CS - Analyst Notes - November 13, 2019Barclays (US$4.17-Oct. 30; Overweight/Positive; PT-US$11) ECA plans to rebrand, change its name to “Ovintiv Inc.,” and establish a corporate domicile in the US to have more exposure to US index funds and passively managed accounts. Alongside the change in domicile, a consolidation and share exchange will be completed for effectively one share of common stock of Ovintiv for every five common shares of ECA. While the rebranding surprised us, it also did not surprise us at the same time....
Nov 13, 2019
IS - People & Companies - January 31, 2019Alexander Krane, former CFO of
Aker BP, will take a position as investment
director at Aker ASA. David Torvik Tønne,
former VP, corporate control, is
the new CFO. Lene Landøy, VP,
Strategy Portolio and Analysis,
was named a director responsible for
strategy and business development. Both
will be a part of the company’s executive
management team and will report to CEO
Karl Johnny Hersvik. Aminex named Linda Beal as an
independent non-executive director and
chair the audit and risk...
Jan 31, 2019
CS - People & Companies - January 22, 2019Arrow Exploration announced the
departure of Fred Kozak, VP, corporate
development, from the company. The
company has eliminated the position he
held and transferred the responsibilities
to the role of VP Finance & IR. Prior to
Arrow, Kozak was a senior oil and gas
analyst at Haywood Securities and
was analyst at Yorkton Securities. John D. Pennal was named deputy
chairman and executive officer at
Bayshore Petroleum Corp. He is an
officer and director at several Canadian
stock...
Jan 22, 2019
Energy firms update 2018 capex plans as issues slowCanada’s upstream capital markets trickled to a near halt over the last news cycle as the summer doldrums appears to have overtaken the capital markets. Multiple companies updated 2018 capital expenditure plans in response to changing market conditions, asset sales or debt issues. Paramount Resources will fund part of its 2018 capex plan from proceeds received from assets it sold to Strath Resources (PG 1). Nexen Energy will invest $400 million in Canada’s heavy oil sands (PG 8)....
Jun 28, 2018
CNOOC returns with dual-tranche deal for $1.45 billionAfter a three-year absence from the global debt markets, China National Offshore Oil Corp. (CNOOC) floated two US dollar-denominated issues with a $1.45 billion combined principal in the US and globally, netting the Chinese state-controlled E&P about $1.4375 billion in proceeds. On April 25, through its CNOOC Finance USA LLC sub, the company issued $1.0 billion principal amount of 4.375% senior unsecured notes due 2028 at 99.591 for a yield to maturity of 4.426%, and $450 million principal...
May 03, 2018
US, Canadian regulators ban former Chinese executiveThe Alberta Securities Commission has banned the former CEO of the Canadian subsidiary of Chinese oil giant CNOOC from acting as a director or officer in the province after he settled insider trading claims against him in the US. The commission is reciprocating a similar order made by the US Securities and Exchange Commission after Fengjiu Zhang, the former CEO of CNOOC’s subsidiary in Canada, agreed to a three-year ban in the US to settle charges he broke US insider trading laws.The...
Mar 14, 2018
Canada looks to ease its rules on foreign investmentThe Canadian government is considering relaxing its rules on foreign investment, according to Finance Minister Bill Morneau, part of an effort to spur economic growth and attract investment capital. Morneau made his comments in advance of the Group of 20 Leaders’ Summit, to be held in Hangzhou, China, in early September. Both Morneau and Prime Minister Justin Trudeau will attend.Former Prime Minister Stephen Harper introduced a measure in 2015 that would allow a state-owned enterprise...
Aug 21, 2016
Canada may loosen rules on foreign investmentCanada’s Finance Minister Bill Morneau said that the federal government is considering relaxing its rules on foreign investment as part of an effort to spur economic growth and attract investment capital. He made his comments ahead of the Group of 20 Leaders’ Summit taking place in Hangzhou, China, in early September, where both he and Prime Minister Justin Trudeau will attend. Former Prime Minister Stephen Harper introduced a measure in 2015 that would allow a state-owned enterprise to...
Aug 21, 2016
Canada looks to ease its rules on foreign investmentThe Canadian government is considering relaxing its rules on foreign investment, according to Finance Minister Bill Morneau, as part of an effort to spur economic growth and attract investment capital. Morneau made his comments in advance of the G20 Leaders’ Summit, to be held in Hangzhou, China, in early September. Both Morneau and Prime Minister Justin Trudeau will attend.Former Prime Minister Stephen Harper introduced a measure in 2015 that would allow a state-owned enterprise to...
Aug 21, 2016
July a relatively quiet month in the oil patchJuly proved to be a quite month for drilling activity in Canada, although there were a few pockets of activity. Husky Energy started up three thermal projects in the Lloydminster area of Saskatchewan during the quarter: The 10,000 bo/d Edam East, the 10,000 bo/d Vawn and the 4,500 bo/d Edam West (story to right). The company has identified an additional 18 thermal projects in the Lloydminster area. Husky is also ramping up production from its Tucker and Sunrise oil sands projects. In...
Jul 27, 2016
CNOOC decides to finally shut down Long Lake upgraderCNOOC Ltd. subsidiary Nexen Inc. has shut down the upgrader at its troubled Long Lake oil sands operation in northern Alberta, laying off 350 workers and cutting output from the facility. The move follows a January explosion at the site that killed two workers and temporarily halted production. The company said the upgrader wouldn’t be repaired pending a review of the long-term viability of the project. Going forward, Nexen expects to produce 27,000 bo/d from Long Lake, about a third of its...
Jul 13, 2016
CNOOC’s production falls 23% in Canada during Q1Chinese state-owned CNOOC’s production from Canadian operations fell 23% YOY to 51,100 boe/d (80% oil and NGLs) in Q1. Although the company did not give a reason for the decline, it is likely attributable to the shutdown of its 70,000 bo/d Long Lake oil sands facility in northern Alberta after a January explosion that killed two workers. Occupational Health and Safety has issued a stop-work order for the area where the explosion occurred, with an investigation expected to take as long...
Apr 21, 2016
Lack of export ability holding back investmentThe inability of Canada to get export infrastructure projects approved has made Chinese companies hesitant to invest in the country, a retired CNOOC executive told the Financial Post. Weidong Chen, formerly the chief researcher at CNOOC, said he wasn’t seeing any progress on resolving the issue. Canada is good when it comes to its legal, commercial and political climate, he said, but a weak federal government makes getting infrastructure built a slow process.CNOOC is China’s biggest...
Jan 19, 2016
Oil sands offer long-term value opportunityDuring 2013 and early 2014 as oil prices danced around the US$100/bbl mark, deal activity in the Canadian oil sands was at a near standstill. Many industry observers blamed the dropoff on new regulations restricting oil sands ownership by foreign state-owned enterprises following CNOOC’s $18 billion acquisition of Nexen in late 2012. However, many buyers were simply drawn away by the lower up-front costs and quicker payout of the North American shale plays.Now, with oil prices cut in...
Apr 07, 2015
Oil sands offer long-term value opportunityDuring 2013 and early 2014 as oil prices danced around the US$100/bbl mark, deal activity in the Canadian oil sands was at a near standstill. Many industry observers blamed the dropoff on new regulations restricting oil sands ownership by foreign state-owned enterprises following CNOOC’s $18 billion acquisition of Nexen in late 2012. However, many buyers were simply drawn away by the lower up-front costs and quicker payout of the North American shale plays.Now, with oil prices cut in...
Mar 20, 2015