PS - People & Companies - September 9,2019Comstock Resources appointed Ronald Mills as VP of finance and investor relations. Mills is joining Comstock's new management team put in place with the company's recent $2.2 billion acquisition of Covey Park Energy and will assist the company with the corporate planning, capital markets transactions and investor relations. Mills brings almost 25 years of financial experience in the energy industry. Prior to joining Comstock, he spent his career at Johnson Rice & Company LLC covering small...
Sep 09, 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
MI - People & Companies - April 09, 2019Clarence Cazalot Jr., who was
CEO of Marathon Oil in 2002-2013,
will not stand for re-election as a
director of Enbridge during
the company’s annual
shareholder meeting in
May. Cazalot joined the Enbridge board
in February 2017, upon completion of
the $44.6 billion acquisition of Spectra
Energy Corp., where he was a director. Magellan Midstream Partners
promoted Aaron Milford
to COO, effective May 1. Milford
previously served as CFO for
Magellan. Milford has spent his entire
career with...
Apr 09, 2019
Equitrans buying EQGP Holdings units for $601MM from fundsSupporting a process to eventually simplify an ownership configuration among the
various midstream-focused entities that have emanated from EQT Corp., Equitrans
Midstream Corp. agreed to buy all of the units outstanding of EQGP Holdings, LP at $20
each in cash through private purchases. The deal represents a 17.5% premium over EQGP
Holdings’ price of $17.02 a unit in NYSE trading on Nov 29. The transactions are
expected to close Dec. 31.
Equitrans, which spun off
from EQT Corp. in...
Dec 06, 2018
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
Smaller companies struggle as gas prices remain weakOil and gas producers generally reported stronger production this news cycle but many smaller companies, particularly those that produce a high proportion of gas, continue to struggle. Ikkuma Resources was forced to shut-in part of its production in Q2 (PG 1). Strategic Oil & Gas formed a committee to study alternatives for creating value (PG 10). Bankrupt Manitok Energy put assets up for sale (PG 11). Connacher Energy reported growing losses as creditors consider buyout offer (PG...
Sep 06, 2018
People & Companies - August 02, 2018Cequence Energy announced Kevin Nielson has joined the company as Contract Interim CFO. Nielson has 19 years of public accounting and financial reporting experience. Most recently, he was Audit and Assurance Partner at an international accounting firm, where he specialized in serving upstream oil and gas companies.Imperial Oil announced the appointment of Miranda Hubbs to its board, effective, July 26. Hubbs is an independent director of Nutrien Ltd. and the Public Sector Pension...
Aug 02, 2018
Brookfield buys Enbridge gas gathering biz for $4.3BCanada’s largest alternative asset manager, Brookfield Infrastructure, and its institutional partners struck a C$4.31 billion (US$3.27 billion) deal to acquire 100% of pipeline giant Enbridge’s Western Canadian gas gathering and processing business. RBC Capital Markets advised Enbridge for the transaction. Brookfield will acquire 19 gas processing plants and liquids handling facilities, as well as 3,550 km (2,206 miles) of related gathering pipelines that serve the Montney, Peace River...
Jul 25, 2018
People & Companies - July 25, 2018AltaCorp Capital has named Jon
Horsman as its new chairman and CEO.
Horsman previously served as the co-head
of parent ATB Financial’s Corporate
Financial Services team. He takes over
from Paul Sarachman, who had been
serving as co-CEO since late 2017.
Sarachman remains president of AltaCorp. Drakkar Energy and Blacksteel
Energy announced a change in
management after the two companies
complete their announced reverse
merger. Keith Macdonald, Chairman
and President of privately-held...
Jul 25, 2018
U.S. MLP rollups dominate Q2 midstream deal activityThe global midstream market racked up than $50 billion in M&A during Q2, according to the Global Energy M&A Database, but most of that value was merely shifted around within corporate families, especially via rollups of master limited partnerships into their C-Corp sponsors. The exodus from the MLP structure was prompted in part by a mid-March FERC ruling that eliminated a tax benefit enjoyed by pipeline MLPs since 2005—although the regulator revised its decision in July (PG 13). Last year’s...
Jul 24, 2018
FERC gives MLPs a ‘lifeline’ by changing tax rulePipeline companies can breath easier after FERC modified its rule regarding a tax recovery allowance that some master limited partnership charge to shippers. The final rule alleviated several concerns that had sent MLP stocks tumbling and prompted Enbridge and Williams to decide to buy up their partnerships. The changes “will offer master limited partnership-structured pipeline companies a lifeline,” Height Securities analyst Katie Bays told clients. FERC stuck to its decision that after last...
Jul 24, 2018
Enbridge furthers debt reduction with $4.3 billion asset saleEnbridge Inc promised to pare down its $61.2 billion in debt and to focus on long-haul pipelines with proceeds from a $4.3 billion asset sale, its third major sale announced in recent months. The company agreed to sell Canadian natural gas gathering pipelines and processing facilities to Toronto-based Brookfield Infrastructure Partners for $4.3 billion. The company announced plans to sell $3.0 billion in assets earlier this year, but the latest deal pushes the total value of announced...
Jul 19, 2018
Enbridge may accelerate asset sales after hitting C$3B targetEnbridge has already met its goal of selling C$3.0 billion in non-core assets this year but it might not be done after all. The pipeline giant agreed to sell its U.S. gas and NGL midstream operations for U.S.$1.12 billion (C$1.43 billion) and 49% of its interest in several renewable power assets for C$1.75 billion. Bids exceeded expectations for other Canadian midstream assets that Enbridge labeled as non-core, reportedly going as high as C$4.5 billion.The Calgary-based company expanded...
May 22, 2018
Analyst Takes - May 22, 2018Spectra Energy Partners (NYSE:SEP; May 21—$31.67; Market Perform)
Although a broad-based roll-up transaction, including SEP was discussed
hypothetically as a way to eliminate SEP’s exposure to FERC actions, we were
surprised to see SEP included in a roll-up so soon. Management assumedly
has no new information regarding FERC- driven cash flow impacts at SEP at this
early stage. Surprisingly, management indicated in the release that SEP may have
needed to stop distribution growth or...
May 22, 2018
People Briefs - July 19, 2018AltaCorp Capital has named Jon
Horsman as its new chairman and CEO.
Horsman previously served as the co-head
of parent ATB Financial’s Corporate
Financial Services team. He takes over
from Paul Sarachman, who had been
serving as co-CEO since late 2017.
Sarachman remains president of AltaCorp. Drakkar Energy and Blacksteel
Energy announced a change in
management after the two companies
complete their announced reverse
merger. Keith Macdonald, Chairman
and President of privately-held...
Jul 19, 2018