CM - Analyst Notes - October 4, 2019Berry Petroleum Co. (NYSE: BRY; $9.36- Sept. 30; Buy; PT-$14) Looking ahead to 2020, we think there is downward bias to production estimates, but with less spending, when contemplating entering 2020 at 3 rigs, the industry’s general move towards reduced growth, and BRY’s unchanged focus on shareholder returns. We model ~10% y/y boe growth (to 31mboepd; 27.6mbpd oil) for ~$180MM in spending, which compares to consensus ~14% growth (to 32.5mboepd; 28.4mbpd oil) for $205MM in capex. Name...
Oct 04, 2019
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
What the Analysts are Saying About Capital Markets - June 21, 2018Carrizo Oil & Gas Inc. (NYSE: CRZO; $24.78 - June 8; Buy; PT: $31)From a tactical standpoint, we see CRZO as favorably positioned thanks to its Eagle Ford acreage which fetches LLS-based pricing in comparison to the Midland/WTI-based realizations garnered by SMID-caps more weighted to the Permian and/or DJ. For context, 80% of the company’s oil volumes come from the Eagle Ford, and management continues to message the flexibility it has to divert its ~five rigs to a more Eagle...
Jun 21, 2018
People & Companies - A&D - June 12, 2018Crescent Point Energy Corp.
announced that Craig Bryska has taken
over as interim President and CEO of
the company, replacing Scott
Saxberg, one of the company’s
founders. Saxberg founded the
company in 2001 and became CEO in
September 2003. The company announced
the transition as part of a larger company
overhaul designed to lift the company’s
stock price and to respond to pressure
from shareholders. Crew Energy appointed John Brussa
to its board. Brussa has been a director of
Just...
Jun 12, 2018
People & Companies - June 08, 2018McCoy Global announced that its
CFO & SVP, Jacob Coonan, will leave
the company to pursue other opportunities
in August. He will work with management
to ensure a seamless transition as the
company searches for a replacement. He
has been CFO of the company since May
2013 and SVP since January 2017. Steelhead LNG has named Corey
Goulet as VP, Pipeline, effective July
3. Goulet has 33 years of experience
in the energy infrastructure industry.
Previously, he was VP, Energy Projects
at...
Jun 08, 2018
People & Companies - October 26, 2017BP announced that its chairman Carl-Henric Svanberg has informed the company of his intention to retire from the role. Svanberg will chair the annual general meeting to be held next May and will remain in position until a successor is named. Ian Davis, the BP board's senior independent director, will lead the process to find the company’s next chairman. Svanberg joined the board on Sept. 1, 2009, and became chairman on Jan. 1, 2010.UK chemicals giant INEOS promoted Ron Coyle as the...
Oct 26, 2017
Analyst Takes - September 21, 2017Oasis Petroleum Inc. (OAS; $7.17- Sept. 11; Hold; PT- $10.50)
OAS announced it is launching the IPO of Oasis Midstream Partners LP…Assuming
net proceeds of $164MM, we project YE17/YE18 debt/TTM EBITDA of 3.9x/3.4x
compared to 4.2x/3.6x previously. We now forecast YE17 liquidity of $793MM,
consisting primarily of a senior secured credit facility…Proceeds from
the IPO imply a midstream valuation of $550MM compared to our
previous 4P NAV valuation of $750MM. This causes us to lower our 4P...
Sep 21, 2017
Analyst Takes - September 13, 2017Husky Energy (HSE; $14.61-August 11; Equal Weight; PT-$16.00)
We view this transaction favorably and think that it could be slightly accretive
to the company's near-term earnings. More importantly, we think the company's
concurrent decision to postpone the FID of its C$800 million Lloydminster
asphalt refinery expansion post-2020 is a good trade-off, as we had
been concerned about the expansion's economics…The purchase of
the Superior refinery will not add any new asphalt supply or...
Sep 13, 2017
People & Companies - April 11, 2017Activist investor Seymour Schulich now holds 40 million shares of Birchcliff Energy after acquiring an additional 2.5 million shares on March 27, 500,000 shares on April 3, and 2.0 million shares on April 6, increasing his stake in the company to 15%. He told Birchcliff that he acquired the shares for investment purposes. The moves come after Schulich bought another 26 million shares of Pengrowth Energy in late February, increasing his ownership to 80 million shares. The former mining executive...
Apr 11, 2017
Deal markets still sluggish amid low crude pricesAfter a busy 2014 in the Canadian oilpatch with $46 billion in upstream deals, activity has largely ground to a halt during 2015. Through the first month and a half of the year, there have been only nine deals announced in Canada with a collective value of $184.7 million. The majority of the total deal value comes from one deal — the purchase of assets in southwest Saskatchewan by Torc Oil & Gas from a group of private sellers in exchange for $127.7 million in common stock....
Feb 13, 2015
What the Analysts are Saying About - February 10, 2015Laredo Petroleum Inc. (LPI; $9.17–Jan. 29; Outperform; PT: $11)Garden City monetization remains key to boosting balance sheet and sentiment. Discussions for the sale of LPI’s Permian Garden City acreage continue and “may expand to include a portion of Laredo’s other properties.” The widening of these talks to other acreage hints that LPI may have found bidders with solid interest in the company’s assets. Any announced deal could mark a notable step in bolstering the company’s balance...
Feb 10, 2015
Pair of new E&Ps hunt deals using private equity backingTwo new Canadian upstream companies have launched with backing from US energy-focused private equity groups to take advantage of emerging buying opportunities in the upstream market. CanEra Resources Inc. III marks the return of a well-known name in the Canadian oil and gas community. The third iteration of the CanEra series of companies has received total backing of $465 million from NGP Energy Capital Management affiliate Natural Gas Partners, Riverstone Holdings and the management...
Feb 05, 2015
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
People Briefs - June 02, 2017Gibson Energy CEO Stewart Hanlon will retire after 26 years, eight of them as president and CEO. He informed the board last year of his intention to retire sometime in 2018, at which time the company launched a search for his replacement. Gibson said Hanlon will continue in his current role until his successor has joined the company and will remain an advisor thereafter to ensure an orderly transition.Halliburton’s president Jeff Miller has been appointed as the company’s CEO, replacing...
Jun 02, 2017
Financing Briefs - December 03, 2013• Pursuant to its Q3 evaluation of strategic alternatives, Angle Energy has found a buyer---Bellatrix Exploration. The $576.5 million deal will include the assumption of $261 million in Angle's debt, which includes $60 million in 5.75% convertible debentures due 2016. Angle's shareholders will receive $3.85/share in cash or common shares, with the cash portion capped at $69.7 million. Angle said the buyout will be completed in mid-December.• Blackbird Energy closed a private placement...
Dec 03, 2013