9 Feb 2015quarterly activities report▼ Bad
Energy XXI Ltd reported a quarterly net loss of $276.0 million for the period ended 2014-12-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2015quarterly activities report▼ Bad
Energy XXI Ltd reported a quarterly net loss of $276.0 million for the period ended 2014-12-31.
2 Feb 2015substantial holder notice● Neutral
BlackRock, Inc reported a Energy XXI Ltd shareholding of 5,346,175 shares (5.70% of votes) in a periodic institutional filing.
4 Dec 2014auditor change● Neutral
Energy XXI's auditor UHY LLP resigned after its Texas practice was acquired by BDO USA, which took over as the company's auditor with no disagreements reported.
14 Nov 2014capital raising announcement● Neutral
Energy XXI (now renamed Energy XXI Ltd) filed its Gulf Coast subsidiary's routine Q1 FY2015 financial statements, now signed by new CFO Bruce Busmire in place of longtime CFO David West Griffin.
6 Nov 2014quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $27.2 million for the period ended 2014-09-30.
6 Nov 2014quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $27.2 million for the period ended 2014-09-30.
9 Sept 2014debt financing▼ BadMajor
As oil prices began falling in late 2014, Energy XXI needed its lenders to loosen its leverage covenant from 3.5x to 4.25x EBITDA (stepping back down to 4.0x by mid-2015), having already required a waiver for the prior two quarters - the first sign of covenant strain since the EPL acquisition pushed leverage to its peak.
3 Sept 2014capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2014 annual financial statements, by now covering four outstanding series of senior unsecured notes (2017, 2019, 2021 and 2024) totaling $2.15 billion face value, required under the notes' indentures.
15 Aug 2014quarterly activities report▼ Bad
Energy XXI Ltd reported a quarterly net loss of $15.4 million for the period ended 2014-06-30.
4 June 2014asset acquisition disposition▲ GoodMajor
The EPL Oil & Gas acquisition closed June 3, 2014, and Energy XXI's credit facility borrowing base was pushed to an all-time high of $1.5 billion, including a $475 million subfacility EPL immediately drew to refinance its own existing debt. This marked the peak of Energy XXI's leveraged growth-by-acquisition strategy - built up over four years of cheap credit, just as oil prices were about to turn down sharply in the second half of 2014.
29 May 2014debt financing▲ GoodMajor
Energy XXI Gulf Coast closed the $650 million 6.875% notes offering, completing the bond financing for the EPL acquisition just before it closed.
15 May 2014material agreement▲ GoodMajor
Energy XXI Gulf Coast priced $650 million of 6.875% senior unsecured notes due 2024 - upsized from an originally planned $300 million - to help fund the EPL Oil & Gas acquisition.
8 May 2014capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 FY2014 financial statements required under its senior notes indentures.
1 May 2014quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $6.3 million for the period ended 2014-03-31.
30 Apr 2014quarterly activities report● Neutral
Energy XXI Ltd reported a quarterly net income of $6.3 million for the period ended 2014-03-31.
21 Apr 2014business combination● NeutralMajor
Energy XXI and EPL issued the final joint proxy statement/prospectus for the EPL merger, dated April 21, 2014 and first mailed on or about April 23. Terms are unchanged: EPL holders choose 0.584 share plus $25.35 cash, $39.00 cash, or 1.669 shares, prorated to about 65% cash and 35% stock, with existing Energy XXI holders owning about 75% afterwards. Energy XXI shareholders vote on May 30, 2014 on issuing the shares and on electing Scott A. Griffiths as a class II director. Executive officers and directors holding about 3.9% have agreed to vote in favour.
21 Apr 2014securities registration● Neutral
Energy XXI Ltd filed the final prospectus for a registered offering.
17 Apr 2014business combination● Neutral
Amendment No. 2 to the EPL merger registration statement was filed only to add Exhibits 99.1 and 99.2 and restate the exhibit list. The joint proxy statement/prospectus is unchanged and omitted, so there are no new deal terms; the rest is standard indemnification wording for directors and officers and standard undertakings.
15 Apr 2014business combination● Neutral
Amendment No. 1 to the EPL merger registration statement repeats the same deal terms and fills in details: the Energy XXI shareholder vote was set for May 30, 2014 with an April 21, 2014 record date, and Energy XXI insiders hold about 3.9% of its shares. It continues the EPL merger process with no change to the stated consideration.
14 Apr 2014business combination● Neutral
Energy XXI and EPL Oil & Gas set May 30, 2014 special shareholder meetings to vote on the pending merger.
7 Apr 2014debt financing▲ GoodMajor
Energy XXI's credit facility borrowing base rose again to $1.2 billion (from $1.0875 billion), and the agreement was updated to accommodate the 7.50% notes and expand unsecured-debt capacity - building balance-sheet room ahead of the EPL Oil & Gas acquisition.
7 Apr 2014business combination● Neutral
Energy XXI launched a consent solicitation to amend definitions in EPL Oil & Gas's existing bond indenture, a procedural step needed to complete the pending merger.
1 Apr 2014business combination● NeutralMajor
Energy XXI filed its registration statement for the planned acquisition of EPL Oil & Gas under a March 12, 2014 merger agreement. EPL holders would receive about 65% cash and 35% Energy XXI stock, with options such as 0.584 share plus $25.35 cash, or $39.00 cash, or 1.669 shares; existing Energy XXI holders were expected to own about 75% afterwards. A shareholder vote on issuing the shares was required. This is the deal that later closed in June 2014.
13 Mar 2014business combination▲ GoodMajor
Energy XXI agreed to acquire EPL Oil & Gas in a cash-and-stock merger, with EPL shareholders able to choose between roughly $39.00 cash per share or Energy XXI stock (pro-rated to a 65% cash / 35% stock overall mix), expanding its board to seven directors to add an EPL representative - a major scale-up of its Gulf of Mexico shelf position just as oil prices were near their post-2010 highs.
13 Mar 2014business combination▲ Good
Energy XXI and EPL Oil & Gas's officers and directors signed voting agreements backing the merger, and the companies began the S-4 registration process required before shareholders could vote.
25 Feb 2014capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 FY2014 financial statements required under its senior notes indentures.
14 Feb 2014substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, S.A.C. Capital Associates, LLC, Steven A. Cohen reported a Energy XXI Ltd shareholding of 0.10% of votes in a periodic institutional filing.
14 Feb 2014substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, S.A.C. Capital Associates, LLC, Steven A. Cohen reported a Energy XXI Ltd shareholding of 0.10% of votes in a periodic institutional filing.
13 Feb 2014substantial holder notice● Neutral
Fir Tree Inc disclosed a new substantial Energy XXI Ltd shareholding (8.80% of votes).