6 May 2020substantial holder notice● Neutral
Morgan Stanley I.R.S. # disclosed a new substantial Vital Energy, Inc. shareholding (5.10% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2020debt financing▼ BadMajor
On 2020-04-30 Laredo signed a fourth amendment to its bank credit facility, cutting the borrowing base (the amount banks will lend against its reserves) from $950 million to $725 million, with borrowing costs and letter-of-credit fees up 0.500%. It also tightened limits on asset sales (10% to 5% of the borrowing base) and, until conditions are met, capped investments, shareholder distributions and note buybacks since 2020-04-01 at $100 million. The same filing announced first-quarter 2020 results (press release says net income attributable to common stockholders of $235.1 million, or $1.01 per diluted share, adjusted EBITDA $116.8 million); this follows the January refinancing, which had already cut the base to about $950 million.
14 Apr 2020quarterly activities report● Neutral
Laredo Petroleum reported preliminary first-quarter 2020 net derivative settlements of $47.2 million and said it would release results on May 6, 2020, with a call on May 7.
31 Mar 2020agm notice● Neutral
Laredo Petroleum gave notice of its May 14, 2020 annual meeting in Tulsa. Stockholders were to elect five directors, ratify Grant Thornton as auditor, hold an advisory pay vote and approve a reverse stock split.
27 Mar 2020listing compliance notice▼ BadMajor
On 2020-03-26 the NYSE told Laredo its average share price over the prior 30 trading days was below the $1.00 minimum for listing. It has six months to fix this and says it may consider a reverse stock split if appropriate; shares keep trading under LPI with a '.BC' (below compliance) tag, and the company says the notice does not breach its debt obligations. Delisting is possible if it fails to cure.
14 Feb 2020substantial holder notice● Neutral
SailingStone Capital Partners LLC, SailingStone Holdings LLC, MacKenzie B. Davis, Kenneth L. Settles Jr reported a Vital Energy, Inc. shareholding of 6,544,429 shares (2.76% of votes) in a periodic institutional filing.
12 Feb 2020quarterly activities report● Neutral
Laredo Petroleum (now Vital Energy) reported a fourth-quarter 2019 net loss of $241.7 million, including a $222.7 million impairment, and a full-year 2019 net loss of $342.5 million. Production averaged 80,883 BOE per day for the year.
12 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a Vital Energy, Inc. shareholding of 20,324,423 shares (8.57% of votes) in a periodic institutional filing.
4 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a Vital Energy, Inc. shareholding of 30,032,997 shares (12.70% of votes) in a periodic institutional filing.
28 Jan 2020quarterly activities report▼ Bad
Vital Energy (then Laredo Petroleum) gave preliminary fourth-quarter 2019 derivatives and share data, showing a $57.6 million net loss on derivatives for the quarter and a $79.2 million gain for the full year 2019.
24 Jan 2020security holder rights change● NeutralMajor
The $1.0 billion note offering closed on 2020-01-24 with about $982.0 million of net proceeds, and the credit facility's borrowing base was automatically cut to about $950 million. Holders of the 2022 and 2023 notes consented to remove most protective covenants, and the company issued redemption notices: remaining 2022 notes to be redeemed 2020-01-29 at 100% of principal, and untendered 2023 notes on 2020-03-15 at 101.563%. This carries out the refinancing of the January 2022 and March 2023 notes that had been an open thread.
14 Jan 2020securities registration● Neutral
Vital Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
14 Jan 2020debt financing● NeutralMajor
Laredo priced $1.0 billion of new unsecured notes: $600 million at 9.500% due 2025 and $400 million at 10.125% due 2028, with net proceeds of about $982.0 million expected on closing around 2020-01-24. The money is meant to refinance $450.0 million of 5 5/8% notes due 2022 and $350.0 million of 6 1/4% notes due 2023, pay tender premiums and fees, and for general purposes including paying down some credit facility borrowings. This continues the refinancing of the January 2022 and March 2023 notes noted earlier, at much higher interest rates than the old notes.
