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Grizzly Energy, LLC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2019 10-Q, filed Aug 19, 2019. Its latest SEC filing is a 15-12G from Oct 17, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Produces and develops oil, natural gas and natural gas liquids from U.S. properties, selling them to marketers, processors and refiners.

How Did They Make Money?

Customers buy oil, natural gas and NGLs at prices linked to market indexes. Grizzly invoices when production is delivered; settlement statements for some natural gas and NGL sales arrive 30 to 90 days later.

revenue

Who Were Their Customers?

Sells production mainly to marketers, processors, refiners and other purchasers with pipeline access. Some gas and NGL sales go through midstream processors, which remit proceeds; in other arrangements, Grizzly sells to the ultimate purchaser.

Did Revenues Turn Into Profits?

No. It lost $44M in .

Operating income,
4% of revenue
Net income,
−10% of revenue

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q2 FY2019, the three months to Jun 30, 2019
Revenue
▲ +7%
vs $66.4M in Q2 FY2018
Net income
▲ +545% (Loss)
vs −$57.7M in Q2 FY2018
  • Sep 23, 2019 CEO R. Scott Sloan stepped down; Jonathan C. Curth became interim CEO
  • Jul 17, 2019 Company completed restructuring and emerged from Chapter 11 Vanguard was converted to a limited liability company and renamed Grizzly Energy.
  • Jul 10, 2019 Court confirmed the company's reorganization plan

Shrank. Revenue fell 42% in 4 years, from $788.1M in to $460.3M in , about 13% a year.

From acquisition to production The older report centered on acquiring mature, long-lived properties and using added acquisitions to support distributions; the latest describes a focus on producing and developing U.S. oil and gas properties.

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