-----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, PdXFSHmULyyxYg/WlHp2oRR30NifS+oHxUcCTNMLZcBqiJTXZrw61p+qN1HqvjU2 wAoz+Riy6JNsDbWlbwWR9g== 0000950134-02-001811.txt : 20020415 0000950134-02-001811.hdr.sgml : 20020415 ACCESSION NUMBER: 0000950134-02-001811 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20020306 GROUP MEMBERS: BP CAPITAL ENERGY EQUITY INTERNATIONAL HOLDINGS I LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENN VIRGINIA CORP CENTRAL INDEX KEY: 0000077159 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 231184320 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-12730 FILM NUMBER: 02567717 BUSINESS ADDRESS: STREET 1: 100 MATSONFORD ROAD SUITE 200 STREET 2: ONE RADNOR CORPORATE CENTER CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106878900 MAIL ADDRESS: STREET 1: 800 BELLEVUE 200 S BROAD ST CITY: PHILADELPHIA STATE: PA ZIP: 19102 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA COAL & IRON CO DATE OF NAME CHANGE: 19670501 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BP CAPITAL ENERGY EQUITY FUND LP CENTRAL INDEX KEY: 0001157942 IRS NUMBER: 752948254 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 260 PRESTON COMMONS WEST STREET 2: 8117 PRESTON ROAD CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 214-265-4165 MAIL ADDRESS: STREET 1: 260 PRESTON COMMONS WEST STREET 2: 8117 PRESTON ROAD CITY: DALLAS STATE: TX ZIP: 75225 SC 13D 1 d94711sc13d.txt SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 Penn Virginia Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $6.25 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 707882106 - -------------------------------------------------------------------------------- (CUSIP Number) Thomas Boone Pickens, Jr. 260 Preston Commons West 8117 Preston Road Dallas, Texas 75225 (214) 265-4165 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 25, 2002 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), (f) or (g), check the following box. [ ] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7(b) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Please Send Copies of Notices and Communications to: Taylor H. Wilson, Esq. Haynes and Boone, LLP 901 Main Street, Suite 3100 Dallas, Texas 75202 (214) 651-5615 SCHEDULE 13D - ------------------- ------------ CUSIP No. 707882106 Page 2 of 10 - ------------------- ------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON BP Capital Energy Equity Fund, L.P., a Delaware limited partnership 75-2948254 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC/OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] N/A - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES 503,020 ------------------------------------------------ 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 ------------------------------------------------ 9 SOLE DISPOSITIVE POWER EACH REPORTING 503,020 ------------------------------------------------ 10 SHARED DISPOSITIVE POWER PERSON WITH 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 629,922 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] N/A - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.1% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Based on a total of 8,922,086 Shares outstanding on November 9, 2001, as disclosed in the Issuer's Quarterly Report on Form 10-Q for the period ending September 30, 2001. - ------------------- ------------ CUSIP No. 707882106 Page 3 of 10 - ------------------- ------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON BP Capital Energy Equity International Holdings I, L.P., a Delaware limited partnership 75-2958603 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC/OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] N/A - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES 126,902 ------------------------------------------------ 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 ------------------------------------------------ 9 SOLE DISPOSITIVE POWER EACH REPORTING 126,902 ------------------------------------------------ 10 SHARED DISPOSITIVE POWER PERSON WITH 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 629,922 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] N/A - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.1% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- (1) Based on a total of 8,922,086 Shares outstanding on November 9, 2001, as disclosed in the Issuer's Quarterly Report on Form 10-Q for the period ending September 30, 2001. - ------------------- ------------ CUSIP No. 707882106 Page 4 of 10 - ------------------- ------------ ITEM 1. SECURITY AND ISSUER. This Statement on Schedule 13D (this "Statement") relates to the shares of Common Stock, $6.25 par value per share (the "Shares"), of Penn Virginia Corporation, a Virginia corporation (the "Issuer"). The address of the principal executive offices of the Issuer is 100 Matsonford Road, Suite 200, Radnor, PA 19087. ITEM 2. IDENTITY AND BACKGROUND. (a) The name of the persons filing this Statement are BP Capital Energy Equity Fund, L.P., a Delaware limited partnership ("Energy"), and BP Capital Energy Equity International Holdings I, L.P., a Delaware limited partnership ("International") (collectively, the "Filing Persons"). (b) The principal business address of the Filing Persons is 260 Preston