+ Almost finished gets you almost nothing. So many people fail stupidly. They pay such a price, work hard on a project, invest their hopes and dreams and then get distracted when near the finish line, get overwhelmed and give up. – Larry Weidel
+ Do the right thing. It will gratify some people and astonish the rest. – Mark Twain
KUDOS
+ to Brad Shaw and family – they’ve gotten into the holiday spirit of giving, donating more than $10 million to charities: Calgary Food Bank, $6 million; Edmonton Food Bank, $3 million; Calgary Veterans Food Bank Project, $100,000; $1 million more divided among Alberta Birds of Prey Foundation, Calgary Humane Society and Calgary Wildlife Rehabilitation Society …so, next time you pay your Shaw Cable bill, you’ll know you’re giving to a good cause …
GLOSSARY
+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency
+ AER - Alberta Energy Regulator
+BBL – barrel
+ BBLS/D – barrels per day
+ BOE – barrel of oil equivalent
+ Brent – North Sea crude benchmark price
+ CapEx – capital expenditures
+ CAPP - Canadian Association of Petroleum Producers
+ CBD – Central Business District
+ CCAA – Companies’ Creditors Arrangement Act
+ COSIA - Canada's Oil Sands Innovation Alliance
+ CREB - Calgary Real Estate Board
+ EBITDA – earnings before interest, taxes, depreciation and amortization
+ FERC – U.S. Federal Energy Regulation Commission
+ GJ - gigajoule
+ GOA - Government of Alberta
+ GTA – greater Toronto area
+ IPO – Initial Public Offering
+ JV – Joint Venture
+ KV – kilovolt (one thousand volts)
+ KW – kilowatt (one thousand watts)
+ LEED – Leadership in Energy and Environmental Design
+ MCF – thousand cubic feet
+ MCF/D – thousand cubic feet per day
+ mezz – mezzanine debt
+ MOU – Memorandum of Understanding
+ MW – megawatt (1 million watts)
+ NAFTA – North American Free Trade Agreement
+ NEB – National Energy Board
+ NGLs – natural gas liquids
+ P3 – Public Private Partnership
+ PADD – U.S. Petroleum Administration for Defense Districts
+ PSAC – Petroleum Services Association of Canada
+ RECA – Real Estate Council of Alberta
+ REIT – Real Estate Investment Trust
+ RFP – request for proposals
+ RFQ – request for qualifications
+ SAGD – steam assisted gravity drainage
+ sub – subsidiary
+ sub. – subordinated
+ tic toc – we’ll see …
+ UDI – Urban Development Institute
+ WTI – West Texas Intermediate crude benchmark price
+ WTO – World Trade Organization
FACILITYCalgary current week data
this site is refreshed with a new issue every Tuesday morning
updated December 15, 2015
TODAY'S HEADLINES
Bayshore merger | COP21 results | CP in fight for Norfolk Southern | crude at bottom? | Devon shale buy | Dow-DuPont merger | Killam converts to REIT | Twin Butte looking for options + Jim Dinning interview | upcoming events/corp. meetings + climate change, infrastructure, oil sands, REIT news + this week’s financings + executive and board appointments >>>>
CONVERSATIONS
Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future.
This week's conversation with Jim Dinning, Chairman @ Western Financial Group
Last week's conversation with Ron Hymers, Partner at Forefront Advisors Group
+ Allied Properties REIT closed $150 million unsecured credit facility
+ Doug McGregor, Sr. VP Special Projects @ ARTIS REIT, retiring
+ Killam Properties Inc. got shareholder approval for its conversion to a REIT structure
+ Plaza Retail REIT closed its acquisition of 50% interest in 100 acre St. John’s,NFLD development site
+ Pure Multi-Family REIT LP closed US$39.1 million equity financing
+ Pure Multi-Family REIT LP agreed to sell Windsong Apartments in Dallas for US$22 million
+ Seritage Growth Properties REIT (Sears locations spinoff) got a 17% market lift/bounce upon disclosure that Warren Buffett has taken an 8% stake; not transactions to support it, just news that Berkshire Hathaway is invested. Seems to me, he’s doing well on his investment.
+ Bayshore Petroleum Corp. agreed to merge with E-T Energy Ltd. and jointly develop Poplar Creek oil sands leases
+ Baytex Energy Corp. announced its 2016CapEx Budgets is $325 million
+ Calfrac Well Services Ltd. announced its 2016 CapEx Budget is $25 million
+ Canadian Energy Services & Technology Corp. acquired Sailco Materials Limited; terms not disclosed
+ Canadian Pacific increased its takeover bid to acquire Norfolk Southern; offer not warmly received. CP announced they will pursue and present their case to Norfolk Southern shareholders in a proxy fight … tic toc …
+ Cenovus Energy Inc. announced its 2016 CapEx Budget is $1.4 billion
+ ConocoPhillips announced its 2016 CapEx Budget is US$7.7 billion
+ current energy prices – live link to Bloomberg energy prices ; crude prices rose slightly yesterday after last week’s dip to lowest levels since 2008, and International Energy Agency forecasts continued decline in demand.
