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December 24, 2012
09:02 EDTCVX, EOG, APA, ECAChevron unit acquires operating interest in Western Canada LNG project
Chevron (CVX) announced that its indirect Canadian subsidiary, Chevron Canada Limited, will acquire a 50% operating interest in the Kitimat liquefied natural gas project and proposed Pacific Trail Pipeline, and a 50% interest in approximately 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada. Under the terms of the agreements, Chevron Canada Limited will acquire all of the interests currently owned by affiliates of EOG Resources Canada (EOG) and Encana Corporation (ECA) in the proposed Kitimat LNG Project and PTP. Thereafter, Chevron Canada Limited will equalize interests with an Apache Corporation (APA) subsidiary, resulting in Chevron Canada Limited and Apache each holding a 50% interest in both the Kitimat LNG Project and PTP. Operatorship of both facilities will transfer to Chevron Canada Limited. The proposed two-train Kitimat LNG Project, currently progressing through the Front-End Engineering and Design phase, has a Canadian National Energy Board license to export 10 million tons per annum of LNG. Additionally, Chevron Canada Limited will acquire approximately 110,000 net acres in the established Horn River Basin from Encana, EOG and Apache, and approximately 212,000 net acres in the Liard Basin from Apache.
News For CVX;EOG;APA;ECA From The Last 14 Days
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September 29, 2014
08:32 EDTCVXEnLink Midstream to acquire Gulf Coast natural gas pipeline systems for $235M
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08:27 EDTECADiamondback, Energen have positive read through from deal, says Sterne Agee
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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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07:43 EDTCVXYPF CEO seeks faster non-conventional development, WSJ reports
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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 24, 2014
07:59 EDTEOGEOG Resources nat gas plant fire injures four, Reuters reports
A storage tank "flash fire" at an EOG Resources natural gas production facility in Wyoming resulted in injuries for four workers, though a company spokesman did not immediately respond to questions about the extent of damage and disruption to operations, reported Reuters. Reference Link
September 23, 2014
10:02 EDTCVXOn The Fly: Analyst Initiation Summary
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06:04 EDTCVXChevron initiated with a Neutral at JPMorgan
Target $133.
September 19, 2014
12:24 EDTCVXChevron looks to sell Hawaiian oil refinery, Bloomberg says
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September 18, 2014
07:38 EDTEOGUBS to hold a conference
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September 16, 2014
13:59 EDTAPAApache looking to raise up to $840M for Alberta assets, The Globe and Mail says
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13:40 EDTCVXChevron alternative fuel research unsuccessful, Bloomberg says
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10:47 EDTCVXBadri sees OPEC lowering oil output target at next meeting, Reuters says
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07:42 EDTEOGDeutsche Bank to hold a conference
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