1 Oct 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director John U Clarke received 1,180 shares and a 1,180-share option grant as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2014substantial holder notice● Neutral
ICS Opportunities, Ltd, Integrated Assets, Ltd, Integrated Assets II LLC, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (5.20% of votes).
1 Oct 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Gary K Wright received a stock option grant for 2,360 shares.
28 Aug 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, COO John A Brooks exercised stock options for 43,818 shares and disposed of 87,636 shares.
27 Aug 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead bought 10,000 shares on the open market at $14.67.
25 Aug 2014quarterly activities report▼ Bad
Penn Virginia cut its second-half 2014 outlook, citing completion delays that pushed four (2.5 net) wells into early 2015. It guided to 23.4-25.5 MBOEPD of production, $380-420 million of capital spending and $210-245 million of Adjusted EBITDAX.
12 Aug 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. VP & Controller Joan C Sonnen disposed of 16,000 shares via option/appreciation-right settlement.
5 Aug 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. VP & Controller Joan C Sonnen exercised stock options for 16,000 shares and disposed of 16,000 shares.
1 Aug 2014material agreement▲ GoodMajor
On July 30, 2014 the company agreed with Republic Midstream, LLC for Republic to build, own and operate a crude oil gathering system in parts of Fayette, Gonzales and Lavaca Counties, Texas, with the company's oil in the area dedicated to it. The company committed to deliver or pay for at least 15,000 barrels a day for 10 years under a 25-year agreement, with gathering fees of $1.00 to $2.00 per barrel and the system expected operational by mid-2015. The press release says it sold these gathering and transportation rights for $150 million, part to repay the revolver and the rest to fund Eagle Ford capital spending. The CEO says 2014 asset sales now total $319 million, including the pending Mississippi sale and the January gas gathering sale to AMID.
31 July 2014quarterly activities report▼ Bad
BAYTEX ENERGY USA, INC. reported quarterly revenue of $139.4 million and a net loss of $100.8 million for the period ended 2014-06-30.
30 July 2014quarterly activities report▼ Bad
BAYTEX ENERGY USA, INC. reported quarterly revenue of $139.4 million and a net loss of $100.8 million for the period ended 2014-06-30.
1 July 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director John U Clarke received 884 shares and a 884-share option grant as part of the equity award.
1 July 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Gary K Wright received a stock option grant for 1,769 shares.
1 July 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Edward B Cloues II received a stock option grant for 1,769 shares.
1 July 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Steven W Krablin received a stock option grant for 1,769 shares.
1 July 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. director Marsha Reines Perelman received 1,769 shares as part of the equity award.
20 June 2014securities registration● Neutral
BAYTEX ENERGY USA, INC. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
16 June 2014capital raising announcement● NeutralMajor
The company closed a private sale on June 16, 2014 of 3,250,000 depositary shares (including a fully exercised 500,000 over-allotment) in new 6.00% Convertible Perpetual Preferred Stock, Series B, each worth $100 of liquidation preference, for net proceeds of about $312.5 million. The preferred is convertible at an initial $18.34 per share, which would be about 17.7 million common shares if all converted, so it could dilute common holders. Proceeds are meant to pay down the revolver in the near term and fund an accelerated Eagle Ford program, including an added rig in July 2014 and more lease acquisitions. The company also signed a Sixth Amendment to its credit agreement raising the permitted annual shareholder dividends to $30 million and allowing up to $20 million of inducement payments to Series A preferred holders, and agreed conversion deals under which Series A holders get 4,321,039 common shares plus about $3.8 million in cash.
2 June 2014material agreement● NeutralMajor
On May 30, 2014 the company agreed to sell all of its Mississippi oil and gas assets to KKR Management Holdings L.P. for $72.7 million in cash, with closing expected in July 2014 subject to customary conditions including title and environmental reviews. The press release says the properties produced about 11.9 million cubic feet of gas equivalent per day in Q1 2014, almost all natural gas, and carried 85.3 Bcfe of proved reserves at year-end 2013. This disposes of one of the assets retained in earlier context.
15 May 2014debt financing▲ Good
On May 12, 2014 the company signed a Fifth Amendment to its credit agreement, raising lender commitments from $400 million to $450 million and the borrowing base from $425 million to $475 million. This continues the stepwise expansion of the Wells Fargo-led revolver seen since 2013.
13 May 2014quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $189.9 million for the period ended 2014-03-31.
12 May 2014quarterly activities report● Neutral
BAYTEX ENERGY USA, INC. reported quarterly revenue of $189.9 million for the period ended 2014-03-31.
8 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. VP, Chf Acct.Off.& Controller Joan C Sonnen received a stock option grant for 12,557 shares.
8 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP, CAO & General Counsel Nancy M Snyder received a stock option grant for 57,073 shares.
8 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. President and CEO H Baird Whitehead received a stock option grant for 151,244 shares.
8 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP & COO John A Brooks received a stock option grant for 85,610 shares.
8 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP & CFO Steven A. Hartman received a stock option grant for 62,780 shares.
5 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. EVP and COO John A Brooks exercised stock options for 24,814 shares and disposed of 5,125 shares.
5 May 2014director interest notice● Neutral
BAYTEX ENERGY USA, INC. Sr. VP and CFO Steven A. Hartman exercised stock options for 93,776 shares and disposed of 24,143 shares.
7 Apr 2014agm notice● Neutral
The company issued its proxy statement on April 7, 2014 for its annual meeting on May 7, 2014. Shareholders were asked to elect six directors, hold an advisory vote on executive pay and ratify KPMG as auditor.