+ CWC Energy Services Corp. announced its 2016 CapEx Budget is $2.6 million
+ Devon Energy Corp. acquired 32,000 acres of shale-oil assets in Oklahoma from Felix Energy LLC for US$2.5 billion
+ Dow Chemical and DuPont agreed to merge; will be re-structured as three distinct companies – agriculture, material science, specialty products … subject to shareholder and regulatory approvals …
+ Eagle Energy Trust announced its 2016 CapEx Budget is $10.2 million
+ Encana Corporation announced its 2016 CapEx Budget is $1.5 billion
+ Gibson Energy Inc. announced its 2016 CapEx Budget is $200 million
+ Halliburton / Baker Hughes US$35 billion merger could collapse today as deadline for U.S. Justice Department ruling is due … tic toc …
+ Husky Energy Inc. announced its 2016 CapEx Budget is $2.4 billion; also looking at selling some Lloydminster pipeline and storage assets
+ Journey Energy Inc. announced its 2016 CapEx Budget is $25 million
+ Killam Properties Inc. got shareholder approval for its conversion to a REIT structure
+ Newalta Corporation announced its 2016 CapEx Budget is $30 million
+ Pine Cliff Energy Ltd. closed $185 million natural gas asset acquisition
+ Pine Cliff Energy Ltd. announced its 2016 CapEx Budget is $10 million
+ Raging River Exploration Ltd. agreed to acquire Anegada Energy Corp. for $126 million
+ Raging River Exploration Ltd. announced its 2016 CapEx Budget is $190 million
+ Roche Ltd.’s consulting group changed its name to Norda Stelo Inc.
+ Royal Dutch Shell announced it will reduce staff by 2,800 jobs when their merger with BG goes ahead, about 3% of the merged workforce
+ Savills Studley acquired Real Facilities
+ Striker Exploration Corp. agreed to sell a portfolio of non-core assets for $5.2 million
+ Surge Energy Inc. announced its 2016 CapEx Budget is $50 million
+ TORC Oil & Gas Ltd. announced its 2016 CapEx Budget is $90 million
+ Trimac Transportation Ltd. closed its acquisition of Rollex Ltée
+ Trinidad Drilling Ltd. announced its 2016 CapEx Budget is $30 million
+ Twin Butte Energy Ltd. engaged advisors and struck a board committee to conduct a strategic alternatives review
+ VINCI Park has rebranded itself: Indigo
THIS WEEK IN FINANCINGS
- proposed & closed
+ Air Canada closed US$537,092,000 debt financing
+ Allied Properties REIT closed $150 million unsecured credit facility
+ AutoCanada Inc. closed $75 million equity financing
+ BCE Inc. closed $862 million equity financing
+ Blackstone Group LP is on the market to raise US$4 billion in equity for a mezz. debt vehicle
+ NexGen Energy Ltd. closed $21 million equity financing
+ Pine Cliff Energy Ltd. secured $185 million credit facility
+ Pure Multi-Family REIT LP closed US$39.1 million equity financing
+ Royal Bank of Canada is on the market to raise $675 million by a preferred share issue
+ Stonehaven Exploration Ltd. is on the market to raise $4.0 million in equity
+ Teekay Tankers Ltd. secured US$900 million debt facility
+ TELUS Corporation closed $1.0 billion in debt financings
+ The Bank of Nova Scotia is on the market to raise $300 million by a preferred share issue
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ AltaLink’s Western Alberta Transmission Line is now in service/on the grid; 350-km. (west of Edmonton to east-edge of Calgary) 500 KV DC line will reduce emissions (AltaLink says by 350,000 tonnes of carbon emissions/year)
+ COP21 conference in Paris reached agreement [ full text of the draft agreement ] on what the agreement should say; the concurrence of 195 countries, legislative approval and actual signature is targeted at April 2016, with all countries having a one year period to sign it …
INTERESTING REAL ESTATE NEWS, other places
+ AccorHotels acquired 3 flags (Fairmon, Raffles and Swissôtel) and 155 hotels and resorts in 34 countries AND 40 properties under development from Fairmont Resorts et al, the vendors, for US$2.9 billion; Fairmont Banff Springs, The Plaza in New York and many more familiar places …
+ Holloway Lodging Corp. sold its Holiday Inn Express in Myrtle Beach, SC for $7.4 million; now all of Holloway’s assets are Canadian properties
OIL SANDS NEWS
+ Bayshore Petroleum Corp. agreed to merge with E-T Energy Ltd. and jointly develop Poplar Creek oil sands leases
INFRASTRUCTURE / P3
+ Aecon Group Inc. closed the US$232.6 million sale of its 45.5% interest in the Quito International Airport to Grupo Odinsa SA and CCR SA
+ AltaLink’s Western Alberta Transmission Line is now in service/on the grid; 350-km. (west of Edmonton to east-edge of Calgary) 500 KV DC line will reduce emissions (AltaLink says by 350,000 tonnes of carbon emissions/year)
+ City of Edmonton chose TransEd Partners to design, build, finance operate, maintain and supply vehicles for its Valley Line Light Rail Transit Stage 1 (13.1 km., 12-stops, 1 station); TransEd is a JV of Bechtel, Bombardier, EllisDon and Fengate Capital. Construction to commence in 2016.
+ Saskatchewan announced an 18-school development program to be done as a P3 process; selected proponent is Joint-Use Mutual Partnership consortium, based on KPMG report indicating the P3 process will save the province $100 million
