+ ATB Financial – THE OWL … Daily Economic Comment
+ BP announced 200 staff and 100 contractors being cut worldwide due to falling oil prices
+ DeeThree Exploration Ltd. announced its 2015 CapEx Budget is $160 million
+ Bank of Canada interest rate announcement is slated for 10AM ET, Jan. 21 – also, they will publish their quarterly issue of Monetary Policy Report which will be available on their website
+ BlackPearl Resources Inc. announced its 2015 CapEx Budget is $80 million
+ Calmena Energy Services Inc. did not secure an extension with its senior lender; all 5 board members have resigned
+ CDPQ Infra, is a new subsidiary of La Caisse de dépôt et placement du Québec, set up to fund infrastructure projects for the Quebec government; first two projects [both are public transit projects in Montreal] are budgeted at $5 billion, to be completed by 2020
+ Connacher Oil and Gas Limited engaged advisors for a strategic process to address liquidity and capital structure
+ Conference Board of Canada Chief Economist Glen Hodgson predicts Alberta recession in 2015;
+ construction costs are headed down; I had drywall contractor with a 10man crew call – asking for work; also, copper prices are way down lowest in more than a decade on commodity markets
+ current energy prices: live link to Bloomberg.com commodities data ; crude had a nice 1 day surge of $2.50/barrel last week .. otherwise, just continued gloomy news in Alberta while most of the world benefits from lower prices at the pump …
+ Davos – World Economic Forum Jan. 21-25/15 – follow it on this link!
+ Encana Corporation closed the $605 million sale of Clearwater assets to Ember Resources Inc.
+ GasFrac Energy Services Inc. filed for CCAA protection after attempts to sell the company failed
+ GE Oil & Gas and McDermott International Inc. launched an oil & gas consulting JV for front-end development of offshore fields
+ IMF lowered its global economic outlook for 2015, urging ‘accommodative’ monetary policies
+ Imperial Equities Inc. suspended its dividend payments
+ Mexx Canada will liquidate and close all of its 95 Canadian stores; under CCAA protection they have been unable to restructure
+ National Energy Board (NEB) announced they will open regional offices in Vancouver and Montreal in spring 2015
+ NuVista Energy Ltd. announced its 2015 CapEx Budget is $270 million, down from $340 million announced earlier
+ ONEC is new brand and name for Oncore Services and ECO-Technica
+ Parallel Energy Trust announced its revised 2015 CapEx Budget is US$3.1 million
+ Plains Midstream Canada ULC got a ruling from NEB imposing conditions including a third-party audit on its operations in AB, SK, MB and ON, primarily over unresolved safety issues
+ ‘play based’ regulation may change energy regulation according to EY report: Canada’s oil and gas sector regulatory paradigm shift
+ Plaza Retail REIT closed its $6.1 million partner buyout regarding interests in 8 properties in New Brunswick and PEI
+ Prentice watching: the premier went to Houston, shook some hands, attending opening of Flanagan South and Seaway Twin pipelines in Freeport, met some politicians came home; he made comments on the deficit, admitted a sales tax is on the discussion table and reinforced his belt-tightening language without any strong statements about investing in infrastructure or stimulus package amid rumours of a spring election. He predicts GOA revenue will drop $11 billion over two years, and we’ll be in deficit through 2018 … tic toc .. legislature sitting resumes March 10th
+ Schlumberger Ltd. announced it is cutting 9,000 jobs globally due to low oil prices
+ Seven Generations Energy Ltd. announced its 2015 CapEx Budget is $1.6 billion
+ Suncor Energy Inc. announced it is reducing its 2015 CapEx Budget by $1 billion to $7.2 billion; laying off 1,000 due to low crude oil prices
+ Target Corporation announced it will close up Canadian operations; CCAA filing by Target Canada is setting up a trust fund to offer some protection for 17,600 employees to get preference over ordinary creditors; parent company has provided $175 million DIP (debtor in possession funding). 133 stores will be closed (6 stores and a distribution centre in Calgary). Lazard have been engaged as advisors to sell real estate assets. No word yet on status of their 133 leases, but one way of the other landlords will be looking for about 20 million sq. ft. of new tenancies for retail, office and warehouse space; Alvarez & Marsal Canada Inc. have been appointed liquidators … tic toc …
+ The Cash Store Financial Services Inc. agreed to sell 47 of its locations to easyhome Ltd.; deal is subject to court approval under CCAA protection
+ WestJet added Atlantic Canada and Houston routes
+ World Bank reduced its projected global growth rate for 2015 from 3.4% to 3.0%
