In April, Sayer penned an article for the Daily Oil Bulletin titled “The Impact of Changes to the AER’s LMR System on M&A Activity” (DOB, April 29, 2015). To follow up that article, today we will look at the collateral financial damage that may have occurred to the public treasury as a result of the changes.
September 30, 2015, 7:36 AM MDT
In October 2012, Kelt Exploration Ltd. was formed in a spin-off after ExxonMobil acquired Celtic Exploration Ltd. Its growth in production since that time has been impressive. The operational base is now very robust, but Q2 2015 results do highlight an increase in operational expenses caused by the growth strategy based around acquisitions employed by Kelt since the start of 2014.
September 18, 2015, 7:43 AM MDT
That’s the Coles Notes from a senior banker describing the book of oil service loans he manages for one of Alberta’s leading lenders. There’s simply not enough cash flow to support current levels of debt.
September 16, 2015, 9:37 AM MDT
As commodity prices fell at the end of 2014 and in early 2015, companies that participate in the Bakken shale in North Dakota and Montana were hit the hardest amongst U.S. unconventional operators.
September 3, 2015, 10:07 AM MDT
The total enterprise value of merger and acquisition (“M&A”) activity in the Canadian oil and natural gas industry for the first half of 2015 was approximately $9.7 billion, down 52% from the $20.0 billion recorded in the first six months of 2014.
August 26, 2015, 8:28 AM MDT
August 24, 2015, 8:49 AM MDT
As Q2 results continue to flood in, Evaluate Energy has reviewed the performance of the world’s oil and gas majors – BP, Chevron, ConocoPhillips, ExxonMobil, Royal Dutch Shell and Total – to gauge the impact of the price collapse of late 2014 on their respective starts to 2015, with the main focus on their upstream earnings, production and capital expenditures.
August 18, 2015, 8:28 AM MDT
August 18, 2015, 10:46 AM MDT
Things will get better because they can’t get worse. We’re at or near the bottom. Better times ahead.
August 12, 2015, 8:26 AM MDT
July 17, 2015, 11:12 AM MDT
No sector of the economy should be considering the urge to merge more than Canada’s beleaguered oilfield services (OFS) business. The signals are powerful. Overcapacity in virtually every product and service line. Prices down to slimmest of margins. Bankers are unhappy and getting twitchy. Shareholders are morose. OFS operators have to do something because doing nothing is no longer an option.
July 15, 2015, 7:29 AM MDT
Since the beginning of April of this year roughly $1.6 billion in equity has been raised concurrent with merger and acquisition (“M&A”) transactions in the Canadian oil and natural gas industry. This is considerably higher than the $110 million of equity which was raised as part of M&A transactions in the first three months of 2015.
June 24, 2015, 8:24 AM MDT
June 17, 2015, 10:11 AM MDT
So there’s going to be a royalty review. NDP Premier Rachel Notley campaigned on it and the people of Alberta voted for it. This issue is of great concern to Alberta’s beleaguered oilpatch. It is unlikely Alberta’s new, left-of-centre government is reviewing royalties because they believe producers aren’t sufficiently profitable.
June 11, 2015, 7:59 AM MDT
June 8, 2015, 10:17 AM MDT
May 19, 2015, 11:43 AM MDT
Another twist to the current oil price slump is the thesis U.S. shale plays have replaced Saudi Arabia as the world’s swing producer to control oil prices. It is being opined OPEC and the Saudis could be a spent force, and the new determinant of future oil prices will be American shale drillers.
May 13, 2015, 8:05 AM MDT
As oil and natural gas mergers and acquisitions (“M&A”) advisors, we are regularly asked “What impact has the Alberta Energy Regulator’s (“AER”) changes to the Liability Management Rating System (“LMR”) had on M&A activity?”
April 29, 2015, 8:36 AM MDT
April 20, 2015, 9:03 AM MDT
April 20, 2015, 9:12 AM MDT
April 8, 2015, 11:02 AM MDT
April 1, 2015, 9:21 AM MDT
Exploration and production (E&P) companies and the oilfield services sector (OFS) are once again embroiled in the latter half of their historic love/hate relationship. It’s not pretty.
March 11, 2015, 8:11 AM MDT
The rush by dividend-paying Canadian exploration and production companies to cut capital expenditures and in many cases reduce or suspend payouts will continue as weak commodity prices persist, experts say.
March 5, 2015, 8:29 AM MST
March 3, 2015, 11:02 AM MST