Hart's Petroleum Finance Week back issues from June 2003:
SERVICE AND SUPPLY EXECUTIVES ARE HOPEFUL THAT 2003 RESULTS WILL IMPROVE AFTER A SUBDUED FIRST QUARTER
Jun 02, 2003 ... First-quarter results for oilfield service and supply companies were fairly subdued. The companies listed in the Petroleum Finance Week scoreboard averaged a 15.1 percent decrease in operating income on revenues that were 8 percent higher year-over-year. "A broad-based resurgence ...
PATTERSON-UTI TO ACQUIRE TMBR/SHARP DRILLING
Jun 02, 2003 ... Patterson-UTI Energy Inc. (Nasdaq: PTEN) has agreed to buy the remaining 80 percent of TMBR/Sharp Drilling Inc. (Nasdaq: TBDI) that it does not already own, helping to solidify its position as the No. 2 land driller in North America. Wall Street analysts said that the Snyder, Texas-based ...
BURLINGTON CFO OUTLINES CHANGED STRATEGY FOR VOLATILE TIMES
Jun 02, 2003 ... Can a large-cap E&P company create both growth and returns? The answer underlies the transformation that Burlington Resources (NYSE: BR) has undergone in the past two years. "We have accepted a strategy of modest growth of 3- to 8 percent annually, but with sector-leading cash ...
EDGE PETROLEUM TO BUY MILLER EXPLORATION FOR $12.7 MILLION IN STOCK
Jun 02, 2003 ... Edge Petroleum Corp. (Nasdaq: EPEX) has agreed to buy Miller Exploration Co. (Nasdaq: MEXP) in a stock-for-stock merger that values Miller at $12.7 million. Assuming an August 1 closing date, Edge's estimated production will increase to between 8.8 billion cubic feet of gas ...
GREKA AGREES TO MANAGEMENT BUYOUT FOR $6.25 PER COMMON SHARE
Jun 02, 2003 ... Greka Energy Corp. (Nasdaq: GRKA) Chairman, Chief Executive Officer and President Randeep S. Grewal will acquire all of Greka's outstanding shares not already owned by him for $6.25 in cash each-- a 69 percent premium over the $3.70 closing price on May 19, the last full trading day prior to ...
BAKER HUGHES ACQUIRES CORNERSTONE PIPELINE INSPECTION GROUP
Jun 02, 2003 ... Baker Hughes Inc. (NYSE: BHI) acquired Cornerstone Pipeline Inspection Group (CPIG), which will operate as part of the Baker Hughes Pipeline Management Group (PMG), a unit of Baker Petrolite. CPIG provides in-line inspection services to assess the integrity of pipelines. Its "smart ...
ENTERPRISE PRODUCTS PARTNERS L.P. ANNOUNCES OFFERING OF COMMON UNITS
Jun 02, 2003 ... Enterprise Products Partners LP (NYSE: EPD) filed a preliminary prospectus supplement for an offering of 8.7 million common units representing limited partner interests. The underwriters have a 30- day option to purchase an additional 1.305 million common units to cover ...
WILLIAMS COMPLETES PLACEMENT OF SUBORDINATED CONVERTIBLE DEBENTURES
Jun 02, 2003 ... Williams (NYSE: WMB) closed its previously announced $300 million private offering of junior subordinated convertible debentures due 2033. Williams will use the proceeds to fund the repurchase of the convertible preferred stock ...
UNIVERSAL COMPRESSION COMPLETES OFFERING OF $175 MILLION OF 7 1/4% SENIOR NOTES
Jun 02, 2003 ... Universal Compression Inc., a wholly owned subsidiary of Universal Compression Holdings Inc. (NYSE: UCO), completed a private offering of $175 million aggregate principal amount of its 7.25 percent senior notes due 2010. Proceeds from the sale, together with other ...
FRONTIER OIL ENTERS INTO NEW CREDIT FACILITY
Jun 02, 2003 ... Frontier Oil Corp. (NYSE: FTO) entered into an amended and restated revolving credit agreement with a group of banks led by Union Bank of California NA and BNP Paribas. Commitments under the new working capital facility are $175 million and will increase to $250 million upon closing of the ...
