Osum Oil Sands said on Tuesday its board had withdrawn its recommendation that shareholders reject the all-cash offer by private equity firm Waterous Energy Fund for a bigger stake in the Canadian energy company, days after it raised the offer price. Last week, Waterous said it plans to buy 57 million shares of the oil and gas firm, higher than the 50 million it had offered to buy earlier at C$2.40 per share. It also improved the offer to C$3 per share, implying a deal value of C$171 million [Read more]
Brookfield launches hostile bid to buy Canada’s Inter Pipeline
Brookfield Infrastructure Partners on Monday formally launched a hostile bid to buy Inter Pipeline Ltd with the same C$16.50-per-share offer that the Canadian oil and gas transportation company had rejected as inadequate weeks ago. Earlier this month, Brookfield said it was willing to raise its offer to as much as C$18.25 per Inter share if the company comes to the negotiating table, but Inter turned it down and later launched a strategic review of options. The current offer from [Read more]
Biden, Trudeau aim to move past Keystone pipeline disagreement in first bilateral meeting
U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau will try on Tuesday to move past an early disagreement after Biden blocked the Canadian-backed Keystone XL pipeline and look to reset relations after the rocky years of Donald Trump. In his first bilateral meeting with a foreign leader since taking office last month, Biden is expected to discuss with Trudeau a host of issues including climate change and China, a senior U.S. administration official told reporters. Canada [Read more]
Oil prices rise as storm-hit U.S. output set for slow return
Oil prices rose on Monday on a slow return of U.S. crude output cut by frigid conditions and as an approaching meeting by top producers is expected to keep production largely reined in, pointing to tight global supply. U.S. oil rose $$2.05, or 3.48%, to $60.99 a barrel, having fallen 0.4% last week. Brent crude was up $1.85, or 2.95%, at $64.54 a barrel, after gaining nearly 1% last week. Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels [Read more]
TC PipeLines largest unitholder to vote against $1.68 bln merger with TC Energy
TC PipeLines LP's largest independent unitholder, Energy Income Partners, said on Friday it plans to vote against the $1.68 billion merger with Keystone pipeline owner TC Energy, saying the deal undervalues the company's assets. Energy Income Partners has more than 10% stake, which makes it the largest 'non-affiliated' unitholder. It said the deal is "inadequate" and "significantly undervalues" TCP's organic growth opportunities. Calgary-based TC Energy owns about 24% stake in TC PipeLines [Read more]
Inter Pipeline says no decisions made on strategic options after Brookfield offer
Canada's Inter Pipeline Ltd said on Friday no decisions have been made as it initiates a strategic review of its options, a week after rejecting an unsolicited bid from its largest shareholder, Brookfield Infrastructure Partners. The Calgary-based company announced a formal review on Thursday, and said options included a possible "corporate transaction." Infrastructure company Brookfield had offered C$16.50 per share for Inter and said it was willing to go as high as C$18.25 if the [Read more]
U.S. drillers cut oil rigs for first week in 13 amid deep freeze
U.S. energy firms this week cut the number of oil rigs operating for the first time since November as blistering cold and snow hit most of Texas, New Mexico and other big energy producing areas. The U.S. oil and gas rig count, an early indicator of future output, was unchanged at 397 in the week to Feb. 19, according to data on Friday from energy services firm Baker Hughes Co. Despite rising for six months in a row, that combined count is still 393 rigs, or 50%, below this time last year. [Read more]
Oil drops as investors gauge big chill impact on U.S. refineries, OPEC+ output rise
Oil prices slid by up to 2% in early trade on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the U.S. South, creating a gap in demand, while OPEC+ supplies were expected to rise. "The market was ripe for a correction and signs of the power and overall energy situation starting to normalise in Texas provided the necessary trigger," said Vandana Hari, energy analyst at Vanda Insights. U.S. West Texas Intermediate [Read more]
Oil steady amid Texas supply disruptions, potential OPEC+ moves
Bullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC+ producers may ease their output curbs after April. U.S. West Texas Intermediate (WTI) crude futures dipped 28 cents, or 0.47% to $59.84 a barrel, retreating from a 13-month high of $60.95 hit on Tuesday. Brent crude dropped 2 cents, or 0.3%, to $63.42 a barrel. Oil prices have run up strongly in recent months and supply [Read more]
U.S. shale could face weeks of depressed oil production due to cold
The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations. Texas produces more oil and natural gas than any other U.S. state, and its operators, unlike those in North Dakota or Alaska, are not accustomed to dealing with frigid temperatures. Numerous refineries in Texas have also been shut, though weather events rarely knock substantial amounts of [Read more]