SEC Filing Summary: Halcón Resources Corporation (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Halcón Resources Corporation (not Battalion Oil Corp as indicated in metadata) on May 14, 2013, covering events occurring on May 8, 2013. The filing details a material amendment to the Company's Senior Revolving Credit Agreement with JPMorgan Chase Bank, N.A., and other lenders.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt balances, or liquidity ratios. The document focuses exclusively on the modification of financial covenant calculation methodologies rather than reporting current financial performance figures.
Material Changes Versus Prior Period
The primary material change is the Fourth Amendment to the Senior Revolving Credit Agreement. This amendment alters the methodology for calculating the Interest Coverage Ratio for the remainder of calendar year 2013 by requiring the annualization of EBITDA:
- Quarter ended June 30, 2013: EBITDA for the three-month period multiplied by 4.
- Quarter ended September 30, 2013: EBITDA for the six-month period multiplied by 2.
- Quarter ended December 31, 2013: EBITDA for the nine-month period multiplied by 4/3.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the context of the credit agreement amendment. The amendment is intended to facilitate compliance with the interest coverage test under the Credit Facility.
Key Facts for Investor Verification
- Verify the full text of the Fourth Amendment (Exhibit 10.1) to understand all terms and conditions beyond the EBITDA calculation change.
- Confirm the Company's current EBITDA figures to assess the impact of the new annualization methodology on covenant compliance.
- Review the Company's most recent 10-Q or 10-K for actual debt levels and liquidity status, as this 8-K does not report them.
- Note the discrepancy between the metadata company name (Battalion Oil Corp) and the registrant name in the filing (Halcón Resources Corporation).