SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934*
Pogo Producing Company
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
730448107
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(CUSIP Number of Class of Securities)
Daniel S. Loeb
Third Point LLC
390 Park Avenue
New York, NY 10022
(212) 224-7400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
January 26, 2007
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(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 Rule 240.13d-7 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).
SCHEDULE 13D
------------------------------ -----------------------------
CUSIP No. 730448107 Page 2 of 11 Pages
------------------------------ -----------------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point LLC I.D. #13-3922602
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF SHARES --------- ------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING
PERSON WITH 4,615,000
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,615,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,615,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ -----------------------------
CUSIP No. 730448107 Page 3 of 11 Pages
------------------------------ -----------------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point Offshore Fund, Ltd.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF SHARES --------- ------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING
PERSON WITH 2,988,400
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,988,400
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,988,400
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ -----------------------------
CUSIP No. 730448107 Page 4 of 11 Pages
------------------------------ -----------------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Daniel S. Loeb
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF SHARES --------- ------------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING
PERSON WITH 4,615,000
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,615,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,615,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
----------- --------------------------------------------------------------------
This Amendment No. 2 to Schedule 13D ("Amendment No. 2") is being filed in
order to add Third Point Offshore Fund, Ltd. as a Reporting Person (as defined
below) and amends the Schedule 13D filed on November 20, 2006 (the "Original
13D", and together with Amendment No. 1 thereto previously filed on December 1,
2006 and this Amendment No. 2, the "Schedule 13D"). The Schedule 13D is being
filed on behalf of Third Point LLC, a Delaware limited liability company (the
"Management Company"), Third Point Offshore Fund, Ltd., a Cayman Islands limited
liability exempted company ("Offshore Fund"), and Daniel S. Loeb, an individual
("Mr. Loeb", and together with the Management Company and Offshore Fund, the
"Reporting Persons"). This Schedule 13D relates to the common stock, par value
$1.00 per share (the "Common Stock"), of Pogo Producing Company, a Delaware
corporation (the "Company"). The Management Company is the investment manager or
adviser to a variety of hedge funds and managed accounts (such funds and
accounts, collectively, including but not limited to Offshore Fund, the
"Funds"). The Funds directly own the Common Stock to which this Schedule 13D
relates, and the Reporting Persons may be deemed to have beneficial ownership
over such Common Stock by virtue of the authority granted to them by the Funds
to vote and to dispose of the securities held by the Funds, including the Common
Stock.
Item 2. Identity and Background.
Item 2 of the Schedule 13D is hereby amended by adding the following
to the text thereof:
(a) This statement is filed also by Offshore Fund. Offshore Fund is
organized as a limited liability exempted company under the laws of the Cayman
Islands.
(b) The address of the principal business and principal office of Offshore
Fund is c/o Walkers SPV Limited, Walker House, Mary Street, P.O. Box 908GT,
George Town, Grand Cayman, Cayman Islands, British West Indies.
(c) The principal business of Offshore Fund is to invest and trade in
securities.
(d) Neither Offshore Fund nor, to the best of its knowledge, any of its
directors, executive officers, general partners or members has, during the last
five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) Neither Offshore Fund nor, to the best of its knowledge, any of its
directors, executive officers, general partners or members has, during the last
five years, been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or
5
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and restated as follows:
The Funds expended an aggregate of approximately $211,433,170 of their own
investment capital to acquire the 4,615,000 shares of Common Stock held by them
(the "Shares"), and Offshore Fund expended an aggregate of approximately
$136,948,672 of its own investment capital to acquire its 2,988,400 shares of
Common Stock.
The Funds (including but not limited to Offshore Fund) effect purchases of
securities primarily through margin accounts maintained for them with Bear,
Stearns Securities Corp. and Goldman, Sachs & Co., which may extend margin
credit to the Funds as and when required to open or carry positions in the
margin accounts, subject to applicable Federal margin regulations, stock
exchange rules and the firm's credit policies. In such instances, the positions
held in the margin accounts are pledged as collateral security for the repayment
of debit balances in the accounts.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) As of the date of this Schedule 13D, the Management Company
beneficially owns 4,615,000 shares of Common Stock, including 200,000 shares of
Common Stock acquired upon the exercise of options held by the Funds (other than
the Offshore Fund). The Management Company shares voting and dispositive power
over such holdings with Mr. Loeb and with the Funds. The Shares represent 7.9%
of the 58,389,247 shares of Common Stock outstanding as of October 24, 2006, as
reported in the Company's Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2006. The percentages used herein and in the rest of this
Amendment No. 2 are calculated based upon this number of outstanding shares.
