CALGARY/TORONTO Sept 29 (Reuters) – Canada’s Encana Corp
said on Monday it will buy Athlon Energy Inc
for $5.93 billion in cash, taking aim at Athlon’s oil-rich lands
in Texas’s Permian Basin and at jump-starting its plan to boost
output of lucrative oil and natural-gas liquids.
Encana, Canada’s largest natural-gas producer, is offering
$58.50 per Athlon share, a 25 percent premium on the stock’s
Friday closing price. The deal would give the Calgary-based
company control of about 140,000 acres in the oil-rich Permian
Basin, where Encana says it can raise liquids output by two
thirds, to 50,000 barrels per day, by 2015.
CALGARY, Alberta, Sept 26 (Reuters) – Jim Prentice, the
one-time federal minister and investment banker sworn in as
premier of Alberta earlier this month, said on Friday the
Canadian province must secure new oil-export pipelines to ensure
the growth of its oil sands sector.
In an interview, Prentice said Alberta, which produces more
than three million barrels of oil per day, would strongly back
more pipeline projects to ship its crude overseas and minimize
its reliance on the U.S. market, where Western Canada crude
trades at a discount. New pipelines would also draw more
investment in Alberta’s oil sands, he added.
CALGARY, Alberta, Sept 19 (Reuters) – Canada’s oil sands
industry is shrugging off declining world oil prices as some of
the world’s highest-cost producers find a cushion in strong
demand and a weakened domestic currency.
The companies that mine and drill the world’s third-largest
crude reserve in northern Alberta are sanguine about the latest
round of falling oil prices, arguing that costs have dropped and
that domestic prices are firm even as world prices falter.
CALGARY, Alberta, Sept 8 (Reuters) – Jim Prentice, a former
key Cabinet minister in the government of Canadian Prime
Minister Stephen Harper, has firm control over the province of
Alberta’s governing Progressive Conservatives, but convincing
voters to extend the party’s 43-year rule will be more
Prentice, 58, took nearly 80 percent of the votes for the
party’s leadership on Saturday, trouncing two rivals from the
Cabinet of former Premier Alison Redford, who resigned earlier
this year following a series of spending scandals.
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.
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.
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.
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.
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
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.