6 July 2004listing compliance notice▼ BadMajor
NUEVO ENERGY CO terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2004listing compliance notice▼ BadMajor
NUEVO ENERGY CO terminated the registration of a class of securities, ending its reporting obligation for them.
24 May 2004listing compliance notice▼ BadMajor
NUEVO ENERGY CO's securities were notified for removal from listing and registration on its exchange.
18 May 2004listing compliance notice▼ BadMajor
NUEVO ENERGY CO terminated the registration of a class of securities, ending its reporting obligation for them.
20 Apr 2004asset acquisition disposition● NeutralMajor
On April 8, 2004 Nuevo signed agreements with Lankan Inc. and Perenco S.A. to sell its Republic of Congo subsidiaries for an estimated $62 million, subject to adjustments. The sale covers a non-operating 50% working interest in the Yombo field, a 50% interest in the floating production vessel and a 50% interest in the Masseko field. It needs third-party and government consents and is expected to close in Q2 2004. The pro forma figures show net proceeds of $56.8 million and an estimated pre-tax gain of $25.6 million, with 2003 revenue falling from $371.3 million to $328.6 million without Congo. This is the Congo sale to Perenco flagged earlier, and it is separate from the pending PXP merger, which this filing does not mention.
8 Apr 2004asset acquisition disposition● NeutralMajor
Nuevo agreed to sell its 50% non-operated interest in the Marine 1 permit offshore Congo - the Yombo and Masseko fields and half of the production vessel serving them - to France's Perenco for $62 million, effective from the start of the year. That was 4,800 barrels a day of 2003 production gone, and it left Nuevo a California and West Texas company.
12 Feb 2004business combination▲ GoodMajor
Nuevo agreed on Feb 12, 2004 to merge into Plains Exploration & Production (PXP) in an all-stock deal: Nuevo holders get 1.765 PXP shares per Nuevo share, which the press release values at $28.05 per share (based on PXP's $15.89 close on Feb 11) and about $945 million in total. PXP would issue about 37.4 million shares and assume $234 million of net debt and $115 million of TECONS (convertible preferred securities); Nuevo holders would own about 47% of the combined company. Both boards approved it, but it still needs both companies' stockholder votes and other customary conditions. The filing also gives 2004 stand-alone guidance (17.0-18.0 MMBOE production, $65-70 million capital spending) and notes a Feb 27, 2004 call to redeem $75 million of 9½% Senior Subordinated Notes.
24 Sept 2002asset acquisition disposition● Neutral
Nuevo refiled its report of the September 18, 2002 Athanor Resources acquisition, this time under the correct acquisitions item (Item 2). The exhibits are incorporated by reference to the September 19 filing, and there is no new information on price or terms.
19 Sept 2002auditor change● NeutralMajor
Nuevo reported that on September 18, 2002 it acquired Athanor Resources, a privately held company, under a merger agreement with its Yorktown-affiliated and other holders. The filing also lists a registration rights agreement with those sellers, which suggests (inference) that Nuevo shares were part of the consideration. The text gives no price, assets or size. The form is labelled as an auditor-change item, but the content is the acquisition.
22 July 2002auditor change● Neutral
On July 22, 2002 Nuevo dismissed Arthur Andersen, which it had appointed in March 2001, and re-appointed KPMG as auditor for 2002, reversing the 2001 switch. It reports no disagreements with Andersen and says Andersen could not provide the required letter to the SEC because of its 'current situation'; the filing does not explain that further.
25 July 2001other● Neutral
Nuevo published a full-year 2001 forecast profit and loss statement: $395.6 million of revenue, with gas revenue expected to fall from $50.7 million in the first quarter to about $34 million across the whole second half. California gas prices had spiked and were now collapsing, and the company was telling investors what that would do to it.
4 Apr 2001auditor change● Neutral
Nuevo refiled its March 2001 auditor-change report with a new KPMG letter dated April 4, 2001. The text is the same except the two years covered by the no-disagreement statement are now stated as ended December 31, 2000 and 1999 (previously 1999 and 1998). It continues the KPMG-to-Andersen change and adds no new substance.
14 Mar 2001auditor change● Neutral
Nuevo told KPMG on March 9, 2001 that its engagement as auditor will end after KPMG reports on the 2000 financials, and the board appointed Arthur Andersen to audit 2001. The filing says there were no disagreements with KPMG and its reports for the prior two years had no adverse or qualified opinion.
16 Feb 2001business combination● Neutral
Nuevo amended its filing for the exchange of its $150 million 9 3/8% notes due 2010, now setting the exchange offer to expire March 20, 2001 unless extended. It also lists updated annual and quarterly reports (10-K/A and 10-Q/A) and two newer 8-Ks as incorporated by reference. This continues the November 2000 filing and changes no terms of the notes.
30 Nov 2000business combination● Neutral
Nuevo filed a registration statement to swap its $150 million of 9 3/8% Senior Subordinated Notes due 2010 (Series A) for identical notes registered with the SEC (Series B). It is a debt exchange only: the terms are substantially identical and the filing shows no change to the company's shares. The notes rank behind senior debt, which was about $103.5 million as of June 30, 2000.