FACILITYCalgary

news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary May 6/25

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Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future. 

This week's conversation with Dave Howard , Pres. @ The Event Group

Last week's conversation with Lloyd Suchet, Executive Director @ Building and Owners Association [BOMA] Calgary

Click here to access the archive: archived conversations with fascinating people ...



SHAKERS AND MOVERS 
moving, retired, resigned, died or got the boot

+ Abdel Badwi to Interim CEO @ Americas Petrogas Inc.

+ Barclay Hambrook, Pres. & CEO @ Americas Petrogas Inc, resigned

+ Ben Graham to VP HR & Safety @ Major Drilling Group

+ Beth Summers to VP & CFO @ Superior Plus Corp.

+ Blaine Karst to CFO @ Orca Exploration Group Inc.

+ Brian Alexson to COO @ OneRoof Energy Inc.

+ Curt Labelle, VP Production @ LGX Oil + Gas Inc., left the company

+ David Balser to CFO @ Major Drilling Group

+ David Cornhill, Pres. & CEO @ AltaGas Ltd., retiring April 2016

+ David Harris to Pres. & CEO @ AltaGas Ltd., April 2016

+ David King, Pres. & CEO @ Zaio Corporation, fired by the board of directors

+ Jeffrey Ellis to Chief Legal Officer and Corp. Secretary @ Canadian Pacific

+ Joel Strickland to Interim CEO @ Zaio Corporation

+ Mark Landry to VP IT & Logistics @ Major Drilling Group

+ Phil Wazonek to Interim Pres. & COO @ Zaio Corporation

+ Scott Powers to Director @ Sun Life Financial Inc.

+ Sue Kendall to Chief Crown Prosecutor, Calgary @ Government of Alberta


[send us your appointment notices  kolke@facilitycalgary.com]




BOARDROOM changes, purges, appointments etc.

+ Abdel Badwi to Exec. Chairman @ Americas Petrogas Inc.

+ Bill Morneau, Exec. Chair @ Morneau Shepell, resigned

+ Howard Wetston, Chair @ Ontario Securities Commission, stepping down - term ended

+ Jill Denham to Chair @ Morneau Shepell

+ Monica Kowal to Acting-Chair @ Ontario Securities Commission

+ Neil McCrank to Lead Director @ AltaGas Ltd.

+ Past Obara to Interim CFO @ Uranium Energy Corp.

+ Phillip Knoll to Director @ AltaGas Ltd.

+ Richard Schmitt, Director @ Canadian Overseas Petroleum Ltd., resigned

+ Rose Robeson to Director @ Tesco Corporation

+ Victoria Calvert to Director @ AltaGas Ltd.




 SAVE THE DATE / upcoming events

+ Nov. 2-3; 23rd Annual Canadian Council for Public-Private Partnerships Conference, Sheraton Centre, Toronto; info/register

+ Nov. 13; Advo-Cats performing for charity at the Chrome Room, Deerfoot Inn & Casino; donate/buy tickets

+ Nov. 23-24; Born2Lead – Women in Leadership and Business Conference, Hyatt Regency, Calgary info/register

+ Nov. 22-25; Bioindustrial Innovations: unlocking value and tackling climate change, Shaw Conference Centre, Edmonton info/register

+ Nov. 25-26; Business Transitions Forum, Vancouver; info/register

+ Nov. 30; Creativity & Convergence Conference, U of C Downtown Campus; info/register

+ Dec. 1; Global Property Market, Metro Toronto Convention Centre; info/register

+ Dec. 2-3; Real Estate Forum, Metro Toronto Convention Centre; info/register

+ Dec. 4; OPEC’s 168th Ordinary Meeting, Vienna, Austria info

+ Jan. 13-15/16; EPC Contract and Risk Management Conference, Houston; info/register

+ Jan. 23; PSAC STARS & SPURS Gala, BMO Centre, Stampede Park, Calgary

+ Feb. 26/16; BUILDEX Vancouver, Vancouver Convention Center, Vancouver

+ Mar. 15-16/16; Canadian School of Hydrocarbon Measurement, Telus Convention Centre, Calgary info ; registration

+ Mar. 30 - Apr. 1/16; Congress 2016; National Privacy & Data Governance Congress, Carriage House, Calgary; info

+ Oct. 4-5/2016; CanWeld 2016, Edmonton Northlands, Edmonton


[please send your event notices to:  kolke@facilitycalgary.com ]



  GLOSSARY 

+ AER - Alberta Energy Regulator

+BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ CAPP - Canadian Association of Petroleum Producers

+ CBD – Central Business District

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CREB - Calgary Real Estate Board

+ FERC – U.S. Federal Energy Regulation Commission

+ GJ - gigajoule

+ GOA - Government of Alberta

+ GTA – greater Toronto area

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ MOU – Memorandum of Understanding

