8 Aug 2016quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $36.9 million for the period ended 2016-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2016quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $36.9 million for the period ended 2016-06-30.
11 July 2016substantial holder notice● Neutral
John C. Goff, The John C. Goff, Goff Family Investments, LP, Kulik Partners, LP, Cuerno Largo Partners, LP, The Goff Family Foundation, Cuerno Largo, LLC, Kulik GP, LLC, Goff Capital, Inc reported a Cimarex Resolute LLC shareholding of 1,532,585 shares (9.90% of votes) in a periodic institutional filing.
8 July 2016material agreement▲ GoodMajor
On July 7, 2016 the company agreed to sell its gas gathering and water handling systems in the Mustang and Appaloosa areas of Reeves County, Texas, to an undisclosed Permian midstream company. The initial payment is $50M ($35M Mustang, $15M Appaloosa), of which the company gets $32.85M, with the balance going to its Mustang partner, plus up to $60M gross in earn-outs tied to drilling through 2020 and about $2.3M at closing for 2016 wells. Closing is expected around August 1, 2016, subject to Hart-Scott-Rodino clearance. The company must dedicate its gas and water from these areas to the buyer for 15 years. This follows through on the Reeves County midstream monetization flagged in November 2015; proceeds go first to reduce debt and fund Delaware Basin development.
18 May 2016listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Cimarex Resolute LLC's securities for listing, clearing them to begin trading.
9 May 2016quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $85.3 million for the period ended 2016-03-31.
9 May 2016quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $85.3 million for the period ended 2016-03-31.
2 May 2016substantial 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 4,824,756 shares (6.30% of votes) in a periodic institutional filing.
2 May 2016director interest notice● Neutral
Cimarex Resolute LLC 10%+ owner Spo Advisory Corp sold 10,000,000 shares at $0.51.
17 Mar 2016substantial holder notice● Neutral
Champlain Investment Partners, LLC disclosed a new substantial Cimarex Resolute LLC shareholding (4.77% of votes).
8 Mar 2016asset acquisition disposition● Neutral
This amendment only adds the unaudited pro forma financial statements promised in the December 2015 Gardendale closing report; it announces no new transaction. They show the Gardendale sale plus the Hilight Field (Oct 6, 2015, about $54M net, MCL 1 Oil and Gas Wyoming) and Howard/Martin County (May 1, 2015, about $40M net, QStar LLC) sales as if completed. On that basis, September 30, 2015 total debt falls as the revolver is repaid and $70M of the second lien loan is retired; Gardendale net proceeds were about $175M. The Howard/Martin and Hilight sale closings, previously open, are confirmed here. The pro forma figures still show a stockholders' deficit of $114.5M.
10 Feb 2016substantial holder notice● Neutral
The Vanguard Group reported a Cimarex Resolute LLC shareholding of 2,363,729 shares (3.05% of votes) in a periodic institutional filing.
29 Dec 2015asset acquisition disposition▲ GoodMajor
On December 22, 2015 the company closed the sale of its Gardendale properties in Midland and Ector counties, Texas, to Independence Resources Holdings, LLC for $177.5 million (effective September 1, 2015). The proceeds repaid the $95 million outstanding on the revolver (which stays in place, with its borrowing base cut by $20 million to $145 million); the rest goes to cash and part repayment of the second lien loan. This resolves the Gardendale sale announced November 19, 2015. The sold assets had 5.4 MMBoe of proved reserves at end-2014 and produced about 1,472 net Boe per day in Q3 2015.
14 Dec 2015material agreement▲ Good
On December 11, 2015 the company, Western Refining Southwest and Navajo Nation Oil and Gas Company amended the July 2014 crude oil purchase agreement, cutting the discount to NYMEX from $8.00 to $7.50 per barrel effective December 8, 2015. A smaller discount means a somewhat better price on Aneth crude sold to Western; this continues the earlier discount reductions ($9.50, then $8.00).
4 Dec 2015listing compliance notice▼ BadMajor
On November 30, 2015 the NYSE notified the company of a second listing shortfall: average market capitalization under $50 million over 30 trading days and stockholders' equity under $50 million. The company has 45 days to submit a plan to regain compliance within eighteen months; its market cap was about $71.3 million on December 3, 2015. The company says its shares keep trading and no debt default results. The $1.00 price issue remains, with a reverse split to be pursued after the 2016 annual meeting if needed.
