Past year: ▼ 5%(27.83 – 37.81 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 June 2017substantial holder notice● Neutral
ICS Opportunities, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial Cimarex Resolute LLC shareholding (5.50% of votes).
5 June 2017securities registration● Neutral
Cimarex Resolute LLC filed the final prospectus for a registered offering.
24 May 2017director interest notice● Neutral
Cimarex Resolute LLC director William Kemper White sold 11,000 shares at $42.32.
23 May 2017director interest notice● Neutral
Cimarex Resolute LLC SVP - Operations Bob D Brady Jr. sold 10,000 shares at $42.56.
22 May 2017director interest notice● Neutral
Cimarex Resolute LLC Chief Executive Officer Richard F Betz sold 12,500 shares.
22 May 2017business combination● Neutral
The company filed a registration statement to swap the $125M of unregistered 8.50% senior notes issued May 12, 2017 for substantially identical registered notes. This fulfils the registration rights promised with the notes sale. It is a debt-holder matter with no change to shareholders' stock and no new money raised; the exchange offer's expiry date is blank and it has not yet taken effect.
15 May 2017asset acquisition disposition▲ GoodMajor
The $160M cash purchase of Reeves County, Texas Delaware Basin properties from CP Exploration II and Petrocap CPX closed on May 15, 2017, effective May 1. It covers about 4,600 net acres, two producing wells, six drilled but uncompleted wells and one non-operated well. The company says it was financed substantially by the $125M notes offering, keeping revolver availability, and that it began fracing the first uncompleted well on May 4. This resolves the pending March 2017 acquisition.
12 May 2017debt financing● NeutralMajor
The company closed the $125M add-on of 8.50% senior notes due 2020 on May 12, 2017, selling to BMO Capital Markets and other initial purchasers, with net proceeds of about $125.9M. The notes join the existing $400M issue under the same indenture (trustee now Delaware Trust Company), with interest paid May 1 and November 1 starting Nov 1, 2017. Proceeds, together with revolver borrowings, are intended to fund the Reeves County acquisition. On closing, the revolver borrowing base was automatically cut to $218.75M, and the company must try to complete a registered exchange offer by June 26, 2017 or pay extra interest if not done by July 11, 2017. Total senior notes outstanding rise to $525M, and the $100M bridge commitment is not mentioned.
9 May 2017material agreement● NeutralMajor
On May 8, 2017 the company amended its February 2017 bank credit agreement (led by Bank of Montreal). The maximum debt-to-earnings ratio allowed is raised to 4.50:1 for the June 2017 quarter and 4.25:1 for September 2017, returning to 4.00:1 afterwards. The threshold of unsecured debt above which the borrowing base is cut by 25% of the excess moves from $400M to $500M. The company also announced a private offering of $125M of 8.50% senior notes due 2020 and shared the Bronco acquisition's financial statements with prospective investors, including a disclosure of $42M borrowed under the credit agreement at April 30, 2017. This is the long-term financing the March 2017 acquisition filing left undecided, and the looser covenant and higher debt threshold fit with taking on more debt (an inference).
4 May 2017quarterly activities report● Neutral
Cimarex Resolute LLC reported quarterly revenue of $64.6 million and net income of $1.5 million for the period ended 2017-03-31.
3 May 2017quarterly activities report● Neutral
Cimarex Resolute LLC reported quarterly revenue of $64.6 million and net income of $1.5 million for the period ended 2017-03-31.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC Sr. VP - Operations Bob D Brady Jr. exercised stock options for 2,248 shares and disposed of 4,822 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC Executive VP, CFO Theodore Gazulis exercised stock options for 7,869 shares and disposed of 18,611 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC Chief Executive Officer Richard F Betz exercised stock options for 7,869 shares and disposed of 18,510 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC President James M Piccone exercised stock options for 12,440 shares and disposed of 29,243 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC Executive Chairman Nicholas J Sutton exercised stock options for 22,108 shares and disposed of 50,526 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC officer Michael Stefanoudakis exercised stock options for 4,496 shares and disposed of 8,902 shares.
10 Mar 2017director interest notice● Neutral
Cimarex Resolute LLC officer James A Tuell exercised stock options for 1,836 shares and disposed of 1,836 shares.
3 Mar 2017material agreement● NeutralMajor
On March 3, 2017 the company agreed to buy about 4,600 net acres of Reeves County, Texas Delaware Basin properties from undisclosed private sellers for $160M cash, with closing expected around May 15, 2017. The properties include two producing Wolfcamp wells making about 800 net Boe per day, six drilled but uncompleted wells and one non-operated well being drilled. It also took a $100M unsecured bridge financing commitment from BMO Capital Markets, and says final financing may include long-term debt and equity (a possible further dilution or debt load). This continues the Delaware Basin expansion begun with the Firewheel deal.
21 Feb 2017debt financing● NeutralMajor
On February 17, 2017 the company signed a new Third Amended and Restated revolving credit agreement led by Bank of Montreal, repaying and terminating the Wells Fargo-agented facility. The new facility starts with a $150M borrowing base, matures in February 2021, is secured by the Aneth Field and Delaware Basin assets, and carries LIBOR plus 3.0% to 4.0% interest. Covenants require a current ratio of at least 1.0 to 1.0 and funded debt to EBITDA of no more than 4.0 to 1.0. This replaces the revolver that had a $105M borrowing base in October 2016.
14 Feb 2017substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, Phoebe Snow Foundation, Inc, Eli J. Weinberg, The John H. Scully Living Trust, dated reported a Cimarex Resolute LLC shareholding of 0.10% of votes in a periodic institutional filing.
14 Feb 2017substantial holder notice● Neutral
ANCHORAGE CAPITAL GROUP, L.L.C, ANCHORAGE ADVISORS MANAGEMENT, L.L.C, KEVIN M. ULRICH disclosed a new substantial Cimarex Resolute LLC shareholding (5.40% of votes).
10 Feb 2017substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP reported a Cimarex Resolute LLC shareholding of 2,852,836 shares (13.36% of votes) in a periodic institutional filing.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC Chief Executive Officer Richard F Betz received 50,879 shares and a 25,439-share option grant as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC director William Kemper White received 3,934 shares as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC Executive Chairman Nicholas J Sutton received 18,358 shares and a 9,179-share option grant as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC officer James A Tuell received 18,030 shares and a 9,015-share option grant as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC Sr. VP- Operations Bob D Brady Jr. received 21,309 shares and a 10,654-share option grant as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC director James E Duffy received 3,934 shares as part of the equity award.
9 Feb 2017director interest notice● Neutral
Cimarex Resolute LLC director Gary Hultquist received 3,934 shares as part of the equity award.