TREK RECEIVES $25 MILLION CREDIT FACILITY WITH WELLS FARGO
Jun 02, 2003 ... Trek Resources Inc. (OTC Bulletin Board: TREK) entered into a new secured credit facility with Wells Fargo Bank Texas NA. The Dallas- based independent may borrow up to $25 million on a revolving basis, subject to borrowing base limitations. Trek will use this credit facility to pay its ...
NEWFIELD WILL REDEEM CONVERTIBLE TRUST PREFERRED SECURITIES
Jun 02, 2003 ... Newfield Financial Trust I (NYSE: NFX PrA), a finance subsidiary of Newfield Exploration Co. (NYSE: NFX), will redeem all of its outstanding 6.5 percent cumulative quarterly income convertible preferred securities, series A, (QUIPS) on June 27. Each QUIPS has a liquidation preference of $50 ...
ULTRA PETROLEUM REPORTS INCREASE IN BORROWING BASE TO $155 MILLION
Jun 02, 2003 ... Houston-based independent Ultra Petroleum (Amex: UPL) received a 29 percent increase in the borrowing base under its syndicated senior revolving credit facility to $155 million. The increase was unanimously approved by the existing lenders Bank One NA, Union Bank of ...
EL PASO COMPLETES SUBSIDIARY NOTES OFFERING
Jun 02, 2003 ... El Paso Corp. (NYSE: EP) subsidiary El Paso Production Holding Co., closed a private placement of $1.2 billion of 7.75-percent, 10- year senior unsecured notes with registration rights. The proceeds were used to pay intercompany ...
ABRAXAS PETROLEUM EXTENDS EXCHANGE OFFER
Jun 02, 2003 ... Abraxas Petroleum Corp., San Antonio, (AMEX: ABP) extended the exchange offer for its 11.5 percent senior notes due 2007, series A, until June 16. As of the close of business May 23, $112.5 million principal amount of the notes had been validly tendered ...
KEYSPAN FACILITIES INCOME FUND FILES FINAL PROSPECTUS FOR IPO
Jun 02, 2003 ... KeySpan Corp. (NYSE: KSE) and KeySpan Facilities Income Fund filed a final prospectus with the securities regulatory authorities throughout Canada for the sale of units of the fund, which was created to acquire a 34.49 percent interest in the business of KeySpan Energy Canada Partnership from ...
NUEVO ENERGY ANNOUNCES PARTIAL REDEMPTION OF 9.5% SENIOR SUBORDINATED NOTES
Jun 02, 2003 ... Nuevo Energy Co. (NYSE: NEV) announced the partial redemption of $157.2 million of the $257.2 million 9.5 percent senior subordinated notes due June 1, 2008. The notes will be redeemed as of June 23, 2003, at 104.75 percent per note. The partial redemption will be funded by a combination of ...
OIL OUTPUT RISES IN THE GULF, BUT GAS CONTINUES ITS DECLINE
Jun 02, 2003 ... Oil output from the Gulf of Mexico continues to rise with an ever- larger contribution from production in more than 1,000 feet of water, while gas production continues to decline. Speaking at last month's Offshore Technology Conference in Houston, Chris Oynes, regional director of ...
ENCORE ACQUISITION HUNTS OIL DEALS, WHILE OTHERS PURSUE GAS
Jun 02, 2003 ... Jon Brumley, chairman and chief executive officer of Encore Acquisition Co., says the company is going after oil acquisitions while they're out of favor, compared with gas assets. "Analysts will push people to gas, so we're going to continue to look at oil," he said at the recent KPMG global ...
INSIDER TRADING WATCH
Jun 02, 2003 ... The following insider trading transactions - stock sold by high- level corporate executives or significant stockholders - were filed during the past week as Form 144 submissions to the Securities and Exchange Commission. - Jodi Wetuski Issuer: Apache Corp. Filed: 28-May ...
ETCETERA
Jun 02, 2003 ... Gary Nuschler Jr. and Robert E. Ford at Sanders Morris Harris have looked into the economics of deep shelf drilling in the Gulf of Mexico. The analysts found that, based on conservative assumptions and before realizing royalty relief benefits, deep shelf drilling programs can generate an ...
