+ Black Swan Energy Ltd. completed and commissioned its new Aitken Creek Gas Plant shallow cut gas processing facility in NE British Columbia;
+ Cenovus Energy Inc. announced further reductions to CapEx Budget ($1.2 billion), a 69% dividend cut and further staff cuts; $200 million reduction in G&A but no news on how many jobs or when …
+ CN announced its 2016 CapEx Budget will be $2.9 billion
+ current energy prices – live link to Bloomberg energy prices; crude jumped 12% this week on news of production cuts and some OPEC members talking some sense in Doha (Saudi, Russian, Venezuelan and Qatari officials meeting today in Doha)
+ Devon Energy Corp. engaged advisors to market U.S. assets, expected to generate US$2.5 – 3.0 billion
+ Eagle Energy Inc. cut its 2016 CapEx Budget from $10.2 million to $5.0 million
+ FACILITYCalgary’s new OP-ED page: ‘How are you feeling?, by Simon Batcup - click VIEWPOINT
+ FINANCIAL MARKETS closed yesterday; Family Day here, Presidents Day in the U.S.; also National Flag Day in Canada, and Louis Riel Day …
+ First Mountain Exploration Inc. agreed to acquire an interest in Point Loma Energy Ltd.
+ GFL Environmental Inc. agreed to acquire Enviro-Viridis Inc. from NOVACAP and Developpement EDB Inc.
+ Husky Energy reduced staff by 400 this week; company says further cuts may come later …
+ Long Run Exploration Ltd. disclosed its takeover suitor; Sinoenergy Investment Corp. has been identified as the party behind the $780 million takeover deal
+ Northern Blizzard Resources Inc. revised its 2016 CapEx Budget to $40 million
+ OMERS Private Equity agreed to sell Marketwired L.P. to Nasdaq Inc.; terms not disclosed
+ Point Loma Energy Ltd. agreed to acquired non-core Canadian assets of Madalena Energy Inc. for $5.5 million
+ Reznick Construction Limited changed its name to Urbanfund Corp.+
+ Royal Dutch Shell plc completed its takeover of BG Group plc
+ TransCanada Corp. announced it reduced staff by 10% in the 4th qtr. 2015; and they expect more layoffs going forward …
THIS WEEK IN FINANCINGS
- proposed & closed
+ Algonquin Power & Utilities Crop. Is on the market to raise $1.0 billion in convertible debt
+ Canex Energy Corp. is on the market to raise $500,000 in equity
+ Seven Generations Energy Ltd. is on the market to raise $300 million in equity
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ Algonquin Power & Utilities Crop. agreed to acquire The Empire District Electric Company (operates in Missouri, Kansas, Oklahoma and Arkansas) for $3.4 billion
+ Canadian Energy Minister Carr hosted a meeting in Winnipeg of North American Energy Ministers; they signed an agreement to share data on clean energy
OIL SANDS NEWS
+ Cenovus Energy Inc. announced further reductions to CapEx Budget ($1.2 billion), a 69% dividend cut and further staff cuts; $200 million reduction in G&A but no news on how many jobs or when …
this week in REITS
+ BTB REIT agreed to acquire an office building in downtown Montreal for $11 million; 52,500 sq. ft., fully leased
INTERESTING REAL ESTATE NEWS, other places
+ CalPERS acquired AXA Equitable Centre in New York; 54-story property reportedly traded for US$1.9 billion; 1.7 million sq. ft. tower is part of a two-tower complex
+ Countryside Properties (British home builder – majority owner is American firm Oaktree Capital) raised US$1.46 billion in an IPO
+ Starlight U.S. Multi-Family Core Fund sold its Bridgemoor project in Denton, Texas for US$31.25 million
INFRASTRUCTURE / P3
+ AHP Development Corp. is planning a power plant and dam on the Peace River upstream from Dunvegan; 330-megawatt project would generate enough electricity to power 250,000 Alberta homes and is touted to produce minimal greenhouse gas emissions; project application will undergo Canadian Environmental Assessment Agency review
+ Fortis Inc. agreed to acquire ITC Holdings Corp. for US$11.3 billion; ITC is largest independent transmission utility in the U.S.; 26,000MW and 15,600 miles of transmission lines
+ Trans-Ed Partners (EllisDon, Bechtel, Bombardier and Fengate Management) announced the financial close for its Valley Line Light Rail Transit – Stage 1 project in Edmonton, Alberta
KUDOS
+ four Calgarians earlier named to the Order of Canada got their induction ceremony in Ottawa; Don Taylor (to Officer of the Order), Jim Dinning, Mary Rosza de Coquet and Kim Sturgess
QUOTES
+ What is a moderate interpretation of the text? Halfway between what it really means what you’d like it to mean? – Antonin Scalia
+ Generosity is giving more than you can, and pride is taking less than you need. – Khalil Gibran
