TODAY’S HEADLINES
NEWS | Alberta credit downgrade | crude up⬆ | Devon sells US$200 million in assets | Enbridge pipeline traction; $7.5 billion Line 3 Replacement and Northern Gateway | Husky Energy selling interest in midstream assets for $1.7 billion | job cuts at Shell, Schlumberger & Halliburton | Mayor Nenshi shared a ride | Scotiabank selling Roynat leasing division | royalty rules clarity |TransCanada progress on Energy East + Bob Dhillon interview | upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financings + VIEWPOINT guest article ‘Service as it once was!’ by Mark Kolke >>>>
+ Alberta’s credit rating downgrade; last week it was Standard & Poors taking us from AAA to AA, this week Moody’s have cut us from AAA to 1-notch below, whatever that means
+ Bass Pro Shops making takeover bid to acquire Cabela’s Inc.
+ confidence returned to Calgary this week; not sure how to describe it exactly, but I sense it in the marketplace, in conversation – in the instructions of clients who have spent enough time getting used to the ‘new normal’, and it is time to get re-focused. They are. I’ll stand by this prediction, this month is the turning point. Not about politics or pipelines or prices – but energy, in all of us. Now, get to work!
+ current energy prices – live link to Bloomberg energy prices; crude prices steady as traders remain hopeful for some form of OPEC market-stabilizing actions, and U.S. gasoline demand has strengthened; yesterday’s close – WTI at US$43.07 /bbl, Brent$44.90 …
+ Devon Energy Corp. agreed sell a package of non-core Oklahoma assets to White Star Petroleum LLC for US$200 million
+ Enform’s Petroleum Labour Market Information unit published its Oil & Gas Industry outlook 2016-2020
+ FACILITYCalgary’s OP-ED page, guest article: ‘Service as it once was!’ by Mark Kolke, Realtor/small business owner, and publisher of FACILITYCalgary – click VIEWPOINT TAB
+ FirstOnSite Restoration G.P. Inc., under CCAA creditor protection, agreed to be acquired by Interstate Restoration LLC; terms not disclosed
+ GOA Royalty changes are rolling out; technical formulas for the new regime were released
+ Halliburton cut 6,000 jobs in Q1 2016
+ Husky Energy agreed to sell 65% ownership in Lloydminster area midstream assets to Cheung Kong Infrastructure Holdings Limited and Powers Assets Holdings Limited
+ Le Chateau Inc. announced it will be closing 40 stores across Canada this year
+ Magnum Hunter Resources Corporation got court approval for its Chapter 11 Bankruptcy restructuring plan
+ Mayor Naheed Nenshi facing Ethics Commissioner investigation over his Boston Lyft-shared-ride video comments about Uber Part 1 – 15 minutes – and Part 2 – 12 minutes; seems part SNL skit/part embarrassment, part indiscrete revelations (hence, the ethics investigation) along with interesting conversation on U.S. presidential politics [note to self, ‘beware the dash-cam’]
+ NEB gave a favourable ruling on Enbridge’s Line 3 Replacement project – saying the project ‘is in the Canadian public interest’ and recommending Project approval to the federal Governor in Councile; capital cost is $7.5 billion and replacing the 50-yr. old 1,660 km line will boost delivery to 760,000 barrels/day, double the current flow level
+ Notley government warming to pipelines; the Premier has been meeting with B.C. Premier advocating for Gateway and with the Federal Trudeau Cabinet who are re-thinking the earlier announced westcoast tanker moratorium
+ Paramount Resources Ltd. closed its sale of Musreau midstream sour natural gas assets to Pembina Pipeline Corporation; terms not disclosed
+ Parkland Fuel Corporation agreed to acquire the propane business of Girard Bulk Services for $4.8 million
+ PJ’s Pets and Pets Unlimited closing 27 location across Canada
+ Saudi Prince rolls out plan to end ‘addiction to oil’ in Saudi Arabia
+ Schlumberger confirmed it has cut 2,000 jobs in Q1/2016; its global headcount now 93,000
+ Scotiabank selling a Roynat division; Roynat Lease Finance is being sold to Meridian Credit Union Limited; terms not disclosed
+ Shell will close offices in Reading, Aberdeen and Manchester following takeover of BG Group; cutting 2,800 in connection with the BG Group specifically – will closed its Thames Valley Park campus by the end of 2016, as part of earlier announcements to cut 10,000 jobs worldwide this year
+ TransCanada Corporation making peace with Quebec over Energy East Pipeline plans; will acquiesce to their request for environmental oversight
+ Trez Capital Group LP forming a JV with Forman Capital LP to be called Trez Forman Capital Group LP to facilitate Trez’s expansion in the U.S. market
+ Bass Pro Shops making takeover bid to acquire Cabela’s Inc.
