Pioneer Southwest Energy Partners L.P. - Securities Registration: Employee Benefit Plan (S-8)
May 02 2008 - 5:59PM
Edgar (US Regulatory)
As filed with the Securities and Exchange Commission on May 2, 2008
Registration No. 333-_____
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
PIONEER SOUTHWEST ENERGY PARTNERS L.P.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of
incorporation or organization)
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26-0388421
(I.R.S. Employer
Identification No.)
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5205 N. OConnor Blvd.
Suite 200
Irving, Texas 75039
(Address of principal executive offices, including zip code)
PIONEER SOUTHWEST ENERGY PARTNERS L.P. 2008 LONG TERM INCENTIVE PLAN
(Full title of the plan)
Mark S. Berg
Pioneer Natural Resources GP LLC
5205 N. OConnor Blvd.
Suite 200
Irving, Texas 75039
(972) 444-9001
(Name, address and telephone number of agent for service)
copies to:
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William N. Finnegan, IV
Vinson & Elkins LLP
First City Tower
1001 Fannin, Suite 2500
Houston, Texas 77002
(713) 758-2222
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Michael D. Wortley
Vinson & Elkins LLP
Trammell Crow Center
2001 Ross Avenue, Suite 3700
Dallas, Texas 75201
(214) 220-7700
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in
Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer
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Accelerated filer
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Non-accelerated
filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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CALCULATION OF REGISTRATION FEE
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Proposed
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Proposed
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Title of securities
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Amount to be
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maximum offering
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maximum aggregate
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Amount of
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to be registered
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registered (1)
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price per unit
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offering price
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registration fee
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Common Units, representing
limited partner interests
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3,000,000 units
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$
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20.05
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(2)
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$
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60,150,000
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(2)
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$
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2,364
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(1)
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Pursuant to Rule 416 under the Securities Act of 1933, as amended, there are also being
registered such additional Common Units as may become issuable pursuant to the antidilution
provisions of the 2008 Long Term Incentive Plan. In addition, pursuant to Rule 416(c) under
the Securities Act of 1933, this registration statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the plan described herein.
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(2)
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Estimated solely for the purpose of computing the registration fee in accordance with Rule
457(h) under the Securities Act of 1933. The price for the 3,000,000 units being registered
hereby is based on a price of $20.05, which is the average of the high and low trading prices
per unit of Pioneer Southwest Energy Partners L.P. Common Units as reported by the New York
Stock Exchange on May 1, 2008.
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TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Pioneer Natural Resources GP LLC (the Company) will send or give to all participants in the
Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive Plan (the Plan) the document(s)
containing information required by Part I of Form S-8, as specified in Rule 428(b)(1) promulgated
by the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as
amended (the Securities Act). Pioneer Southwest Energy Partners L.P. (the Registrant) has not
filed such document(s) with the Commission, but such documents (along with the documents
incorporated by reference into this Form S-8 Registration Statement (the Registration Statement)
pursuant to Item 3 of Part II hereof) shall constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Except to the extent that information is deemed furnished and not filed pursuant to securities
laws and regulations, the Registrant hereby incorporates by reference into this Registration
Statement the following documents:
(a) The Registrants prospectus filed pursuant to Rule 424(b) under the Securities Act (File
No. 333-144868) relating to the Registrants Registration Statement on Form S-1, filed with the
Commission on May 1, 2008.
(b) The Registrants Current Report on Form 8-K (File No. 001-34032) filed with the Commission
on May 2, 2008.
(c) The description of the Registrants Common Units, representing limited partner interests,
contained in the Registrants Registration Statement on Form 8-A (File No. 001-34032) filed with
the Commission on April 25, 2008, pursuant to Section 12(b) of the Securities Exchange Act of 1934,
as amended (the Exchange Act), including any amendment or report filed for the purpose of
updating such description.
