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News Breaks
September 10, 2013
08:02 EDTCNQ, DVN, ECA, CVE, ERF, PDS, VET, BTEPeters & Co to host a conference
Limited Energy Conference is being held in Toronto, Canada on September 10-12 with webcasted company presentations to begin on September 10 at 8 am; not all company presentations may be webcasted. Webcast Link
News For CNQ;DVN;ECA;CVE;ERF;PDS;VET;BTE From The Last 14 Days
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September 29, 2014
08:21 EDTECAEncana expects Athlon Energy acquisition to be strongly accretive
Encana (ECA) says the acquisition for Athlon Energy (ATHL), expected to close by year-end 2014, will provide 30K boe/d, with 60% in oil, 20% in NGL, and 20% in natural gas. Encana says the Permian Basin is viewed as the most prolific offshore oil basin on North America with greater than 1.7 MMbbls/d. It says the basin has low geological risk and is in the early days of horizontal drilling and multi-well pad development. Encana sees Athlon as a value-driven, pure play producer with top tier margins. It says Athlon has the idea assets to leverage resource play hug expertise, and assets are expected to become self-funding by 2016. Encana intends to invest at least $1B in capital, initiate a pad drilling program, ramp horizontal rig fleet from 4 to 7 by year-end 2015, have 6-8 vertical rigs to continue land retention program, and have an estimated 2015F production of 50K boe/d. Encana says the planned infrastructure development is expected to outpace supply growth over the next few years. Over the next five years, Encana expects $50/boe netback at $90/bbl WTI. Its forecast anticipates Permian production averaging 200-250 Mboe/d by 2019, with significant upside given possible 5,000 horizontal well locations. By 2017, Encana says it will target 250 Mbbls/d company-wide. It also expects to replace low margin natural gas production with high margin liquids production. total production is expected to grow at 3% per annum from 2013-2017. The net debt-to-debt adjusted cash flow is expected to be 1.5x in 2015. The company also expects to maintain its investment grade credit rating. The company expects the original 2017 target of 75% of operating cash flow from liquids to be achieved in 2015. Comments taken from conference call to discuss Encana's acquisition of Athlon Energy.
07:57 EDTECAEncana coverage resumed with an Outperform at BMO Capital
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06:37 EDTECAAthlon Energy volatility flat into Encana acquiring for $5.93B
Athlon Energy (ATHL) volatility is expected to move on Encana (ECA) acquiring for $58.50 per share. Overall volatility of 39 is at its 26-week average of 28 according to Track Data, suggesting non-directional price movement.
06:29 EDTECAEncana flat into acquiring Athlon Energy for $5.93B
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06:15 EDTECAEncana expects Athlon Energy acquisition to add 30K boe/d
Encana expects that the transaction will add current production of about 30,000 barrels of oil equivalent per day, or boe/d, based on Athlon's current estimated production including recent acquisitions. Encana sees the potential for approximately 5,000 horizontal well locations with potential recoverable resource of approximately 3B barrels of oil equivalent. In 2015, Encana intends to invest at least $1B of capital in the play and ramp up from three to at least seven horizontal rigs by year-end 2015. The Permian will play an important part within Encana's growth portfolio, contributing significantly to company-wide projected total liquids production of around 250,000 barrels per day by 2017.
06:14 EDTECAEncana to host business news update conference call
Conference call to be held on September 29 at 8 am. Webcast Link
06:05 EDTECAEncana acquires Athlon Energy for $58.50 per share or $5.93B
EnCana (ECA) and Athlon Energy (ATHL) jointly announced that the two companies have entered into a definitive merger agreement for Encana to acquire all of the issued and outstanding shares of common stock of Texas-based Athlon by means of an all-cash tender offer for $5.93B, or $58.50 per share, as well as Encana assuming Athlon's $1.15B of senior notes, for a total transaction value of approximately $7.1B. The Athlon board has unanimously recommended to its shareholders that they tender to the offer. The acquisition will add Athlon's land position of approximately 140,000 net acres focused solely in the heart of the oil-rich Midland Basin to Encana's portfolio, giving the company a seventh growth area.
06:04 EDTECAEncana acquires Athlon Energy for $58.50 per share or $5.93B
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September 26, 2014
10:27 EDTCNQCanadian Natural upgraded earlier to Buy from Hold at TD Securities
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September 25, 2014
12:10 EDTCVECenovus Energy downgraded to Hold from Buy at Societe Generale
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September 24, 2014
08:14 EDTDVNEnLink completes contruction of Phase II Cajun-Sibon NGL project
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September 23, 2014
10:02 EDTCVEOn The Fly: Analyst Initiation Summary
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06:07 EDTCVECenovus Energy initiated with an Overweight at JPMorgan
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September 22, 2014
10:15 EDTERFOn The Fly: Analyst Upgrade Summary
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10:06 EDTDVNDevon Energy management to meet with FBR Capital
Meetings to be held in Minneapolis/Madison/Milwaukee September 24-25 hosted by FBR Capital.
09:13 EDTERFEnerplus upgraded to Action List Buy from Buy at TD Securities
06:46 EDTERFEnerplus upgraded at RBC Capital
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September 19, 2014
06:02 EDTERFEnerplus announces October cash dividend, suspends stock dividend program
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September 18, 2014
07:38 EDTDVNUBS to hold a conference
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September 17, 2014
17:06 EDTCVECenovus Energy provides update on Foster Creek
Cenovus Energy achieved first oil production at its recently-completed Foster Creek phase F expansion earlier this month. Phase F is expected to add 30,000 bbls/d of capacity, with production ramping up over the next 12 to 18 months. By year-end, production from phase F is expected to be approximately 5,000 bbls/d. Phases G and H are under construction and are expected to add another 30,000 bbls/d each with first production anticipated in late 2015 and 2016, respectively. This will bring total expected gross production capacity at Foster Creek to 210,000 bbls/d. Following the completion of phases F, G and H, optimization work is expected to increase total capacity by another 15,000 to 35,000 bbls/d. Cenovus expects the F, G and H expansion and optimization projects can be completed with capital costs of between $35,000-$38,000 per incremental barrel, better than industry average.
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