Commons West, 8117 Preston Road, Dallas, Texas 75225. (c) The general partner of Energy and International is BP Capital Management, L.P., a Delaware limited partnership ("Management"). Management's general partner is TBP Investments Management LLC, a Delaware limited liability company ("TBPIM"). TBPIM's Chairman and Chief Executive Officer is Thomas Boone Pickens, Jr. ("Mr. Pickens"). TBPIM's managing directors are Ronald D. Bassett ("Mr. Bassett"), G. Michael Boswell, M. Garrett Smith ("Mr. Smith") and Robert L. Stillwell ("Mr. Stillwell"). Mr. Smith is TBPIM's Chief Financial Officer. TBPIM is wholly owned by Messrs. Pickens, Bassett and Stillwell. In the aforementioned capacities, each of the foregoing may be deemed the beneficial owner of the Shares beneficially owned by other members of the group. The principal business of the Filing Persons is investing in securities of companies engaged in the energy and natural resources industries. The principal business of Management is acting as the general partner of the Filing Persons. The principal business of TBPIM is acting as the general partner of Management. The principal occupation of each of the natural persons named above is to act in the capacity named above. The principal business address of Management, TBPIM and each of the natural persons named above is the same as that of the Filing Persons. (d) and (e) During the past five years, none of the foregoing entities or natural persons has been convicted in a criminal proceeding or been a party to a civil proceeding, in either case of the type specified in Items 2(d) or (e) of Schedule 13D. (f) Each of the entities named above is a citizen of Delaware. Each of the natural persons named above is a citizen of the United States. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The total amount of funds required by Energy for the purchase of 503,020 Shares was approximately $18,127,603 and was obtained from working capital and, from time to time, in part by margin account loans from Bear, Stearns Securities Corp., extended in the ordinary course of business. The total amount of funds required by International for the purchase of 126,902 Shares was approximately $4,354,758 and was obtained from working capital and, from time to time, in part by margin account loans from Bear, Stearns Securities Corp., extended in the ordinary course of business. - ------------------- ------------ CUSIP No. 707882106 Page 5 of 10 - ------------------- ------------ ITEM 4. PURPOSE OF TRANSACTION. The Filing Persons have acquired the Shares because they believe that investor assessment of the Issuer's intrinsic value as reflected in the market price of the Shares is too low. The Filing Persons further believe that the Issuer may or should be a candidate for a transaction involving a leveraged buy-out or sale of the company. The Filing Persons have no knowledge that any such transaction is or may be under consideration by the Issuer or any third party. The Filing Persons are in the process of reviewing the feasibility of making a proposal to acquire all or a substantial portion of the equity in the Issuer and may make such a proposal based on their assessment of the factors described below; however, there is no assurance that any such proposal will be made. The Filing Persons intend to review on a continuing basis their investment in the Issuer. Depending upon the factors discussed below and any other factors that are or become relevant, the Filing Persons may acquire additional Shares in open market or privately negotiated transactions; may sell all or part of their Shares in open market or privately negotiated transactions; may recommend to management of the Issuer one or more transactions involving the sale of all or a part of the equity interest in the Issuer; may make to the management of the Issuer a proposal for acquisition by the Filing Persons and others of all or a part of the equity interest in the Issuer; may distribute Shares to various of their partners; or may engage in any combination of the foregoing. Any open market or privately negotiated purchases or sales, acquisition recommendations or proposals, distributions or other transactions may be made at any time without additional prior notice. Any alternative that the Filing Persons might pursue will depend upon a variety of factors, including, without limitation, current and anticipated future trading prices of the Shares, the financial condition, results of operations and prospects of the Issuer and general economic and industry conditions, the availability and forms of financing, other investment and business opportunities available to the Filing Persons, general stock market and economic conditions, tax considerations and other factors. Although the foregoing reflects activities presently contemplated by the Filing Persons with respect to the Issuer, the foregoing is subject to change at any time, and there can be no assurance that the Filing Persons will take any of the actions set forth above. Except as set forth above, the Filing Persons have no plans or proposals with respect to any of the matters set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) The Filing Persons may be deemed to beneficially own 629,922 Shares (which is approximately 7.1% of the Shares outstanding on November 9, 2001, as disclosed in the Issuer's Quarterly Report on Form 10-Q for the quarter ending September 30, 2001). (b)
