Bakken Update: Halcon Is Down 97% Since Our Call To Short, But Further Downside May Be Ahead
Michael Filloon • 40 Comments
Michael Filloon • 40 Comments
Halcón Resources Sets Precedent For Debt Restructurings In The U.S. Oil And Gas Sector
Richard Zeits • 31 Comments
Richard Zeits • 31 Comments
Wed, Apr. 13, 7:12 PM
- Chesapeake Energy (NYSE:CHK) was able to maintain its $4B bank line but many of its competitors are faring far worse: Since the start of 2016, lenders have yanked $5.6B of credit from 36 oil and gas producers, a 12% reduction, according to data compiled by Bloomberg.
- Banks are cutting their oil and gas exposure in part because they are facing pressure from regulators and investors to rein in risk; JPMorgan said today that it had set aside another $529M to cover expected energy loan losses.
- "The banks are walking a tightrope," says Bloomberg's Spencer Cutter. "They don’t want to push the companies into bankruptcy, but on the other hand they’re getting a lot of heat from regulators and investors. They can’t keep kicking the can down the road like they did last year."
- At least 15 companies have seen their credit lines cut, including Whiting Petroleum (NYSE:WLL), Rex Energy (NASDAQ:REXX), Halcon Resources (NYSE:HK), Goodrich Petroleum (GDP) and Midstates Petroleum (NYSE:MPO).
- ETFs: XLE, VDE, ERX, OIH, XOP, FCG, ERY, GASL, DIG, DUG, BGR, XES, IYE, IEO, FENY, IEZ, PXE, FIF, PXJ, RYE, NDP, GUSH, DRIP, DDG, FXN
Thu, Apr. 7, 12:59 PM
- Halcon Resources (HK +5.1%) is higher after saying it is in talks with stakeholders and negotiating terms of a potential deal that could "materially reduce" the company's indebtedness.
- HK says it is encouraged by progress made toward an agreement, and will report more information about balance sheet initiatives as appropriate.
- Now read Bakken update: Well results on Halcon acreage
Mon, Mar. 7, 12:45 PM
Mon, Mar. 7, 9:11 AM
Thu, Feb. 25, 4:18 PM
Wed, Feb. 24, 5:35 PM
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Fri, Jan. 29, 7:55 AM| Fri, Jan. 29, 7:55 AM | 15 Comments
Thu, Jan. 28, 7:02 PM
- A lower outlook for oil and natural gas prices prompts a round of reductions in energy company estimates, ratings and price targets at Wunderlich, which downgrades Chesapeake Energy (NYSE:CHK), Halcon Resources (NYSE:HK), Oasis Petroleum (NYSE:OAS) and Whiting Petroleum (NYSE:WLL) to Hold from Buy and SandRidge Energy (NYSE:SD) to Sell from Hold.
- Wunderlich also upgrades Cimarex (NYSE:XEC) to Buy from Hold with a $122 price target price, as the stock has weakened and the firm gives more credit to the company for its Cana-Woodford assets.
- The firm says nearly all of its covered companies that predominantly operate in the Bakken Shale are now rated Hold or Sell, but that it mostly reflects the tougher economics of the region rather than the quality of the companies.
Dec. 18, 2015, 11:23 AM
- Halcon Resources (HK +10.7%) is higher after saying it plans to cut investment spending in half next year in a more "tempered approach” than originally expected due to weak oil prices.
- HK sets a 2016 capital budget of $180M-$210M and expects to reduce drilling and completion activity at key fields in the Bakken Shale in North Dakota and in east Texas, resulting in a production profile that is flat to -5% compared to 2015.
- HK says it is exercising caution even though it has $800M in liquidity and much of its crude production is hedged at $80.59/bbl.
Dec. 16, 2015, 4:49 PM
- Halcon Resources (NYSE:HK) announces a 1:5 reverse stock split, and says shares will begin trading on a split-adjusted basis at the market open on Jan. 5.
- The NYSE had told HK in August that the company's stock had run afoul of its listing requirement that a stock must not trade at less than $1 for 30 consecutive trading days.
- HK shares have fallen by 50% in the past month, a victim of weakening crude oil prices and a heavy debt load; even after a recent debt exchange, in which it offered to exchange new second lien notes for some of its old notes at just $0.39 on the dollar, HK still has more than $3B in outstanding debt.
Nov. 5, 2015, 4:35 PM
- Halcon Resources (NYSE:HK): Q3 EPS of $0.04 beats by $0.03.
- Revenue of $129.9M (-57.6% Y/Y) misses by $79.35M.
Nov. 4, 2015, 5:35 PM
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Aug. 28, 2015, 8:42 AM
- Halcon Resources (NYSE:HK) +11.7% premarket after agreeing to issue $1.02B aggregate principal amount of new 13% senior secured notes due 2022 in exchange for $1.57B in outstanding unsecured debt securities, reducing the company's long-term debt by ~$547M.
- HK also says it received notice from the NYSE that the price of its common stock has fallen below the exchange's continued listing standard.
Aug. 3, 2015, 12:46 PM
Jul. 30, 2015, 4:30 PM
- Halcon Resources (NYSE:HK): Q2 EPS of $0.02 beats by $0.04.
- Revenue of $168M (-48.6% Y/Y) misses by $43.44M.
- Shares +0.9%.
Jul. 29, 2015, 5:35 PM
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HalcÃ³n Resources Corp. is an independent energy company engages in the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. The company operates through one segment which focuses on oil and natural gas acquisition, production,... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States
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