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]
January 22nd Alberta Crown Land Sale totals $4.3 MM – Highest bonus goes to parcel of land northwest of Rimbey – BOE Intel
The Alberta Government brought in $4.3 MM on its January 22nd Crown land sale. In total, 7,708.96 hectares were sold at an average price of $555.93/ha. Click here to see the full land sale results on BOE Intel. This was a small land sale by recent trends, both by area and by dollar bonus. Only 1 parcel fetched more than $1 million. That parcel was 512 hectares (2 sections) northwest of Rimbey, which went for $1,144,407. The buyer of record was a land broker (Millennium Land). [Read more]
January 8th Alberta Crown Land Sale totals $16.4 MM – one parcel drives 39% of the total bonus – BOE Intel
The Alberta Government brought in $16.4 MM on its January 8th Crown land sale. In total, 35,817.21 hectares were sold at an average price of $458.43/ha. Click here to see the full land sale results on BOE Intel. There was one parcel of land in particular that was a big percentage of the overall bonus. 6,144 hectares (24 sections) of mineral rights fetched a total bonus of $6,374,347, or about 39% of the total from this land sale. Those mineral rights, shown in pink on the BOE Intel map [Read more]
TOP WELL REPORT – November volumes – This company’s top well produced 2,118 bbl/d of condensate in November
Most production data is out for November. 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 November 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 November which may affect [Read more]
Vermilion Energy to acquire Westbrick Energy – see acquisition multiples, asset maps and recent production – BOE Intel
Vermilion Energy announced this morning that it will acquire Westbrick Energy for $1.075 billion. The company will acquire production volumes of 50,000 BOE/d in Alberta's Deep Basin, where Vermilion will add 700 drilling locations. Please see the official press release here. Vermilion also put out an acquisition presentation which readers can access here. Figure 1 below shows some comparable transaction metrics for recent Deep Basin M&A. Figure 1 - Comparable M&A [Read more]
December 11th Alberta Crown Land Sale totals $18.2 MM – Regional Clearwater area drives most of the activity – BOE Intel
The Alberta Government brought in $18.2 MM on its December 11th Crown land sale. In total, 38,027.65 hectares were sold at an average price of $479.76/ha. Click here to see the full land sale results on BOE Intel. There were only 3 parcels of land that fetched bonuses of greater than $1 MM, combining for $3.7 MM. Those three parcels are shown in pink in Figure 1, and come from the far northwestern corner of the regional Clearwater area, north of the Cadotte field. Those 3 parcels all [Read more]
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