CEOS OF STARTUP E&P FIRMS SHARE THEIR STORIES OF RAISING PRIVATE CAPITAL
Jun 09, 2003 ... One of the most important, yet challenging, aspects of starting an E&P company is deciding how best to finance it. Plenty of private capital is available, as evidenced by 18 capital providers--who are armed with about $17 billion to invest in the energy industry--who spoke at the 5th ...
ENERGY TRANSFER TO BUILD NEW EAST TEXAS GAS PIPELINE; XTO SIGNS ON AS FIRST CUSTOMER
Jun 09, 2003 ... Energy Transfer Co., a Dallas-based gas gathering, processing and treating company, has begun construction of a gas pipeline from Limestone County, Texas, to Katy, Texas, with XTO Energy Inc. (NYSE: XTO) of Fort Worth as its initial customer. "The industry has recognized the ...
NEW INVESTMENT BANK FOR SERVICE SECTOR DEBUTS
Jun 09, 2003 ... Two former CIBC World Markets colleagues have formed Houston's newest energy investment bank. Allen Parks and Joe Hoepfl have founded Parks Hoepfl & Co., focused on oilfield service and supply companies. Michael Sulton, who also was at CIBC, is a corporate finance analyst and associate at ...
WANT MONEY? PRIVATE CAPITAL IS WHERE IT'S AT
Jun 09, 2003 ... Private capital is hot. There's no other conclusion to draw after last week's 5th annual Private Capital for Energy Forum, sponsored by Cosco Capital Management and Oil and Gas Investor magazine. Lots of firms have money to lend. And lots of operators want money to spend. During ...
MARKWEST TO SELL ITS SAN JUAN BASIN OIL AND GAS PROPERTIES FOR $60.5 MILLION
Jun 09, 2003 ... Denver-based MarkWest Hydrocarbon Inc. (Amex: MWP) has agreed to sell to XTO Energy Inc. (NYSE: XTO) its San Juan Basin oil and gas properties for about $60.5 million. The transaction, which involves properties that represent approximately 47 billion cubic ...
CB&I WINS EPC CONTRACT FOR EXPANSION OF U.S. LNG TERMINAL
Jun 09, 2003 ... CB&I (NYSE: CBI) has been awarded a lump-sum turnkey contract of more than $90 million for a liquefied natural gas (LNG) terminal expansion project near Savannah, Georgia. The Woodlands, Texas-based engineering company will perform the engineering, procurement, construction and ...
CMS ENERGY SELLS GUARDIAN PIPELINE INTEREST FOR $26 MILLION
Jun 09, 2003 ... CMS Energy (NYSE: CMS) sold its one-third membership interest in the Guardian Pipeline LLC, to a subsidiary of WPS Resources Corp. (NYSE: WPS). Proceeds from the $26 million sale will be used to reduce debt. In conjunction with the sale, $62.5 million of cash that CMS Energy had committed to ...
CHEVRONTEXACO TO SELL EL PASO REFINERY
Jun 09, 2003 ... ChevronTexaco Corp. (NYSE: CVX) agreed to sell its interest in its El Paso, Texas, refinery and associated assets to Western Refining Co. LP for an undisclosed sum. Chevron ...
SCHLUMBERGER PRICES $1.3 BILLION OF SENIOR CONVERTIBLE DEBENTURES
Jun 09, 2003 ... Schlumberger Ltd. (NYSE: SLB) took action last week to refinance some of its $7.1 billion in debt. The oilfield services giant priced $850 million principal amount of its series A convertible debentures due June 1, 2023, and $450 million principal amount of its series B convertible debentures ...
WILLIAMS FINALIZING $800 MILLION FINANCING PACKAGE
Jun 09, 2003 ... Williams (NYSE: WMB) is finalizing a new two-year, cash- collateralized $800 million credit facility primarily for issuing letters of credit. The Tulsa-based company expects to complete the credit agreement by mid-June. The new financing package would replace an existing $1.1 ...
MUSTANG RESOURCES INC. RECEIVES C$6.045 MILLION EQUITY FINANCING
Jun 09, 2003 ... Calgary-based Mustang Resources Inc. (Toronto MUS.A and MUS.B) entered into an equity financing agreement, on a bought deal basis, with a group of underwriters co-led by Griffiths McBurney & Partners and FirstEnergy Capital Corp. and also including Yorkton Securities Inc. and Tristone ...
