Each one in plain English, with the numbers worked through for a shareholder.
19 July 2013asset acquisition disposition▲ GoodMajor
Whiting closed the sale of its Postle and NE Hardesty oil recovery fields in Oklahoma to BreitBurn on July 15, 2013, resolving the pending sale announced in June. The cash price was $859.8 million, with net proceeds of $836.9 million after selling costs and closing adjustments (both still subject to post-closing adjustments). Whiting will run the properties under a transition services agreement until October 31, 2013. The press release also says Q2 2013 production was 8.5 MMBOE, and that Postle will be included in results through the July 15 closing date.
Whiting's subsidiary agreed to sell its Postle and NE Hardesty field enhanced oil recovery properties in Texas County, Oklahoma, to BreitBurn Operating L.P. for $859.8 million cash, effective April 1, 2013, with closing expected in July 2013. The properties made up about 8.6% of March 2013 production. Whiting expects net proceeds of about $850.6 million, to be used to repay part of its credit agreement debt (borrowings were $1.5 billion at March 31, 2013), and says it will redirect capital to core areas in the Northern Rockies, Central Rockies and Permian Basin. Closing is subject to conditions including antitrust waiting-period compliance.
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).
Wellington Management Company, LLP reported a Whiting Holdings LLC shareholding of 5,325,573 shares (4.53% of votes) in a periodic institutional filing.
Whiting Petroleum amended its credit agreement again, raising lender commitments from $1.5 billion to $2.0 billion and the borrowing base from $1.5 billion to $2.5 billion. It may seek to raise commitments to up to $2.5 billion with lender consent. The next scheduled redetermination is May 1, 2013, and other terms were not materially changed.
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).
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).
Wellington Management Company, LLP reported a Whiting Holdings LLC shareholding of 10,496,109 shares (8.94% of votes) in a periodic institutional filing.
Whiting Petroleum amended its credit agreement to raise the borrowing base from $1.1 billion to $1.5 billion until May 1, 2012. Other terms were not materially changed. This builds on the October 2010 credit facility, and the lenders can still reduce the base at later redeterminations.
