CS - People & Companies - March 10, 2020ARC Resources CEO Myron Stadnyk has stepped down but will continue to serve as president and director until his retirement on April 30. CFO Terry Anderson replaced Stadnyk as the new CEO, effective Feb. 20. Anderson was CFO for five years and has been with ARC for 20 years. Baytex Energy Corp. appointed Don Hrap to its board of directors. Hrap has had a 35-year career in the upstream sector. He was ConocoPhillips’ president of Lower 48 operations from 2009 to 2018. Before Conoco, he...
Mar 11, 2020
CS - ARC cutting capex by 28% in 2020, growing production by 14% - February 2020ARC Resources Ltd. plans to spend $500 million on its 2020 capital program, down 28% from 2019’s $692 million. It expects production this year to average 155,000- 161,000 boe/d, a 14% increase from last year’s 139,000 boe/d. Besides drilling 65 wells, the company plans to complete two facility expansions at Dawson and Ante Creek. Dawson Phase IV will expand the Phase III plant, adding 90 MMcf/d to the facility’s processing capacity and increasing liquids production by 4,500 bbl/d (67%...
Feb 19, 2020
CS - Canada O&G: Do you want the good or bad news first? - February 2020What must feel like an unending litany of bad news in Canada’s oil and gas industry is showing some signs of relenting. The Canadian Association of Petroleum Producers is forecasting a $2 billion increase in upstream capital spending this year (PG.1), and the Petroleum Services Association of Canada revised its forecast for 2020 drilling up by 7% (PG.15). Both Cenovus and Imperial Oil have increased crude-by-rail shipments recently (PG.8), and rail shipments should continue to grow, although...
Feb 18, 2020
CS - ARC Resources adjusts 2019 capex downward to $700MM - July 2019Citing reduced commodity prices, Montney- and Cardium-focused Arc Resources Ltd. reduced its 2019 capital expenditures to $700 million from $775
million and, while they were at it, decreased the 2020 capex budget to $550 million
from an earlier contemplated $625 million. However, the company still plans to hit its
previously announced production targets
of 135,000-142,000 boe/d
for the year. Expectations for
2020 production levels will likewise not change as the company moves forward with
the...
Jul 10, 2019
CS - People & Companies - May 07, 2019Enbridge announced that director
Michael E.J. Phelps died on April 20.
Phelps joined the board in February 2017,
when Enbridge completed its acquisition
of Spectra Energy. Phelps served as
CEO from 1988 to 2002 of Westcoast
Energy, which became part of Spectra. ARC Resources announced May
1 that James Houck has retired from the
company’s board after 11 years of service.
Previously, he served as CEO and president
of Marathon Oil Canada Corporation,
formerly Western Oil Sands Inc....
May 07, 2019
Tidewater seeks sale or JV partner for Montney BC assetsTidewater Midstream and Infrastructure Ltd. is seeking to farm out or sell Montney assets in northeast British Columbia. The properties offer production potential from multiple reservoirs alongside key Tidewater infrastructure with substantial drilling upside in the Montney formation.In the Graham area of British Columbia, Tidewater holds various working interests in 90,527 net acres (143,932 gross), including 22,188 net acres (30,205 gross) of Montney rights. The company also holds...
Feb 12, 2019
OFS - People & Companies - December 11, 2018 Halliburton CFO Chris Weber has left
the company to pursue other opportunities
after just over a year in the post. Weber
joined Halliburton in June
2017 from Parker Drilling
where he had been CFO for four years,
filling the vacancy created when Mark
McCollum became Weatherford’s CEO.
Weber signed a two-year noncompete
agreement, barring him from working for
several energy companies. Halliburton has
promoted Lance Loeffler, VP of investor
relations, to CFO. Loeffler joined Halliburton
in...
