18 May 2021material agreement● Neutral
More upstream wellbores went, this time in Zavala and Dimmit Counties to Bayshore Energy for about $1.4 million. Evolve is now purely infrastructure, by disposal rather than by design.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2021quarterly activities report▼ Bad
Evolve Transition Infrastructure LP reported quarterly revenue of $9.3 million and a net loss of $34.8 million for the period ended 2021-03-31.
4 May 2021director interest notice● Neutral
Evolve Transition Infrastructure LP insider Stonepeak Catarina Holdings LLC received 13,763,249 shares as part of the equity award.
4 May 2021substantial holder notice● Neutral
SP COMMON EQUITY SUBSIDIARY LLC, STONEPEAK CATARINA HOLDINGS LLC, STONEPEAK TEXAS MIDSTREAM HOLDCO LLC, STONEPEAK CATARINA UPPER HOLDINGS LLC, STONEPEAK ASSOCIATES LLC, STONEPEAK GP HOLDINGS LP, STONEPEAK GP INVESTORS LLC, STONEPEAK GP INVESTORS MANAGER LLC, MICHAEL DORRELL reported a Evolve Transition Infrastructure LP shareholding of 61,133,676 shares (78.60% of votes) in a periodic institutional filing.
4 May 2021listing compliance notice▼ BadMajor
Evolve sold the Palmetto wellbores - the assets it bought from Sanchez Energy for $85 million in 2015 - to Westhoff for about $11.5 million, and disclosed a further listing deficiency in the same filing. A six-year round trip from $85 million to $11.5 million.
28 Apr 2021director interest notice● Neutral
Evolve Transition Infrastructure LP Chief Executive Officer Gerald F Willinger sold 207,974 shares.
26 Apr 2021material agreement▲ Good
Evolve agreed to provide gas lift services to Mesquite Energy on the Piloncillo Ranch for a per-thousand-cubic-foot fee - a small extension of the relationship with its post-bankruptcy main customer.
23 Apr 2021director interest notice● Neutral
Evolve Transition Infrastructure LP Chief Executive Officer Gerald F Willinger sold 10,152 shares.
20 Apr 2021material agreement▼ Bad
Now renamed Evolve Transition Infrastructure, the partnership set up a $7 million market issuance programme with Virtu. The size tells the story: the equivalent facility in 2015 was $100 million.
20 Apr 2021securities registration● Neutral
Evolve Transition Infrastructure LP filed a prospectus supplement for an offering off its existing shelf.
24 Mar 2021director interest notice● Neutral
Evolve Transition Infrastructure LP Chief Executive Officer Gerald F Willinger sold 320,598 shares at $1.73.
22 Mar 2021director interest notice● Neutral
Evolve Transition Infrastructure LP Chief Executive Officer Gerald F Willinger acquired 1,160,714 shares and disposed of 174,221 in a set of related equity transactions.
22 Mar 2021director interest notice● Neutral
Evolve Transition Infrastructure LP CFO and Secretary Charles C Ward received 491,071 shares as part of the equity award.
19 Mar 2021securities registration● Neutral
Evolve Transition Infrastructure LP registered a securities offering with the SEC using its shelf eligibility.
2 Mar 2021director interest notice● Neutral
Evolve Transition Infrastructure LP insider Stonepeak Catarina Holdings LLC disposed of 140,647 shares via option/appreciation-right settlement.
1 Mar 2021director interest notice● Neutral
Evolve Transition Infrastructure LP insider Antonio R Sanchez III disposed of 140,647 shares via option/appreciation-right settlement.
26 Feb 2021capital raising announcement▼ Bad
Stonepeak's warrant over junior securities was amended again. These amendments recur every few months from here on, each one extending or adjusting a claim that ultimately delivered Stonepeak control of the partnership.
12 Feb 2021substantial holder notice● Neutral
Invesco Ltd reported a Evolve Transition Infrastructure LP shareholding of 1,747,546 shares (8.80% of votes) in a periodic institutional filing.
5 Feb 2021substantial holder notice● Neutral
Gerald F. Willinger reported a Evolve Transition Infrastructure LP shareholding of 1,092,512 shares (2.00% of votes) in a periodic institutional filing.