NABORS PRICES $700 MILLION OF SENIOR NOTES
Jun 09, 2003 ... Nabors Industries Ltd. (Amex: NBR) subsidiary Nabors Industries Inc. has priced $700 million of zero coupon senior convertible notes due 2023 in a private placement. The initial purchasers have the option to acquire up to an additional $140 million principal amount of the notes. The sale is ...
COMSTOCK RESOURCES CONVERTS REMAINING CONVERTIBLE PREFERRED STOCK
Jun 09, 2003 ... Comstock Resources Inc. (NYSE: CRK) reported that the holders of 557,310 shares of its series A 1999 convertible preferred stock converted their preferred shares into 1,393,275 common shares. This ...
MAVERICK TUBE PRICES $100 MILLION OF CONVERTIBLE SENIOR SUBORDINATED NOTES
Jun 09, 2003 ... Maverick Tube Corp. (NYSE: MVK) priced $100 million of its 4 percent contingent convertible senior subordinated notes due 2033, plus up to an additional $20 million of the notes that may be issued to the initial purchasers to cover overallotments. Net proceeds will be used to reduce ...
CROSSTEX ENERGY CLOSES NEW FINANCING FACILITIES
Jun 09, 2003 ... Dallas-based midstream company Crosstex Energy LP (Nasdaq: XTEX) closed two new senior secured financing facilities--a $100 million bank facility and a $50 million institutional shelf facility. Funds will be used for general corporate purposes and to fund the previously announced acquisition ...
ENTERPRISE COMPLETES EXCHANGE OF 6.375% SERIES A SENIOR NOTES
Jun 09, 2003 ... Enterprise Products Partners LP (NYSE: EPD) subsidiary Enterprise Products Operating LP completed its offer to exchange all of its 6.375 percent series B senior notes due 2013, which are ...
HOUSTON EXPLORATION PLACES SENIOR NOTES
Jun 09, 2003 ... The Houston Exploration Co. (NYSE: THX) privately placed $175 million of 10-year senior subordinated notes, up from an originally planned $150 million placement. Wachovia Securities was sole lead manager. Moody's Investors Service assigned a B2 rating to the new senior subordinated ...
DENBURY ANNOUNCES EXCHANGE OFFER FOR PREVIOUSLY ISSUED $225 MILLION NOTES
Jun 09, 2003 ... Dallas-based independent Denbury Resources Inc. (NYSE: DNR) commenced an offer to exchange $225 million of its 7.5 percent senior subordinated notes due 2013, which were privately placed in March 2003, for a like principal amount of 7.5 percent senior subordinated ...
CANADIAN DEALS TOTAL NEARLY C$3 BILLION IN FIRST QUARTER
Jun 09, 2003 ... The first quarter carried the largest quarterly value of Canadian assets and companies for sale in three years, says Frank J.D. Sayer, principal, Sayer Securities Ltd., Calgary. The estimated value was C$2.8 billion--some four times more than during the previous quarter (C$700 million) and a ...
UNOCAL PURSUES ASSET SALES AND COST REDUCTIONS TO AID LOWER 48 BUSINESS
Jun 09, 2003 ... Unocal Corp. (NYSE: UCL) last week unveiled a series of initiatives to improve the profitability and sustainability of its Lower 48 U.S. exploration and production businesses and to strengthen the company's balance sheet. The company has seen its stock price fall about 4 percent since the ...
INSIDER TRADING WATCH
Jun 09, 2003 ... The following insider trading transactions - stock sold by high- level corporate executives or significant stockholders - were filed during the past week as Form 144 submissions to the Securities and Exchange Commission. Jodi Wetuski Issuer: Boots & Coots Filed: 2-Jun ...
ETCETERA
Jun 09, 2003 ... Debt ratings, analyst comments & more Banc of America Securities analyst James K. Wicklund noted last week that--as the Senate Judiciary Committee began hearings on the Asbestos Resolution Act--a legislative asbestos bill would have a huge impact on Halliburton (NYSE: HAL). The ...
PRIVATE CAPITAL PROVIDERS SEE PLENTY OF OPPORTUNITY IN THE ENERGY SECTOR
Jun 16, 2003 ... One thing is sure in the oil and gas industry--volatility leads to opportunity. Recent volatility in the energy merchant sector has resulted in a flurry of asset sales. Up and down movements in commodity prices spur consolidation and asset divestitures. And changes in corporate ...