As of the date of this Schedule 13D, Offshore Fund directly beneficially
owns 2,988,400 shares of Common Stock, which represent 5.1% of the outstanding
shares of Common Stock. None of the other individual Funds owns a number of
shares of Common Stock representing more than 5% of such total.
(b) The Management Company and Mr. Loeb share voting and dispositive power
over the 4,615,000 shares of Common Stock held directly by the Funds. The
Management Company, Mr. Loeb and Offshore Fund share voting power and
dispositive power over the 2,988,400 shares of Common Stock held by Offshore
Fund.
6
(c) Schedule A hereto sets forth certain information with respect to
transactions by the Funds, at the direction of the Reporting Persons, in the
Common Stock during the past 60 days.
Schedule B hereto sets forth certain information with respect to
transactions by Offshore Fund, at the direction of the Management Company and
Mr. Loeb, in the Common Stock during the past 60 days.
All of the transactions set forth on Schedule A and Schedule B, other than
the exercise of options, were effected in open market transactions. Except as
set forth above and on Schedule A and Schedule B, during the last 60 days there
were no transactions in the Common Stock effected by the Reporting Persons, nor,
to the best of their knowledge, any of their directors, executive officers,
general partners or members.
(d) Other than the Funds which directly hold the Shares, and except as set
forth in this Item 5, no person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the Shares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting
Persons have entered into an agreement with respect to the joint filing of this
statement, and any amendment or amendments hereto.
Except as set forth herein, there are no contracts, arrangements,
understandings or relationships among the persons named in Item 2 or between
such persons and any other person with respect to any securities of the Company.
Item 7. Material to be Filed as Exhibits.
99.1. Joint Filing Agreement, dated as of February 5, 2007, by and between
the Reporting Persons.
99.2 Power of Attorney granted by Mr. Daniel S. Loeb in favor of James
Kelly, Justin Nadler, Zachary Snow and Keith Waller, dated
December 1, 2006.
[Signatures on following page]
7
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: February 5, 2007
THIRD POINT LLC
By: Daniel S. Loeb,
Chief Executive Officer
By: /s/ Justin Nadler
-----------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
THIRD POINT OFFSHORE FUND, LTD.
By: Daniel S. Loeb,
Director
By: /s/ Justin Nadler
-----------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
DANIEL S. LOEB
By: /s/ Justin Nadler
-----------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
[SIGNATURE PAGE TO AMENDMENT NO. 2 TO SCHEDULE 13D
WITH RESPECT TO POGO PRODUCING COMPANY]
Schedule A
(Transactions by the Funds in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
---- ----------- ------ ------------------
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/15/06 BUY* 200,000 45.00
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/21/06 BUY 165,000 49.46
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/22/06 BUY 110,000 49.58
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/29/06 BUY 35,100 48.44
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/29/06 SELL (35,100) 48.44
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/5/07 BUY 28,000 45.99
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/5/07 SELL (28,000) 45.99
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/19/07 BUY 25,000 46.16
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/26/07 BUY 115,000 47.70
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/31/07 BUY 36,700 49.55
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/31/07 SELL (36,700) 49.55
------------------------ ---------------------------- --------------------------------- -----------------------------------
* Exercise of options held by the Funds other than the Offshore Fund
Schedule B
(Transactions by Offshore Fund in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
---- ----------- ------ ------------------
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/21/06 BUY 165,000 49.46
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/22/06 BUY 110,000 49.58
------------------------ ---------------------------- --------------------------------- -----------------------------------
12/29/06 SELL (4,500) 48.44
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/5/07 BUY 14,100 45.99
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/19/07 BUY 18,000 46.16
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/26/07 BUY 69,100 47.70
------------------------ ---------------------------- --------------------------------- -----------------------------------
1/31/07 BUY 8,900 49.55
------------------------ ---------------------------- --------------------------------- -----------------------------------