2 Feb 2021business combination▼ BadMajor
Amendment No. 2 to Stonepeak's going-private disclosure updates the numbers: on February 1, 2021 Stonepeak received 22,274,869 common units as payment of its Q3 2020 preferred distribution, and on January 28, 2021 it elected to take 12,445,491 more for Q4 2020. Outstanding common units were 42,228,749, of which Stonepeak held 27,318,599 (about 64.7%). After the Q4 payment it would hold 39,764,090 (about 72.7%, or 75.5% if it exercised its warrant). The filing says the 80% threshold for the forced buyout of public holders could be reached as early as Q1 2021. The illustrative $0.62 per unit price is unchanged, and Stonepeak had not exercised the warrant or the call right.
2 Feb 2021capital raising announcement▼ BadMajor
On February 1, 2021, the partnership issued 22,274,869 common units to Stonepeak as its Class C preferred distribution for the third quarter of 2020, instead of cash or more preferred units. On January 28, 2021 Stonepeak also elected to take 12,445,491 common units for the fourth quarter.
1 Feb 2021director interest notice● Neutral
Evolve Transition Infrastructure LP insider Stonepeak Catarina Holdings LLC received 34,720,360 shares as part of the equity award.
1 Feb 2021substantial holder notice● Neutral
SP COMMON EQUITY SUBSIDIARY LLC, STONEPEAK CATARINA HOLDINGS LLC, STONEPEAK TEXAS MIDSTREAM HOLDCO LLC, STONEPEAK CATARINA UPPER HOLDINGS LLC, STONEPEAK ASSOCIATES LLC, STONEPEAK GP HOLDINGS LP, STONEPEAK GP INVESTORS LLC, STONEPEAK GP INVESTORS MANAGER LLC, MICHAEL DORRELL reported a Evolve Transition Infrastructure LP shareholding of 45,947,272 shares (75.50% of votes) in a periodic institutional filing.
30 Dec 2020material agreement▲ Good
The partnership settled a group of lawsuits involving Dimension Energy Services, Sunbelt, Sanchez Oil & Gas and Mesquite Energy - the renamed, post-bankruptcy Sanchez Energy - clearing litigation inherited from the Sanchez era.
28 Dec 2020business combination▼ Bad
Amendment No. 1 to the Stonepeak going-private disclosure from December 11, 2020. In the visible text it repeats the earlier terms with figures updated to December 18, 2020: 19,953,880 common units outstanding, Stonepeak at 5,043,730 (about 25.3%), about 64.7% after the Q3 2020 payment in units, and a possible 80% crossing as early as Q1 2021. The illustrative $0.62 per unit call price is also unchanged. No call has been exercised. The rest of the filing is truncated, so any other changes are not visible.
11 Dec 2020business combination▼ BadMajor
Stonepeak Catarina and affiliates, with the partnership (now Sanchez Midstream Partners LP) and its general partner, filed a going-private disclosure on an agreement dated November 16, 2020, letting Stonepeak take its Class C preferred distributions in common units. Stonepeak owns 5,043,730 of 19,953,880 common units (about 25.3%) and would hold about 64.7% after the third-quarter 2020 payment in units. Stonepeak could pass 80% as early as Q1 2021, which would let it have the general partner buy all remaining common units under the limited call right; the filing's illustrative price is $0.62 per unit (about $9.2 million for the rest). No call has been exercised yet. This puts the eventual forced buyout of public holders on the table and links back to the Stonepeak preferred funding from 2015 and its 2019 restructuring.
27 Nov 2020director interest notice● Neutral
Stonepeak Texas Midstream Holdco LLC became a Evolve Transition Infrastructure LP company insider (initial ownership filing).
18 Nov 2020substantial holder notice● Neutral
SP COMMON EQUITY SUBSIDIARY LLC, STONEPEAK CATARINA HOLDINGS LLC, STONEPEAK TEXAS MIDSTREAM HOLDCO LLC, STONEPEAK CATARINA UPPER HOLDINGS LLC, STONEPEAK ASSOCIATES LLC, STONEPEAK GP HOLDINGS LP, STONEPEAK GP INVESTORS LLC, STONEPEAK GP INVESTORS MANAGER LLC, MICHAEL DORRELL, TRENT VICHIE reported a Evolve Transition Infrastructure LP shareholding of 7,369,094 shares (33.10% of votes) in a periodic institutional filing.
16 Nov 2020quarterly activities report▼ Bad
Evolve Transition Infrastructure LP reported quarterly revenue of $10.7 million and a net loss of $24.6 million for the period ended 2020-09-30.
9 Nov 2020debt financing▼ Bad
The credit facility was amended again, further reducing the commitment. The lenders were steadily shrinking their exposure rather than exiting.