-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K+MSYYGPde6XkiLYSughxFVPgG6ZBrvYVvfZl7ZaeGOxYtFamyDqEacoQ7jp1t7A vwLA9gmxGpUArDxvbhO04g== 0000833320-99-000019.txt : 19991206 0000833320-99-000019.hdr.sgml : 19991206 ACCESSION NUMBER: 0000833320-99-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991118 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BURLINGTON RESOURCES INC CENTRAL INDEX KEY: 0000833320 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 911413284 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09971 FILM NUMBER: 99768330 BUSINESS ADDRESS: STREET 1: 5051 WESTHEIMER STREET 2: SUITE 1400 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136249500 MAIL ADDRESS: STREET 1: 5051 WESTHEIMER STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 FORM 8-K CURRENT REPORT UNITED STATES 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 November 18, 1999 (Date of earliest event reported) BURLINGTON RESOURCES INC. (Exact name of registrant as specified in its charter) Delaware 1-9971 91-1413284 (State or other (Commission (IRS Employer Jurisdiction of File Number) Identification Incorporation) Number) 5051 Westheimer, Suite 1400, Houston, Texas 77056 (Address of principal executive offices, zip code) Registrant's telephone number including area code: (713) 624-9500 Item 2. ACQUISITION OF ASSETS On November 18, 1999, Burlington Resources Inc. (BR) and Poco Petroleums Ltd. (Poco) announced the completion of the acquisition of Poco by Burlington. Each company's shareholders approved the transaction at separate meetings today and the transaction closed following approval of the plan of arrangement by the Court of Queen's Bench of Alberta. Under the terms of the transaction, Poco shareholders will receive 0.25 BR common equivalent shares (exchangeable shares) for each Poco share held. The exchangeable shares are Canadian securities, which will begin trading on the Toronto Stock Exchange on Tuesday, November 23, 1999 under the symbol BRX. These shares have the same voting rights, dividend entitlements and other attributes as BR shares of common stock and are exchangeable, at each shareholder's option, for BR common shares. BR is issuing approximately 40 million common equivalent shares to the Poco shareholders. On November 22, 1999, BR released detailed pro forma financial information for the nine months ended September 30, 1999 to reflect its acquisition of Poco Petroleums Ltd. Copies of both Press Releases have been included as exhibits to this report. Item 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99.1 - Press Release of BR dated November 18, 1999 Exhibit 99.2 - Press Release of BR dated November 22, 1999 FORWARD-LOOKING STATEMENTS This report (including the exhibits) contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect BR's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the companies' 1998 Annual Reports on Form 10-K. 2 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. BURLINGTON RESOURCES INC. (Registrant) By /s/Philip W. Cook Philip W. Cook Vice President, Controller and Chief Accounting Officer Date: December 2, 1999 3 EXHIBIT INDEX Exhibit Number Exhibit Page 99.1 Press Release dated November 18, 1999 5 99.2 Press Release dated November 22, 1999 6 4 EXHIBIT 99.1 BR ANNOUNCES THE COMPLETION OF ITS ACQUISITION OF POCO PETROLEUMS LTD. Houston, Texas, November 18, 1999 - Burlington Resources Inc. (NYSE: BR) and Poco Petroleums Ltd. (TSE & ME: POC) today announced the completion of the acquisition of Poco by Burlington. Each company's shareholders approved the transaction at separate meetings today and the transaction closed following approval of the plan of arrangement by the Court of Queen's Bench of Alberta. Under the terms of the transaction, Poco shareholders will receive 0.25 BR common equivalent shares (exchangeable shares) for each Poco share held. The exchangeable shares are Canadian securities, which will begin trading on the Toronto Stock Exchange on Tuesday, November 23, 1999 under the symbol BRX. These shares have the same voting rights, dividend entitlements and other attributes as BR shares of common stock and are exchangeable, at each shareholder's option, for BR common shares. BR is issuing approximately 40 million common equivalent shares to the Poco shareholders. Poco, headquartered in Calgary, will operate as the Canadian division of BR North America. Terry McCoy, Poco's Vice President of Exploration, has been named a Vice President of Burlington Resources Oil & Gas Co. and will head the Canadian business unit. Bobby Shackouls, Chairman, President and Chief Executive Officer of BR stated, "the combination of these two companies creates the premier independent North American natural gas company with almost 10 trillion cubic feet equivalent of reserves. The financial strength of BR, combined with the extremely high quality exploration inventory that Poco has accumulated, should provide significant growth and value creation opportunities for our shareholders." FORWARD-LOOKING STATEMENTS This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission. 5 EXHIBIT 99.2 BR RELEASES DETAILED PRO FORMA FINANCIAL INFORMATION FOR POCO ACQUISITION Houston, Texas, November 22, 1999 - Burlington Resources Inc. (NYSE: BR) today released detailed pro forma financial information for the nine months ended September 30, 1999 to reflect its acquisition of Poco Petroleums Ltd. Financial statements are attached. FORWARD-LOOKING STATEMENTS This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission. 6 Burlington Resources Inc. Pro Forma Combined Statement of Income Nine Months Ended September 30, 1999
