3 Jan 2011director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $28.80.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Dec 2010asset acquisition disposition▲ GoodMajor
Legacy completed the Permian Basin purchase from a Concho Resources subsidiary on December 22, 2010 for $103.3 million in cash, subject to post-closing adjustments. This is slightly below the $105 million contract price announced in November and completes that pending deal.
1 Dec 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $26.20.
23 Nov 2010material agreement● NeutralMajor
Legacy sold 3,000,000 new units at $25.36 each ($24.29 net of underwriting discount), and the underwriters exercised their option in full for 450,000 more, for 3,450,000 units in total, closing November 23, 2010. This follows the January 2010 offering at $20.42 and means further dilution for existing unitholders; the filing does not state the use of proceeds (inference: it may relate to the pending Concho acquisition, but the text does not say so).
18 Nov 2010securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
17 Nov 2010securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
10 Nov 2010material agreement▲ GoodMajor
On November 5, 2010 Legacy agreed to buy Permian Basin oil and gas properties from a Concho Resources subsidiary (COG Operating LLC) for $105 million, expected to close around December 22, 2010 and to be funded by borrowings under its existing credit facility. The properties produce 1,419 barrels of oil equivalent per day (47% oil), have estimated proved reserves of 5.8 MMBoe, and over 95% sit near Legacy's existing operations. Legacy also entered crude oil swaps for 2011-2015 (209,698 barrels in 2011 at $88.90, falling to 145,051 barrels in 2015 at $90.50), described as tied to the acquisition and recent development activity.
5 Nov 2010quarterly activities report▼ Bad
LEGACY RESERVES LP reported quarterly revenue of $52.8 million and a net loss of $20.2 million for the period ended 2010-09-30.
4 Nov 2010quarterly activities report▼ Bad
LEGACY RESERVES LP reported quarterly revenue of $52.8 million and a net loss of $20.2 million for the period ended 2010-09-30.
1 Nov 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $25.91.
4 Oct 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $24.66.
1 Sept 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $23.05.
24 Aug 2010director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann sold 11,250 shares at $23.10.
6 Aug 2010quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $51.6 million and net income of $39.4 million for the period ended 2010-06-30.
5 Aug 2010quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $51.6 million and net income of $39.4 million for the period ended 2010-06-30.
3 Aug 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $24.50.
2 July 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $22.31.
9 June 2010director interest notice● Neutral
LEGACY RESERVES LP Treasurer James R Lawrence received a stock option grant for 25,000 shares.
9 June 2010director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence bought 1,500 shares on the open market at $21.81.
9 June 2010director interest notice● Neutral
James R Lawrence became a LEGACY RESERVES LP Treasurer and company insider (initial ownership filing).
3 June 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett sold 5,000 shares at $21.62.
25 May 2010director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown received 2,215 shares as part of the equity award.
25 May 2010director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence received 2,215 shares as part of the equity award.
25 May 2010director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann received 2,215 shares as part of the equity award.
25 May 2010director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry received 2,215 shares as part of the equity award.
25 May 2010director interest notice● Neutral
LEGACY RESERVES LP director William D Sullivan received 2,215 shares as part of the equity award.
5 Apr 2010material agreement▲ GoodMajor
Legacy amended its March 2009 bank credit facility effective March 31, 2010, raising the borrowing base from $340 million to $410 million. The amendment also lets Legacy issue up to $250 million of senior notes (which would cut the borrowing base by 25% of the notes' face value, or $62.5 million for a full $250 million) and keeps hedging counterparties that leave the lender group secured alongside the lenders. This follows the Wyoming acquisition, for which an interim borrowing base increase had been requested; the filing does not mention Wyoming, so linking the two is an inference.
18 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown gifted 250,000 shares.
15 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP EVP of Operations Paul T Horne exercised stock options for 20,000 shares and disposed of 40,000 shares.
15 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP EVP of Bus Dev and Land Kyle A Mcgraw exercised stock options for 20,000 shares and disposed of 40,000 shares.