CS - A similar refrain for O&G and protestors: ‘Hold the line!’ - March 2020Canada’s oil and gas sector got off to a decent start this year, but new problems— the COVID-19 virus and a Saudi-Russian oil price war—as well some old friends like the country’s regulatory regime, have made the future far more uncertain. Teck Resources abandoned its $20.6 billion Frontier oil sands project days before a nine-year regulatory process was finally set to end (PG.1), and it hasn’t been the only project to suffer (PG.8). Rig counts began the year with a slight improvement over the...
Mar 11, 2020
CS - Quarterly results mixed, while M&A remains sluggish - August 2019Canadian oil and gas producers continue to recalibrate their financial, operational and M&A remains sluggish Canadian oil and gas producers continue to recalibrate their financial, operational and M&A strategies within a market beset by challenges from within and without. On the macro level, market volatility continues to be the background noise of the global industry. At home, supply constraints, heavy regulation and mandatory production curtailments continue to force companies to reassess...
Aug 21, 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
CS - People & Companies - November 07, 2018Advantage Oil & Gas named
Michael Belenkie as its COO. Belenkie
has over 20 years of experience in the
industry in a variety of senior management
roles. He has worked at Talisman Energy,
Painted Pony Energy and Modern
Resources Inc. Arrow Exploration has named
Eric Van Enk as VP, finance & investor
relations, effective Oct. 22. Van Enk has
over 16 years of combined investment
banking, money management and oil & gas
experience and is a CFA charter...
Nov 07, 2018
What the Analysts are Saying About 'Canadian Capital' - July 19, 2018Enbridge (TSX: ENB; $46.10 – July 6; Hold; PT: $49.00) Enbridge announced the sale of 19 Western CAD natural gas processing and
related gathering pipelines. The total package fetched $4.3bln implying a 12-13x EV/
EBITDA multiple on TPHe of $340 mln vs. expectations of 10-11x given <50% 2017
utilization. The company obtained healthy proceeds without selling the farm. Highly
coveted long-haul regulated natural gas transmission assets were retained including
Alliance and the...
Jul 19, 2018
People & Companies - May 22, 2018MEG Energy announced the
retirement of president and CEO Bill
McCaffrey after 19 years with the company.
He will also retire from the board following
MEG’s May 31 annual meeting. Board
member Harvey Doerr will act as interim
CEO during the search process for a
permanent replacement. Kelt Exploration elected Michael
Shea as a director of the company and
announced the retirement of board member
Eldon McIntyre after he served for five years.
Kelt also named David Gillis finance VP.
Gillis...
May 22, 2018
People & Companies - May 18, 2018Advantage Oil & Gas named David
Sterna to the position of VP, Maketing
and Commercial. In that role, he will lead
the company’s efforts
to diversify its markets.
Previously, he was at
Petronas subsidiary Progress Energy
Canada, Obsidian Energy (formerly
Penn West), and at Canetic Resources
Trust, where he held similar executive
and senior management roles. Toronto-based Advantagewon Oil
Corp. named Roger Harman its next
CFO. Harman is a Chartered Professional
Accountant and...
May 18, 2018
Seven Generations swings to a $178MM profit in Q2Seven Generations Energy Ltd. reported Q2 earnings of $178.1 million, reversing a year-ago loss of $80 million. Revenue for Q2 was $497.0 million, up almost 62% YOY. The company reported $512.5 million on capital expenditures, more than double the $219.3 million capex spent one year earlier. Cash flow from operations for Q2 was $193.9 million, up 27% YOY, from $152.2 million in 2Q16. The revenue increase comes largely from stronger commodity prices. Seven Generations sold its Q2...
Aug 21, 2017
CPPIB commits up to $1.0B for Encino Acquisition PartnersCanada Pension Plan Investment Board will commit up to $1.0 billion to a partnership with Houston-based Encino Energy, LLC. The pair, which would operate as Encino Acquisition Partners (EAP), plan to buy “large, high-quality assets” with established production in mature basins throughout the lower 48 US states.” Encino is committing $25 million to the partnership and, as part of the agreement, will originate, evaluate and execute acquisition opportunities and operate the assets owned by the...
Jul 06, 2017
Step's $200MM iPO could be Canada's largest since 2014Arc Financial-backed Step Energy Services plans to raise about $200 million for what will be the largest initial public offering in the Canadian oil and gas sector in over two years. According to an updated prospectus filed with regulators on Feb. 26, the shares will be sold at $14-$16 each, giving Step a $802 million valuation at the high end of the range based on its 50.1 million shares outstanding.This would be the largest IPO in Canada’s oil and gas sector since Seven Generations...
Mar 01, 2017
Step poised for largest IPO in Canada O&G since 2014Arc Financial-backed Step Energy Services plans to raise about $200 million for what will be the largest initial public offering in the Canadian oil and gas sector in over two years. According to an updated prospectus filed with regulators on Feb. 26, the shares will be sold at $14 to $16 each, giving Step a $802 million valuation at the high end of the range based on its 50.1 million shares outstanding. This would be the largest IPO in Canada’s oil and gas sector since Seven...
Feb 28, 2017
Paramount unit sells $100MM contingent royaltyMid-cap independent Paramount Resources’ subsidiary Cavalier Energy sold a $100 million contingent royalty on its core Grand Rapids resource play and key oil sands properties. The Cavalier Royalty will be 2% at a WCS price of US$50/bbl and the rate will increase to a maximum of 20% at a WCS price of US$140/bbl. The deal does not impose development commitments on Cavalier regarding any of the royalty lands. The structure is similar to Athabasca Oil Corp.’s royalty deal with Burgess Energy...
Jan 11, 2017
CS - News Briefs - December 11,2019Australia-based Calima Energy Ltd. received approval from the British Columbia Oil and Gas Commission to construct a production facility at its Montney pad location. The facilities will include tankage, electrical generation metering and a control center. The approval is for the existing two liquids-rich wells, but its modular design will allow expansion to accommodate up to 20 wells at the pad site. The company also applied for an egress pipeline to transport production to the Tommy Lakes...
Dec 11, 2019
CS - People Briefs - March 05, 2019Cequence Energy has hired Allan
Mowbray as CFO, effective March 15.
Mowbray is a CPA with more than 25
years of experience. Most recently, he was
CFO at a publicly traded oil field services
company. Kevin Nielsen was interim
contract CFO during the company’s
financial restructuring in 2018. ClearStream Energy Services Inc.
named Karl Johannson to the company’s
board. Johannson has extensive
operational experience in upstream and
midstream, including natural gas pipelines
and in...
Mar 05, 2019
People Briefs - June 06, 2017Denver-based Berkana Resources, a provider of SCADA system integration, security, compliance and consulting, has opened a Calgary office. The company was founded in 2004 as a women-owned company, and its clients include major oil and gas companies, utility companies and midstream MLPs.Gibson Energy CEO Stewart Hanlon will retire after 26 years, eight of them as president and CEO. Steve Spaulding has been named his replacement effective June 19. Hanlon informed the board last year of his...
Jun 06, 2017