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  • Thu, Oct. 13, 6:41 PM
    • North Dakota oil production dropped below 1M bbl/day in August for the first time in more than two years, as the state's higher-cost production continues to struggle relative to other parts of the U.S.
    • Production from North Dakota’s portion of the Williston Basin fell to 981K bbl/day in August, down 4.7% from July and the lowest since March 2014; the state's peak production, in December 2014, was more than 1.23M bbl/day.
    • Lynn Helms, director of the state’s Department of Mineral Resources, expects oil production to decline to a low of ~900K bbl/day by mid-2017 before recovering.
    • Companies with a presence in North Dakota's Bakken Shale include CLR, WLL, EOG, ERF, HK, HES, MRO, OAS, QEP, SM, STO, TPLM.
    | Thu, Oct. 13, 6:41 PM | 42 Comments
  • Mon, Sep. 26, 2:09 PM
    | Mon, Sep. 26, 2:09 PM
  • Tue, Sep. 13, 12:45 PM
    | Tue, Sep. 13, 12:45 PM | 6 Comments
  • Tue, Aug. 16, 8:17 AM
    • Halcon Resources (NYSE:HK) says it received notice from the NYSE that its market cap had fallen below the continued listing standard after falling below $50M over a 30-day trading period.
    • HK says it expects to regain compliance with the NYSE's minimum market cap requirement and the minimum share price requirement upon successful consummation of its current restructuring plan.
    • HK has 45 days to submit a plan to regain compliance.
    | Tue, Aug. 16, 8:17 AM
  • Fri, Aug. 12, 2:31 PM
    • North Dakota's crude oil production fell 2% in June to 1.03M bbl/day, hitting its lowest level in more than two years.
    • The state's Department of Minerals Resources says production may already have dropped below 1M bbl/day and could take at least a year to recover if the level is breached.
    • But in a positive sign for the industry, the state says the breakeven price for oil production at its existing wells has slipped to $26/bbl, showing that existing production remains profitable for companies that have aggressively cut costs.
    • Companies with a presence in North Dakota's Bakken Shale include CLR, WLL, EOG, ERF, HK, HES, MRO, OAS, QEP, SM, STO, TPLM.
    | Fri, Aug. 12, 2:31 PM | 33 Comments
  • Thu, Jul. 28, 4:59 PM
    • Halcon Resources (NYSE:HK): Q2 EPS of $0.26 beats by $0.17.
    • Revenue of $106.1M (-36.8% Y/Y) misses by $61.71M.
    • Shares -10%.
    • Press Release
    | Thu, Jul. 28, 4:59 PM | 9 Comments
  • Wed, Jul. 27, 11:37 PM
    • Halcon Resources (NYSE:HK) files for Chapter 11 bankruptcy as part of a restructuring agreement reached in May with key lenders.
    • HK is seeking court approval for a plan supported by most of its top creditors that would cut its debts by ~$1.8B and reduce annual interest expenses by $200M.
    • The filing in Delaware federal bankruptcy court lists $3.12B in debt and $2.85B in assets.
    | Wed, Jul. 27, 11:37 PM | 6 Comments
  • Tue, Jul. 12, 6:24 PM
    • U.S. oil drillers failed to pay $28.8B owed to junk-bond investors this year, bringing the sector's debt default rate to a record level, according to a new report from Fitch Ratings.
    • H1 defaults among all high-yield issuers hit $50.2B, topping the $48.3B total defaults for all of 2015, and are on track to reach as high as $90B by year-end, Fitch says; the H1 default rate was a six-year high 4.9%, with an energy default rate of 15% and an E&P sector default rate of 29%.
    • The default rate among energy explorers could climb to 35% this year, says Eric Rosenthal, Fitch's senior director of leveraged finance, as more drillers such as Halcón Resources (NYSE:HK), which has $2.5B in outstanding bonds, are expected to file for Chapter 11 bankruptcy protection.
