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Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
Nov. 23, 2015, 9:02 AM
- Resolute Energy (NYSE:REN) agrees to sell its Gardendale assets in the Midland Basin of west Texas to an undisclosed buyer for $177.5M.
- REN says the sale allows it to further reduce debt, improve liquidity and focus on development of its Permian Basin assets and other properties.
- Also, REN says it will not undertake a reverse stock split prior to year-end 2015, as NYSE policies permit it to wait until its 2016 annual meeting to bring the common stock's up to the $1/share continued listing standard.
Nov. 9, 2015, 4:38 PM
- Resolute Energy (NYSE:REN): EPS of -$2.44 may not be comparable to consensus of -$0.12.
- Revenue of $36.62M (-56.5% Y/Y) misses by $18.33M.
Nov. 8, 2015, 5:35 PM
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Sep. 29, 2015, 2:35 PM
- Resolute Energy (REN +4.7%) shoots higher after announcing it had begun a limited sale process for its Gardendale property in Texas' Permian Basin.
- REN says it will assess factors including market feedback and potential valuation in determining whether or not to pursue a sale of some or all of its interest in the property.
Sep. 17, 2015, 11:37 AM
- Resolute Energy (REN +17.4%) surges following news of its agreement to sell its Hilight Field assets in the Wyoming Powder River Basin for $55M, in a move seen as improving the company's liquidity and balance sheet.
- REN says that upon closing the transaction, it will have completed nearly $100M of asset sales YTD.
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.
Aug. 10, 2015, 4:31 PM
- Resolute Energy (NYSE:REN): Q2 EPS of -$3.46 may not be comparable to consensus of -$0.11.
- Revenue of $48.4M (-45.3% Y/Y) misses by $6.61M.
Aug. 9, 2015, 5:35 PM| Aug. 9, 2015, 5:35 PM | 13 Comments
Jun. 9, 2015, 4:38 PM
- Resolute Energy (NYSE:REN) jumped 19% in today's trade after announcing late yesterday that it had hired Petrie Partners to sell its Hilight Field property in Wyoming's Powder River Basin.
- Hilight, which REN acquired in 2008, is estimated to contain ~5.9M boe at the end of 2014; REN also recently re-completed 11 exploration wells in the region and conducted a 3-D seismic program to better understand potential infill reserves.
- Resolute Energy discloses shareholders voted to approve a reverse stock split; REN also says it has regained compliance with NYSE listing requirements.
Jun. 9, 2015, 12:47 PM
Resolute Energy Corp. engages in the exploration, exploitation, and development of oil and gas properties. Its property portfolio includes Aneth Field and Perian Basin. The company was founded by Richard F. Betz in 2004 and is headquartered in Denver, CO.
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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