9 Jan 2017director interest notice● Neutral
Whiting Holdings LLC Vice President Rick A Mr. Ross had 4,179 shares withheld for taxes on vesting stock.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Jan 2017substantial holder notice● Neutral
BlackRock, Inc reported a Whiting Holdings LLC shareholding of 13,874,913 shares (4.90% of votes) in a periodic institutional filing.
9 Jan 2017director interest notice● Neutral
Whiting Holdings LLC Vice President Steven Kranker had 1,956 shares withheld for taxes on vesting stock.
9 Jan 2017director interest notice● Neutral
Whiting Holdings LLC Treasurer Brent P Jensen had 1,956 shares withheld for taxes on vesting stock.
9 Jan 2017director interest notice● Neutral
Whiting Holdings LLC Senior Vice President Peter Hagist had 3,012 shares withheld for taxes on vesting stock.
23 Dec 2016substantial holder notice● Neutral
Point, Cubist Systematic Strategies, LLC, Steven A. Cohen disclosed a new substantial Whiting Holdings LLC shareholding (1.90% of votes).
12 Dec 2016capital raising announcement▼ BadMajor
On December 9, 2016, Whiting gave notice that it will force conversion of $716.8M of the mandatory convertible notes on December 19, 2016, after holders had voluntarily converted $4.2M. About 77.6M shares will be issued to retire all $721.0M of these notes (including $467.8M of the 2020 series). This is the closing out of the June/July 2016 mandatory convertible exchange; the share count is below the 104.0M to 111.7M estimated in July, though the filing does not explain the gap (the earlier voluntary conversions and the August exchange are possible but unconfirmed contributors).
8 Dec 2016substantial holder notice● Neutral
Cognizant Holdings, Ltd, Integrated Assets, Ltd, ICS Opportunities, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial Whiting Holdings LLC shareholding (4.70% of votes).
27 Oct 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $129.2 million for the period ended 2016-09-30.
27 Oct 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $129.2 million for the period ended 2016-09-30.
9 Aug 2016capital raising announcement● Neutral
On August 8, 2016, Whiting agreed to exchange $12.866M of its 2018 mandatory convertible notes and $25.430M of its 2019 mandatory convertible notes for common stock directly: 1.656M shares for the 2018 notes (they would otherwise convert into 1.470M) and 3.259M shares for the 2019 notes (otherwise 2.893M). Closing was expected August 12, 2016. This is a small continuation of the June/July conversion process, and these holders receive somewhat more shares than the notes' terms would have given.
2 Aug 2016asset acquisition disposition● NeutralMajor
On July 27, 2016, Whiting sold the North Ward Estes field in Ward and Winkler Counties, Texas to Four Corners Petroleum II, LLC for $300M cash, with the deal closing the same day (effective July 1, 2016). The buyer may also owe up to $100M more, at $100,000 per cent that average WTI futures prices from August 2018 to July 2021 exceed $50 (measured June 28, 2018), payable in cash or an 8% note due 2022. The credit facility's borrowing base fell from $2.75B to $2.6B (commitments unchanged at $2.5B). Whiting keeps operating the field through October 27, 2016 under a transition agreement. The filing shows pro forma long-term debt falling by about $300.4M. This is the sale of the enhanced oil recovery asset listed in the company's core areas.
28 July 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $339.6 million for the period ended 2016-06-30.
27 July 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $339.6 million for the period ended 2016-06-30.
5 July 2016capital raising announcement▼ BadMajor
The exchange announced June 22 closed on June 29 and July 1, 2016, at $1.093B in total (larger than the $1.065B announced): $687.9M of 2020 convertibles and $404.8M of other notes became new mandatory convertible notes of equal amount. The price was above the $8.75 threshold on 6 or 7 of the first seven days. Assuming the $9.60 average price continues, the notes would convert into about 104.0M shares, or 111.7M at the minimum prices. This resolves the pending exchange and confirms very large dilution.
23 June 2016capital raising announcement▼ BadMajor
On June 22, 2016, Whiting agreed to swap $1.065B of notes (including $687.9M of the 1.25% 2020 convertibles) for new mandatory convertible notes of the same amount, expected to close June 29. Four percent of the notes convert into stock each day of a 25-trading-day period when the daily average price is above $8.75, with minimum conversion prices of $8.75 to $9.45. At $12.10 this would be about 83.0M shares, and at the minimum prices about 114.8M shares, so dilution is far larger than the March swap. Whiting also expects Section 382 to limit its use of tax losses, with a material non-cash write-down of deferred tax assets in Q2 2016.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director Thomas L Aller acquired 15,067 shares and disposed of 1,463 in a set of related equity transactions.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director Philip Edward Doty received 15,860 shares as part of the equity award.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director William N Hahne received 16,256 shares as part of the equity award.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director Carin S. Knickel received 13,877 shares as part of the equity award.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director D Sherwin Artus received 13,877 shares as part of the equity award.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director James E Catlin acquired 13,877 shares and disposed of 1,347 in a set of related equity transactions.
1 June 2016director interest notice● Neutral
Whiting Holdings LLC director Michael B Walen received 13,877 shares as part of the equity award.
10 May 2016capital raising announcement▼ BadMajor
On May 10, 2016, Whiting gave notice that it will force conversion of $476.3M of the March 2016 convertible notes into stock on May 18; holders of $0.4M had already converted. In total about 41.8M new shares will be issued to retire all $476.7M of those notes, so the dilution flagged in March is now locked in. The 1.25% 2020 convertibles are not affected. If every holder had converted voluntarily, early conversion payments would have been about $41.9M; holders who do not convert voluntarily get no such payment.
5 May 2016director interest notice● Neutral
Whiting Holdings LLC Chairman, President and CEO James J Volker bought 10,000 shares on the open market at $10.30.
28 Apr 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $292.0 million for the period ended 2016-03-31.
27 Apr 2016quarterly activities report● Neutral
Whiting Holdings LLC reported quarterly revenue of $292.0 million for the period ended 2016-03-31.
4 Apr 2016agm notice● Neutral
Whiting Holdings LLC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
4 Apr 2016agm notice● Neutral
Whiting Holdings LLC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
28 Mar 2016debt financing▼ BadMajor
On March 25, 2016, Whiting amended its bank credit agreement with JPMorgan as agent: the borrowing base falls to $2.75B from May 1, 2016 (from $4.0B) and revolving commitments to $2.5B (from $3.5B). Whiting pays a margin 0.5 point higher and a 0.50% commitment fee, must give security over more accounts, and may issue up to $1.0B of second lien debt. The senior secured debt to EBITDAX limit is loosened to 3.0x (from 2.5x), and it may sell certain North Dakota gas gathering and processing plant interests without reducing the borrowing base. This continues the credit-agreement amendments of 2015.