13 Feb 2012substantial holder notice● Neutral
Hotchkis and Wiley Capital Management, LLC reported a TALOS PETROLEUM LLC shareholding of 3,743,155 shares (7.60% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Feb 2012substantial holder notice● Neutral
BlackRock, Inc reported a TALOS PETROLEUM LLC shareholding of 3,869,770 shares (7.90% of votes) in a periodic institutional filing.
8 Feb 2012substantial holder notice● Neutral
THE VANGUARD GROUP, INC. reported a TALOS PETROLEUM LLC shareholding of 2,984,498 shares (6.09% of votes) in a periodic institutional filing.
8 Feb 2012substantial holder notice● Neutral
LSV Asset Management disclosed a new substantial TALOS PETROLEUM LLC shareholding (5.21% of votes).
24 Jan 2012quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $223.6 million and net income of $45.5 million for the period ended 2011-12-31.
28 Dec 2011asset acquisition disposition▲ GoodMajor
Stone closed its purchase of BP's Pompano deepwater interests on December 28, 2011, completing the deal announced in November. The $204 million stated price was adjusted to $167.6 million for a July 1, 2011 effective date, with $137.0 million paid at closing after the $30.6 million deposit, and further adjustments still to come. Funding came from cash and $45.0 million drawn on the bank facility, leaving $293.9 million available; Stone's preliminary estimates are about 17 million barrels of oil equivalent of proved reserves (about 83% oil), current net production of about 3,300 Boe per day and an asset retirement obligation of about $60 million.
20 Dec 2011production update▲ Good
Stone reported that 11 wells in its Mary field (Wetzel County, West Virginia) flow-tested at 3 to 5 MMcf of gas per day each, with more condensate and natural gas liquids than expected. The pipeline needs extra equipment to take all 11 wells continuously, so production has been intermittent for several weeks; another 13 drilled wells are expected to be fractured and produced in 2012. Stone also added about 10,000 net acres in West Virginia in the second half of 2011 (total about 90,000 net Appalachian acres) and agreed a 50/50 joint operating agreement with Magnum Hunter Resources on 1,925 acres in the Heather field, with Stone as operator.
8 Dec 2011production update● Neutral
Stone said the partnership drilling the Lighthouse Bayou prospect in southwestern Louisiana is temporarily pausing the well, which reached 25,500 feet and hit the limits of the current drilling equipment. Plans are to plug the well for now, get higher-pressure-rated equipment and return in 2012 to drill deeper to the Wilcox section. Stone holds about a 25% working interest; this is its third Deep Gas exploration well there, after the LaPosada and South Erath discoveries (initial production expected in the next few months).
21 Nov 2011material agreement▲ GoodMajor
Stone agreed to buy BP's 75% operated interest in the Pompano field in Mississippi Canyon, a 51% operated interest in Mississippi Canyon block 29, a 50% non-operated interest in the Mica field and some nearby deepwater exploration leases, for $204 million cash. It paid a $30.6 million deposit, to be applied to the price, and expects to fund the rest from cash and its bank facility. Closing is expected by early 2012, subject to preferential rights, due diligence and other conditions. This is a new Gulf of Mexico deepwater asset acquisition.
7 Nov 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $214.6 million and net income of $51.8 million for the period ended 2011-09-30.
2 Nov 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $214.6 million and net income of $51.8 million for the period ended 2011-09-30.
4 Aug 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $235.7 million and net income of $57.2 million for the period ended 2011-06-30.
3 Aug 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $235.7 million and net income of $57.2 million for the period ended 2011-06-30.
6 May 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $200.0 million and net income of $39.8 million for the period ended 2011-03-31.
3 May 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $200.0 million and net income of $39.8 million for the period ended 2011-03-31.
27 Apr 2011debt financing▲ GoodMajor
Stone replaced its bank credit facility with a new $700 million amended and restated revolver led by Bank of America, maturing September 15, 2014 (or April 26, 2015 if the 2004-indenture notes are retired by April 15, 2014). The initial borrowing base is $400 million, with no borrowings and $61.1 million of letters of credit as of April 26, 2011, and the base is redetermined each May 1 and November 1. This replaces the facility that was due to mature July 1, 2011, and is secured by substantially all assets of Stone and Stone Offshore.
9 Mar 2011substantial holder notice● Neutral
Comstock Resources, Inc reported a TALOS PETROLEUM LLC shareholding of 2,426,000 shares (4.95% of votes) in a periodic institutional filing.
24 Feb 2011quarterly activities report● Neutral
TALOS PETROLEUM LLC reported quarterly revenue of $171.4 million and net income of $23.8 million for the period ended 2010-12-31.
14 Feb 2011substantial holder notice● Neutral
Hotchkis and Wiley Capital Management, LLC disclosed a new substantial TALOS PETROLEUM LLC shareholding (7.50% of votes).
9 Feb 2011substantial holder notice● Neutral
THE VANGUARD GROUP, INC. reported a TALOS PETROLEUM LLC shareholding of 2,622,391 shares (5.40% of votes) in a periodic institutional filing.
9 Feb 2011substantial holder notice● Neutral
LSV Asset Management disclosed a new substantial TALOS PETROLEUM LLC shareholding (5.67% of votes).
8 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a TALOS PETROLEUM LLC shareholding of 3,656,059 shares (7.53% of votes) in a periodic institutional filing.
1 Feb 2011production update▲ Good
Stone furnished a press release on its 2010 reserves and an operational update; the exhibit title says reserve growth of 15% for 2010. No other figures appear in the 8-K text.
27 Jan 2011substantial holder notice● Neutral
Comstock Resources, Inc reported a TALOS PETROLEUM LLC shareholding of 3,797,069 shares (7.80% of votes) in a periodic institutional filing.
14 Dec 2010production update● Neutral
Stone furnished a press release announcing its 2011 capital budget and an operational update. The 8-K text gives no figures; they are only in the attached press release.
23 Nov 2010debt financing● Neutral
Stone closed the $100 million add-on of 8.625% Senior Notes due 2017 on November 17, 2010, receiving about $97.85 million net. This brings the 2017 notes to $375 million in total (sum of the $275 million and $100 million issues). Use of proceeds is as announced: repaying bank borrowings and paying for additional Appalachia lease acreage.
16 Nov 2010material agreement● NeutralMajor
Stone priced the $100 million add-on of its 8.625% Senior Notes due 2017 at 100.50% (yield 8.515%), on top of the $275 million issued in January 2010. Net proceeds of about $97.85 million are for general purposes including repaying bank debt and paying for additional Appalachia lease acreage. On completion the borrowing base falls from $395 million to $365 million, as the November amendment required.
15 Nov 2010securities registration● Neutral
TALOS PETROLEUM LLC filed a free-writing prospectus - marketing material for an offering in progress.
15 Nov 2010securities registration● Neutral
TALOS PETROLEUM LLC filed the final prospectus for a registered offering.
12 Nov 2010debt financing● NeutralMajor
Stone amended its bank credit agreement (Amendment No. 3), confirming the borrowing base at $395 million as of October 29, 2010, and permitting up to $150 million more unsecured 2017 notes, each issuance cutting the base by 30% of the amount. As of November 3, 2010 it had $50 million borrowed and $63.1 million of letters of credit, leaving $281.9 million available. It also announced a planned $100 million add-on offering of the 2017 notes, with proceeds for general purposes including repaying bank debt and amounts due for additional Appalachia lease acreage.