Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2005debt financing● NeutralMajor
On October 21, 2005 the company agreed to buy interests in producing properties and undeveloped acreage in four South Texas fields from Kerr-McGee (KMOG Onshore LP) and Westport Oil and Gas for about $163 million cash, with a $16.3 million deposit borrowed on its credit facility and the rest to be borrowed, closing expected by November 30, 2005. The credit facility's borrowing base was raised from $400 million to $450 million, with $200 million borrowed and $22.3 million of letters of credit at October 27, 2005, and the 2005 capital budget was raised from $512 million to $733 million. The facility matures April 1, 2008 and ranks ahead of the $175 million 7% notes. This extends the acquisition-funded-by-bank-debt pattern.
On April 13, 2005 the company hired Jeffrey B. Sherrick as Senior Vice President of Corporate Development, covering mergers, acquisitions, dispositions, reservoir engineering and new prospects. He gets a $275,000 base salary, a bonus target of 55% of salary, and an initial grant of 7,500 restricted shares and 20,000 options; severance on a no-cause exit is 2.99 times annual total compensation (about $1.0 million).
BARCLAYS GLOBAL INVESTORS, NA. and 1 other reported a HOUSTON EXPLORATION CO shareholding of 2,770,448 shares (9.74% of votes) in a periodic institutional filing.
/ APPALOOSA INVESTMENT LIMITED PARTNERS, / PALOMINO FUND LTD, / APPALOOSA MANAGEMENT L.P, / APPALOOSA PARTNERS INC, / DAVID A. TEPPER reported a HOUSTON EXPLORATION CO shareholding of 150,000 shares (0.50% of votes) in a periodic institutional filing.
APPALOOSA INVESTMENT LIMITED PARTNERSHIP I, PALOMINO FUND LTD, APPALOOSA MANAGEMENT L.P, APPALOOSA PARTNERS INC, DAVID A. TEPPER disclosed a new substantial HOUSTON EXPLORATION CO shareholding (7.10% of votes).
1 Nov 2004asset acquisition disposition▲ GoodMajor
The company closed the Orca Energy purchase on October 29, 2004: the $113.5 million price was cut by $3.7 million to a net $109.8 million, funded with $70.0 million borrowed on the revolving credit facility, $28.4 million of cash and the earlier $11.4 million deposit. The properties have estimated proved reserves of 62.5 Bcfe (81% gas), at a 68% average working interest, with the company operating 85% of the reserves. The BP offshore assets ($31.5 million after $1.5 million adjustments) closed September 30, 2004. This resolves the Orca deal announced in September. The filing also records that in June 2004 the company sold 6,200,000 shares for $297.6 million and used the proceeds to buy back and cancel 10,800,000 KeySpan shares, then sold 620,000 more for $29.76 million, and filed a new $477.36 million shelf registration (not yet effective).
On October 22, 2004 the company granted restricted stock and stock options at $59.16 per share to nine executive officers under its 2004 Long-Term Incentive Plan, under their existing employment agreements; the largest award was to William G. Hargett (13,000 restricted shares and 27,000 options). This is routine executive pay, and it shows Hargett among the officers.
On September 17, 2004 the company agreed to buy shallow-water Gulf of Mexico gas and oil properties from Orca Energy, L.P. for about $113.5 million cash, paying an $11.4 million deposit borrowed on its revolving bank credit facility and expecting to fund the rest from cash and more borrowings; closing is expected by October 29, 2004. The same release announces a $31.5 million purchase of offshore producing assets from BP Exploration & Production Inc., expected to close around September 30, 2004. This continues the Gulf of Mexico buying that began with Transworld in October 2003.
On August 12, 2004 the board declared a dividend of one preferred share purchase right per common share, payable August 23, 2004, under a Rights Agreement with The Bank of New York. Rights become exercisable if a person or group acquires 10% or more of the stock (KeySpan only above 24%); 28,062,004 common shares were outstanding.
KeySpan Corporation, KeySpan Energy Corporation, THEC Holdings Corp. reported a HOUSTON EXPLORATION CO shareholding of 6,580,392 shares (24.00% of votes) in a periodic institutional filing.
KeySpan Corporation, KeySpan Energy Corporation, THEC Holdings Corp. reported a HOUSTON EXPLORATION CO shareholding of 17,380,392 shares (55.00% of votes) in a periodic institutional filing.
The company filed a third amendment to its registration for swapping its $175 million of 7% senior subordinated notes due 2013 for registered, freely tradeable ones. The terms are the same as before and the excerpt shows no new financial development; the exchange offer is still not shown as completed (expiry date left blank in the draft).
The company filed a second amendment to its registration for exchanging the $175 million 7% senior subordinated notes due 2013 for registered ones. The excerpt shows the same terms as before, with no new financial development; the exchange offer has still not been completed.
29 Oct 2003asset acquisition disposition▲ GoodMajor
The company completed its purchase of Transworld Exploration and Production's shallow-water Gulf of Mexico properties on October 15, 2003, for a net $149 million (after a $6 million reduction from the $155 million price), paid with $24 million of cash and $125 million borrowed under its revolving bank credit facility. The properties have estimated proved reserves of 91.5 Bcfe at July 1, 2003 and about 35 million cubic feet equivalent per day of production; Houston Exploration will operate 97 percent of the reserves at an average 65 percent working interest. This adds Gulf of Mexico reserves and increases bank borrowings.
The company filed a first amendment to its registration for exchanging the $175 million 7% senior subordinated notes due 2013 for registered ones. The excerpt shows the same terms as the original, with no new financial development; the exchange offer remains not yet effective.
