11 May 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $208.2 million for the period ended 2015-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 May 2015quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $208.2 million for the period ended 2015-03-31.
17 Apr 2015material agreement▼ BadMajor
On April 15, 2015 the company and Wells Fargo (agent) signed the Twelfth Amendment to its revolving credit agreement, setting the borrowing base at $275 million (down from the $330 million conforming base set in the Eleventh Amendment of December 2014; the filing does not state the current figure was $330M, so this comparison is drawn from earlier context). It also allows the sale of oil and gas properties in Howard and Martin Counties, Texas (purchase agreement dated March 27, 2015), which cuts the base by $5 million on closing. It extends to May 31, 2015 the deadline to borrow up to $50 million more second lien debt (the remaining option from the December 2014 deal), with a smaller automatic base reduction of 20% instead of 90%. These second lien changes depend on the second lien lenders waiving a required prepayment from the property sale.
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial Cimarex Resolute LLC shareholding (5.24% of votes).
9 Feb 2015listing compliance notice▼ BadMajor
On February 3, 2015 the NYSE notified the company that its stock fell below the continued listing standard, with a 30-trading-day average close of $0.97 against the $1.00 required. The company has six months to cure it and says it intends to do so; the press release says a reverse stock split, needing board and shareholder approval, would be sought if necessary. The company says the notice does not affect operations or trigger a default under its debt.
30 Jan 2015substantial holder notice● Neutral
BlackRock, Inc reported a Cimarex Resolute LLC shareholding of 4,692,334 shares (6.00% of votes) in a periodic institutional filing.
31 Dec 2014debt financing● NeutralMajor
On December 30, 2014 the company took a $150 million second lien term loan (Bank of Montreal as agent; the press release names Highbridge Principal Strategies), with up to $200 million more available within 60 days. It bears interest at adjusted LIBOR plus 10% (1% floor) and matures no later than November 1, 2019; about $134 million of net proceeds repaid revolver borrowings. The revolver was amended with a $330 million conforming borrowing base, leaving about $92 million of availability, and its total debt-to-EBITDA covenant was replaced by the term loan's ratio covenants. The Western crude purchase agreement was also extended to March 31, 2015, then month-to-month on 90 days' notice, with the discount cut to $8.00 per barrel.
10 Nov 2014quarterly activities report● Neutral
Cimarex Resolute LLC reported a quarterly net income of $15.0 million for the period ended 2014-09-30.
10 Nov 2014quarterly activities report● Neutral
Cimarex Resolute LLC reported a quarterly net income of $15.0 million for the period ended 2014-09-30.
29 Sept 2014substantial 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, Edward H. McDermott, Phoebe Snow Foundation, Inc, Eli J. Weinberg reported a Cimarex Resolute LLC shareholding of 17,191,110 shares (22.10% of votes) in a periodic institutional filing.
26 Sept 2014listing compliance notice● NeutralMajor
Cimarex Resolute LLC's exchange filed to remove a class of its securities from listing.
12 Aug 2014quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $16.1 million for the period ended 2014-06-30.
11 Aug 2014quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $16.1 million for the period ended 2014-06-30.
11 July 2014material agreement● Neutral
On July 7, 2014 a subsidiary, Western Refining Southwest and Navajo Nation Oil and Gas Company signed a new crude oil purchase agreement for Greater Aneth Field oil, replacing the August 2011 agreement. It covers up to 8,000 barrels per day plus up to 3,000 additional, at a $9.50 per barrel discount to NYMEX, effective until December 31, 2014; talks on a two-year agreement from January 1, 2015 are under way. This resolves the earlier open thread on the Western contract's month-to-month status.
13 May 2014quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $3.5 million for the period ended 2014-03-31.
12 May 2014quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $3.5 million for the period ended 2014-03-31.
19 Mar 2014material agreement● Neutral
On March 14, 2014 the company signed a Tenth Amendment to its bank credit agreement; the semi-annual review raised the borrowing base to $425 million ($400 million conforming plus a $25 million non-conforming tranche that expires no later than the next redetermination). It also requires the company to hedge at least 5,100 barrels of oil per day for 2015 at a weighted average floor of at least $84.17 per barrel by March 31, 2014. This continues the amendment series (the Ninth Amendment, March 7, 2014, was filed earlier in the 10-K).
6 Feb 2014substantial holder notice● Neutral
Invesco Ltd. IRS # reported a Cimarex Resolute LLC shareholding of 2,295,934 shares (2.90% of votes) in a periodic institutional filing.
30 Jan 2014substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Cimarex Resolute LLC shareholding (5.30% of votes).
19 Dec 2013material agreement● Neutral
On December 13, 2013 the company signed an Eighth Amendment to its bank credit agreement with Wells Fargo as agent. The semi-annual borrowing base review left the borrowing base at $415 million, and the maximum leverage ratio for the quarter ending March 31, 2014 was set at 4.50:1.00. This continues the series of covenant amendments; the filing does not give a reason.
11 Dec 2013drilling progress report▲ Good
On December 10, 2013 the company released an operational update saying October and November field production averaged more than 12,500 Boe per day, with Aneth CO2 injection restored after the reduction that lowered third-quarter output. Its first two Permian Midland Basin horizontal wells averaged 823 Boe/d on 24-hour tests and 549 Boe/d over thirty days, and a Powder River Basin horizontal well peaked at 1,134 Boe/d (up from a preliminary 607) and averaged 679 Boe/d over thirty days. A first Delaware Basin horizontal well in Reeves County, Texas has been drilled to depth and is to be fraced early next year.
18 Nov 2013substantial holder notice● Neutral
KENNETH A. HERSH, NATURAL GAS PARTNERS VII, L.P, RESOLUTE HOLDINGS, LLC reported a Cimarex Resolute LLC shareholding of 7,242,449 shares (8.70% of votes) in a periodic institutional filing.
5 Nov 2013quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $2.7 million for the period ended 2013-09-30.
5 Nov 2013quarterly activities report▼ Bad
Cimarex Resolute LLC reported a quarterly net loss of $2.7 million for the period ended 2013-09-30.
23 Oct 2013substantial holder notice● Neutral
KENNETH A. HERSH, NATURAL GAS PARTNERS VII, L.P, RESOLUTE HOLDINGS, LLC reported a Cimarex Resolute LLC shareholding of 8,142,449 shares (9.70% of votes) in a periodic institutional filing.
24 Sept 2013substantial holder notice● Neutral
KENNETH A. HERSH, NATURAL GAS PARTNERS VII, L.P, RESOLUTE HOLDINGS, LLC reported a Cimarex Resolute LLC shareholding of 8,992,261 shares (10.70% of votes) in a periodic institutional filing.
5 Aug 2013quarterly activities report● Neutral
Cimarex Resolute LLC reported a quarterly net income of $9.0 million for the period ended 2013-06-30.
5 Aug 2013quarterly activities report● Neutral
Cimarex Resolute LLC reported a quarterly net income of $9.0 million for the period ended 2013-06-30.
1 Aug 2013substantial holder notice● Neutral
KENNETH A. HERSH, NATURAL GAS PARTNERS VII, L.P, RESOLUTE HOLDINGS, LLC reported a Cimarex Resolute LLC shareholding of 8,992,261 shares (10.70% of votes) in a periodic institutional filing.
20 May 2013substantial holder notice● Neutral
Sageview Capital Master, L.P, Sageview Capital GenPar, L.P, Sageview Capital MGP, LLC, Edward A. Gilhuly, Scott M. Stuart disclosed a new substantial Cimarex Resolute LLC shareholding (6.30% of votes).