5 Aug 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2008securities registration● Neutral
XTO ENERGY INC filed the final prospectus for a registered offering.
30 July 2008quarterly activities report● Neutral
XTO ENERGY INC reported quarterly revenue of $1936.0 million and net income of $575.0 million for the period ended 2008-06-30.
24 July 2008material agreement● NeutralMajor
On July 18, 2008 XTO agreed to buy Barnett Shale properties in eight Texas counties from Hollis R. Sullivan, Inc. and other owners for $800M. XTO's engineers estimate over 300 Bcfe of proved reserves (25% developed), initial production of 35 MMcfe/day and 12,900 net acres next to its existing Barnett operations. Closing is due by October 1, 2008 subject to the antitrust waiting period, funded by proceeds of a July 2008 common stock offering, long-term notes and commercial paper. This adds to the Barnett position from the 2005 Antero deal; the stock offering is mentioned but its size is not given here.
24 July 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
22 July 2008securities registration● Neutral
XTO ENERGY INC filed the final prospectus for a registered offering.
22 July 2008quarterly activities report● Neutral
XTO ENERGY INC reported quarterly revenue of $1936.0 million and net income of $575.0 million for the period ended 2008-06-30.
18 July 2008asset acquisition disposition● NeutralMajor
On July 15, 2008 XTO closed the Headington Bakken purchase, paying $1.05B in cash plus the 11,742,391 shares (deal valued at about $1.8B, subject to post-closing adjustments), for 352,000 net acres and 68 MMboe of proved reserves per XTO's engineers. It also agreed to buy 100,000 more net undeveloped Bakken acres and 400 barrels a day of production for about $115M, and on July 17 raised its revolving credit facility by $340M to $2.84B. This resolves the pending Headington thread, and the cash paid is slightly lower than the roughly $1.06B stated at signing.
15 July 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement covering resales by selling shareholders.
15 July 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement covering resales by selling shareholders.
12 June 2008capital raising announcement● NeutralMajor
On June 9, 2008 XTO agreed to buy the privately held Hunt Petroleum companies (Hunt Petroleum Corporation, Hassie Hunt Exploration Company and Hassie Hunt Production Company) for about $4.186B: roughly $2.6B in cash plus 23.5 million XTO shares valued at about $1.586B ($67.50 each). XTO's own engineers estimate 1.052 Tcfe of proved reserves (about 61% developed), mostly in its Eastern Region (East Texas and Louisiana, 70% of reserves), plus 15,000 net Bakken acres and North Sea non-operating interests. Closing is due by September 3, 2008 subject to the antitrust waiting period, with the cash funded from cash flow, commercial paper and debt markets. XTO also raised its 2008 production growth target to 28-30% (from 23%) and hedged 100 MMcf/day of gas for 28 months at $11.08 and added oil hedges for the Headington Bakken deal. This is a much larger deal than Headington and sits alongside it.
30 May 2008capital raising announcement▲ GoodMajor
On May 23, 2008 XTO agreed to buy Bakken Shale properties in Montana and North Dakota from Headington Oil Company and other owners for about $1.85B: roughly $1.06B in cash plus 11,742,391 XTO shares valued at about $790M ($67.35 each). The deal covers 352,000 net acres (about 215,000 undeveloped), with XTO's own engineers estimating 68 million barrels of oil equivalent of proved reserves and current output of 10,000 barrels a day (88% oil). Closing is due by July 15, 2008, subject to antitrust waiting-period expiry, with cash funded from cash flow and commercial paper. This is a new oil-weighted area, unlike the gas-heavy Dominion deal.
16 Apr 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
15 Apr 2008securities registration● Neutral
XTO ENERGY INC filed the final prospectus for a registered offering.
15 Apr 2008securities registration● Neutral
XTO ENERGY INC filed a free-writing prospectus - marketing material for an offering in progress.
15 Feb 2008securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a XTO ENERGY INC shareholding of 27,209,561 shares (5.63% of votes) in a periodic institutional filing.
13 Feb 2008securities registration● Neutral
XTO ENERGY INC filed the final prospectus for a registered offering.
7 Feb 2008debt financing● NeutralMajor
On February 6, 2008 XTO raised its revolving credit commitments from $2.0B to $2.5B (extendable by up to $1B more) and pushed maturity one year to April 1, 2013. Its Bank of America term loan grew from $300M to $500M with the same new 2013 maturity, with $300M borrowed at that date. It also signed a new $100M five-year unsecured term loan with Royal Bank of Scotland Finance (Ireland), maturing February 5, 2013. Nothing was drawn on the revolver. This builds on the March 2007 amendments.
16 Nov 2007dividend declaration▲ GoodMajor
On November 14, 2007 the board declared a five-for-four stock split, with a 12-cent quarterly dividend per share maintained, which the company says is effectively a 25% dividend increase. Holders of record on November 28, 2007 get one extra share for every four held, with about 484 million shares outstanding afterwards. It also set a 2008 budget of $2.6B for development and exploration plus $400M for pipelines and facilities, aiming for 17% production growth in 2008 (up from the 15% target set earlier).
13 Nov 2007asset acquisition disposition● Neutral
A second amendment to the Dominion completion report, filed November 13, 2007. Its text and the Dominion revenue and operating expense statements shown match Amendment No. 1 (2006 revenues $636M; revenues over direct operating expenses $510M). The truncated text does not show what changed, so no new substance can be identified from what is shown.
12 Oct 2007asset acquisition disposition● Neutral
This amendment to the August 2007 report on the completed $2.5B Dominion purchase adds the financial statements and pro forma figures that were promised by October 14, 2007. Dominion's properties had revenues of $636M and revenues over direct operating expenses of $510M in 2006, and $283M and $213M in the first half of 2007 (against $333M and $269M in the first half of 2006). These figures exclude overhead, depreciation and tax. It also now says post-closing adjustments will be made within eight months (previously twelve) and that the commercial paper used was repaid from $1.0B of senior notes issued in August 2007.
22 Aug 2007securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
21 Aug 2007securities registration● Neutral
XTO ENERGY INC filed a free-writing prospectus - marketing material for an offering in progress.
21 Aug 2007securities registration● Neutral
XTO ENERGY INC filed the final prospectus for a registered offering.
6 Aug 2007asset acquisition disposition▲ GoodMajor
XTO completed the Dominion purchase on July 31, 2007 at $2.5B, which resolves the June agreement. It was funded by 17.25 million shares issued in June 2007 for net proceeds of $1.0B, $1.25B of senior notes issued in July 2007, and commercial paper borrowings. Post-closing adjustments will be made within twelve months, and the reserve figures remain XTO's own internal estimates (1.06 Tcfe). Financial statements and pro forma information for the acquisition were not included and are due by amendment by October 14, 2007.
16 July 2007securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
13 July 2007securities registration● Neutral
XTO ENERGY INC filed a free-writing prospectus - marketing material for an offering in progress.
12 July 2007securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
6 June 2007securities registration● Neutral
XTO ENERGY INC filed a prospectus supplement for an offering off its existing shelf.