DUAL SPENDING SURVEYS SHOW OPERATORS HAVE INCREASED E&P BUDGETS
Jun 16, 2003 ... Two major E&P midyear spending surveys released last week show that companies worldwide are planning to raise their year-over-year 2003 spending by well over 5 percent, up from the approximately 4 percent increase they projected at year-end 2002, the last time these surveys were ...
DESPITE RECENT SURGE, THERE'S STILL UPSIDE IN MIDCAP STOCKS
Jun 16, 2003 ... The stocks of mid- to small-cap exploration and production companies (less than $1 billion market cap) have experienced a nice surge thanks to public statements by Federal Reserve Chairman Alan Greenspan and other officials on the tight gas supply/demand picture in the United States. But, ...
ANADARKO ACQUIRES GULF OF MEXICO SHELF PROPERTIES FROM AMERADA HESS
Jun 16, 2003 ... Anadarko Petroleum Corp. (NYSE: APC) has increased its exposure to deep shelf gas in the Gulf of Mexico by acquiring the majority of Amerada Hess Corp.'s (NYSE: AHC) Gulf shelf properties for about $225 million, after adjustments. The deal comes as both companies are reshaping ...
AMERADA RESHAPING ITS PORTFOLIO
Jun 16, 2003 ... Amerada Hess Corp. (NYSE: AHC)--in addition to selling several Gulf of Mexico shelf properties to Anadarko--announced several initiatives to reshape its portfolio of producing assets, reduce costs and improve financial returns. The company agreed with EnCana Corp. (NYSE: ECA) to ...
GULFTERRA ENERGY PARTNERS PRICES OFFERING OF ONE MILLION UNITS
Jun 16, 2003 ... GulfTerra Energy Partners LP, Houston, (NYSE: GTM), formerly El Paso Energy Partners LP, priced an offering of one million common units representing limited partner interests at $36.50 each. The transaction was scheduled to close June 10 with net proceeds of about $35 million to be used to ...
BRIGHAM FILES REGISTRATION STATEMENT TO OFFER COMMON STOCK
Jun 16, 2003 ... Austin, Texas-based independent Brigham Exploration Co. (Nasdaq: BEXP) filed a registration statement with the Securities and Exchange Commission to publicly offer seven million newly issued shares of common stock. Additionally, certain existing stockholders intend to sell two million common ...
OFFSHORE LOGISTICS INC. ANNOUNCES PROPOSED SALE OF $200 MILLION 10- YEAR NOTES
Jun 16, 2003 ... Lafayette, La.-based Offshore Logistics Inc. (NYSE: OLG) intends to offer $200 million of a new issue of senior notes due 2013 for sale in a private placement. The company intends to use the net proceeds to redeem in full its $100 million outstanding 7.875 percent ...
TRANSCANADA ANNOUNCES US$350 MILLION NOTE ISSUE
Jun 16, 2003 ... TransCanada Corp., Calgary, (NYSE: TRP) subsidiary TransCanada PipeLines Ltd. agreed to issue US$350 million of 10-year, 4 percent notes ....
HOUSTON EXPLORATION CLOSES ON $175 MILLION OF SENIOR SUBORDINATED NOTES
Jun 16, 2003 ... The Houston Exploration Co. (NYSE: THX) closed on a private placement of $175 million of 7 percent senior subordinated notes due 2013 for net proceeds of about $170.5 million. Houston Exploration intends to use a portion of the proceeds to redeem all of its outstanding $100 million principal ...
PLAINS RESOURCES RETIRES SERIES D CONVERTIBLE PREFERRED STOCK
Jun 16, 2003 ... On June 6, Plains Resources Inc. (NYSE: PLX) paid $23.3 million to retire the entire 46,600 outstanding shares of series D cumulative convertible preferred stock that were convertible into 1,671,416 shares of common stock at $13.94 each. The series D preferred had an aggregate book value of ...
PRESSURE MOUNTS TO ACHIEVE PRODUCTION VOLUMES, PRICE STABILITY
Jun 16, 2003 ... There is mounting pressure on multinational oil companies to keep growing while improving returns, on Iraq to get back to full production, on OPEC to stabilize oil supply and price, and on all players to increase natural gas output in North America, an energy consultant says. In a ...
