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]
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Coastal GasLink bringing back pipeline workers after pandemic plan approved
TC Energy Corp. says it is gradually bringing back workers on its Coastal GasLink pipeline project in B.C. after health authorities approved its plan to deal with risks of the COVID-19 pandemic. The workforce fell from almost 3,700 people to fewer than 600 and pipeline construction ground to a near halt in January after an order was issued restricting worker numbers at industrial projects in the Northern Health Authority region of B.C. to control the pandemic. On Thursday, TC Energy CEO [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]
Mergers and acquisitions are on the rise
There are a staggering amount of mergers and acquisitions happening in Western Canada’s oil and gas, as the fervent wheeling and dealing days are heating up the frigid winter. In what could be seen as short-term pain for long-term gain, depending on who you talk to, the recent Crescent Point, Spartan Delta Corp, and Arc Resources mergers, Ovintiv, and even Inter Pipeline, have sent shockwaves throughout the industry after a Wacky Wednesday. Is it the ability to drive down costs and [Read more]
Enerplus announces fourth quarter and full year 2020 financial and operating results and 2020 year end reserves
CALGARY, AB - Enerplus Corporation ("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today reported fourth-quarter 2020 cash flow from operating activities and adjusted funds flow of $96.1 million and $91.9 million, respectively, compared to $188.5 million and $178.9 million, respectively, in the fourth quarter of 2019. Full-year 2020 cash flow from operating activities and adjusted funds flow was $446.4 million and $358.2 million, respectively, compared to $694.2 million and $709.0 million, [Read more]
Inter Pipeline reviews options in response to hostile Brookfield takeover bid
Inter Pipeline Ltd. says it has initiated a review of strategic alternatives in response to a hostile takeover bid launched last week by its largest shareholder, Brookfield Infrastructure Partners LP. It says it will evaluate options that could include a corporate sale while it continues to try to find a partner to help develop its $4-billion Heartland Petrochemical Complex now under construction near Edmonton. Brookfield has said it would offer $16.50 per share in cash or 0.206 of a [Read more]
Whitecap and TORC announce shareholder and court approval of strategic combination
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) and TORC Oil & Gas Ltd. ("TORC") (TSX: TOG) are pleased to announce that securityholders from both companies have voted to support the proposed business combination (the "Business Combination") announced on December 8, 2020 to combine the two companies. On February 18, 2021, Whitecap and TORC held separate special shareholder meetings via live webcast. Each company's securityholders, respectively, voted on [Read more]
Inter Pipeline initiates comprehensive strategic review process to maximize shareholder value
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) announced today that, following the recently announced unsolicited expression of interest for the Company, the Board of Directors (the "Board") has initiated a comprehensive review of strategic alternatives to maximize shareholder value (the "Strategic Review"). The Board has established a special committee ("Special Committee"), chaired by Margaret McKenzie and made up of its independent directors, to oversee the [Read more]