The release this week of the long-awaited court decision by the Alberta Court of Appeal to the appeal by the Alberta Energy Regulator (the “AER”) of the May 2016 ruling (the “Redwater Decision”) by the Court of Queen’s Bench of Alberta that provincial regulations are in conflict with the federal Bankruptcy and Insolvency Act (“BIA”, or the “Act”) will have implications on oil and natural gas mergers and acquisitions (“M&A”) activity.
April 26, 2017, 6 AM MDT
After nine years and many twists and turns, the Keystone XL pipeline took a major step forward last Friday when Donald Trump’s State Department granted the project a presidential permit.
March 28, 2017, 9:54 AM MDT
March 10, 2017, 10:35 AM MST
Higher commodity prices in Canada are driving a renewed focus on completing wells in Alberta, following a huge increase in the number of drilled but uncompleted wells (DUCs) over the past three years.
February 28, 2017, 8:37 AM MST
January 11, 2017, 9:56 AM MST
Former ExxonMobil CEO Rex Tillerson’s track record in Russia will come under further scrutiny this week.
January 10, 2017, 8:58 AM MST
So far in 2016, there have been 26 oil and natural gas exploration and production (“E&P”) companies that have entered into insolvency processes either through a receivership, the Bankruptcy Insolvency Act (“BIA”) or the Companies’ Creditors Arrangement Act (“CCAA”) (collectively “Insolvency Processes”). This compares to 2015 when there were 20 companies that entered into Insolvency Processes. In a typical year, before the 2014 commodity price crash, there have been on average eight Canadian E&P companies that would have entered into Insolvency Processes.
November 30, 2016, 7:56 AM MST
Energy security: in Canada, we don’t worry about it. We are one of the world’s largest exporters of energy including oil and gas, electricity and uranium.
November 29, 2016, 6 AM MST
Here is an undeniable, yet underappreciated fact: the vast majority of greenhouse gas (GHG) emissions from fossil fuels (coal, oil, and gas) are actually released into the atmosphere when the fuels are burned by a consumer.
November 24, 2016, 6 AM MST
Make no mistake about it, Canadian gas producers are in an intense market share battle with their American counterparts.
October 27, 2016, 6 AM MDT
The landscape of publicly-traded exploration and production (“E&P”) companies in the Canadian oil and natural gas sector has changed. With the commodity price bust over the last couple of years, many E&P companies with unmanageable debt levels, assets that have higher operating costs and/or lower production levels have disappeared in droves.
October 26, 2016, 8:30 AM MDT
Analysis in CanOils' latest monthly M&A review suggests that the pressure on Canada’s E&P sector to raise external financing to meet capital commitments would appear to be alleviating somewhat, based upon much lower M&A activity levels in September.
October 20, 2016, 8:11 AM MDT
The amount of cash raised by 68 U.S. oil and gas companies via a net issuance in new shares soared to a three-year high of US$19.4 billion in Q2 2016, according to Evaluate Energy’s new study focused on U.S. oil and gas company cash flow, which can be downloaded here.
October 18, 2016, 8:18 AM MDT
Dramatic shifts have taken place in the way U.S. oil and gas operators view cash flow, capital expenditures (cap-ex) and market risk — with companies closer today to being able to fund cap-ex plans with only their operating cash flow than at any point since the price downturn began.
October 5, 2016, 8:04 AM MDT
In the first half of 2016 approximately $15 billion in merger and acquisition (“M&A”) activity took place in the Canadian oil and natural gas industry. Breaking this down further, $8.9 billion consisted of corporate transactions, overwhelmed by Suncor Energy Inc.’s acquisition of Canadian Oil Sands Limited for $8.3 billion, while there was $5.7 billion in asset sales completed.
September 28, 2016, 7:50 AM MDT
Iraq’s crude oil production has made impressive gains to record high levels in recent years despite ongoing political dysfunction and the Islamic State controlling as much as a third of the country’s territory since the middle of 2014. But future production gains are in doubt for a combination of political and economic reasons, and Iraq could in fact see a decline in its crude oil production if ethnic and intra-ethnic rivalries were to lead to a multi-sided civil war.
September 7, 2016, 6 AM MDT
It may come as a surprise — especially considering the recent volatility in the price of oil — that market fundamentals have improved in the last three months. For the first time in two years, the world market is now nearly balanced, meaning that oil consumption is almost equal to production.
August 31, 2016, 8:04 AM MDT
Nigeria has long suffered from ethnic-related strife. Much of it has been in the Niger Delta region in the southeast of the country, home to most of its oil and gas resources. The latest bout of strife in the Delta, much like earlier ones, has caused a substantial drop in the country’s crude oil production, which is in gradual decline anyways.
August 16, 2016, 7:29 AM MDT
A total of $6.8 billion of capital was raised by the Canadian oil and natural gas industry in the first six months of 2016, down 53 per cent from the $14.5 billion recorded over the same time period in 2015.
July 27, 2016, 8:22 AM MDT
Venezuela is in political and economic crisis. President Nicolas Maduro and his fellow Chavistas continue to cling to power despite the Democratic Unity Roundtable (MUD) securing a massive two-thirds supermajority in last December’s parliamentary elections. Economically, the country is suffering riots and lootings due to shortages of food, medicine, other basic goods and electric power.
July 19, 2016, 6 AM MDT
Total global spend on upstream M&A deals rose an encouraging 38 per cent in the second quarter, driven by improved oil prices and market confidence, according to Evaluate Energy’s review of global upstream oil and gas M&A activity in Q2 2016, which can be downloaded now.
July 7, 2016, 4:25 AM MDT
To paraphrase the great American author and humorist Mark Twain, reports of the House of Saud’s death have been greatly exaggerated. Saudi Arabia has survived several bouts of insecurity in the past. These include the occupation of the Grand Mosque in Mecca in 1979, being tarred ‘liberal apostates’ by the Sahwa in the 1990s, and the al-Qaeda threat in the early 2000s.
July 6, 2016, 8:24 AM MDT
If I had to lay odds on which E&P powerhouse is going to secure the sector’s next major corporate acquisition I’d start by examining their ability to absorb substantial levels of debt while still keeping debt-to-capital ratios in balance.
July 5, 2016, 10:28 AM MDT
In advance of the well-publicized decision of the Alberta Court of Queen’s Bench regarding the matter of the disposition of the assets of insolvent RedWater Energy Corp. (“RedWater”), the Alberta Energy Regulator (“AER”) fired a shot across the bow of oil and natural gas producers, as well as the officers and directors of such entities, by issuing Bulletin 2016-10 on April 8, 2016. The stated purpose of Bulletin 2016-10 was “to remind licensees and their directors and officers of their statutory responsibilities when ceasing operations because of insolvency or for any other reason.”
June 29, 2016, 8:51 AM MDT
It is widely believed among oil analysts and market commentators that the world oil market is experiencing a ‘new normal.’ As a rule, prices for international benchmark crudes such as North Sea Brent Blend and North American West Texas Intermediate are not expected to rise above $70 to $80 per barrel.
June 28, 2016, 6 AM MDT