+ June 19; 9th Annual CREW Calgary Golf Tournament – save the date
+ June 21; 10th Annual Local 496 Plumbers & Pipefitters Charity Golf Classic, in support of Fresh Start Recovery Centre; McKenzie Meadows – register/sponsorships
+ July 10; Coast Hotels 12th Annual Golf Classic, Westwood Plateau, Coquitlam, BC info/register
+ Aug 18; Special Olympics Calgary Golf Classic, Country Hills Golf & Country Club – save the date
“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money they are simply jerks with a billion dollards.” – Warren Buffett
“Dream more than others think practical.” – Howard Schultz
TODAY'S HEADLINES
Hughes out of PC leadership race | Suncor buys Chemtrade | Encana spends big in Texas | Bank of Canada Spring Review | Reid Henry interview | recent appointments + new financings >>>>
NEWS SUMMARY May 7 - 13 / 2014
+ Agrium Inc. agreed to sell its turf and ornamental business to Koch Agronomic Services for US$85 million
+ Apache Corp. announced plans to divest US$1.4 billion in Gulf of Mexico properties
+ Bellatrix Exploration Ltrd. Increased its 2014 CapEx Budget to $440 million
+ BrightPath Early Learning Inc., opened a 250-child care/learning facility in Edmonton(its first in that city)
+ Calfrac Well Services Ltd. increased its 2014 CapEx Budget to $130 million+ Canadian Natural Resources Ltd. to invest $400 million this year to expand Horizon oilsands mine
+ Canadian Natural Resources Ltd. considering spin-off of royalty income after it digests its Devon Energy acquisition
+ Centrica (owns Direct Energy) agreed to sell a 40% stake in its Canadian natural gas business to JV partner Qatar Petroleum International; $200 million
+ Choice Properties REIT closed its acquisition of 20 retail properties from Loblaw Companies Limited for $200 million
+ Credit Suisse on the verge of settlement deal with U.S. regulators; tax evasion penalties expected to hit credit Suisse with US$2 billion in penalties/fines
+ Devon Energy Corp. acquired 50,000 shale acres in Cana-Woodford Shale for US$249 million from Cimarex Energy Co.
+ Enbridge Inc.’s Line 4 returned to normal operations after two day outage due to SaskPower outage
+ Encana Corporation agreed to acquire Eagle Ford shale assets from Freeport-McMoRan Copper and Gold for US$3.1 billion
+ Firm Capital Property Trust agreed to acquire 70% interest in 27 property retail portfolio across Canada for $22.9 million
+ General Electric Co. agreed to acquire Alstom SA for US$12 billion
+ Genalta Power Inc. agreed to deal with Shell; to expand its Peace River Generation Facilities o generate 5MW of power from by-product/produced gas at Shell’s Cliffdale project
+ Government of Alberta is revising Condominium Law in Alberta – introduced Bill 13 ; it passed First Reading
+ Great Prairie Energy Services Inc. agreed to acquire an undisclosed oilfield services business for $10 million
+ Jacob Inc., filed for bankruptcy; closing 92 stores across Canada – 3 in Calgary
+ Ken Hughes withdrew from the race to succeed Alison Redford as PC Leader/Premier, throwing his support behind Jim Prentice
+ Legacy Oil + Gas Inc. agreed to acquire Highrock Energy Ltd.; price not disclosed
+ Pembina Pipeline Corporation announced a new pipeline project; 55,000 bpd fractionator for its Redwater complex & gathering system will cost $460 million
+ PKN Orlen agreed to acquired Birchill Exploration Ltd.; price not disclosed
+ Raging River Exploration Inc. increased its 2014 CapEx Budget to $245 million
+ Ric McIver entered the race to succeed Alison Redford as PC Leader/Premier
+ Run of River Power Inc. agreed to sale of Run of River Power Inc. and Rockford Energy Corporation; price not disclosed
+ Shawcor Ltd. agreed to acquire Desert NDT LLC for US$ 260 million
+ Summit Industrial Income REIT sold a 75% interest in an Ottawa light industrial property to an institutional investor for $25.2 million
+ Suncor Energy Products Inc. agreed to acquire Chemtrade Logistics Income Fund for $120 million
+ Talisman Energy & Statoil exploring sale of 50/50 JV; Eagle Ford shale assets estimated to fetch $4 billion
+ Trez Capital Group LP launched a commercial mortgage-backed security business, Trez Commercial Mortgage LP
+ U of C Public Policy School issued report Alberta Cities at the Crossroads examining Calgary development compared with Edmonton, Toronto and Vancouver – concludes Calgary’s path is ‘divergent’ with municipal policy densifying Calgary without opinion on good vs. bad
+ Valparaiso Energy Inc. agreed to acquire North Central Alberta light oil & natural gas assets for $15.5 million
INFRASTRUCTURE / P3 / GREEN
+ City of Calgary dealing with infrastructure costs for SW ring-road tie ins; $133 million or more needed in short run, $290 million over the next decade
+ Seaterra Commission (Victoria), announced the preferred proponent to design, build and partially finance the new Wastewater Treatment Plant at McLoughlin Point to eliminate disposal of untreated Victoria sewage into Juan de Fuca Strait – choice is Harbour Resource Partners for $782.7 million project
KUDOS
+ to Janice Fukakusa, CFO @ Royal Bank of Canada – named Canada’s CFO of the Year
+ to the Calgary Herald – its 3-part (May 8,9,10) history ‘100 Years Of Oil’ features chronicling the industry’s early days
