-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, GsvBuHkn77DzGTJe7phxIDUW3EL+xTWjIUADlfDmhvm6wna+DQX2RtSoePtSMpgZ E+F3ujUdoVksOXGSALs16A== 0000950131-94-001456.txt : 19940923 0000950131-94-001456.hdr.sgml : 19940923 ACCESSION NUMBER: 0000950131-94-001456 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940909 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940922 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXUS ENERGY CORP /DE/ CENTRAL INDEX KEY: 0000724176 STANDARD INDUSTRIAL CLASSIFICATION: 1311 IRS NUMBER: 751891531 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08567 FILM NUMBER: 94549859 BUSINESS ADDRESS: STREET 1: 717 N HARWOOD ST- RM 3147 CITY: DALLAS STATE: TX ZIP: 75201-6594 BUSINESS PHONE: 2149532000 FORMER COMPANY: FORMER CONFORMED NAME: DIAMOND SHAMROCK CORP /DE/ DATE OF NAME CHANGE: 19870518 FORMER COMPANY: FORMER CONFORMED NAME: NEW DIAMOND CORP DATE OF NAME CHANGE: 19830908 8-K 1 FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 __________________ Date of Report (Date of earliest event reported): September 9, 1994 MAXUS ENERGY CORPORATION (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 1-8567-2 75-1891531 (Commission File Number) (I.R.S.Employer Identification No.) 717 North Harwood Street, Dallas, Texas 75201-6594 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 953-2000 ================================================================================ ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On September 9, 1994, Maxus Energy Corporation sold its geothermal subsidiary, Thermal Power Company ("TPC"), to Calpine Corporation for $60 million in cash and a note receivable for $6.5 million payable in three years. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (B) PRO FORMA FINANCIAL INFORMATION. An unaudited pro forma balance sheet as of June 30, 1994 has been prepared as if the TPC divestiture had occurred at that date. The effect of other previously reported divestitures during 1994, which includes the sale of certain producing oil and gas properties in Maxus' Southern Division owned directly by Maxus and the sale by Maxus and its subsidiaries of its general partners' interests and units of limited partnership interests in Diamond Shamrock Offshore Partners Limited Partnership ("DSP") to affiliates of Burlington Resources Inc., is reflected in the historical financial data presented in the unaudited pro forma balance sheet as of June 30, 1994. The unaudited pro forma statements of operations for the year ended December 31, 1993 and the six months ended June 30, 1994 have been prepared as if all such divestitures had occurred at January 1, 1993 and January 1, 1994, respectively, after giving effect to the pro forma financial adjustments described in Notes 1 and 2. The pro forma data are not necessarily indicative of the financial results which would have occurred had the divestitures been effective on those dates and should not be viewed as indicative of the financial results of Maxus in future periods. 2 MAXUS ENERGY CORPORATION NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS NOTE 1 - The accompanying pro forma statements of operations give effect to the following pro forma adjustments: (a) The elimination of the operating results before income tax and interest expense allocation of the divested Southern Division, DSP, and TPC properties for the year ended December 31, 1993 of $17.5 million and the six months ended June 30, 1994 of $210.0 million. (b) The reduction of interest expense of $7.2 million and $3.6 million for the year ended December 31, 1993 and six months ended June 30, 1994, respectively, due to the assumed repayment of $123.3 million of long-term debt. (c) The allocation of U.S. federal income tax expense ($1.7 million for the year ended December 31, 1993 and $73.4 million for the six months ended June 30, 1994). (d) The decrease of dividend requirement on preferred stock of $6.1 million and $3.0 million for the year ended December 31, 1993 and six months ended June 30, 1994, respectively, as a result of early redemption of $62.5 million of redeemable preferred stock. NOTE 2 - The accompanying pro forma balance sheet excludes the assets and liabilities related to the divested TPC properties. For purposes of the pro forma balance sheet, a June 30, 1994 sale date is assumed. (a) Assumes the repayment of $26.8 million of long-term debt from the proceeds of the TPC divestiture. 3 MAXUS ENERGY CORPORATION UNAUDITED PRO FORMA BALANCE SHEET June 30, 1994 ($ in millions)