Except to the extent that information is deemed furnished and not filed pursuant to securities
laws and regulations, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act subsequent to the date hereof and prior to the filing of a
post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities then remaining unsold shall also be deemed to be incorporated by
reference herein and to be a part hereof from the dates of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration Statement to the extent that
a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 7.7 of the Registrants First Amended and Restated Agreement of Limited Partnership
(the Partnership Agreement) provides that the Registrant will indemnify and hold harmless (1) the
Company, as its general partner, (2) any departing general partner of the Registrant (a Departing
GP), (3) any affiliate of the Company or a Departing GP, (4) any director, officer, partner,
member, manager, fiduciary or trustee of the Registrant, any of its subsidiaries, the
Company or a Departing GP, (5) any person who is or was serving at the request of the Company or a
Departing GP or any affiliate of the Company or a Departing GP as an officer, director, member,
manager, partner, fiduciary or trustee of another person (provided, that that person shall not be
an indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial
services), and (6) any person the Company designates as an indemnitee for purposes of the
Partnership Agreement to the fullest extent permitted by law (subject to the limitations expressed
in the Partnership Agreement) from and against all claims, liabilities, costs, and expenses
(including legal expenses) incurred by the Company, a Departing GP, or any other person described
above. The indemnitee must not have acted in bad faith or engaged in fraud, willful misconduct or,
in the case of a criminal matter, acted with knowledge that his or her conduct was unlawful. Thus,
the Company, a Departing GP or the other persons indicated above could be indemnified for negligent
and, to the fullest extent permitted by law, grossly negligent acts.
Any indemnification described above will only be made out of the assets of the Registrant.
Unless the Company otherwise agrees, in its sole discretion, the Company will not be personally
liable for or have any obligation to contribute or loan funds or assets to the Registrant to enable
it to effectuate indemnification. No indemnification will be available to the Company or its
affiliates (other than the Registrant and its subsidiaries) with respect to (a) their obligations
incurred pursuant to the Underwriting Agreement (as defined in the Partnership Agreement), other
than obligations incurred by the Company on behalf of the Registrant, (b) any matter for which the
Company or its affiliates (other than the Registrant and its subsidiaries) have agreed to indemnify
the Registrant and its subsidiaries, other than obligations incurred by the Company on behalf of
the Registrant, or (c) any liability incurred by any affiliate of the Company (other than the
Registrant and its subsidiaries) as a result of any breach of any previously described agreement.
Subject to any terms, conditions, or restrictions set forth in the Partnership Agreement,
Section 17-108 of the Delaware Revised Uniform Limited Partnership Act (DRULPA) empowers a
Delaware limited partnership to indemnify and hold harmless any partner or other persons from and
against all claims and demands whatsoever. In accordance with the Partnership Agreement, the
Registrant may purchase and maintain (or reimburse the Company or its affiliates for the cost of)
insurance against liabilities asserted against, and expenses incurred by, a person in connection
with the Registrants activities, regardless of whether the Registrant would have the power to
indemnify the person against liabilities under the Partnership Agreement.
In addition to the provisions of contained Partnership Agreement and DRULPA, the Registrant
will enter into indemnification agreements with each of the independent directors of the Company.
Each such indemnification agreement will require the Registrant to indemnify each independent
director to the fullest extent permitted by the Partnership Agreement. The indemnification
agreements also require the Registrant to advance expenses for an independent directors defense in
any covered action, suit or proceeding provided that the director undertakes to repay the amounts
if such director ultimately is determined not to be entitled to indemnification from the
Registrant. The Registrant will make an independent director whole for any taxes imposed on the
indemnification payments and for costs in any action to establish an independent directors right
to indemnification, whether or not wholly successful.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Unless otherwise indicated below as being incorporated by reference to another filing of the
Registrant with the Commission, each of the following exhibits is filed herewith:
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Exhibit Number
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Description
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4.1
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Certificate of Limited Partnership of Pioneer Resource Partners L.P.,
previously filed with the Commission as Exhibit 3.1 to the Registrants Form
S-1 (File No. 333-144868) on July 26, 2007, and incorporated herein by
reference.
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4.2
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Certificate of Amendment to Certificate of Limited Partnership of Pioneer
Resource Partners L.P., previously filed with the Commission as Exhibit 3.2
to the Registrants Form S-1 (File No. 333-144868) on July 26, 2007, and
incorporated herein by reference.
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Exhibit Number
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Description
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4.3
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Form of First Amended and Restated Agreement of Limited Partnership of
Pioneer Southwest Energy Partners L.P., previously filed with the Commission
as Appendix A to the Prospectus filed pursuant to Rule 424(b) under the
Securities Act (File No. 333-144868) relating to the Registrants
Registration Statement on Form S-1 filed with the Commission on May 1, 2008,
and incorporated herein by reference.
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4.4
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Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive Plan,
previously filed with the Commission as Exhibit 10.2 to the Registrants
Amendment No. 6 to Form S-1 (File No. 333-144868) on March 31, 2008, and
incorporated herein by reference.
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4.5
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Form of Restricted Unit Agreement for Nonemployee Directors (Initial Award)
under the Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive
Plan, previously filed with the Commission as Exhibit 10.1 to the
Registrants Form 8-K (File No. 001-34032) on May 2, 2008, and incorporated
herein by reference.
