12 May 2016director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown received 39,526 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2016quarterly activities report● Neutral
LEGACY RESERVES LP reported a quarterly net income of $105.3 million for the period ended 2016-03-31.
4 May 2016quarterly activities report● Neutral
LEGACY RESERVES LP reported a quarterly net income of $105.3 million for the period ended 2016-03-31.
24 Feb 2016debt financing▼ BadMajor
Effective February 19, 2016 Legacy amended its bank credit agreement (Seventh Amendment) with Wells Fargo as agent, cutting the borrowing base from $900 million to $725 million. It also tightened rules on cash sweeps, mortgage coverage (at least 90% of property value) and leverage limits, and set conditions for paying distributions. The amendment allows up to $400 million of secured second lien notes to be issued in exchange for existing senior unsecured notes, and sets limits on buying back preferred units and senior notes. The filing also references a Q4 2015 earnings press release, whose figures are not in the text.
6 Nov 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $90.1 million for the period ended 2015-09-30.
4 Nov 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $90.1 million for the period ended 2015-09-30.
7 Aug 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $38.5 million for the period ended 2015-06-30.
6 Aug 2015asset acquisition disposition● NeutralMajor
On July 31, 2015 Legacy closed both July 3 deals: the $154 million Dew Gathering LLC (WGR) purchase of Texas gas gathering and processing assets, and the $286 million Anadarko oil and gas properties purchase, both subject to customary adjustments. The filing says the required financial statements for the acquisitions will follow later.
5 Aug 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $38.5 million for the period ended 2015-06-30.
9 July 2015material agreement● NeutralMajor
On July 3, 2015 Legacy's operating subsidiary agreed to buy Dew Gathering LLC, which owns natural gas gathering and processing assets in six Texas counties, from WGR Operating LP for $154 million, and oil and gas properties from Anadarko E&P Onshore LLC for $286 million (both subject to customary adjustments). Both deals were expected to close July 31, 2015; the Dew Gathering deal also required clearance of the antitrust waiting period. Together this is $440 million of new purchases, the first acquisition agreements in this record since the Piceance deal in 2014.
8 May 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $228.9 million for the period ended 2015-03-31.
6 May 2015quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $228.9 million for the period ended 2015-03-31.
9 Jan 2015securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
16 Dec 2014business combination● Neutral
Legacy and its finance subsidiary filed a registration statement to swap up to $300 million of the 6.625% senior notes due 2021 issued in May 2014 for identical notes registered with the SEC. This is the registration step for the exchange flagged since the May 2014 issue; the new notes have the same terms but are freely tradable, and interest continues at 6.625% with the next payment June 1, 2015. The filing says the exchange expiry date is still blank and the registration is not yet effective.
9 Dec 2014director officer appointment● NeutralMajor
Cary Brown said he would step down as chief executive and president during the first half of 2015 after running Legacy since its 2005 founding, staying on as chairman. Paul Horne, the operating chief who had led the business from the start, was named successor and added to the board - an internal, pre-announced handover rather than a rupture.
31 Oct 2014quarterly activities report● Neutral
LEGACY RESERVES LP reported a quarterly net income of $63.8 million for the period ended 2014-09-30.
29 Oct 2014quarterly activities report● Neutral
LEGACY RESERVES LP reported a quarterly net income of $63.8 million for the period ended 2014-09-30.
17 Oct 2014securities registration● Neutral
LEGACY RESERVES LP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
8 Oct 2014material agreement● NeutralMajor
On October 3, 2014 Legacy agreed to sell 10,000,000 common units at $27.38 to the public ($26.43 net to Legacy), and the underwriters also exercised their option for 1,500,000 more units. Net proceeds are about $303.6 million, to be used for general purposes including future acquisitions or repaying part of the revolver; closing is scheduled October 8, 2014. This adds new common units, which dilutes existing unitholders' ownership share (inference), and is the first common unit sale in this record since November 2012.
6 Oct 2014securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
2 Oct 2014securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
1 Aug 2014quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $16.5 million for the period ended 2014-06-30.
30 July 2014quarterly activities report▼ Bad
LEGACY RESERVES LP reported a quarterly net loss of $16.5 million for the period ended 2014-06-30.
11 July 2014securities registration● Neutral
LEGACY RESERVES LP registered a securities offering with the SEC using its shelf eligibility.
24 June 2014listing compliance notice▲ GoodMajor
Nasdaq certified LEGACY RESERVES LP's securities for listing, clearing them to begin trading.
16 June 2014material agreement● NeutralMajor
On June 10, 2014 Legacy agreed to sell 7,000,000 8.00% Series B preferred units at $25.00 each ($24.2125 net to Legacy), for about $169.2 million net, closing scheduled June 17, 2014, with a 30-day option for 1,050,000 more. The 8% rate applies until June 15, 2024, then three-month LIBOR plus 5.256%. Proceeds will pay down the revolver and go to general purposes. This is a second preferred class after the April Series A, and ranks ahead of common unitholders for distributions (the Series A filing said preferred is senior to units).
11 June 2014securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
10 June 2014securities registration● Neutral
LEGACY RESERVES LP filed a free-writing prospectus - marketing material for an offering in progress.
10 June 2014securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
4 June 2014asset acquisition disposition● NeutralMajor
On June 4, 2014 Legacy closed the Piceance Basin acquisition from a WPX Energy subsidiary, paying $355.0 million in cash (subject to adjustments) plus 300,000 incentive distribution units, of which 100,000 vested immediately and up to 200,000 more can vest with future transactions with Legacy. Its general partner adopted a Third Amended and Restated partnership agreement creating these units and the new distribution policy, which resolves the pending acquisition and amended-agreement items; the stated asset terms are unchanged from May (over 2,600 wells, 276 Bcfe proved reserves). Units not issued to WPX stay in treasury for the benefit of all limited partners.