The top companies producing out of the Duvernay formation is a quickly evolving list as a result of recent M&A transactions. Whitecap's combination with Veren, Canadian Natural Resources' acquisition of Chevron assets, and Parallax Energy acquiring Vesta Energy have all occurred in the last 6 months. All 3 producers have become major players in the Duvernay as a result. In total, the formation now accounts for ~260,000 boe/d of production, including ~72,000 bbl/d of condensate. The 7 [Read more]
Has the race to consolidate the Alberta Montney begun? – implications in the wake of 2 massive Alberta Montney transactions – BOE Intel
Something massive is going on in the Alberta Montney. First, there was the $3.325 billion transaction whereby Ovintiv will acquire the vast majority of Paramount's Montney production in Alberta. Then this week there was the $15 billion transaction between Whitecap and Veren. On their own, these might be dismissed as one-off transactions, but beneath the surface something larger appears to be going on. The Alberta Montney is being consolidated, following in the path of the BC Montney. [Read more]
Mega Montney Merger – Whitecap to combine with Veren to make Montney/Duvernay powerhouse – How will it compare? – BOE Intel
Massive M&A news early on Monday morning, as Whitecap Resources and Veren announced that the two companies will combine in a $15 billion transaction to create a leading Canadian light oil and condensate producer. To review the M&A slide deck provided by Whitecap and Veren, click here. To listen to the webcast about the transaction, click here. Lots has been written in a short period of time about the combination, so this article will take a slightly different slant. Whitecap [Read more]
TOP WELL REPORT – January volumes – ConocoPhillips outproduces the pack when it comes to condensate; meanwhile capital restraint appears evident on the natural gas side as producers prefer to focus on oil and liquids
Let's take a break from the OPEC+ supply increase and Trump Tariff drama for a moment, shall we? Time for another edition of our TOP WELL REPORT. Most production data is out for January. BC and Saskatchewan data has been reported in full, while Alberta has reported oil, condensate, and gas; full Alberta NGL data (including pentane) and marketable gas is due out in a week or so. While the January data won't be considered complete until the rest of the Alberta data has been reported, it is [Read more]
When does the valuation gap between US Permian and Canadian Montney begin to narrow? Diamondback M&A metrics suggest that companies could buy more than 3 times as much Montney production for the same price – BOE Intel
Big news in the Permian this morning, as the rumours that Diamondback was looking at acquiring Double Eagle turned out to be true. Diamondback press released this morning that it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, subject to customary adjustments (the “Double Eagle Acquisition”). Diamondback quoted the [Read more]
ARC Resources’ Q4 Report Just Dropped – 4 Must-See Charts!
ARC Resources reported its Q4 late last week. Access the company's press release here. 4 charts stood out in particular as we looked over the quarterly results. This was a record quarter for production for ARC, with total production of 382,341 BOE/d in Q4 (Figure 1). Jump to ARC Resources' corporate production and financial data page on BOE Intel here. Figure 1 ARC Resources also achieved record quarterly production of condensate in Q4. Condensate production in the quarter was [Read more]
February 5th Alberta Crown Land Sale totals $18 MM – Karr/Elmworth Montney rights get scooped up – BOE Intel
The Alberta Government brought in $18 MM on its February 5th Crown land sale. In total, 29,120 hectares were sold at an average price of $617.57/ha. Click here to see the full land sale results on BOE Intel. On a per area basis, the most expensive land was southeast of Grande Prairie where the Karr and Elmworth fields meet. There were two parcels of land, same size (256 hectares or 1 section), same bonus ($2,180,647). Both were surface to basement mineral rights, with the Montney being [Read more]
Suncor Q4 results in 2 charts – visualize how the company reduced net debt by more than $13 billion from peak levels while buying back shares as well – BOE Intel
Suncor was the first big Canadian E&P company to report its Q4/24 this week. Access the company's press release here. The big news was that after having reached its net debt target in Q4, Suncor has shifted its return of capital strategy to be 100% return of excess funds to shareholders via share repurchases. The evolution of Suncor's net debt is quite a story, best illustrated by the chart below. Having peaked at over $20 billion after Q2 2020, the company has been able to lower net [Read more]
More than 6 years since MEG Energy shareholders spurned an offer from Husky Energy; what has changed? – BOE Intel
On September 30, 2018, Husky announced a proposal to acquire MEG Energy for $6.4 billion. At the time, the proposal was for $11/share (part cash, part Husky stock), and represented a rather sizeable 37 percent premium to MEG's prior day closing price of $8.03. It was a hostile bid, and was ultimately defeated by MEG shareholders. Looking back on it, it appears as though shareholders chose wisely, as MEG's equity closed today at $23.29/share, more than double that $11/share bid. However, the [Read more]
TOP WELL REPORT – Alberta oil/condensate results for December – Duvernay and Dunvegan wells find their way into a list normally dominated by Montney wells
Initial production data is out for December in Alberta. BC and Saskatchewan are yet to report. Alberta has reported oil, condensate, and gas; full Alberta NGL data (including pentane) and marketable gas is due out in a couple weeks. While the December data won't be considered complete until the rest of the Alberta data has been reported, it is nonetheless worthwhile to show the data as it stands today. Pentane volumes in Alberta will not be represented yet for December which will affect liquids [Read more]
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