholds are met, and it has an option on 17 more Moraine East wells in 2016 at 20%. This follows the December 2014 search for a Moraine East partner. Rex also signed a Seventh Amendment on March 27, 2015 setting the borrowing base at $350 million (down from $400 million) and changing the senior secured debt to EBITDAX limit to 1.75x for Q4 2014 and 3.00x from March 31, 2015. The release cuts 2015 operating capital spending to $135-$145 million and 2015 production guidance to 185-195 MMcfe/d (from 196-205).
27 Mar 2015agm notice● Neutral
REX ENERGY CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
6 Mar 2015substantial holder notice● Neutral
Westwood Management Corp disclosed a new substantial REX ENERGY CORP shareholding (6.16% of votes).
4 Mar 2015securities registration● Neutral
REX ENERGY CORP amended an already-effective registration statement.
2 Mar 2015securities registration● Neutral
REX ENERGY CORP amended its automatic shelf registration statement.
18 Feb 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $69.3 million for the period ended 2014-12-31.
17 Feb 2015substantial holder notice● Neutral
Citadel Advisors LLC, Citadel Advisors Holdings II LP, Citadel GP LLC, Kenneth Griffin reported a REX ENERGY CORP shareholding of 0.10% of votes in a periodic institutional filing.
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group reported a REX ENERGY CORP shareholding of 3,216,038 shares (5.94% of votes) in a periodic institutional filing.
5 Feb 2015substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc reported a REX ENERGY CORP shareholding of 10,007,585 shares (17.20% of votes) in a periodic institutional filing.
2 Feb 2015substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial REX ENERGY CORP shareholding (8.00% of votes).
30 Jan 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $69.3 million for the period ended 2014-12-31.
20 Jan 2015quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $69.3 million for the period ended 2014-12-31.
22 Dec 2014debt financing● NeutralMajor
On December 16, 2014 Rex signed a Sixth Amendment to its bank credit agreement, replacing the old leverage test with a limit on net senior secured debt of 1.75 times EBITDAX through June 30, 2016, after which a total net debt limit of 4.25 times applies. The company says it expects to exit 2014 with no borrowings on the facility. The accompanying release set 2015 operating capital spending at $180-$220 million (about 44% below the 2014 midpoint), 2015 production guidance of 196-205 MMcfe/d, and said Rex has hired RBC Capital Markets to pursue a sale of its 60% stake in Keystone Clearwater Solutions and is still seeking a joint venture partner for Moraine East.
5 Nov 2014quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $86.5 million and net income of $5.7 million for the period ended 2014-09-30.
4 Nov 2014quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $86.5 million and net income of $5.7 million for the period ended 2014-09-30.
20 Oct 2014quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $86.5 million and net income of $5.7 million for the period ended 2014-09-30.
15 Sept 2014asset acquisition disposition▲ GoodMajor
Rex closed the Shell (SWEPI) acquisition on September 9, 2014: about 208,000 gross (207,000 net) acres in western Pennsylvania and eastern Ohio, 100% working interest and operatorship, for $120 million in cash (subject to post-closing adjustments). The press release says it was funded primarily from the recent convertible perpetual preferred stock offering, so that offering evidently went ahead (size not stated here). Separately, a Fifth Amendment to the credit agreement on September 12 raised the borrowing base from $293.75 million to $400 million, pushed maturity to September 12, 2019, and removed the interest coverage ratio; the company says nothing is currently borrowed. It also plans a third Butler rig in early 2015, focused on the newly acquired Moraine East area.
10 Sept 2014substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc disclosed a new substantial REX ENERGY CORP shareholding (12.60% of votes).
28 Aug 2014material agreement▲ GoodMajor
Rex Energy's subsidiary signed new gas gathering, processing and liquids fractionation/marketing agreements with MarkWest for its Keystone Complex in Butler County, PA, replacing the earlier arrangements. The main term runs through November 30, 2026 (then year-to-year unless a party gives 12 months' notice), at fixed fees, with priority processing rights of up to 280 MMcf/d once Bluestone III is built and up to 405 MMcf/d once Bluestone IV is built. This continues the fixed-fee MarkWest processing structure already in place.
26 Aug 2014director interest notice● Neutral
REX ENERGY CORP CEO Thomas Charles Stabley bought 3,000 shares on the open market at $15.39.
25 Aug 2014director interest notice● Neutral
REX ENERGY CORP director Lance T Shaner bought 227,650 shares on the open market.