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Nov. 16, 2015, 11:48 AM
- Apache (APA -0.2%) and Anadarko Petroleum (APC +0.3%), whose brief merger possibilities broke apart last week, are run by CEOs with smaller golden parachutes than similar-sized oil and gas companies, according to a Bloomberg analysis.
- The dollar incentive for takeovers for APA CEO John Christmann was $8.4M as of the company’s fiscal year-end when he was COO, and APC CEO Al Walker’s was $31.2M at year-end 2014, regulatory filings show; by comparison, Cheniere Energy (LNG +5.9%) CEO Charif Souki has a $147.8M payout, the highest of 83 U.S. oil and gas companies with a market value less than $45B as of their fiscal year-end.
- According to the Bloomberg report, among companies with the smallest golden parachute for its CEO is SM Energy (SM +1.5%), whose payout for Javan Ottoson would be $1.26M as of Dec. 31, 2014, when he was COO.
- The biggest parachute relative to company size is the $36.2M that would be due to Energy XXI (EXXI +0.6%) CEO John Schiller Jr., whose award was equal to ~15% of the company’s $249M market cap at its June 30 fiscal year-end.
Nov. 9, 2015, 6:13 AM
- Energy XXI (NASDAQ:EXXI): FQ1 EPS of -$1.64 may not be comparable to consensus of -$1.35.
- Revenue of $257.82M (-44.1% Y/Y) beats by $42.87M.
Nov. 8, 2015, 5:30 PM
Oct. 28, 2015, 12:49 PM
Oct. 16, 2015, 9:55 AM
- Energy XXI CEO (EXXI +1.8%) John Schiller is removed as chairman following an internal investigation that found he borrowed money from vendors and received a personal loan from a board member.
- EXXI's board now says the CEO and Chairman positions should no longer be held by one person to “enhance communication” between board members and management and ensure compliance with company policies and procedures.
- Board member James LaChance is named the new Chairman; Schiller remains President and CEO of the company.
Oct. 9, 2015, 5:41 PM
Oct. 9, 2015, 9:15 AM
Oct. 7, 2015, 9:14 AM
Oct. 5, 2015, 7:27 PM| Oct. 5, 2015, 7:27 PM | 17 Comments
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Oct. 1, 2015, 10:24 AM
- Energy XXI (NASDAQ:EXXI) says an internal investigation revealed CEO John Schiller borrowed funds from acquaintances and some of the company’s vendors, and received a personal loan from a member of the company’s board before the director’s appointment.
- Schiller’s dealings in 2007, 2009 and 2014 were not illegal and did not impact the company’s financial reporting or statements, but the failure to disclose the personal loans was not in compliance with the company’s code of business conduct and ethics, CFO Bruce Busmire says.
- EXXI says it is revising its vendor policies to address any potential conflicts of interest that could arise from Schiller’s personal loans and will ban such loans in its business conduct and ethics code.
- The disclosures came as EXXI reported a FQ4 net loss of $1.69B, largely because it wrote down the value of its oil and gas properties by $1.85B amid cheap energy prices.
Sep. 29, 2015, 5:55 PM
- Energy XXI (NASDAQ:EXXI): FQ4 EPS of -$17.92 may not be comparable to consensus of -$1.22.
- Revenue of $219.5M (-32.3% Y/Y) misses by $43.92M.
Sep. 14, 2015, 6:19 PM
- Energy XXI (NASDAQ:EXXI) files to delay reporting its Form 10-K, and says it will restate previously issued consolidated financial statements for the fiscal years ended June 30, 2014, 2013, 2012 and 2011, as well as the seven quarters leading up to March 2015.
- The restatement primarily reflects the recognition of unrealized gains and losses on derivative financial instruments and the reclassification of amounts associated with settled contracts.
- EXXI says that while the non-cash adjustments impact net income and revenues for each period, they do not impact the economics of the hedge transactions or net cash flows from operating, investing or financing activities, and do not affect liquidity or EBITDA results.
Sep. 13, 2015, 5:30 PM
Sep. 8, 2015, 9:14 AM
Aug. 24, 2015, 6:41 PM
- The plunge in oil prices may lead to some oil companies going out of business within a few weeks, according to Energy Aspects senior oil analyst Amrita Sen, who points to Linn Energy (LINE, LNCO) and Energy XXI (NASDAQ:EXXI) as bankruptcy candidates after exhausting more than 75% of the credit available to them.
- Sen names Midstates Petroleum (NYSE:MPO), Resolute Energy (NYSE:REN), W&T Offshore (NYSE:WTI), Breitburn Energy (NASDAQ:BBEP) and Comstock Resources (NYSE:CRK) as seeing their borrowing facilities "reduced the most" among companies tracked by the firm.
- "The amount of money available to these U.S. producers to borrow is half, less than half in some cases, compared to a year ago," Sen writes, which "makes it very, very difficult for them to continue investing, continue drilling," but she also predicts that supplies will tighten by the end of next year, and prices could easily more than double from current levels.
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