Debt and equity raises rebound following the end of 2014 Publicly-listed Canadian oil and gas companies raised $10.5 billion in debt and equity raises in the first half of 2015, nearly in-line with the previous year before oil prices tumbled, reports The Financial Post. The money raised by Canadian companies represented a 28% increase from the second half of 2014
Crescent Point Energy (ticker: CPG) is expanding its presence in Alberta as the result of a stock for stock merger. On July 2, 2015, the Calgary-based exploration and production company announced the purchase of Coral Hill Energy Ltd. for C$258 million (approximately US$204 million), including the assumption of C$132 million in net debt (approximately US$104 million). CPG was engaged with
Legacy Reserves LP (“Legacy”) (LGCY) today announced it has entered into separate agreements with affiliates of Anadarko Petroleum and Western Gas Partners, LP to purchase natural gas properties and gathering and processing assets in East Texas for a combined $440 million. These properties represent Legacy’s entry into a new basin in East Texas and into meaningful gathering and processing operations
Story by The Canadian Press Oil and gas companies are spending less at this year’s Calgary Stampede, which kicks off Friday. Corporate sales are down 10 per cent and other businesses that usually see increased sales are also hurting. David Howard runs the Event Group and he says last year he was producing two events a day but this year
Oil prices break the 100-day moving average Both Brent crude and West Texas Intermediate (WTI) saw a sharp fall on July 6, 2015, resulting from a variety of negative factors. WTI closed at $52.71, a 7.5% drop, while Brent tumbled 8.5% to $56.81. Both the international and U.S. benchmarks broke below the 100-day moving averages. The WTI drop is the
LINN Energy Announces Sale of Remaining Permian Basin Wolfcamp Acreage for $281 Million LINN Energy, LLC (NASDAQ:LINE) (“LINN” or the “Company”) and LinnCo, LLC (NASDAQ:LNCO) (“LinnCo”) announced today that LINN has signed a definitive agreement to sell its remaining position in Howard County in the Permian Basin for a contract price of $281 million. The transaction is expected to close
Outright Midstream Sale Could Generate $600 to $700 Million Eureka Hunter Pipeline, a privately owned subsidiary of Magnum Hunter Resources (ticker: MHR), surpassed throughput volumes of 700 MMcf/d on July 2, 2015, according to a company release. Eureka spans nearly 200 miles throughout the Marcellus/Utica region and includes nine interconnects, consisting of transmission and processing plants. Two additional interconnects are
Southcross Energy Partners, L.P. Announces Completion of NGL Pipelines and Provides Update on Southcross Holdings LP’s Robstown Eagle Ford Fractionator Southcross Energy Partners, L.P. (SXE) (“Southcross”) today announced the completion of a 60,000 bbls/d Y-grade pipeline connecting Southcross’ Woodsboro processing facility to Southcross Holdings LP’s (“Holdings”) 63,000 bbls/d Robstown Fractionator (“Robstown”) near Corpus Christi, Texas and a 20,000 bbls/d propane
Sunrise Energy Project Production Update Husky Energy (HSE.TO) is continuing to ramp up production at the Sunrise Energy Project in northeast Alberta. Sunrise began producing bitumen in mid-March 2015. Twenty-five well pairs are now on production, with steaming under way on 43 of 55 well pairs. Strong reservoir and facility performance has contributed to increasing production volumes averaging 5,000-5,500 barrels
Union Pacific charges add approximately $1.71 per barrel in shipping costs Union Pacific Corp. (ticker: UNP) announced that it will charge customers an additional $1,200 per car to ship crude oil by rail if they are using DOT-111 rail cars. The new charge will go into effect starting August 1, according to documents seen by Reuters. The news makes Union
Magellan Petroleum Corporation (MPET) (“Magellan” or the “Company”) today announced the formation of a special committee of independent members of the Board of Directors of the Company (the “Special Committee”) to consider various strategic alternatives potentially available to the Company. The formation of the Special Committee is not in response to any proposal received by the Company or an approach
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