Low oil and natural gas prices are now expected for the foreseeable future, as is evidenced by a glance at future strip prices that are unusually flat - crude oil futures prices, for example don’t rise above $50 until 2022. Low price expectations are primarily based on the notion that infinite shale resources will leap forth from the ground upon command, at the first sign of commodity price increases. That may be so in the short term, but an important misconception is that these newly [Read more]
Archives for February 2016
Cimarron Energy Acquires Diverse Energy Systems Assets
NORMAN, Okla., and HOUSTON, Feb. 1, 2016 /PRNewswire/ -- Cimarron Energy announced today that it has closed on the acquisition of substantially all of the assets of Diverse Energy Systems. The integration of the business interests of Cimarron and Diverse and the combination of continuing employees from both organizations are part of Cimarron's strategic plan to create a single source supplier of production, processing, and environmental equipment and related services for U.S. customers in the [Read more]
Couche-Tard completes acquisition of Topaz in Ireland
LAVAL, QC, Feb. 1, 2016 /PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD.A ATD.B) confirms that it has closed the acquisition of Topaz Energy Group Ltd. in Ireland ("Topaz") as previously announced in December. The transaction has received the appropriate regulatory approvals and all final closing requirements have been completed. Topaz is the leading convenience and fuel retailer in Ireland, made up of 444 stations across the island of Ireland, including its recently [Read more]
Industry distress to fuel oil and gas transaction activity as crude price dives; says Ernst & Young
LONDON, Feb. 1, 2016 /PRNewswire/ -- More oil and gas companies are expected to succumb to stress in the sector, which will drive transactions in 2016, after global deal volume and value fell short of expectations in 2015, dropping by 33% and 17% respectively year-on-year. EY's Global oil and gas transactions review 2015 finds that deal volume was down in nearly all sub-sectors in 2015 compared to 2014, most notably in oilfield services (OFS), where deal activity decreased by almost 40% from [Read more]
How do the recent NI 51-101 amendments affect reserves reports and corporate disclosure? A qualified reserves evaluator’s perspective
On December 4, 2014, the Canadian Securities Administrators published amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and those amendments became effective July 1, 2015. This blog is the first in a series that will describe the significant changes, as seen through the eyes of a qualified reserves evaluator (QRE). Part 1: Abandonment and Reclamation Prior to the amendments, the Canadian Oil and Gas Evaluation Handbook (Volume 1, Section 7.6.4) was [Read more]
TransCanada Lists Series 6 Preferred Shares
CALGARY, ALBERTA--(Marketwired - Feb. 1, 2016) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Corporation) announced today that 1,285,739 of its 14,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 5 (Series 5 Shares) were tendered for conversion today, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 6 (Series 6 Shares). As a result of the conversion, TransCanada has 12,714,261 Series 5 Shares and 1,285,739 [Read more]
Bonterra Energy Corp. Confirms Cash Dividend for January 2016 Payable February 29, 2016
CALGARY, ALBERTA--(Marketwired - Feb. 1, 2016) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) announces that the January 2016 monthly cash dividend will be $0.10 per share and will be paid on February 29, 2016. The record date for the dividend is February 16, 2016 and the ex-dividend date is February 11, 2016. The dividend is paid monthly and is subject to commodity prices and production levels. The dividend is considered an "eligible dividend" for tax [Read more]
A Tale of Two Energy Companies: Chevron Sinks Into Fourth-Quarter 2015 Loss, Phillips 66 Earnings Fall on Midstream Woes, an Industrial Info News Alert
SUGAR LAND, TX--(Marketwired - Feb 1, 2016) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Stung by the drop in crude prices, global oil and gas giant Chevron Corporation (NYSE:CVX)(San Ramon, California) reported a net loss of $588 million for fourth-quarter 2015, compared with $3.5 billion in net earnings a year earlier. Industrial Info is tracking 180 active Chevron projects worth $139.72 billion. Within this article: Details of projects by Chevron Corporation [Read more]
Dominion Resources, Questar Corporation to Combine
RICHMOND, Va., Feb. 1, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) today announced an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share – about $4.4 billion – and assume Questar's outstanding debt. The transaction would be accretive to Dominion upon closing – expected by year-end 2016 – with limited impact on the company's balance sheet. Dominion intends to [Read more]
CONSOL Energy Declares Regular Quarterly Dividend of $0.01 per Share
PITTSBURGH, Feb. 1, 2016 /PRNewswire/ -- CONSOL Energy Inc.'s (NYSE: CNX) Board of Directors declared a regular quarterly dividend of $0.01 per share, payable on March 3, 2016, to shareholders of record on February 16, 2016. CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based producer of natural gas and coal. The company is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian [Read more]