+ confidence returned to Calgary this week; not sure how to describe it exactly, but I sense it in the marketplace, in conversation – in the instructions of clients who have spent enough time getting used to the ‘new normal’, and it is time to get re-focused. They are. I’ll stand by this prediction, this month is the turning point. Not about politics or pipelines or prices – but energy, in all of us. Now, get to work!
+ current energy prices – live link to Bloomberg energy prices; crude prices steady as traders remain hopeful for some form of OPEC market-stabilizing actions, and U.S. gasoline demand has strengthened; yesterday’s close – WTI at US$43.07 /bbl, Brent$44.90 …
+ Devon Energy Corp. agreed sell a package of non-core Oklahoma assets to White Star Petroleum LLC for US$200 million
+ Enform’s Petroleum Labour Market Information unit published its Oil & Gas Industry outlook 2016-2020
+ FACILITYCalgary’s OP-ED page, guest article: ‘Service as it once was!’ by Mark Kolke, Realtor/small business owner, and publisher of FACILITYCalgary – click VIEWPOINT TAB
+ FirstOnSite Restoration G.P. Inc., under CCAA creditor protection, agreed to be acquired by Interstate Restoration LLC; terms not disclosed
+ GOA Royalty changes are rolling out; technical formulas for the new regime were released
+ Halliburton cut 6,000 jobs in Q1 2016
+ Husky Energy agreed to sell 65% ownership in Lloydminster area midstream assets to Cheung Kong Infrastructure Holdings Limited and Powers Assets Holdings Limited
+ Le Chateau Inc. announced it will be closing 40 stores across Canada this year
+ Magnum Hunter Resources Corporation got court approval for its Chapter 11 Bankruptcy restructuring plan
+ Mayor Naheed Nenshi facing Ethics Commissioner investigation over his Boston Lyft-shared-ride video comments about Uber Part 1 – 15 minutes – and Part 2 – 12 minutes; seems part SNL skit/part embarrassment, part indiscrete revelations (hence, the ethics investigation) along with interesting conversation on U.S. presidential politics [note to self, ‘beware the dash-cam’]
+ NEB gave a favourable ruling on Enbridge’s Line 3 Replacement project – saying the project ‘is in the Canadian public interest’ and recommending Project approval to the federal Governor in Councile; capital cost is $7.5 billion and replacing the 50-yr. old 1,660 km line will boost delivery to 760,000 barrels/day, double the current flow level
+ Notley government warming to pipelines; the Premier has been meeting with B.C. Premier advocating for Gateway and with the Federal Trudeau Cabinet who are re-thinking the earlier announced westcoast tanker moratorium
+ Paramount Resources Ltd. closed its sale of Musreau midstream sour natural gas assets to Pembina Pipeline Corporation; terms not disclosed
+ Parkland Fuel Corporation agreed to acquire the propane business of Girard Bulk Services for $4.8 million
+ PJ’s Pets and Pets Unlimited closing 27 location across Canada
+ Saudi Prince rolls out plan to end ‘addiction to oil’ in Saudi Arabia
+ Schlumberger confirmed it has cut 2,000 jobs in Q1/2016; its global headcount now 93,000
+ Scotiabank selling a Roynat division; Roynat Lease Finance is being sold to Meridian Credit Union Limited; terms not disclosed
+ Shell will close offices in Reading, Aberdeen and Manchester following takeover of BG Group; cutting 2,800 in connection with the BG Group specifically – will closed its Thames Valley Park campus by the end of 2016, as part of earlier announcements to cut 10,000 jobs worldwide this year
+ TransCanada Corporation making peace with Quebec over Energy East Pipeline plans; will acquiesce to their request for environmental oversight
+ Trez Capital Group LP forming a JV with Forman Capital LP to be called Trez Forman Capital Group LP to facilitate Trez’s expansion in the U.S. market
Check out even more news at FACILITYCalgary