The Brent crude futures curve has begun to signal that traders believe a long-awaited rebalancing of the market is finally under way.
Jonathan Z. Cohen, CEO of Osprey Energy Acquisition, is also part of activist investor Jana Partners’ efforts to halt EQT’s $8.2 billion purchase of Rice Energy.
With second-quarter earnings season for oil and gas companies looming, analysts weighed in on expected themes.
A Strasburger & Price partner discusses intellectual property rights issues involving oil and gas companies.
Finance - Buy Backs
The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan. 2020 and March 2020, have almost $10 billion outstanding worth of securities, Reuters reported.
Scotia Capital Inc. is the sole dealer manager and solicitation agent. Kingsdale Shareholder Services is the information agent and Computershare Investor Services Inc. is the depositary.
The tenders will be funded through the net proceeds from previously completed asset sales and financing transactions, and will reduce outstanding debt.
The consent solicitation will expire on August 9 and the tender offer will expire on Aug. 23.
Finance - Debt
Resolute Energy is offering $125 million of its 2020 notes. The company said it plans to use the proceeds to finance its acquisition of Delaware Basin properties in Reeves County, Texas.
Memorial Production Partners LP said May 4 it successfully completed its financial restructuring, emerging from Chapter 11 as a new corporation named Amplify Energy Corp.
Tom Stabley, president and CEO, said the transaction supports Rex Energy's two-year development plan in the Appalachian Basin.
Lilis Energy plans to use the capital to build on the momentum of assembling a 10,000-net acre position in the core of the Delaware.
Finance - Equity
Joe Brusuelas, RSM, and Chris Ortega, TPG Capital, discuss the anomalies of a changing energy market.
WPX Energy (NYSE: WPX) said Aug. 8 that it has commenced an underwritten public offering of $150 million of its 5.25% senior notes due 2024.
Post Oak Energy Capital, through investment partnerships it manages, said Aug.8 that it led a $100 million equity commitment to Nadel and Gussman NV LLC (NGNV). Affiliates of NGNV and the management team will co-invest alongside Post Oak.
Murphy Oil Corp. (NYSE: MUR) said on Aug. 3, subject to market conditions, it intends to offer $550 million of senior notes that will mature in 2025 pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC).
Finance - Redemptions
Holly Energy Partners LP and Holly Energy Finance Corp. will redeem all $300 million of their outstanding 6.50% senior notes due 2020, according to a Dec. 2 press release.
Paramount Resources Ltd. will redeem about $286.58 million of outstanding 7.625% senior unsecured notes due 2019 on Dec. 19 of this year, the company said Nov. 17.
Concho also said it recently completed its redemption of the $600 million of 7.0% senior notes due January 2021.
The Bank of New York Mellon Trust Co. NA, the trustee, is notifying all current registered noteholders of the redemption.
Finance - Restructuring
Ultra Petroleum also reported April 3 that the proposed senior secured first-lien RBL term loan was increased to $800 million from $600 million, and that the proposed borrowing base was increased to $1.2 billion from $1 billion.
C&J said a new board of directors was appointed Jan. 6, consisting of Chairman Patrick Murray; Stuart Brightman; John Kennedy; Steven Mueller; Michael Roemer; and Michael Zawadzki; in addition to Don Gawick, C&J's president and CEO.
Saratoga is debt-free with unchanged outstanding shares, the company said.
Samson suspended drilling new wells before filing for bankruptcy, Reuters reported.