March 26, 2017 6:45 AM ET

Oil, Gas and Consumable Fuels

Company Overview of PetroQuest Energy, L.L.C.

Company Overview

PetroQuest Energy, L.L.C. acquires and explores oil and natural gas properties in Gulf Coast basin and offshore Gulf of Mexico. The company was formerly known as PetroQuest Energy One, L.L.C. and changed its name to PetroQuest Energy, L.L.C. in December, 2000. The company was incorporated in 1995 and is based in Lafayette, Louisiana. PetroQuest Energy, L.L.C. operates as a subsidiary of PetroQuest Energy Inc.

400 East Kaliste Saloom Road

Suite 6000

Lafayette, LA 70508

United States

Founded in 1995

Phone:

318-232-7028

Fax:

337-232-0044

Key Executives for PetroQuest Energy, L.L.C.

Chief Executive Officer, President, and Chairman of the Board
Age: 60
Chief Financial Officer, Executive Vice President, and Treasurer
Age: 44
Compensation as of Fiscal Year 2016.

PetroQuest Energy, L.L.C. Key Developments

PetroQuest Energy, Inc. and PetroQuest Energy, L.L.C. Enter into the Fourteenth Amendment to Credit Agreement

On June 20, 2016, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. (the Borrower) and TDC Energy LLC (the Guarantor) entered into the Fourteenth Amendment to Credit Agreement which amends the Credit Agreement dated as of October 2, 2008 with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, National Association, IBERIABANK, Bank of America, N.A. and The Bank of Nova Scotia (collectively, Lenders"). Among other things, the Fourteenth Amendment provides that the financial covenants of the Credit Agreement do not apply to the Company until the Financial Covenant Reinstatement Date, which is defined in the Fourteenth Amendment as the first date on which the Borrower incurs any borrowings or causes the Lenders to issue any letters of credit under the Credit Agreement. Effectively, the Company may not incur any borrowings or cause the Lenders to issue any letters of credit under the Credit Agreement until the Company can satisfy the financial covenants under the Credit Agreement, as outlined below. The Fourteenth Amendment also amended the financial covenants in the Credit Agreement. In the Fourteenth Amendment, the Lenders have agreed to amend the maximum ratio of total debt to EBITDAX as of the last day of any fiscal quarter for the fiscal quarter period then ending multiplied by four to be, from and after the Financial Covenant Reinstatement Date (as defined in the Credit Agreement), 4.0 to 1.0 as of the last day of any fiscal quarter, to add back the minimum ratio of consolidated current assets (including Unused Availability (as defined in the Credit Agreement) and excluding non-cash assets under ASC 815) to consolidated current liabilities (excluding non-cash obligations under ASC 815 and ASC 410 and, for the fiscal quarters ending September 30, 2016 and December 31, 2016, liabilities in respect of the Company's 10% Senior Notes due 2017), to be, from and after the Financial Covenant Reinstatement Date, 1.0 to 1.0, and to amend the minimum ratio of EBITDAX to total cash interest expense, determined on a four quarter basis as of the end of each fiscal quarter to be, from and after the Financial Covenant Reinstatement Date, 3.0 to 1.0. In addition, pursuant to the Fourteenth Amendment, the Lenders have agreed to modify the commitment fee rate to be 0.500% of the average daily unused amount of the commitments of the Lenders, reduced the commitment to issue letters of credit to $0, modified the Borrower's obligation to make mandatory prepayments to include mandatory prepayments on each business day from and after the Financial Covenant Reinstatement Date in the amount of any Excess Cash on such day and, once the borrowings are fully prepaid, to require Borrower to pay any Excess Cash to the Administrative Agent to provide cash collateral for any outstanding letters of credit issued under the Credit Agreement, where Excess Cash is any unrestricted cash and cash equivalents of the Company or any of its other Subsidiaries that exceeds $10,000,000, added additional conditions to making a loan or issuing, amending, renewing or extending a letter of credit under the Credit Agreement, including (i) at the time and giving effect to the requested borrowing or issuance, amendment, renewal or extension of a letter of credit, there shall be no Excess Cash, and (ii) at the time and giving effect to the requested borrowing or issuance, amendment, renewal or extension of a letter of credit, the aggregate amount of borrowings outstanding and letters of credit issued under the Credit Agreement shall not exceed $5,000,000, which may be waived or modified to increase such amount only with the consent of the Administrative Agent and each Lender, decreased the Borrowing Base, as defined in the Credit Agreement, from $32 million to $22.5 million, and decreased the aggregate commitment of the Lenders from $32 million to $22.5 million. Based on the Company's expectations for the second quarter of 2016, the Company anticipates that, pursuant to the applicable financial covenants in the Credit Agreement, the Company's utilization of the Borrowing Base will limited to $0. After he Financial Covenant Reinstatement Date, the Company's utilization of the Borrowing Base will be limited to $5,000,000, subject to the limitations on Excess Cash pursuant to the Credit Agreement, as amended. As of June 20, 2016, the Borrower had no borrowings outstanding under the Credit Agreement.

