CALGARY - Kinder Morgan Canada Ltd.'s shares traded higher after the federal government announced it would buy its controversial Trans Mountain pipeline for $4.5 billion. The shares were up 47 cents or about three per cent at $17.06 in early trading on the Toronto Stock Exchange after going as high as $18. The company's stock had been halted prior to the announcement. Ottawa is acquiring the existing Trans Mountain pipeline and the expansion project. The company estimated [Read more]
Archives for May 2018
Federal government spending $4.5B to buy Trans Mountain pipeline, B.C. terminal
OTTAWA - The federal Liberal government is spending $4.5 billion to buy Trans Mountain and all of Kinder Morgan Canada's core assets, Finance Minister Bill Morneau said Tuesday as he unveiled the government's long-awaited, big-budget strategy to save the plan to expand the oilsands pipeline. In return, Kinder Morgan will go ahead with its original plan to twin the pipeline this summer while the sale is finalized, which likely won't happen until August, Morneau told a news conference in [Read more]
Canada to buy Kinder Morgan’s Trans Mountain pipeline
The Canadian government said onTuesday it will buy Kinder Morgan Canada Ltd's TransMountain pipeline project for C$4.5 billion but does not intendto be the long-term owner of the project, which has faced fierceenvironmental opposition.Canada will also offer federal loan guarantees to ensureconstruction continues through the 2018 season as part of thedeal with the company, a unit of Houston-based Kinder Morgan Inc ."The federal government has reached an agreement with KinderMorgan [Read more]
Feds to buy Trans Mountain for $4.5 billion; construction to start this summer
Finance Minister Bill Morneau made the announcement this morning. The plan is to buy the pipeline and pipeline infrastructure assets from Kinder Morgan with cabinet approval already in place and only now subject to a Kinder Morgan shareholder vote. Morneau said the plan is to eventually seek a sale of forthcoming new Crown Corporation to investors. "Interest has already been expressed from investors in Canada including large pension funds," said Morneau. "We plan to exert our jurisdiction [Read more]
Trans Mountain Pipeline System and Expansion Project to Be Sold for C$4.5 Billion
KMI 2018 DCF Guidance Affirmed; Balance Sheet Strengthened HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that the Kinder Morgan Canada Limited (TSX: KML) board of directors has agreed to the purchase of the Trans Mountain Pipeline system and the expansion project (TMEP) by the Government of Canada for C$4.5 billion, and has agreed to work with the Government of Canada to seek a third party buyer for the Trans Mountain Pipeline system and TMEP through July 22, [Read more]
Crescent Point Energy names new chief executive as part of transformation plan
CALGARY - Crescent Point Energy Corp. named Craig Bryksa as interim president and chief executive, replacing long-time CEO Scott Saxberg. The company says the change at the top was part of a transformation plan. Bryksa was most recently responsible for overseeing Crescent Point's Shaunavon, Uinta Basin, North Dakota, Viking, Swan Hills and other Alberta resource plays, including the East Shale Duvernay, a swath of land containing natural gas and oil between Red Deer and [Read more]
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Oil prices tumble as hedge funds quit crude: Kemp
LONDON, May 29 (Reuters) - Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs. Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts in each of the five weeks to May 22 by a total of 108 million barrels. The reduction has been concentrated in crude, where net long positions in Brent and [Read more]
Crescent Point Announces New President and CEO as Part of Transformation Plan
CALGARY, Alberta, May 29, 2018 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) and Mr. Scott Saxberg are pleased to announce that Mr. Craig Bryksa has taken over as interim President and Chief Executive Officer (“CEO”) of Crescent Point. As part of the transition, Mr. Bryksa has also replaced Mr. Saxberg on the Board as a Director of the Company. The Board would like to express its gratitude to [Read more]
Velvet Energy Commences Previously Announced Premium All Cash Offer To Acquire Iron Bridge Resources; Issues Letter To Shareholders
Offers $0.75 in cash per common share, representing an immediate 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018Iron Bridge shareholders can tender their shares now by contacting Kingsdale Advisors at 1-866-879-7650 or by e-mail at contactus@kingsdaleadvisors.comOffer remains open until September 12, 2018 at 5:00 p.m. (Toronto time) CALGARY, Alberta, May 29, 2018 (GLOBE NEWSWIRE) -- Velvet Energy Ltd. (“Velvet” or “We” or “Us”) announced today [Read more]
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