10 Jan 2020securities registration● Neutral
Vital Energy, Inc. filed a free-writing prospectus - marketing material for an offering in progress.
6 Jan 2020securities registration● Neutral
Vital Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
6 Jan 2020quarterly activities report▼ Bad
Announced 2019 production of 80.9 MBOEPD and total proved reserves up 23% to 293 million BOE. It also launched a $900 million senior notes offering and tender offers for its 2022 and 2023 notes.
6 Nov 2019quarterly activities report▼ Bad
Filed its quarterly report for the period ended September 30, 2019, covering the three and nine months of 2019 results.
5 Nov 2019material agreement● NeutralMajor
Vital Energy (then Laredo Petroleum) agreed on 2019-11-04 to buy oil and gas properties from Cordero Energy Resources LLC for $130,250,000, mainly funded by borrowing on its existing revolving credit facility. It put down a $13,025,000 deposit, and closing is expected around 2019-12-12 but is not guaranteed. The same filing reported the third-quarter 2019 results already seen (net loss of $264.6 million including a $397.9 million non-cash impairment); the press release describes the purchase as 7,360 net acres in Howard County.
17 Oct 2019quarterly activities report▼ Bad
Reported a preliminary total gain on derivatives of $96.7 million for the third quarter of 2019 ($136.7 million for nine months), and weighted-average basic shares of about 231.6 million.
15 Oct 2019quarterly activities report▼ Bad
Announced third-quarter 2019 oil production of 27.8 MBOPD and total production of 81.9 MBOE per day, both above guidance. Raised full-year 2019 guidance and expected $40 million of free cash flow, with 58 gross completions and $490 million of capital spending.
12 Aug 2019substantial holder notice● Neutral
SailingStone Capital Partners and affiliates filed a Schedule 13G amendment showing they held 23,010,805 Vital Energy (then Laredo) shares, or 9.73%, as of July 31, 2019, down from 15.32% reported in June.
1 Aug 2019quarterly activities report▼ Bad
Vital Energy (then Laredo Petroleum) filed its quarterly report for the period ended June 30, 2019, with financial statements covering the quarter and six months.
31 July 2019quarterly activities report● Neutral
Vital Energy (then Laredo Petroleum) reported second-quarter 2019 net income of $173.4 million, or $0.75 per diluted share, with record oil production of 30,447 barrels per day and Adjusted EBITDA of $153.2 million. It raised full-year oil and total production guidance.
16 July 2019quarterly activities report● Neutral
Vital Energy (then Laredo Petroleum) announced its scheduled second-quarter 2019 earnings call, preliminary commodity derivative results for the quarter, and updated basic and diluted weighted-average share counts.
7 June 2019substantial holder notice● Neutral
SailingStone Capital Partners LLC, SailingStone Holdings LLC, MacKenzie B. Davis, Kenneth L. Settles Jr disclosed a new substantial Vital Energy, Inc. shareholding (15.32% of votes).
2 May 2019quarterly activities report● Neutral
Vital Energy (then Laredo Petroleum) filed its quarterly report on Form 10-Q for the quarter ended March 31, 2019, which followed its reported first-quarter net loss of $9.5 million.
1 May 2019quarterly activities report● Neutral
Vital Energy (then Laredo Petroleum) reported a first-quarter 2019 net loss of $9.5 million, with record production of 75,276 BOE per day, and raised its 2019 plan to about 52 completions and $465 million of capital spending.
16 Apr 2019quarterly activities report▼ Bad
Vital Energy (then Laredo Petroleum) scheduled its first-quarter 2019 earnings call for May 2 and said it expected a first-quarter derivatives loss of about $48.4 million, with weighted-average shares of roughly 230.5 million basic.
27 Mar 2019agm notice● Neutral
Vital Energy, Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
27 Mar 2019agm notice● Neutral
Vital Energy (then Laredo Petroleum) issued its proxy statement for the May 16, 2019 annual meeting, asking holders to elect two directors, approve an equity plan amendment, ratify Grant Thornton and hold an advisory pay vote.