PetroQuest Energy, L.L.C. Announces Thirteenth Amendment to its Credit Agreement

On January 25, 2016, PetroQuest Energy Inc. (the Company"), PetroQuest Energy, L.L.C. (the Borrower"), and TDC Energy LLC, entered into the Thirteenth Amendment to Credit Agreement, which amends the Credit Agreement dated as of October 2, 2008, with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, National Association, IBERIABANK, Bank of America, N.A. and The Bank of Nova Scotia (collectively, Lenders"). Pursuant to the Thirteenth Amendment, the Lenders have agreed to amend the maximum ratio of total debt to EBITDAX, determined on a rolling four quarter basis, to be, for so long as the Borrower has Unused Availability greater than or equal to 75% of the aggregate commitments of the Lenders at all times during the consecutive 3 month period prior to and including the date of calculating the maximum ratio of total debt to EBITDAX, 5.0 to 1.0 as of the last day of the fiscal quarter ending March 31, 2016, 5.5 to 1.0 as of the last day of the fiscal quarter ending June 30, 2016, 5.75 to 1.0 as of the last day of the fiscal quarters ending September 30, 2016, and December 31, 2016, and 4.25 to 1.0 as of the last day of any fiscal quarter ending on or after March 31, 2017, provided that for each of the consecutive fiscal quarter periods ending December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, the amount of total debt for such quarterly period shall be reduced by the amount of unencumbered and unrestricted cash of the Company and its subsidiaries and by the amount of cash of the Company and its subsidiaries that is subject to an Account Control Agreement securing the company's obligations under the Credit Agreement, to delete the minimum ratio of consolidated current assets to consolidated current liabilities, and to add a minimum ratio of EBITDAX to total cash interest expense, determined on a four quarter basis as of the end of each fiscal quarter of 1.0 to 1.0.

PetroQuest Energy, Inc. and PetroQuest Energy, L.L.C. Enter into the Tenth Amendment to Credit Agreement

On March 27, 2015, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. (the Borrower), entered into the Tenth Amendment to Credit Agreement, which amends the Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010, that certain Fourth Amendment to Credit Agreement dated as of October 3, 2011, that certain Fifth Amendment to Credit Agreement dated as of March 29, 2013, that certain Sixth Amendment to Credit Agreement dated as of June 19, 2013, that certain Seventh Amendment to Credit Agreement dated as of March 31, 2014, that certain Eighth Amendment to Credit Agreement dated as of September 29, 2014, and that certain Ninth Amendment to the Credit Agreement dated as of February 26, 2015, with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia (collectively, Lenders"). Pursuant to the Tenth Amendment, the Lenders have agreed to amend the minimum ratio of consolidated current assets to consolidated current liabilities financial covenant to be 0.75 to 1.0 as of the last day of the fiscal quarters ending March 31, 2015 and June 30, 2015, and 1.0 to 1.0 as of the last day of any fiscal quarter ending thereafter, and decrease the Borrowing Base, as defined in the Credit Agreement, from $220.0 million to $190.0 million (subject to the aggregate commitments of the Lenders then in effect, which was unchanged at $170.0 million). The Borrowing Base is based upon the valuation as of January 1 and July 1 of each year of the reserves attributable to the company's and its subsidiaries' oil and gas properties and other credit factors deemed relevant by the Lenders. The Lenders and the Borrower agreed that the aforementioned decrease in the Borrowing Base constituted the Scheduled Redetermination (as defined in the Credit Agreement) of the Borrowing Base scheduled for on or about March 31, 2015. As of March 30, 2015, the Borrower had $85 million of outstanding borrowings under (and no letters of credit issued pursuant to) the Credit Agreement.

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