CANADIAN OIL SANDS BUYS OUT ENCANA'S REMAINING INTEREST IN SYNCRUDE JV
Jun 16, 2003 ... Canadian Oil Sands Trust, Calgary, (Toronto: COS.un) is exercising its option to purchase EnCana Corp.'s (NYSE: ECA) remaining 3.75 percent interest in the Syncrude joint venture for about C$417 million. The trust bought an initial 10 percent interest in Syncrude from EnCana in ...
MAGNUM HUNTER COMPLETES DIVESTITURE OF SOUTH LOUISIANA PROPERTIES
Jun 16, 2003 ... Magnum Hunter Resources Inc., Irving, Texas, (NYSE: MHR) closed the sale of a $13.4 million package of non-core South Louisiana properties to a private, undisclosed company. The package included 42 wells in nine separate fields in Louisiana's Acadia, Iberville, Lafourche, Plaquemines, Point ...
INSIDER TRADING WATCH
Jun 16, 2003 ... The following insider trading transactions - stock sold by high- level corporate executives or significant stockholders - were filed during the past week as Form 144 submissions to the Securities and Exchange Commission. - Rachel Otto Issuer: Apache Corp. Filed: 6-Jun Seller: Thomas ...
ETCETERA
Jun 16, 2003 ... Debt ratings, analyst comments & more Federal Reserve Chairman Alan Greenspan provided quite the boost for liquefied natural gas last week, giving Congressional testimony that increased LNG imports should be one of the long-term answers to the developing U.S. gas supply ...
GAS ISSUES GET WASHINGTON'S ATTENTION. WILL THE TALK BE BACKED UP WITH ACTION?
Jun 23, 2003 ... Analysts on Wall Street and producers in Houston have been sounding the alarm for quite a while that natural gas demand is outpacing supply in the United States. Politicians in Washington have largely limited their more recent energy debates to the subject of oil supplies in Iraq. ...
LATEST EL PASO BATTLE MIGHT BE OVER, BUT SHAREHOLDERS' CONCERNS GO ON
Jun 23, 2003 ... Petroleum Finance Week Reports from the Scene of the Year's Most Anticipated Annual Meeting Hurriedly walking to the George R. Brown Convention Center, an El Paso Corp. (NYSE: EP) employee explained why she was in such a rush to get to the company's annual shareholders' meeting in ...
VINTAGE PETROLEUM ANNOUNCES SALES OF OIL AND GAS INTERESTS IN CANADA
Jun 23, 2003 ... Vintage Petroleum Inc., Tulsa, (NYSE: VPI) closed the sale of certain non-strategic oil and gas interests in Saskatchewan, Canada, for C$14.9 million cash to an unnamed, privately held Canadian company. In a separate transaction, Vintage has agreed to sell certain other ...
KERR-MCGEE UPS ACREAGE IN CHINA'S BOHAI BAY
Jun 23, 2003 ... Kerr-McGee China Petroleum Ltd., an affiliate of Kerr-McGee Corp. (NYSE: KMG), signed a production sharing contract with China National Offshore Oil Corp. covering additional acreage in China's Bohai Bay. Kerr-McGee will hold a 100 percent foreign contractor's interest in the exploration ...
WILLIAMS CLOSES $1.1 BILLION SALE; DIVESTS INTEREST IN WILLIAMS ENERGY PARTNERS
Jun 23, 2003 ... Williams (NYSE: WMB) completed the sale of its 54.6 percent ownership interest in Williams Energy Partners LP (NYSE: WEG) in a $1.1 billion deal. The buyer, a Delaware limited partnership recently formed by the private equity firms Madison Dearborn Partners LLC and Carlyle/ ...
ENERGAS AND DEVON AGREE TO EXPLORE IN WYOMING
Jun 23, 2003 ... Oklahoma City-based Energas Resources Inc. (OTC Bulletin Board: EGSR) reached an agreement with Devon Energy Corp. (Amex: DVN) to explore on acreage in the Wind River Basin in Wyoming. Under the agreement, Devon assigned its interest in approximately 27,000 acres to Energas. Devon retained ...