10 Feb 2010substantial holder notice● Neutral
Capital World Investors ** disclosed a new substantial PETROHAWK ENERGY CORP shareholding (6.10% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $237.9 million and a net loss of $40.2 million for the period ended 2009-09-30.
5 Nov 2009asset acquisition disposition● NeutralMajor
On October 30, 2009 Petrohawk closed the sale of its Permian Basin properties for $376 million in cash before closing adjustments, with $37.6 million already received as a deposit. The buyer is described only as a privately-owned company; the agreement named Merit Management Partners I, L.P. The borrowing base was cut by $200 million to $1.18 billion, and $36 million was drawn on the revolver. The pro forma balance sheet shows $338.4 million received by a qualified intermediary, linking to the earlier open thread on like-kind exchange funds.
5 Nov 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $237.9 million and a net loss of $40.2 million for the period ended 2009-09-30.
20 Oct 2009debt financing▼ BadMajor
On October 14, 2009 Petrohawk replaced its September 2008 credit agreement with a Fourth Amended and Restated $2.0 billion revolver, with an initial available borrowing base of $1.38 billion that falls to $1.18 billion when the Permian sale closes. Borrowing costs rise sharply: LIBOR plus 2.25-3.25%, versus 1.25-2.00% before. The facility still matures July 1, 2013 and is secured by first-priority liens on substantially all assets.
23 Sept 2009material agreement● NeutralMajor
On September 18, 2009 Petrohawk agreed to sell its Permian Basin properties to Merit Management Partners I, L.P. for $376 million in cash, subject to adjustments, with closing expected by October 30, 2009. The properties had 177 Bcfe of estimated proved reserves at December 31, 2008 and produce about 30 MMcfe/d. This is the Permian position earlier planned for an MLP that was delayed in January 2008; the filing does not say why it is being sold outright.
7 Aug 2009material agreement▼ BadMajor
On August 5, 2009 Petrohawk agreed to sell 25,000,000 new common shares to underwriters led by Barclays Capital and J.P. Morgan, with a 30-day option for 3,750,000 more. Net proceeds are estimated at about $549.1 million excluding the option, with closing expected around August 11, 2009. This is another dilutive share issue after the February 2009 offering; the filing does not state the use of proceeds.
6 Aug 2009securities registration● Neutral
PETROHAWK ENERGY CORP filed the final prospectus for a registered offering.
4 Aug 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $227.3 million and a net loss of $22.0 million for the period ended 2009-06-30.
4 Aug 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $227.3 million and a net loss of $22.0 million for the period ended 2009-06-30.
4 Aug 2009securities registration● Neutral
PETROHAWK ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
12 June 2009listing compliance notice● NeutralMajor
PETROHAWK ENERGY CORP's exchange filed to remove a class of its securities from listing.
12 June 2009security holder rights change▲ Good
On June 10, 2009 Petrohawk ended its shareholder rights plan (the poison pill adopted October 14, 2008) four months before its October 14, 2009 expiry. The rights are being de-registered and delisted, with no effect on the common stock. The company says it has no present intention of adopting a similar plan, and its policy would require a shareholder vote within 12 months of any new one. This follows the June 12 exchange notice about removing a class of securities from listing, which was these rights.
6 May 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $263.5 million and a net loss of $999.8 million for the period ended 2009-03-31.
6 May 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $263.5 million and a net loss of $999.8 million for the period ended 2009-03-31.
21 Apr 2009quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $263.5 million and a net loss of $999.8 million for the period ended 2009-03-31.
27 Feb 2009securities registration● Neutral
PETROHAWK ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
27 Feb 2009securities registration● Neutral
PETROHAWK ENERGY CORP filed the final prospectus for a registered offering.
27 Feb 2009material agreement● NeutralMajor
On February 26, 2009 Petrohawk agreed to sell 22,000,000 new common shares, with a 30-day option for 3,300,000 more. Net proceeds are estimated at about $376.1 million excluding the option, with closing expected around March 4, 2009. This is another share issue that dilutes existing holders; the filing does not state the use of proceeds.
28 Jan 2009debt financing● NeutralMajor
On January 22, 2009 Petrohawk agreed to sell $600 million of 10 1/2% senior notes due 2014. The notes were priced at 91.279% of face to yield 12 3/4%, with net proceeds of about $535.4 million, and the indenture is dated January 27, 2009. They are unsecured and rank behind the secured revolver, and the company must file an exchange-offer registration by April 27, 2009. The coupon is notably higher than the 7 7/8% notes sold in 2008. The filing does not state the use of proceeds.
6 Nov 2008quarterly activities report● Neutral
PETROHAWK ENERGY CORP reported quarterly revenue of $305.0 million and net income of $305.5 million for the period ended 2008-09-30.
6 Nov 2008quarterly activities report● Neutral
PETROHAWK ENERGY CORP reported quarterly revenue of $305.0 million and net income of $305.5 million for the period ended 2008-09-30.
21 Oct 2008listing compliance notice▲ GoodMajor
the New York Stock Exchange certified PETROHAWK ENERGY CORP's securities for listing, clearing them to begin trading.
15 Sept 2008debt financing● NeutralMajor
On September 10, 2008 Petrohawk replaced its $1 billion revolver with a Third Amended and Restated credit agreement: a $1.5 billion facility with a $1.1 billion borrowing base, redetermined semi-annually, and drawn amounts maturing July 1, 2013. Borrowings are secured by first-priority liens on substantially all company assets, including subsidiary equity, and the agreement has covenants on working capital, interest coverage, dividends and debt.
14 Aug 2008material agreement● NeutralMajor
On August 11, 2008 Petrohawk agreed to sell 25,000,000 new common shares, and the underwriters exercised in full their option for 3,750,000 more. Net proceeds are estimated at about $733 million, with closing expected around August 15, 2008. This is another large share issue that dilutes existing holders; the filing does not state the use of proceeds.
12 Aug 2008securities registration● Neutral
PETROHAWK ENERGY CORP filed the final prospectus for a registered offering.
11 Aug 2008securities registration● Neutral
PETROHAWK ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
6 Aug 2008quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $304.6 million and a net loss of $92.8 million for the period ended 2008-06-30.
6 Aug 2008quarterly activities report▼ Bad
PETROHAWK ENERGY CORP reported quarterly revenue of $304.6 million and a net loss of $92.8 million for the period ended 2008-06-30.
18 June 2008material agreement● NeutralMajor
On June 16, 2008 Petrohawk agreed to sell a further $300 million of 7 7/8% senior notes due 2015 to Merrill Lynch, treated as the same class as the $500 million issued May 13. Net proceeds of about $293.5 million are expected to fund the 2008 capital budget, acquisitions and working capital. After the May and June financings, pro forma total debt at March 31, 2008 would be about $1.83 billion, with about $800 million available under the revolver.