SOLE SHARED SOLE SHARED VOTING VOTING DISPOSITIVE DISPOSITIVE POWER POWER POWER POWER ------------ ------------- -------------- ------------- BP Capital Energy Equity Fund, L.P. 503,020 0 503,020 0 BP Capital Energy Equity International Holdings I, L.P. 126,902 0 126,902 0
(c) All transactions in the Shares by the Filing Persons effectuated within the past 60 days are set forth in Schedule A. - ------------------- ------------ CUSIP No. 707882106 Page 6 of 10 - ------------------- ------------ ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Except as set forth herein, there are no contracts, arrangements, understandings or relationships between the Filing Persons or any other person with respect to the securities of the Issuer. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 1. Joint Filing Agreement, dated March 5, 2002, entered into by and between Energy and International. - ------------------- ------------ CUSIP No. 707882106 Page 7 of 10 - ------------------- ------------ SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: March 5, 2002 BP CAPITAL ENERGY EQUITY FUND, L.P. By: BP Capital Management, L.P., its general partner By: TBP Investments Management LLC, its general partner By: /s/ ROBERT L. STILLWELL -------------------------------- Name: Robert L. Stillwell Title: Managing Director BP CAPITAL ENERGY EQUITY INTERNATIONAL HOLDINGS I, L.P. By: BP Capital Management, L.P., its general partner By: TBP Investments Management LLC, its general partner By: /s/ ROBERT L. STILLWELL -------------------------------- Name: Robert L. Stillwell Title: Managing Director - ------------------- ------------ CUSIP No. 707882106 Page 8 of 10 - ------------------- ------------ SCHEDULE A TRANSACTIONS IN THE SHARES IN THE PAST SIXTY DAYS IN THE PAST SIXTY DAYS, THE ONLY TRANSACTIONS IN THE SHARES BY THE FILING PERSONS WERE THE FOLLOWING PURCHASES: *
DATE PRICE ENERGY INTERNATIONAL ----------------- ------------------- ------------------ ------------------ 1/31/2002 $28.8204 400 100 $28.9000 240 60 $29.2500 800 200 $29.5500 3,200 800 $29.5500 80 20 $29.8000 3,920 980 $29.8000 800 200 $29.8000 960 240 2/25/2002 $33.0600 40,000 10,000 $33.1100 12,640 3,160 2/26/2002 $33.3103 880 220 $33.4350 3,600 900 $33.3150 3,920 980 $33.3200 1,600 400 $33.5600 240 60 $33.5500 400 100 $33.5200 160 40 $33.3900 80 20 $33.6600 1,600 400 $33.7100 1,200 300 $33.7100 400 100 $33.7700 2,480 620 $33.7600 1,040 260 $33.8600 160 40 2/27/2002 $33.2600 2,800 700 $33.1200 800 200 $33.1000 560 140 $33.1000 240 60 $33.1000 160 40 $33.1000 240 60 $33.0600 160 40 $33.0700 160 40 $33.4200 160 40 $33.5600 80 20
- -------- * All such transactions were effectuated in the open market. - ------------------- ------------ CUSIP No. 707882106 Page 9 of 10 - ------------------- ------------ 2/27/02 $33.5600 80 20 (cont'd.) $33.8000 880 220 $33.6600 160 40 $33.5700 80 20 $33.5100 800 200 $33.7500 80 20 $33.7600 1,120 280 $33.7700 80 20 $33.9600 1,520 380 $34.0600 800 200 $34.0600 400 100 $34.0600 1,280 320 $33.9600 800 200 $33.7600 480 120 $33.6600 320 80 $34.1900 1,200 300 $34.2093 1,200 300 $34.2400 1,600 400 $34.2800 800 200 $34.3100 880 220 $34.3100 80 20 $34.2600 400 100 $34.2100 320 80 $34.1600 560 140 2/28/2002 $34.3450 3,040 760 $34.7200 800 200 $34.7500 160 40 $34.7500 160 40 $34.7500 8,000 2,000 $34.6600 1,280 320 $34.7500 80 20 $34.6500 800 200 $34.6200 80 20 $34.5700 640 160 $35.0600 960 240 $35.0600 1,760 440 $35.0600 640 160 $35.0500 2,880 720 $35.0700 2,400 600 $35.1000 2,800 700 $35.0700 2,640 660 $35.0500 160 40 $34.9500 1,200 300 $34.9000 1,200 300
- ------------------- ------------- CUSIP No. 707882106 Page 10 of 10 - ------------------- ------------- 2/28/02 $35.0500 1,040 260 (cont'd.) $35.1500 80 20 $35.0700 80 20 $35.0300 160 40 $35.0200 80 20 $36.0500 7,840 1,960 $36.0500 160 40 $36.0300 3,200 800 $36.0500 80 20 $36.0500 80 20 $36.0500 800 200 $36.1500 880 220 $36.1500 640 160 $36.2400 1,600 400 $36.3000 14,000 3,500 $36.3000 2,000 500 $36.1000 400 100 $36.1600 880 220 $36.2000 80 20 $36.1300 1,440 360 $36.2000 960 240 $36.2000 1,520 380 $36.2500 1,200 300 $36.1500 720 180 $36.1500 3,840 960 $36.1600 2,400 600
INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------ ----------- 1. Joint Filing Agreement, dated March 5, 2002, entered into by and between Energy and International.
EX-99.1 3 d94711ex99-1.txt JOINT FILING AGREEMENT EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them a Statement on Schedule 13D (including amendments thereto) with regard to the common stock of Penn Virginia Corporation, and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Agreement as of March 5, 2002. BP CAPITAL ENERGY EQUITY FUND, L.P. By: BP Capital Management, L.P., its general partner By: TBP Investments Management LLC, its general partner By: /s/ ROBERT L. STILLWELL -------------------------------- Name: Robert L. Stillwell Title: Managing Director BP CAPITAL ENERGY EQUITY INTERNATIONAL HOLDINGS I, L.P. By: BP Capital Management, L.P., its general partner By: TBP Investments Management LLC, its general partner By: /s/ ROBERT L. STILLWELL -------------------------------- Name: Robert L. Stillwell Title: Managing Director -----END PRIVACY-ENHANCED MESSAGE-----