+ When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps. - Confucius
+ After a crisis we tell ourselves we understand why it happened and maintain the illusion that the world is understandable. In fact, we should accept the world is incomprehensible much of the time. – Daniel Kahneman
INFRASTRUCTURE / P3
+ Brookfield Infrastructure Partners LP have accumulated a US$1.2 billion stake in Asciano Limited; they are making a bid to achieve 50.1%; Qube Holdings has submitted a competing bid … tic toc …
+ Worley Parson have been hired by The Calgary Municipal Land Corporation to study the proposed arena lands in the West Village precinct; environmental assessment will cover the 56 acre site
OIL SANDS NEWS
+ Suncor Energy Inc. closed its acquisition of an additional 10% working interest in the Fort Hills oil sands project from Total E&P Canada Ltd.
SHAREHOLDER MEETINGS
+ Nov. 12; Candax Energy Inc., Special Meeting of Shareholders, Toronto
+ Canadian Natural Resources Limited agreed to sell a royalty portfolio to PrairieSky Royalty Ltd. for $1.8 billion; CNRL to take a major share stake in PrairieSky
+ Canadian Natural Resources Limited reduced its 2015 CapEx Budget by $65 million to $3.2 billion
+ Canadian Pacific Railway is discussing a takeover bid for Norfolk Southern; shares in each have surged in anticipation of a synergistic deal … tic toc …
+ current energy prices – live link to Bloomberg energy prices ; crude swung up to US$48/bbl range this week before U.S. stockpile data showed increases softened prices; natural gas prices softened due to mild weather
+ Delphi Energy Corp. closed its $12 million disposition of Hythe area properties and infrastructure
+ Dilawri Group of Companies opened a new Infiniti store; Infinity Gallery is in Northwest Automall
+ Essential Energy Services Ltd. announced its 2016 CapEx Budget is $9 million
+ Ironhorse Oil & Gas Inc. adopted a shareholder rights plan in face of impending takeover bid
+ Keystone XL Pipeline - TransCanada Corporation’s $8 billion project, 7 years in the works was denied a Presidential Permit for the 1-section that crossed our international border; U.S. President Obama, in denying the permit, said it wasn’t in the ‘best interests of the United States’; a foolish politically motivated statement as Democrats hope to hold some element of power in their upcoming elections an so he can look good at the Paris climate talks … none of which stops our oil getting to U.S. markets, it simply stymies Canadians. It seems our American friends forget how important a trading partner we are when they aren’t going to war or badly needing our products … tic toc …
+ Kyoto Fuels Corporation entered a bankruptcy proceeding
+ La Capra Associates changed their name to Daymark Energy Advisors
+ Long Run Exploration Ltd. commenced an asset rationalization program to maximize shareholder value
+ NuVista Energy Ltd. announced its 2016 CapEx Budget is $140 million
+ Parallel Energy Trust and its affiliated companies got court ordered CCAA protection
+ Pembina Pipeline Corporation announced it will construct, own and operated a 100 MMcf/d integrated gas processing development in the Duvernay near Pembina’s Fox Creek Terminal; capital cost $125 million
+ Penn West Petroleum Ltd. closed the $205 million sale of its Weyburn unit
+ Pine Cliff Energy Ltd. agreed to acquire assets in Viking and Ghost Pine areas for $185 million
+ Shell opened its Quest carbon capture and storage project; expected to sequester one million tonnes of carbon dioxide each year. Quest was built on behalf of the Athabasca Oil Sands Project joint-venture owners Shell Canada Energy (60 per cent), Chevron Canada Limited (20 per cent) and Marathon Oil Canada Corporation (20 per cent), and was made possible through strong support from the governments of Alberta and Canada who provided C$865 million in funding; storage is in Thorhild County
+ Suncor Energy Inc. closed its acquisition of an additional 10% working interest in the Fort Hills oil sands project from Total E&P Canada Ltd.
+ TransCanada Corporation announced it will ‘review it’s options’ in the wake of Obama’s refusal; seems to me that nobody has yet raised the issue of a NAFTA legal challenge – and I wonder if Mr. Trudeau will have the jam to do it … tic toc …
+ TransCanada Corporation agreed to sell 49.9% of Portland Natural Gas LP to TC Pipelines LP for US$223 million
+ TransCanada Corporation announced a re-route/terminal location change for its Energy East pipeline project; instead of Quebec, the terminal will be in New Brunswick; $12 billion project expected completion is 2020
THIS WEEK IN FINANCINGS
- proposed & closed
+ Canadian Spirit Resources Inc. is on the market to raise $4 million in equity
+ Enbridge Income Fund Holdings Inc. closed $874 million common share issues
+ Formation Fluid Management Inc. closed $700,000 debt financing
+ Shell opened its Quest carbon capture and storage project; expected to sequester one million tonnes of carbon dioxide each year. Quest was built on behalf of the Athabasca Oil Sands Project joint-venture owners Shell Canada Energy (60 per cent), Chevron Canada Limited (20 per cent) and Marathon Oil Canada Corporation (20 per cent), and was made possible through strong support from the governments of Alberta and Canada who provided C$865 million in funding; storage is in Thorhild County
INTERESTING REAL ESTATE NEWS, other places
+ Canada Pension Plan Investment Board opened an office in Mumbai, India – first step in a plan to invest more than $2 billion in affordable housing
+ Hungerford Properties acquired the former Maple Leaf Foods facility in Winnipeg; 121,000 sq. ft. facility will be rebranded Meridian Business Park
+ Parkbridge Lifestyle Communities Inc. acquired the Riverside Resort in Whistler, BC.; terms not disclosed
+ Weyerhaeuser agreed to acquire Plum Creek Timber for US$8.4 billion; will make Weyerhauser the largest private owner of timberland in the United States
this week in REITS
+ Doug McGregor, Sr. VP Special Projects @ Artis REIT, retiring
+ Edgefront REIT agreed to acquire two industrial properties (Prince George BC and Prince Albert SK) for $12.1 million
+ InterRent REIT agreed to acquire two properties (123 suites) in Burlington, ON for $21 million
+ Melcor REIT acquired two properties (Chestermere Station & Leduc) from Melcor Developments Ltd. for $15.25 million
+ NorthWest Healthcare Properties REIT closed $3 million overallotment of its recent equity raise