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4.6
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Form of Restricted Unit Agreement for Nonemployee Directors (Annual Award)
under the Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive
Plan, previously filed with the Commission as Exhibit 10.2 to the
Registrants Form 8-K (File No. 001-34032) on May 2, 2008, and incorporated
herein by reference.
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5.1
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Opinion of Vinson & Elkins LLP
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23.1
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Consent of Ernst & Young LLP
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23.2
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Consent of Netherland, Sewell & Associates, Inc.
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23.3
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Consent of Vinson & Elkins LLP (included in the opinion as Exhibit 5.1 hereto)
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24.1
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Powers of Attorney (included in the signature pages hereto)
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Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
1. To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.
2. That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
3. To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrants annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by the Registrant is against public policy as expressed in the Securities Act and
agrees to be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Irving, State of Texas, on May 2, 2008.
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PIONEER SOUTHWEST ENERGY PARTNERS, L.P.
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By:
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PIONEER NATURAL RESOURCES GP LLC
Its General Partner
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By:
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/s/ Scott D. Sheffield
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Scott D. Sheffield
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Chief Executive Officer and Director
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KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears below authorizes and
appoints each of Mark S. Berg and Richard P. Dealy, and each of them, severally, acting alone and
without the other, as his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him and in his name, place and stead in any and all capacities
to sign any and all amendments (including pre- and post-effective amendments) to this Registration
Statement and any additional registration statement pursuant to Rule 462(b) under the Securities
Act, and to file the same with all exhibits thereto, and other documents in connection therewith,
with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, or his or their substitute
or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities and on the date indicated.
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Signature
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Title
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Date
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/s/ Scott D. Sheffield
Scott D. Sheffield
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Chief Executive Officer
and Director
(
Principal Executive Officer
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May 2, 2008
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/s/ Richard P. Dealy
Richard P. Dealy
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Executive Vice President,
Chief Financial Officer,
Treasurer and Director
(
Principal Financial Officer
and Principal Accounting
Officer
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May 2, 2008
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/s/ Alan L. Gosule
Alan L. Gosule
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Director
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May 2, 2008
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/s/ Royce W. Mitchell
Royce W. Mitchell
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Director
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May 2, 2008
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/s/ Arthur L. Smith
Arthur L. Smith
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Director
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May 2, 2008
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EXHIBIT INDEX
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Exhibit Number
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Description
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4.1
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Certificate of Limited Partnership of Pioneer Resource Partners L.P.,
previously filed with the Commission as Exhibit 3.1 to the Registrants Form
S-1 (File No. 333-144868) on July 26, 2007, and incorporated herein by
reference.
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4.2
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Certificate of Amendment to Certificate of Limited Partnership of Pioneer
Resource Partners L.P., previously filed with the Commission as Exhibit 3.2 to
the Registrants Form S-1 (File No. 333-144868) on July 26, 2007, and
incorporated herein by reference.
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4.3
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Form of First Amended and Restated Agreement of Limited Partnership of Pioneer
Southwest Energy Partners L.P., previously filed with the Commission as
Appendix A to the Prospectus filed pursuant to Rule 424(b) under the
Securities Act (File No. 333-144868) relating to the Registrants Registration
Statement on Form S-1 filed with the Commission on May 1, 2008, and
incorporated herein by reference.
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4.4
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Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive Plan,
previously filed with the Commission as Exhibit 10.2 to the Registrants
Amendment No. 6 to Form S-1 (File No. 333-144868) on March 31, 2008, and
incorporated herein by reference.
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4.5
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Form of Restricted Unit Agreement for Nonemployee Directors (Initial Award)
under the Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive
Plan, previously filed with the Commission as Exhibit 10.1 to the Registrants
Form 8-K (File No. 001-34032) on May 2, 2008, and incorporated herein by
reference.
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4.6
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Form of Restricted Unit Agreement for Nonemployee Directors (Annual Award)
under the Pioneer Southwest Energy Partners L.P. 2008 Long Term Incentive
Plan, previously filed with the Commission as Exhibit 10.2 to the Registrants
Form 8-K (File No. 001-34032) on May 2, 2008, and incorporated herein by
reference.
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5.1
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Opinion of Vinson & Elkins LLP*
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23.1
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Consent of Ernst & Young LLP*
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23.2
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Consent of Netherland, Sewell & Associates, Inc.*
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23.3
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Consent of Vinson & Elkins LLP (included in the opinion as Exhibit 5.1 hereto)*
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24.1
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Powers of Attorney (included in the signature pages hereto)*
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