23 Nov 2015material agreement● NeutralMajor
On November 19, 2015 the company agreed to sell its Gardendale properties in Midland and Ector counties, Texas, to an undisclosed buyer for $177.5 million, with a $15 million escrow deposit and closing expected around December 22, 2015. Proceeds first reduce the revolver and second lien debt, and later are meant to fund Delaware Basin and Aneth development. The company says 2015 asset sales will total nearly $275 million, that it is working on possibly selling its Reeves County midstream assets, and that it is assessing restructuring its secured debt. It also dropped plans for a reverse split before year-end 2015: the NYSE allows until the 2016 annual meeting to get the price above $1.00, with a split to follow then if needed. This changes the earlier July timetable.
12 Nov 2015substantial holder notice● Neutral
John C. Goff, The John C. Goff, Goff Family Investments, LP, Kulik Partners, LP, Cuerno Largo Partners, LP, The Goff Family Foundation, Cuerno Largo, LLC, Kulik GP, LLC, Goff Capital, Inc reported a Cimarex Resolute LLC shareholding of 6,927,125 shares (8.90% of votes) in a periodic institutional filing.
9 Nov 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $182.8 million for the period ended 2015-09-30.
9 Nov 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $182.8 million for the period ended 2015-09-30.
30 Oct 2015substantial 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 reported a Cimarex Resolute LLC shareholding of 15,062,017 shares (19.40% of votes) in a periodic institutional filing.
30 Oct 2015substantial 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 disclosed a new substantial Cimarex Resolute LLC shareholding (19.40% of votes).
9 Oct 2015substantial holder notice● Neutral
John C. Goff, The John C. Goff, Goff Family Investments, LP, Kulik Partners, LP, Cuerno Largo Partners, LP, The Goff Family Foundation, Cuerno Largo, LLC, Kulik GP, LLC, Goff Capital, Inc reported a Cimarex Resolute LLC shareholding of 6,147,800 shares (7.90% of votes) in a periodic institutional filing.
16 Sept 2015material agreement● NeutralMajor
On September 15, 2015 the company agreed to sell its Hilight Field properties in the Powder River Basin, Campbell County, Wyoming, to an undisclosed buyer for $55 million, with a $5.5 million escrow deposit; closing was expected around October 6, 2015, effective July 1, 2015. Proceeds will go to reduce debt. The company says this brings 2015 asset sales to nearly $100 million, part of a previously announced plan to cut debt.
10 Aug 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $259.1 million for the period ended 2015-06-30.
10 Aug 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $259.1 million for the period ended 2015-06-30.
28 July 2015listing compliance notice▼ Bad
On July 23, 2015 the NYSE again notified the company that its 30-day average share price ($0.99 as of July 20) was below the $1.00 minimum, giving it until about January 23, 2016 to cure. Shareholders had already approved on June 8, 2015 a reverse split at one of seven ratios (1-for-2 to 1-for-30) to be used by December 31, 2015, and the board says it will use it if needed to stay listed. This continues the listing problem first flagged in February 2015; the filing says it does not cause a default under debt agreements.
15 July 2015substantial holder notice● Neutral
John C. Goff, The John C. Goff, Goff Family Investments, LP, Kulik Partners, LP, Cuerno Largo Partners, LP, The Goff Family Foundation, Cuerno Largo, LLC, Kulik GP, LLC, Goff Capital, Inc reported a Cimarex Resolute LLC shareholding of 5,332,653 shares (6.90% of votes) in a periodic institutional filing.
10 July 2015substantial holder notice● Neutral
BlackRock, Inc reported a Cimarex Resolute LLC shareholding of 2,083,411 shares (2.70% of votes) in a periodic institutional filing.
22 June 2015substantial holder notice● Neutral
John C. Goff, The John C. Goff, Goff Family Investments, LP, Kulik Partners, LP, Cuerno Largo Partners, LP, The Goff Family Foundation, Cuerno Largo, LLC, Kulik GP, LLC, Goff Capital, Inc disclosed a new substantial Cimarex Resolute LLC shareholding (5.70% of votes).
19 May 2015debt financing● NeutralMajor
On May 18, 2015 the company borrowed an additional $50 million of second lien term debt from Bank of Montreal and the same lenders as the December 2014 $150 million loan, funded May 19, 2015. Net proceeds of about $46 million repaid revolver borrowings, and the revolver borrowing base fell automatically by $10 million to $260 million. This uses the incremental option extended in the April 2015 amendment; the loan carries the same terms, including interest at adjusted LIBOR plus 10% with a 1% floor.