    • Fitch’s watch list for companies that potentially could fail to repay their debts includes Venezuela’s state-owned PDVSA, W&T Offshore (NYSE:WTI) and Key Energy Services (NYSE:KEG).
    | Tue, Jul. 12, 6:24 PM | 1 Comment
  • Thu, Jun. 16, 12:19 PM
    • North Dakota’s crude oil production fell by the largest amount ever for a single month, sinking 6.3% to 1.04M bbl/day in April from a revised 1.11M bbl/day in March.
    • The North Dakota Department of Mineral Resources cites low crude oil prices but also windy weather throughout much of the month, which delays the fracking of wells, adding that it expects the slide to accelerate through May and into the summer.
    • There are 28 drilling rigs currently active in the state, up from 27 in May which was the fewest since July 2005; at its peak, North Dakota had 218 rigs drilling in May 2012.
    • Companies with a Bakken presence include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL.
    | Thu, Jun. 16, 12:19 PM | 42 Comments
  • Fri, Jun. 10, 12:28 PM
    • Halcón Resources (HK +13.8%) is higher after announcing a restructuring support agreement with select holders of its notes and perpetual convertible preferred stock.
    • The plan, if implemented, would result in the elimination of $1.8B of net debt and $222M of preferred equity, and would reduce the company’s ongoing annual interest burden by more than $200M.
    • Under the terms of the restructuring, all current stakeholders, including common equity holders, would receive cash and/or common equity in the restructured company.
    | Fri, Jun. 10, 12:28 PM | 17 Comments
  • Wed, May 18, 5:19 PM
    • Halcon Resources (NYSE:HK) says it is filing for Chapter 11 bankruptcy protection to restructure its balance sheet and eliminate $1.8B in debt.
    • HK says it has reached an agreement with some debt holders and plans to seek the support of additional lenders.
    • HK says its restructuring plan will eliminate ~$1.8B of debt and $222M of preferred equity, and reduce its annual interest payments by more than $200M.
    | Wed, May 18, 5:19 PM | 50 Comments
  • Wed, May 11, 6:48 PM
    • The EPA tomorrow will issue the first U.S. standards aimed at curbing methane emissions from the oil and natural gas industry, WSJ reports.
    • The rules, which will affect only new oil and natural gas wells, will require companies to install technologies to monitor and limit inadvertent emitting of methane during the production and transmission process of natural gas, and require new practices such as regular inspections for leaks.
    • Meanwhile, a new study says the Bakken oil-producing region of North Dakota and Montana leaks 275K tons/year of methane, a sizeable amount but less than previously believed.
    • Companies with a Bakken presence include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
    | Wed, May 11, 6:48 PM | 71 Comments
  • Mon, May 9, 4:36 PM
    • Halcon Resources (NYSE:HK): Q1 EPS of $0.21 beats by $0.25.
    • Revenue of $81.3M (-40.3% Y/Y) misses by $104.01M.
    • Press Release
    | Mon, May 9, 4:36 PM | 5 Comments
  • Sun, May 8, 5:35 PM
  • Sun, May 1, 1:08 PM
    • A new study finds that fracking of U.S. shale fields is causing a global surge in ethane emissions. Ethane is known to contribute to global warming and dangerous air pollution.
    • Global ethane levels had been falling since the 1980s, but in 2010 a sensor in Europe picked up a surprise increase. U.S. shale fracking was thought to be the culprit. More recently, a single field in the North Dakota and Montana Bakken Formation has been found to be emitting 2% of the worldwide total.
    • "Two percent might not sound like a lot, but the emissions we observed in this single region are 10 to 100 times larger than reported in inventories. They directly impact air quality across North America. And they're sufficient to explain much of the global shift in ethane concentrations," said Eric Kort, the first author of the new study published in Geophysical Research Letters.
    • Ethane emissions from other U.S. fields, especially the Texas Eagle Ford, likely contributed as well, the research team says. The findings illustrate the key role of shale oil and gas production in rising ethane levels.
    • Baaken stocks include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
    • Eagle Ford stocks include: APC, APA, COG, CRZO, CHK, COP, ECA, XOM, MUR, PXD
    • See the full study here »
    | Sun, May 1, 1:08 PM | 363 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).
    | Wed, Apr. 13, 7:12 PM | 39 Comments