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Aug 19, 2014

Penn West lawsuits stacking up after disclosure of accounting woes

CALGARY, Alberta, Aug 19 (Reuters) – Penn West Petroleum Ltd
, a Canadian oil producer that said last month it had
discovered nearly C$400 million ($364 million) in accounting
irregularities, faces a growing number of lawsuits after its
shares dropped more than a fifth following the admission.

The Calgary, Alberta-based company, one of Canada’s largest
conventional oil producers, last month said it will delay the
release of its second-quarter results and revise its financial
statements beginning in 2012. The delay came after it discovered
that C$181 million in operating expenditures were misidentified
as capital spending over the past two years and C$200 million in
expenses were classified as royalty payments.

Jul 30, 2014

Penn West to restate results amid accounting probe, shares slump

CALGARY, July 30 (Reuters) – Penn West Petroleum Ltd
said it has uncovered accounting irregularities
that misclassified nearly C$300 million ($275.05 million)in
expenses over the last four years, and the Canadian oil producer
will restate its results.

Investors reacted with dismay, sending its shares down 18
percent on Wednesday, while several U.S. law firms said they
would assess if there had been violations of securities laws on
behalf of Penn West’s investors and lawsuits could follow.

Jul 25, 2014

Talisman founding CEO cheers prospect of Repsol takeover

CALGARY Alberta (Reuters) – Talisman Energy Inc’s founding chief executive said on Friday he hopes Repsol SA successfully acquires the Canadian company he built into an international oil player because the Spanish oil major can make the best use of Talisman’s worldwide assets.

Jim Buckee, who became chief executive of Talisman when BP Plc spun off its Canadian assets in 1992 and built it into one of Canada’s largest oil companies through a series of acquisitions, said that a takeover might be the best outcome for the company he ran until he retired in 2007.

Jul 24, 2014

Talisman, boosted by Repsol talk, may be worth more in pieces

CALGARY/TORONTO, July 24 (Reuters) – Canadian oil and gas
producer Talisman Energy, approached by Spain’s Repsol
for talks over a potential deal, may find that its
appeal lies more in its individual assets than as a candidate
for a complete takeover.

Talisman, which has a market capitalization of nearly $11
billion ($10.2 billion), has long been considered a takeover
target as its stock slumped on weak natural gas prices.

Jul 23, 2014

Talisman Energy says approached by Spain’s Repsol about deal

CALGARY/VANCOUVER, July 23 (Reuters) – Talisman Energy Inc
shares rose more than 12 percent on Wednesday as it
confirmed it has been approached by Spain’s Repsol SA
about potential deals, raising the prospect that one of Canada’s
largest independent oil companies will sell off major assets or
be taken over.

Talisman, which has a market capitalization of nearly C$11
billion ($10.2 billion), did not provide details saying only it
had been contacted by the Spanish firm “with regards to various
transactions.”

Jul 1, 2014

Canada energy deals rebound as shale plays trump oil sands

CALGARY, Alberta, July 1 (Reuters) – Mergers and
acquisitions in Canada’s energy sector have rebounded from a
dull 2013 and look poised for a further pickup, driven by the
country’s rapidly developing shale oil and gas properties rather
than its better known oil sands.

Interest in the sector was renewed after a cold winter
boosted gas demand and as Middle East unrest hikes oil prices. A
longer-term slide in the Canadian dollar that boosted producer
profits has only reinforced the trend.

Jun 23, 2014

Pension manager AIMCo turns unconventional to boost returns

CALGARY Alberta (Reuters) – Alberta Investment Management Corp (AIMCo), the C$80 billion ($73.7 billion) provincial pension manager, is steering clear of investments tied to existing roads, bridges and transmission lines as their growing popularity squeezes returns.

AIMCo Chief Executive Leo de Bever said on Monday the company is pushing into late-stage venture capital and newly constructed infrastructure as it looks for above-market returns for the pension and provincial government funds it manages.

May 14, 2014

Canadian oil province, in Ukraine protest, won’t attend Russia conference

CALGARY, Alberta, May 14 (Reuters) – Alberta, the Canadian
province whose oil sands hold the world’s third-largest crude
reserve, said on Wednesday it will not participate in a global
oil conference in Moscow next month as a protest against
Russia’s actions in Ukraine.

The province’s Conservative government said it will not
staff a booth, as had been planned, in the Canadian pavilion at
the World Petroleum Congress, scheduled for June 15 through 19.
It also won’t support any Alberta-based companies attending the
event.

May 14, 2014

Alberta, in protest over Ukraine, won’t attend Russia oil conference

CALGARY, Alberta (Reuters) – Alberta, the Canadian province with the world’s third-largest crude reserve in its oil sands, said Wednesday it will not participate in a global oil conference in Moscow next month as a protest against Russia’s actions in Ukraine.

The province’s government said it will not staff a booth, as had earlier been planned, in the Canadian pavilion at the World Petroleum Congress scheduled for June 15 through 19. It will also refrain from supporting any Alberta-based companies attending the event.

May 13, 2014

Encana profit beats estmates; cold weather boosts gas prices

May 13 (Reuters) – Encana Corp on Tuesday reported
a higher-than-expected quarterly profit, much of which coming
from a field it may put up for sale as it looks to cut its
dependence on natural gas production.

After years of weak prices for the fuel, Encana is selling
off natural gas properties and adding more valuable oil and
natural-gas liquids production to boost earnings. But much of
its gains in the first quarter came from its recently opened
Deep Panuke gas project offshore Nova Scotia, which supplies the
northeastern United States.

    • About Scott

      "Based in Calgary, Alberta, I've covered Canada's energy industry and the oil sands for the past five years for Reuters, and a decade before that for newspapers and other wire services."
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