Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2013material agreement▲ GoodMajor
On December 11, 2013 Continental signed Amendment No. 4 to its Union Bank credit agreement. It switched to an Additional Covenant Period (effective December 6), so borrowings no longer have a borrowing base, and the lenders released the oil and gas properties pledged as collateral effective December 12. The company must now keep a ratio of present value to funded debt of at least 1.5 to 1 (down from 1.75), and the pricing grid is now the kind typical for investment-grade companies. This follows through on the rating-based options added in Amendment No. 2 in April 2013. The filing does not state the company's current ratings.
Continental filed its quarterly report for the period ended September 30, 2013, covering its third quarter 2013 results, with 185,754,905 shares outstanding on November 1, 2013.
Continental reported third quarter 2013 net income of $167 million ($0.91 per diluted share) and adjusted net income of $297 million. Record production reached about 141,900 Boe per day, up 5% from the second quarter.
Continental filed its quarterly report for the period ended June 30, 2013, covering its second quarter 2013 results, with 185,638,546 shares outstanding on August 1, 2013.
Continental reported second quarter 2013 net income of $323 million ($1.75 per diluted share) and adjusted net income of $246 million. Record production reached about 135,700 Boe per day, up 12% from the first quarter.
Continental filed the final prospectus dated June 11, 2013 for its offer to exchange up to $1.5 billion of unregistered 4 1/2% senior notes due 2023 for identical registered notes. The exchange offer expires July 12, 2013, unless extended.
Shareholders at the May 23, 2013 annual meeting elected three directors (Hamm, McNabb and Boren), approved the 2013 Long-Term Incentive Plan, and ratified Grant Thornton LLP as auditor for 2013.
Continental filed Amendment No. 1 to its registration statement for swapping up to $1.5 billion of the unregistered 4 1/2% notes due 2023 for identical registered notes. It continues the exchange offer first filed on 4/24/2013; the terms are unchanged and no new money is raised. The filing does not say the registration is effective or that the exchange has completed.
Continental reported first quarter 2013 net income of $141 million ($0.76 per diluted share) and record production of about 121,500 Boe per day, up 14% from the prior quarter. Adjusted net income was $215 million and EBITDAX a record $622 million.
