From Bloomberg Oil tycoon T. Boone Pickens, who made and lost fortunes targeting some of the largest U.S. explorers over the past 40 years, has cashed out as the worst crude market downturn in decades drags on. Pickens has sold all his oil holdings and is waiting for the best moment to get back in, he said Thursday in an
Goodrich Petroleum Corporation (OTC Markets: GDPM) (the “Company”) today announced that pursuant to comments received by the Securities and Exchange Commission (“SEC”), it has amended its offers to exchange (previously announced on January 26, 2016) newly issued shares of common stock, par value $0.20 per share (the “Common Stock”), for any and all of its outstanding unsecured notes (the “Existing
Hess Corporation (HES) today announced the pricing of its previously announced concurrent underwritten public offerings of 25,000,000 shares of its common stock at a price of $39.00 per share, and 10,000,000 depositary shares, each of which represents a 1/20th interest in a share of its 8.00% Series A Mandatory Convertible Preferred Stock (the “Convertible Preferred Stock”), $1.00 par value per
ION Geophysical Corporation (the “Company”) (IO) today announced (i) a 1-for-15 reverse stock split on shares of the Company’s common stock (the “Reverse Stock Split”), (ii) an increase in the number of authorized shares of the Company’s common stock from 200 million to 400 million (the “Authorized Share Increase”) and (iii) certain amendments to the Company’s 2013 Long-Term Incentive Plan
From Reuters U.S. President Barack Obama will launch a long-shot bid next week to impose a $10-a-barrel tax on crude oil that would fund the overhaul of the nation’s aging transportation infrastructure, the White House said on Thursday. The proposed fee, which would be paid by oil companies and phased in over five years, was quickly met with scorn by
On January 14, 2015, PetroQuest Energy (ticker: PQ) took appropriate steps addressing its current $350 million senior unsecured 10% high-yield issue (CUSIP 716748AA6) due in September 2017. PetroQuest will seek to offer to exchange up to $300 million of the $350 million for up to (i) $75 million of cash, (ii) $202.5 million aggregate principal amount of its newly issued
Saudi Arabia continues its plan to protect market share Saudi Arabia today cut prices of its oil to customers in major markets including Europe, Asia and the Mediterranean in the hopes of defending its market share. The move is seen as a reaction to Iran’s return to global oil markets. Saudi Arabia discounted even its best-quality crude, similar in quality
Pool of companies in Moody’s lowest credit rating grows; but risk of bankruptcy is minimal for a few standouts Continued pressure from low oil prices has prompted Moody’s Investor Service to put 264 companies in its lowest credit rating, just shy of a record high 291 in April 2009. The growing number of companies included in Moody’s lowest credit rating
LINN Energy, LLC (LINE) (“LINN” or the “Company”) and LinnCo, LLC (LNCO) announced today that it has initiated a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the Company. “Efficient management of our stable asset base and aggressive cost management are driving meaningful value even in today’s difficult commodity price environment,” said Mark
Spectra Energy Corp (SE) and Spectra Energy Partners (SEP) today announced their 2016-2018 business and financial plan. Key highlights for Spectra Energy include: 2016 distributable cash flow (DCF) of almost $1.4 billion, up 6% from 2015 Dividend increase of 14 cents per share annually through 2018; dividend coverage of 1.2x in 2016, 1.3x in 2017, and 1.1x in 2018 which
DCP Midstream Partners, LP (DPM) today announced its 2016 financial plan and business outlook. DCP Midstream Partners, LP ($Millions, except per unit and ratio amounts) 2016 Target Adjusted EBITDA(1) target range $565-595 Distributable cash flow(1) target range $465-495 Annual distribution target $3.12/unit Distribution coverage ratio ~1.0x Growth capital expenditures range $75-150 Maintenance capital expenditures range $30-45 (1) Denotes a
Rex Energy Corporation (the “Company”) (REXX) announced today the commencement of an exchange offer and consent solicitation related to the Company’s outstanding 8.875% Senior Notes due 2020 (the “2020 Notes”) and 6.250% Senior Notes due 2022 (the “2022 Notes” and, together with the 2020 Notes, the “Existing Notes”). The Company is offering to exchange (the “Exchange Offer”) any and all