BR Pro Forma BR Canada Combined ---------- ---------- -------------- (In Millions) Operating Revenues Gas............................................$ 840 $ 201 $ 1,041 Oil............................................ 280 87 367 Processing and Other........................... 42 1 43 ---------- ---------- ----------- Operating Revenues.................... 1,162 289 1,451 ---------- ---------- ----------- Operating Expenses Production Taxes............................... 71 3 74 Production and Processing...................... 275 82 357 Depreciation, Depletion and Amortization....... 387 83 470 Exploration Costs.............................. 128 21 149 Administrative................................. 102 6 108 ---------- ---------- ----------- Operating Expenses.................... 963 195 1,158 ---------- ---------- ----------- Operating Income..................................... 199 94 293 Interest Expense..................................... 123 40 163 Other Expense (Income) - Net......................... 1 (12) (11) ---------- ---------- ----------- Income Before Income Taxes........................... 75 66 141 Income Tax Expense................................... 28 28 56 ---------- ---------- ----------- Net Income...........................................$ 47 $ 38 $ 85 ========== ========== =========== Basic Earning per Common Share.......................$ .27 $ .25 $ .39 ========== ========== =========== Diluted Earning per Common Share.....................$ .26 $ .25 $ .39 ========== ========== =========== Basic Common Shares.................................. 177 153 216 ========== ========== =========== Diluted Common Shares................................ 178 154 217 ========== ========== ===========
7 Burlington Resources Inc. Pro Forma Combined Balance Sheet September 30, 1999 (Unaudited)
BR Pro Forma BR Canada Combined -------------- --------------- --------------- (In Millions) ASSETS Current Assets...................................................$ 467 $ 92 $ 559 -------------- --------------- --------------- Oil & Gas Properties (Successful Efforts Method)................. 9,679 2,842 12,521 Other Properties................................................. 857 55 912 -------------- --------------- --------------- 10,536 2,897 13,433 Accumulated Depreciation, Depletion and Amortization 5,216 1,718 6,934 -------------- --------------- --------------- Properties - Net............................................. 5,320 1,179 6,499 -------------- --------------- --------------- Other Assets..................................................... 119 40 159 -------------- --------------- --------------- Total Assets.................................................$ 5,906 $ 1,311 $ 7,217 ============== =============== =============== LIABILITIES Current Liabilities..............................................$ 448 $ 85 $ 533 -------------- --------------- --------------- Long-term Debt................................................... 1,979 776 2,755 -------------- --------------- --------------- Deferred Income Taxes............................................ 220 - 220 -------------- --------------- --------------- Deferred Revenue................................................. 29 - 29 -------------- --------------- --------------- Other Liabilities and Deferred Credits........................... 222 12 234 -------------- --------------- --------------- Commitments and Contingent Liabilities STOCKHOLDERS' EQUITY Common Stock..................................................... 2 - 2 Paid-in Capital.................................................. 2,992 974 3,966 Retained Earnings (Deficit)...................................... 1,013 (476) 537 -------------- --------------- --------------- 4,007 498 4,505 Cost of Treasury Stock........................................... (999) - (999) Foreign Currency Translation..................................... - (60) (60) -------------- --------------- --------------- Stockholders' Equity............................................. 3,008 438 3,446 -------------- --------------- --------------- Total Liabilities and Stockholders' Equity...................$ 5,906 $ 1,311 $ 7,217 ============== =============== ===============
8 Burlington Resources Inc. Pro Forma Combined Statement of Cash Flows Nine Months Ended September 30, 1999 (Unaudited)
BR Pro Forma BR Canada Combined ------------ ----------- ------------ (In Millions) Cash Flows From Operating Activities Net Income..............................................................$ 47 $ 38 $ 85 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities Depreciation, Depletion and Amortization............................. 399 83 482 Deferred Income Taxes................................................ 21 23 44 Exploration Costs.................................................... 128 21 149 Special Items and Other ............................................. (1) - (1) ------------ ----------- ------------ Discretionary Cash Flow..................................... 594 165 759 Working Capital and Other Changes....................................... (10) 10 - ------------ ----------- ------------ Net Cash Provided By Operating Activities................... 584 175 759 ------------ ----------- ------------ Cash Flows From Investing Activities Additions to Properties................................................. (470) (223) (693) Proceeds from Sales and Other........................................... (81) 32 (49) ------------ ----------- ------------ Net Cash Used In Investing Activities....................... (551) (191) (742) ------------ ----------- ------------ Cash Flows From Financing Activities Proceeds from Long-term Debt - Net...................................... 41 10 51 Dividends Paid.......................................................... (73) - (73) Common Stock Purchases.................................................. (9) - (9) Other................................................................... 8 8 16 ------------ ----------- ------------ Net Cash Provided By (Used In) Financing Activities......... (33) 18 (15) ------------ ----------- ------------ Effect of Exchange Rate Changes on Cash and Cash Equivalents............... - (2) (2) Increase (Decrease) in Cash and Cash Equivalents........................... - - - Cash and Cash Equivalents Beginning of Period..................................................... - - - ------------ ----------- ------------ End of Period...........................................................$ - $ - $ - ============ =========== ============
9 -----END PRIVACY-ENHANCED MESSAGE-----