12 Mar 2015material agreement● Neutral
Set up a new at-the-market program covering up to $400 million of common units plus its three preferred series, as commodity prices stayed weak into 2015.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2014asset acquisition disposition● NeutralMajor
Vanguard closed its purchase of Piceance Basin (Colorado) natural gas, oil and liquids assets from Bill Barrett Corporation on September 30, 2014, for an adjusted $508.7 million, funded by credit facility borrowings. The assets carry about 389 billion cubic feet equivalent of proved reserves (about 77% natural gas, 79% proved developed) and produce about 67 million cubic feet equivalent per day. The press release says the borrowing base rose from $1.525 billion to $2.0 billion and liquidity was above $620 million, while the purchase adds to the debt balance.
22 Sept 2014listing compliance notice▲ GoodMajor
Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.
16 Sept 2014material agreement▲ GoodMajor
Agreed to a second, larger deal with Bill Barrett Corporation - $525 million for the rest of its Piceance Basin gas assets in Colorado - just as oil prices began sliding sharply that autumn.
15 Sept 2014material agreement● Neutral
Issued 4.6 million 7.75% Series C preferred units at $25 each, raising about $96.6 million to pay down debt - its third preferred series.
4 Sept 2014asset acquisition disposition● Neutral
Vanguard corrected its earlier filing on the Hunt Oil North Louisiana and East Texas purchase. The buyer was Vanguard Operating, LLC, not Vanguard Permian, LLC, because an August 29, 2014 amendment assigned the purchase agreement to Vanguard Operating and set the closing date at August 29. The deal terms are unchanged: $274.7 million, funded by credit facility borrowings and unit sales under the at-the-market program. This is a housekeeping correction.
2 Sept 2014asset acquisition disposition● NeutralMajor
Vanguard closed its purchase of natural gas, oil and liquids assets in North Louisiana and East Texas from Hunt Oil Company on August 29, 2014, for an adjusted $274.7 million. It was funded by credit facility borrowings plus proceeds from selling common and preferred units under its at-the-market program, so existing unitholders were diluted somewhat. The assets carry about 150 billion cubic feet equivalent of proved reserves (about 57% proved developed) and produce about 18 million cubic feet equivalent per day. The press release says borrowings were $950 million with about $575 million undrawn on the credit facility after financing.
7 Aug 2014material agreement▲ GoodMajor
Agreed to buy $278 million of natural gas, oil and NGL assets in North Louisiana and East Texas from Hunt Oil Company.
2 May 2014material agreement● NeutralMajor
Expanded its credit facility's maximum size to $3.5 billion and its borrowing base to $1.525 billion, reflecting how large the reserve base had grown through years of acquisitions - just months before oil prices began falling that fall.
11 Mar 2014listing compliance notice▲ GoodMajor
Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.
10 Mar 2014material agreement● Neutral
Issued 8.05 million 7.625% Series B preferred units at $25 each, raising about $169.2 million to pay down debt - its second preferred-equity tranche in under a year.
3 Feb 2014asset acquisition disposition● NeutralMajor
Vanguard closed its purchase of natural gas and oil assets in the Pinedale and Jonah fields in southwestern Wyoming on January 31, 2014, for an adjusted $549.1 million, funded by borrowing on its existing reserve-based credit facility. The filing calls the seller 'unnamed'. The assets carry about 847 billion cubic feet equivalent of proved reserves (about 79% natural gas, 43% proved developed) and produce about 113 million cubic feet equivalent per day. This completes the Pinedale/Jonah deal and adds to credit facility debt.
30 Dec 2013material agreement▲ GoodMajor
Agreed to its biggest deal yet - $581 million for natural gas assets in Wyoming's Pinedale and Jonah fields - continuing an aggressive multi-year acquisition run funded mostly with new debt and equity.
26 Nov 2013material agreement termination● Neutral
Replaced its at-the-market program with a larger one covering up to $500 million of common units and $250 million of Series A preferred units, terminating the older Knight Capital agreement in the process.
1 July 2013listing compliance notice▲ GoodMajor
Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.
18 June 2013material agreement● NeutralMajor
Issued its first preferred equity - 2.52 million 7.875% Series A cumulative preferred units at $25 each, raising about $60.8 million to pay down debt - adding a higher-cost layer to its capital structure alongside common units and bonds.
4 June 2013material agreement● Neutral
Sold up to 8.05 million common units at $28.35 each in another underwritten equity offering.
22 Apr 2013listing compliance notice▲ GoodMajor
Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.
22 Apr 2013listing compliance notice▼ BadMajor
Grizzly Energy, LLC's securities were notified for removal from listing and registration on its exchange.
11 Apr 2013listing compliance notice● Neutral
Voluntarily moved its listing from the NYSE to the NASDAQ Global Select Market, continuing to trade under ticker VNR - another listing-venue change, not a compliance issue.
2 Apr 2013asset acquisition disposition● NeutralMajor
Vanguard closed its purchase of Permian Basin gas, oil and liquids assets in southeast New Mexico and West Texas from Range Resources on April 1, 2013, for an adjusted $268.8 million, funded by borrowing on its existing reserve-based credit facility. The assets carry about 137 billion cubic feet equivalent of proved reserves (about 43% natural gas, 78% proved developed) and produce about 17 million cubic feet equivalent per day. It continues the acquisition strategy and adds to credit facility debt.
4 Mar 2013material agreement▲ GoodMajor
Agreed to buy $275 million of Permian Basin gas, oil and NGL assets in New Mexico and West Texas from Range Resources.
5 Feb 2013material agreement● Neutral
Sold 9.2 million common units (over-allotment fully exercised) at $27.85 each, continuing to fund acquisitions with public equity.
3 Jan 2013asset acquisition disposition● NeutralMajor
Vanguard closed its purchase of natural gas and liquids assets in Colorado's Piceance Basin and Wyoming's Powder River and Wind River Basins from Bill Barrett Corporation on December 31, 2012, for an adjusted $328.8 million, funded by borrowing on its existing reserve-based credit facility. The assets carry about 300 billion cubic feet equivalent of proved reserves (about 86% natural gas, 80% proved developed) and produce about 65 million cubic feet equivalent per day. It continues the acquisition strategy and adds to the credit facility debt.
26 Dec 2012material agreement termination▼ Bad
Lost the $131 million Montana Bakken acquisition after a third party exercised its preferential right to buy the assets instead - a rare deal announced weeks earlier that didn't close.
15 Nov 2012material agreement▲ GoodMajor
Agreed to buy non-operated Bakken oil assets in Montana for $131.0 million, currently producing about 1,100 barrels of oil equivalent a day, effective 1 August 2012 and due to close by year end. The 8-K text calls the seller undisclosed, but the purchase and sale agreement filed with it names Halliburton Energy Services. A third party holds a pre-emptive right to buy the assets instead, expiring 30 days after notice.
5 Nov 2012material agreement▲ GoodMajor
Agreed to buy $335 million of natural gas assets in Colorado's Piceance Basin and Wyoming's Powder River and Wind River basins from Bill Barrett Corporation.
9 Oct 2012debt financing● Neutral
Issued an additional $200 million of its 7.875% 2020 notes as an add-on to the April offering, using proceeds to pay down credit-facility borrowings.
17 Sept 2012material agreement● Neutral
Sold 6.9 million common units (including a fully exercised over-allotment) at $27.51 each, its largest common-unit offering to date.
10 July 2012material agreement● Neutral
Increased its credit facility borrowing base to $975 million from $670 million and added two new lenders, absorbing the debt drawn for the Antero acquisition.