Finance - Buy Backs
The Denver company said it has sufficient cash on hand to fund the purchase price of the notes.
Despite the recent commodity price volatility, the company remains confident in its ability to maintain distributions, CEO says.
The Houston company enacted the program to allow to quickly and efficiently take advantage of any share price volatility in the future.
The offer was funded through proceeds from the parent company’s completed Nov. 14 issuance of $3 billion in senior notes.
Finance - Debt
Second-priority liens on Halcón's and subsidiary guarantors' assets secure the credit facility, and will also secure the notes. Net proceeds will repay some outstanding borrowings and support general corporate purposes.
U.S. oil and gas companies bought insurance against low oil prices. Now, several Canadian banks need to pay at least US$478 million of US$26 billion to those companies, Bloomberg said.
It stands at $1.7 million after the semiannual redetermination.
Petrobras’ new CEO is close to getting auditors to approve financial results. But cash must be generated to pay oil’s largest debt load, while also developing offshore fields, Bloomberg said.
Finance - Equity
Tall Oak Midstream II LLC will support midstream opportunities in other North American resource plays while Tall Oak Midstream LLC will continue operating and expanding its Midcontinent U.S. midstream assets.
Capital markets are open, and billions of dollars are flowing into the U.S. energy sector today. Private-equity investors are not seeing many bargains yet, but expect more will come if low commodity prices persist.
CohnReznick Capital Markets Securities LLC announced an expansion of its investment banking services to the oil and gas sector, including the hiring of additional, key personnel.
Fund II will acquire and develop upstream and midstream assets in the U.S. and Canada. The fund closed oversubscribed. To date, it has made three commitments.
Finance - Redemptions
On April 6, the proceeds will redeem US$700 million in long-term debt that matures in 2017 and CA$750 million in long-term debt that matures in 2018.
The redemption price will be 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date of $0.17 per $25.
The notes will be redeemed on Oct. 23, the company said.
They will be redeemed on June 26, Range said.
Finance - Restructuring
Connacher doesn’t have to immediately pay US$128 million loan. Small oil sands developers including Connacher fight for survival with crude trading at just over half its value from June.
After Shell’s $70 billion deal, ExxonMobil and Chevron are in the hunt with several large U.S. E&Ps. But in the Permian Basin, the bid-ask spread remains too wide for deals.
Shell, already one of the world’s largest oil and gas companies, would strengthen its LNG portfolio and gain access to premier offshore Brazil deepwater oil in a mega-merger.
Connacher Oil & Gas Ltd.’s bid to restructure out of court in Canada was rejected after Credit Suisse sued in New York state court, citing Connacher’s loan default, Bloomberg said.