Historical Maxus Pro Forma Adjustments Energy --------------------- Pro Forma Corporation Debit Credit Results ----------- ----- ------ ---------- (Note 2) (Note 2) Assets Current Assets Cash $6.4 $6.4 Cash equivalents 107.9 $33.2 (a) 141.1 Short-term investments 84.9 84.9 Receivables, less doubtful receivables 134.7 134.7 Inventories 29.1 29.1 Restricted cash 45.9 45.9 Deferred income taxes 2.1 2.1 Prepaid expenses 18.0 0.1 17.9 -------- ----- ------ -------- Total current assets 429.0 33.2 0.1 462.1 Investments 111.6 99.1 12.5 Properties and Equipment, less accumulated depreciation and depletion 1,103.2 7.7 1,095.5 Intangible Assets 36.5 36.5 Restricted Cash 101.1 101.1 Deferred Income Taxes 0.0 8.7 8.7 Deferred Charges 21.9 21.9 -------- ----- ------ -------- $1,803.3 $41.9 $106.9 $1,738.3 ======== ===== ====== ======== Liabilities and Stockholders' Equity Current Liabilities Current portion of long-term debt $23.9 $23.8 (a) $0.1 Accounts payable 50.4 50.4 Taxes payable 34.2 34.2 Accrued liabilities 111.2 111.2 -------- ----- ------ -------- Total current liabilities 219.7 23.8 0.0 195.9 Long-Term Debt 981.3 3.0 (a) 978.3 Deferred Income Taxes 225.0 26.1 198.9 Other Liabilities 106.9 106.9 Redeemable Preferred Stock - 1,250,000 shares 125.0 125.0 Stockholders' Equity $2.50 Preferred stock - 3,500,000 shares issued 3.5 3.5 $4.00 Preferred stock - 4,358,658 shares issued 4.4 4.4 Common stock - 134,840,644 shares issued 134.8 134.8 Paid-in capital 1,005.0 1,005.0 Minimum pension liability (24.4) (24.4) Accumulated deficit (974.8) 12.1 (986.9) -------- ----- ------ -------- 148.5 12.1 0.0 136.4 Treasury stock, at cost - 239,649 shares (3.1) (3.1) -------- ----- ------ -------- Total Stockholders' Equity 145.4 12.1 0.0 133.3 -------- ----- ------ -------- $1,803.3 $65.0 $0.0 $1,738.3 ======== ===== ====== ========
See notes to unaudited pro forma financial data. 4 MAXUS ENERGY CORPORATION UNAUDITED PRO FORMA STATEMENT OF OPERATIONS For the Six Months Ended June 30, 1994 ($ in millions, except per share amounts)
Historical Maxus Pro Forma Adjustments Energy --------------------- Pro Forma Corporation Debit Credit Results ----------- ------- ------ --------- (Note 1) Revenues Sales and operating revenues $354.6 $ 53.5 $ 301.1 Other revenues, net 0.2 3.8 (3.6) ------ ------- ------ ------- 354.8 57.3 0.0 297.5 Costs and Expenses Operating expenses 117.9 $6.5 111.4 Gas purchase costs 75.9 23.9 52.0 Exploration, including exploratory dry holes 17.0 2.6 14.4 Depreciation, depletion and amortization 73.4 15.5 57.9 General and administrative expenses 16.7 16.7 Taxes other than income taxes 7.0 0.7 6.3 Interest and debt expenses 47.4 3.6 (b) 43.8 Restructuring: Gain on sale of assets (201.9) 202.0 0.1 Restructuring costs 100.9 100.9 ------ ------- ------ ------- 254.3 202.0 52.8 403.5 ------ ------- ------ ------- Income Before Income Taxes 100.5 (259.3) 52.8 (106.0) Income Taxes 81.6 73.4 (c) 8.2 ------ ------- ------ ------- Net Income (Loss) 18.9 (259.3) (20.6) (114.2) Dividend requirement on Preferred Stock (24.4) 3.0 (d) (21.4) ------ ------- ------ ------- Loss Applicable to Common Shares $ (5.5) $(259.3) $(17.6) $(135.6) ====== ======= ====== ======= Net Loss per Common Share $(0.04) $ (1.01) ====== ======= Average Common Shares Outstanding 134.6 134.6
See notes to unaudited pro forma financial data. 5 MAXUS ENERGY CORPORATION UNAUDITED PRO FORMA STATEMENT OF OPERATIONS For the Year Ended December 31, 1993 ($ in millions, except per share amounts)
Historical Maxus Pro Forma Adjustments Energy --------------------- Pro Forma Corporation Debit Credit Results ----------- ------- ------ --------- (Note 1) Revenues Sales and operating revenues $786.7 $ 134.3 $652.4 Settlement of litigation 6.8 6.8 Other revenues, net 13.5 6.8 6.7 ------ ------- ------ ------ 807.0 141.1 0.0 665.9 Costs and Expenses Operating expenses 255.6 20.2 235.4 Gas purchase costs 155.6 43.9 111.7 Exploration, including exploratory dry holes 56.8 9.9 46.9 Depreciation, depletion and amortization 153.6 47.7 105.9 General and administrative expenses 34.8 34.8 Taxes other than income taxes 15.9 1.9 14.0 Interest and debt expenses 88.4 7.2 (b) 81.2 ------ ------- ------ ------ 760.7 0.0 130.8 629.9 ------ ------- ------ ------ Income Before Income Taxes, Extraordinary Item and Cumulative Effect of Change in Accounting Principle 46.3 (141.1) 130.8 36.0 Income Taxes 84.2 1.7 (c) 82.5 ------ ------- ------ ------ Net Loss Before Extraordinary Item and Cumulative Effect of Change in Accounting Principle (37.9) (141.1) 129.1 (46.5) Extraordinary item, net of tax benefit of $.1 (7.1) Cumulative effect of change in accounting principle (4.4) ------ ------- ------ ------ Net Loss (49.4) (141.1) 129.1 (46.5) Dividend requirement on Preferred Stock (41.7) 6.1 (d) (35.6) ------ ------- ------ ------ Loss Applicable to Common Shares $(91.1) $(141.1) $135.2 $(82.1) ====== ======= ====== ====== Net Loss per Common Share Before Extraordinary Item and Cumulative Effect of Change in Accounting Principle $(0.60) $(0.61) ====== Extraordinary item (0.05) Cumulative effect of change in accounting principle (0.03) ------ Net Loss per Common Share $(0.68) ====== Average Common Shares Outstanding 133.9 133.9
See notes to unaudited pro forma financial data. 6 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MAXUS ENERGY CORPORATION By: G. R. Brown ---------------------------------- G. R. Brown Vice President and Controller Dated: September 22, 1994 -----END PRIVACY-ENHANCED MESSAGE-----