12 Nov 2010securities registration● Neutral
TALOS PETROLEUM LLC filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $155.4 million and net income of $19.4 million for the period ended 2010-09-30.
4 Nov 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $155.4 million and net income of $19.4 million for the period ended 2010-09-30.
5 Aug 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $167.6 million and net income of $27.9 million for the period ended 2010-06-30.
4 Aug 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $167.6 million and net income of $27.9 million for the period ended 2010-06-30.
6 May 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $166.2 million and net income of $25.4 million for the period ended 2010-03-31.
5 May 2010quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $166.2 million and net income of $25.4 million for the period ended 2010-03-31.
8 Feb 2010substantial holder notice● Neutral
THE VANGUARD GROUP, INC. disclosed a new substantial TALOS PETROLEUM LLC shareholding (5.27% of votes).
1 Feb 2010substantial holder notice● Neutral
Comstock Resources, Inc reported a TALOS PETROLEUM LLC shareholding of 5,317,069 shares (11.00% of votes) in a periodic institutional filing.
29 Jan 2010security holder rights change▲ GoodMajor
Stone closed the $275 million 8.625% Senior Notes due 2017 on January 26, 2010 (net proceeds about $265 million) and paid for about $193.2 million of the $200 million 8-1/4% 2011 notes tendered by January 25. A supplemental indenture lets Stone redeem the remaining 2011 notes on as little as three days' notice. The tender offer stays open until February 9, 2010. This completes the refinancing started earlier in January; about $6.8 million of the 2011 notes was not yet tendered (the filing does not say what happens to it).
19 Jan 2010material agreement● NeutralMajor
Stone priced the refinancing: $275 million of 8.625% Senior Notes due 2017 at 98.713% (yield 8.875%), larger than the $250 million first proposed, with net proceeds of about $265 million. Proceeds are meant to fund the tender offer for the 8-1/4% 2011 notes, general purposes and possibly bank debt repayment. The bank borrowing base will drop automatically from $425 million to $395 million when the notes are issued, and the 2011 notes must be repaid or redeemed within 45 days of issuance. Closing was scheduled for January 26, 2010.
13 Jan 2010securities registration● Neutral
TALOS PETROLEUM LLC filed a free-writing prospectus - marketing material for an offering in progress.
13 Jan 2010securities registration● Neutral
TALOS PETROLEUM LLC filed the final prospectus for a registered offering.
12 Jan 2010material agreement● NeutralMajor
Stone amended its credit agreement to allow up to $300 million of unsecured notes, and launched a plan to refinance: a public offering of $250 million of Senior Notes due 2017 plus a cash tender offer for all $200 million of its 8-1/4% Senior Subordinated Notes due 2011, expiring February 9, 2010. The new notes' proceeds are meant to fund the tender and general corporate purposes. The amendment requires the 2011 notes to be repaid or redeemed within 45 days of issuing the new notes. At December 31, 2009, Stone had $175 million borrowed on the facility, with the borrowing base at $425 million. A 2010 capital budget was also announced, but no figures appear in the 8-K text.
11 Jan 2010securities registration● Neutral
TALOS PETROLEUM LLC filed a prospectus supplement for an offering off its existing shelf.
13 Oct 2009production update▲ Good
Stone's banks left the credit facility borrowing base unchanged at $425 million, avoiding the cut seen in April. At September 30, 2009 it had $250 million borrowed and $69 million of letters of credit, leaving $106 million available. The attached press release also raised third-quarter production guidance, but the figures are not in the 8-K text.
31 Aug 2009securities registration● Neutral
TALOS PETROLEUM LLC filed the final prospectus for a registered offering.
17 Aug 2009securities registration● Neutral
TALOS PETROLEUM LLC registered a securities offering with the SEC using its shelf eligibility.
27 July 2009director interest notice● Neutral
TALOS PETROLEUM LLC VP-Exploration & Business Dev Richard Lee Smith had 1,042 shares withheld for taxes on vesting stock.
16 June 2009material agreement● NeutralMajor
Stone sold 7,000,000 new shares at $8.00 each through underwriters led by Barclays Capital and Merrill Lynch, and the underwriters took up the full extra 1,050,000-share option. Expected net proceeds are about $60.5 million, for general corporate purposes that may include repaying bank borrowings. This adds shares, diluting existing holders, and follows the earlier plan to cut bank debt.
11 June 2009securities registration● Neutral
TALOS PETROLEUM LLC filed the final prospectus for a registered offering.
10 June 2009securities registration● Neutral
TALOS PETROLEUM LLC filed a prospectus supplement for an offering off its existing shelf.
18 May 2009director interest notice● Neutral
TALOS PETROLEUM LLC VP-Exploration & Business Dev Richard Lee Smith had 469 shares withheld for taxes on vesting stock.
15 May 2009securities registration● Neutral
TALOS PETROLEUM LLC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
5 May 2009securities registration● Neutral
TALOS PETROLEUM LLC registered a securities offering with the SEC using its shelf eligibility.
30 Apr 2009debt financing▼ BadMajor
Stone's bank group cut the borrowing base on its credit facility, set in August 2008 at $700 million, to $425 million as of April 29, 2009, and raised the interest and fee margins. With $356 million borrowed and $69 million of letters of credit, nothing more can be drawn; Stone has $90 million cash and says it is in compliance with its financial covenants. The next redetermination is expected by November 1, 2009.
27 Mar 2009material agreement● Neutral
Stone's board adopted a standard indemnification agreement for its directors and executive officers, under which the company must cover their legal costs and related liabilities from acting for the company, to the extent Delaware law and its charter allow. The filing lists 17 current directors and officers, including Richard Pattarozzi, David Welch, Kenneth Beer and J. Kent Pierret. It is a governance step with no stated financial amounts.
9 Mar 2009production update▲ GoodMajor
Stone cashed in (unwound) hedges on its 2009 oil and gas sales: all oil hedges for April-December 2009 brought in about $59 million and two natural gas hedges brought in about $54 million. It plans to use a substantial portion to build cash and reduce bank borrowings, and may also use some to cut public debt or buy back shares. It also put new hedges in place for part of 2009 volumes and later years.
19 Feb 2009director interest notice● Neutral
TALOS PETROLEUM LLC President and CEO David H Welch received a stock option grant for 29,474 shares.
18 Feb 2009director interest notice● Neutral
TALOS PETROLEUM LLC director Robert Arthur Bernhard sold 1,500 shares.