10 Aug 2020quarterly activities report▼ Bad
Extraction Oil & Gas, Inc. reported quarterly revenue of $63.1 million and a net loss of $291.9 million for the period ended 2020-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2020debt financing● Neutral
The company disclosed the terms of its bankruptcy loan: a Superpriority Senior Secured DIP Credit Agreement signed June 16, 2020 with Wells Fargo as agent, giving up to $50.0 million for general corporate needs during Chapter 11. It matures on the earliest of several events, including Dec 14, 2020 (extendable to March 14, 2021 with lender approval) or the effective date of a plan. A July 20, 2020 amendment extended certain milestones and adjusted budget and drawing provisions. This fills in the DIP facility whose terms were truncated earlier.
8 July 2020substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Capital Services LLC reported a Extraction Oil & Gas, Inc. shareholding of 1,754,636 shares (1.30% of votes) in a periodic institutional filing.
1 July 2020listing compliance notice● NeutralMajor
Extraction Oil & Gas, Inc.'s exchange filed to remove a class of its securities from listing.
30 June 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. President & CEO Matthew R Owens sold 1,248,668 shares.
26 June 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. President & CEO Matthew R Owens sold 1,248,668 shares.
25 June 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. President & CEO Matthew R Owens disposed of 1,248,668 shares.
23 June 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. President & CEO Matthew R Owens sold 624,334 shares.
23 June 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. director Marvin M Chronister sold 31,553 shares at $0.38.
17 June 2020listing compliance notice▼ BadMajor
Because of the Chapter 11 filing, Nasdaq notified the company on June 16, 2020 that its stock will be delisted at the open on June 25, 2020. The company chose not to appeal, and shares are expected to trade on the OTC Pink market as 'XOGQ' from that day. The bankruptcy court also set notice procedures for certain trades of, and worthlessness tax declarations on, the company's common and preferred shares. This resolves the earlier minimum-bid notice in the sense that it replaces it with a delisting.
15 June 2020bankruptcy or receivership▼ BadMajor
On June 14, 2020 Extraction and certain subsidiaries filed for Chapter 11 in Delaware and signed a Restructuring Support Agreement with significant holders of its 2024 and 2026 senior notes. The plan would either be a sale/merger with a third party or a stand-alone restructuring. Under the stand-alone terms, the senior notes and general unsecured claims get 97% of the new equity, while existing common and preferred holders get 1.5% of new equity plus 50% each of two new warrant tranches (10% and 5% of new stock). Existing shares would be cancelled. Credit facility lenders would be reinstated or paid in full. The plan is targeted for confirmation within 123 days. The plan is not yet confirmed. This is the outcome of the debt and listing pressures seen earlier in 2020.
11 May 2020quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $165.2 million and net income of $2.9 million for the period ended 2020-03-31.
11 May 2020quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $165.2 million and net income of $2.9 million for the period ended 2020-03-31.
4 May 2020director interest notice● Neutral
Extraction Oil & Gas, Inc. VP, Gen Counsel & Corp Sec Eric J Christ had 5,498 shares withheld for taxes on vesting stock.
9 Apr 2020substantial holder notice● Neutral
BlackRock, Inc reported a Extraction Oil & Gas, Inc. shareholding of 6,019,244 shares (4.40% of votes) in a periodic institutional filing.
2 Apr 2020listing compliance notice▼ BadMajor
Nasdaq told the company on March 30, 2020 that its stock had closed below $1.00 for 30 straight business days. There is no immediate effect on trading; the company has until September 28, 2020 to get the price back to $1.00 or above for ten consecutive business days, with a possible further 180 days if it moves to the Nasdaq Capital Market.
14 Feb 2020substantial holder notice● Neutral
Capital World Investors ** reported no remaining Extraction Oil & Gas, Inc. shareholding in its periodic institutional filing.
14 Feb 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett disclosed a new substantial Extraction Oil & Gas, Inc. shareholding (0.00% of votes).
13 Feb 2020substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Capital Services LLC reported a Extraction Oil & Gas, Inc. shareholding of 11,670,022 shares (8.40% of votes) in a periodic institutional filing.
10 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a Extraction Oil & Gas, Inc. shareholding of 12,531,931 shares (9.00% of votes) in a periodic institutional filing.
28 Jan 2020substantial holder notice● Neutral
THE GOLDMAN SACHS GROUP, INC., GOLDMAN SACHS & CO. LLC disclosed a new substantial Extraction Oil & Gas, Inc. shareholding (7.80% of votes).
23 Dec 2019financial restatement▼ BadMajor
On December 17, 2019 the company concluded its financial statements for the quarter and nine months ended September 30, 2019 can no longer be relied on. It had wrongly identified the end date of a revenue contract with an automatic renewal clause; the correct earlier date lowers revenue and net income. It also found a material weakness in internal controls and will restate the filing. No restated figures are given.
8 Nov 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $176.9 million and net income of $33.9 million for the period ended 2019-09-30.
8 Nov 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $176.9 million and net income of $33.9 million for the period ended 2019-09-30.
7 Nov 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $176.9 million and net income of $33.9 million for the period ended 2019-09-30.
7 Nov 2019debt financing▼ BadMajor
On November 4, 2019 the borrowing base was cut from $1.1 billion to $950 million, and lender commitments were reduced from $1.0 billion to $950 million. This reverses the commitment increases made in June and August 2019. The filing gives no reason.
7 Nov 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $176.9 million and net income of $33.9 million for the period ended 2019-09-30.
30 Aug 2019debt financing● Neutral
Amendment No. 8 (Aug 28, 2019) increased lender commitments under the credit facility from $900 million to $1 billion. No other changes are described.
1 Aug 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $222.1 million and net income of $43.4 million for the period ended 2019-06-30.
1 Aug 2019quarterly activities report● Neutral
Extraction Oil & Gas, Inc. reported quarterly revenue of $222.1 million and net income of $43.4 million for the period ended 2019-06-30.