+ Baker Hughes March rig counts reveal harsh reality (and perhaps interesting future) as counts are down sharply over last years
+ Black Diamond Group Limited reduced its 2016 CapEx Budget to $10 million, down from $25 million
+ Calfrac Well Services Ltd. cut another 500 jobs
+ Canadian Natural Resources Ltd. confirmed, notwithstanding its $1 billion cut to 2016 CapEx budget, it will go ahead with $2 billion in spending this year on its Horizon oil sands project
+ current energy prices – live link to Bloomberg energy prices; crude up yesterday - WTI & Brent @ US$40/bbl on strength of OPEC predictions; down to US$37 overnight; meanwhile, supply glut continues to be worrysome
+ FACILITYCalgary’s OP-ED page, guest article: ‘Don’t underestimate Donald Trump. He will win.’, by Conrad Black - click VIEWPOINT
+ Government of Alberta – Spring Session of the Legislature begins with Throne Speech today; government plans to introduce legislation dealing with recommendations of the royalty review panel and its climate leadership plan
+ INTERNATIONAL WOMEN’S DAY today; GOA’s new Ministry for the Status of Women launched it’s mandate; U of C’s Werklund Youth Leadership Centre and Canadian Women’s Foundation hosting Gloria Steinem on campus this evening: The Longest Revolution
+ Katz Group agreed to sell its Rexall drugstore businesses to McKeeson Corp for US$3 billion
+ Kensington Legion & Truman Development Corp. project to do a mixed use development on Kensington Road, including a new Legion facility and housing broke ground; land sale element was $8 million
+ Long Run Exploration Ltd. got court approval for the takeover deal with Sinoenergy Investment Corp.
+ Madalena Energy Inc. agreed to acquire Coiron Amargo (Argentina) for US$8.0 million
+ Manitok Energy Inc. closed $4.75 million acquisition of natural gas processing plant at Carseland
+ Nexen Energy ULC laid off 120 employees
+ Oryx Petroleum Corporation Limited and Zeg Oil and Gas Ltd. formed a JV for development of Iraq assets; $30 million cash injection and shares transaction
+ Repsol (formerly Talisman) announced it is reducing it’s Calgary head count by 10-15%
+ Questfire Energy Corp. engaged advisors to conduct a review of strategic alternatives
+ The Conference Board of Canada predicts recession this year for Calgary and Edmonton; the published Metropolitan Outlook: Winter 2016
+ TransCanada Corporation announced plans to terminate Alberta Power Purchase Arrangements (affects Sheerness, Sundance A and Sundance B), exercising rights to terminate if the law changes; based on new CO2 regulations, the move is expected to improve earnings as well as ease transition to gas-fired power operations
THIS WEEK IN FINANCINGS
- proposed & closed
+ Canyon Services Group Inc. is on the market to raise $55 million in equity
+ Choice Properties REIT is closed $350 million sr. unsecured debt financing
+ Enbridge Inc. closed $2.3 billion equity financing
+ Intact Financial Corporation closed $250 million debt financing
+ Madalena Energy Inc. is on the market to raise $27 million in equity
+ Manulife Financial Corporation closed $25 million overallotment of its recent $425 million preferred share offering
+ New West Energy Services Inc. is on the market to raise $1.0 million in equity
+ Pacific & Western Bank is on the market to raise $5 million in equity
+ Royal Bank of Canada closed $750 million preferred share financing
+ Scotiabank is on the market to raise $500 million by a preferred share issue
+ Tidewater Midstream and Infrastructure Ltd. is on the market to raise $70 million in equity
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ Kineticor Resource Corp. put a flare-gas-to-electricity power project into commercial operation near Shaunavon, SK; electricity is all for the grid under a 20-yr. agreement with SaskPower
+ MEC (Mountain Equipment Co-op) is committing to 100% renewable power – both electricity and green natural gas for all current and future facilities (includes 17 stores, Head Office and Distribution Centre)
+ Nsolv got a $13 million grant from Sustainable Development Technology Canada to aid its work on heavy oil extraction science
+ TELUS Garden in Vancouver got LEED PLATINUM designation!
this week in REITS
+ Choice Properties REIT is closed $350 million sr. unsecured debt financing
+ Pure Multi-Family REIT LP closed its US$117.5 million acquisition of two properties (760 units) in San Antonio, TX
INTERESTING REAL ESTATE NEWS, other places
+ Douglas Emmett Inc. partnered with Qatar Investment Authority to acquire a 4-building West Los Angeles portfolio (1,725,000 sq. ft.) for US$1.34 billion ($777/sq. ft.)
INFRASTRUCTURE / P3
+ after decades disputing, City of Vancouver and Canadian Pacific Railway have finally reached agreement on the future of the Arbutus Corridor; Vancouver is paying CPR $55 million; the detail also provides for future lift/participation by CPR in development or re-sale of certain parcels within the corridor
OIL SANDS NEWS
+ Canadian Natural Resources Ltd. confirmed, notwithstanding its $1 billion cut to 2016 CapEx budget, it will go ahead with $2 billion in spending this year on its Horizon oil sands project
+ Nsolv got a $13 million grant from Sustainable Development Technology Canada to aid its work on heavy oil extraction science
BITS AND PIECES FROM ALL OVER
+ a new art museum is set to opens this weekend, March 12th, in Whistler; the Audain Art Museum
QUOTES
+ Be not simply good – be good for something. – Henry David Thoreau
+ Democracy is the process by which people choose the man who’ll get the blame. – Bertrand Russell