Dec 11, 2018
Operators granted permits for 6,184 wells through AugustCanadian regulators have approved a total of 6,184 wells across Canada in the first eight months of the year, roughly on par with last year’s total for the same period. Regionally, rig permits are up in Alberta, British Columbia and Manitoba, but down in Saskatchewan. In August, the latest month for which complete figures are available, regulators granted permits for 853 new wells, up from 764 wells authorized a year earlier. The increase stems from additional oil sands evaluation....
Sep 26, 2018
Waterous Energy closes fund after $1.4B in commitmentsPrivate equity firm Waterous Energy Fund closed its first fund after hitting a hard cap of $1.4 billion, 40% higher than its initial target of $1.0 billion. CEO Adam Waterous said the fund's limited partners include “a select group of institutional investors with extensive experience in oil and gas.” The firm will make later-stage control equity investments in established North American oil and gas companies, giving preference for companies with liquids-weighted assets that need new...
Jul 19, 2018
People & Companies- Canadian Capital - June 28, 2018Raymond James Canada announced
that Kyle Rookes will join the company’s
Energy Investment Banking team in Calgary
as Managing Director, Investment Banking,
Head of Oil Field Services. Rookes is a
career investment banker bringing more
than 10 years of M&A and capital markets
experience to the firm with a focus on the
Oil Field Services sector. Saturn Oil & Gas announced
Christopher Ryan has been named to
the company’s board and Geoff Jones
has been named VP, Finance. Ryan is
a...
Jun 28, 2018
Domestic firms boost output after major buys in 2017Driven by the landmark Cenovus Energy and Canadian Natural Resources Ltd. acquisitions 1Q17’s $41.4 billion in deals was the highest in any quarter since at least 2008 and exceeded the annual totals for each year from 2013-2016. The impact of these major acquisitions by Canadian upstream companies in 2017 was particularly apparent in year-end and Q4 reports submitted over the last several weeks. We expect dealmaking to be slower in the short-term as companies digest these major acquisitions,...
Mar 20, 2018
Suncor consolidates Syncrude ownership in $920 million dealCanada’s Suncor Energy struck three separate deals in the last few weeks, consolidating its home turf assets and adding to its international offshore portfolio. In the first deal, Suncor is paying C$920 million (US$730 million) to acquire additional interest in its operated Syncrude JV in Alberta from Japan’s JXTG Holdings subsidiary Mocal Energy. In a second Canadian deal, Suncor is purchasing a 37% equity interest in peer Canbriam Energy for C$51.6 million (US$41.1 million) in exchange for...
Feb 28, 2018
Producers finalize 2018 capital roadmapsThe inability to draw natural gas supplies out of some parts of Alberta has led to an ongoing stagnation in local natural gas prices (PG 15) and has caused some companies, including Perpetual Energy(PG 6) to lower planned capital expenditures for the year. ARC Resources plans to lower capex 26% in 2018 to $690 million (PG 7). Birchcliff Energy reduced its capex 3% from 2017 to $255 million (PG 7). Crew Energy announced its 2018 capex would be $80-85 million (PG 6). Canbriam Energy plans...
Feb 26, 2018
PLS’ Capitalize tracks $129.3B in fresh capital for 2017Though Upstream equity deals in 2017 decreased by 66% year-over-year to $10.9 billion, the year ended with an Upstream upswing with fourth quarter equity offerings totaling $1.8 billion or 139% higher than the previous quarter. The industry’s total equity raised in 2017, according to PLS’ Capitalize, amounted to $34 billion, a 36% drop from 2016’s $53 billion. However, initial public offerings made a very strong return to the market with 20 in 2017 that raised an aggregate of more than...
Feb 07, 2018
IS - News Briefs - June 06, 2019Aker BP came up dry at its 15/6-
15 wildcat, the first on Norwegian North
Sea production license 814. It will
plug and abandon the well and move
Odfjell Drilling’s Deepsea Stavanger
semisubmersible to PL 777 in the central
North Sea to drill another wildcat.IGas received approval to carry out
a waterflood project at its producing field
in the East Midlands area onshore the
UK. The project will convert a well in the
western portion of Scampton North field to
a water injector to increase...
Jun 06, 2019