INTERESTING REAL ESTATE NEWS, other places:
+ Lakeview Hotel Investment Corp. closed the $2.9 million sale of Lakeview Inn & Suites – Edson East, in Edson, AB
+ Morguard Investments Limited are updating Scotia Place in Edmonton; $22 million renovation project starts next month …
+ Rogers Place (new home of the Edmonton Oilers) in Edmonton is finished, public tours and grand opening were a big shindig!
CLIMATE CHANGE / LEED / RENEWABLE ENERGY :
+ Lafarge Canada Inc. reduced the environmental footprint of its Exshaw plant; project began in 2013; capacity increases from 1.3 million metric tonnes per year (tpy) to 2.2 million metric tpy. Technology upgrades reducing sulphur dioxide emissions 60%, nitrogen emissions 40% – and zero water discharge through a $20 million investment in a new kiln #5
+ University of Calgary awarded $75 million research grant over 7 years– part of a $900 million federal government program: Global Research Initiative in Sustainable Low Carbon Unconventional Resources; 270 researchers and scholars at U of C involved in the project; University of Alberta also received a $75 million grant over 7 years
New Summary:
+ Agrium Inc. and Potash Corporation of Saskatchewan Inc. agreed to a merger of equals; combined entity will have 20,000 employees – operating name ‘to be determined’; combined market value is US$27.5 billion. Registered head office will be in Saskatoon, corporate office in Calgary
+ Bank of Canada, warning of risks to growth, announced it will maintain rates – overnight target rate remains ½ of 1%
+ Canyon Services Group Inc. increased its 2016 CapEx Budget by $16.5 million to $28 million
+ Ceiba Energy Services Inc. engaged advisors to conduct a strategic review process
+ ConocoPhillips Canada reported to be laying-off 250-300 staff this week, the majority of them at Calgary headquarters
+ Crescent Point Energy Corp. increased its 2016 CapEx Budget by $150 million to $1.1 billion
+ current energy prices – live link to current Bloomberg energy prices; some WTI price volatility due to GOM storms. Saudi, China and Russia representatives say they’ve agreed to cooperation to tackle the global oil glut to buoy prices – and then subsequently OPEC is talking about increases in production – it seems to my OPEC’s vacillations continue to be hurting their own members as well as everyone else …
+ Energy East Pipeline hearings are adjourned indefinitely; NEB’s hearing panel stepped down. Hearings will resume when new panel members are selected … tic toc
+ EOG Resources Inc. agreed to acquire Yates Petroleum for US$2.5 billion
+ Imperial Oil Limited announced it will be selling off its Norman Wells assets
+ Irving Oil closed its acquisition of the Whitegate refinery near Cork, Ireland
+ Johnson Controls completed its merger with and takeover of Tyco
+ Lone Pine Resources Canada Ltd. and Arsenal Energy Inc. got security holder approval for their combination transaction; completed their combination to form Prairie Provident Resources Inc.
+ memorial service for Hon. Norman L. Kwong in Calgary this afternoon will be live streamed
+ rig counts: western Canada’s fleet of 759 rigs saw 139 active rigs this week, down from 144 the week before; last year/same week was 178; U.S. rig count up 11 this week to 508; last year/same week U.S. had 848 active rigs. Also, U.S. EIA published a report with a great map on U.S. drilling productivity
+ Rockdale Resources Corporation changed its name to Petrolia Energy Corporation
+ Saudi Aramco looking a buying Lyondell’s Houston refinery
+ Shell commenced production at its Stones off-shore GOM project
+ TELUS Health Solutions GP closed its $14.5 million acquisition of Nightingale Informatix Corporation
+ Washington state adopted new rules for pipeline and rail transportation of oil through the state
+ Wealth One Bank of Canada chartered as a Schedule I Bank, founded by Chinese Canadian investors with plans to focus on services to the Chinese Canadian community
+ Yoho Resources Inc. closed its going-private transaction; 1981064 Alberta Ltd. now holds 100%
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More Layoffs…
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