+ MW – megawatt (1 million watts)

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ REIT – Real Estate Investment Trust

+ RFP – request for proposals

+ RFQ – request for qualifications

+ SAGD – steam assisted gravity drainage

+ UDI – Urban Development Institute

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ WTI – West Texas Intermediate




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updated November 3, 2015




 TODAY'S HEADLINES


Cardinal acquisition | job cuts | GE closed Alstom acquisition | Husky austerity | Keystone XL tactics | Mintz’s take on infrastructure | RBC pays US$5 billion for City National Roynat expansion + Dave Howard interview | upcoming events & corp. meetings + climate change & infrastructure news + REIT news +  this week’s financings + executive and board appointments >>>>




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 QUOTES

+ You can observe a lot by watching. – Yogi Berra

+ Do not go where the path may lead, go instead where there is no path and leave a trail. – Ralph Waldo Emerson




 INFRASTRUCTURE / P3  


+ General Electric completed its  €12.35 billion acquisition of Alstom’s power and grid business

+ Government of Alberta (GOA) is going forward with High River flood mitigation to avoid a repeat of 2013 flooding; additional $30 million now for infrastructure to the Town of High River, and changes to the Disaster Recovery Program to speed unresolved property owner claim files (550 still outstanding)

+ GOA made and $830 million capital commitment over 5-years to create the new Calgary cancer centre; to be built on Foothills Medical Centre campus; part of a 5-yr./$2.2 billion plan

+ Hydro One Inc. closed its $46.2 million acquisition of Woodstock Hydro Holdings Inc.

+ Jack Mintz published a report on Public Infrastructure: Some Guideposts To Ensure We Don’t Overspend

+ 18th Annual Awards – Canadian Council for Public-Private Partnerships – 2015 Awards




 OIL SANDS NEWS 

+ Royal Dutch Shell plc halted construction at its 80,000 bbls/d Carmon Creek in-situ project




 SHAREHOLDER MEETINGS

+ Nov. 12; Candax Energy Inc., Special Meeting of Shareholders, Toronto

+ Nov. 13; Sunshine Oilsands Ltd., Board Meeting, Calgary

+ Nov. 26; Synodon Inc., Annual General and Special Meeting of Shareholders, Edmonton

+ Dec. 9; Falcon Oil & Gas Ltd., Annual General and Special Shareholders Meeting, Dublin, Ireland

+ Jan 13; Groundstar Resources Limited, Calgary

+ Jan 13; Nav Canada, Annual Meeting of Members, Ottawa

+ Jan. 27; Petrodorado Energy Ltd., Annual General and Special Meeting of Shareholders, Calgary


[send us your event notices and AGM notices to:  kolke@facilitycalgary.com ]



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NEWS SUMMARY 
 October 27 - November 3 


+ ATB Owl Report – daily economist’s outlook

+ Cardinal Energy Ltd. closed its $142.5 million acquisition of Mitsue area light oil assets

+ Cardinal Energy Ltd. agreed to sell a gas plant and related infrastructure for $12.8 million

+ Chevron Corp. announced it is cutting 7,000 jobs worldwide, 11% of its workforce

+ Conference Board of Canada’s report Canadian Industrial Outlook: Canada’s Oil Extraction Industry projects an industry aggregate of $2.1 billion for 2015 vis-à-vis $6 billion in aggregate profit last years

+ current energy prices – live link to Bloomberg energy prices ; crude up slightly this week but outlook remains bearish as supply still exceeds demand …

+ Dejour Energy Inc. completed its name change to: DXI Energy Inc.

+ Fiera Capital Corporation closed its US$ 31.5 million acquisition of Samson Capital Advisors LLC

+ Finance Minister Joe Ceci tabled his government’s plan, including a projected $6.1 billion defecit: 2015 Budget; link to the budget speech text .. Includes $50 million to Alberta Enterprise Corporation to aid startups ..

+ General Electric completed its  €12.35 billion acquisition of Alstom’s power and grid business

+ GFL Environmental Inc. agreed to acquired TransForce’s waste management unit for $800 million

+ Husky Energy caused a market ripple; they are going to pay their dividend in stock rather than cash which the market hasn’t responded to very well – their press release is so similar to other majors … cutting staff, curtailing costs, reducing capital expenditures – and their looking at some asset sales after eliminating 1,400 positions … tic toc …

+ Imperial Oil Ltd. cut $1 billion in costs and, so far, have avoided job cuts

+ Jack Mintz published a report on Public Infrastructure: Some Guideposts To Ensure We Don’t Overspend

+ Petroleum Services Association of Canada (PSAC) presents its 2016 Canadian Drilling Activity Forecast and Industry Outlook this afternoon

+ Royal Bank of Canada closed its US$5 billion acquisition of City National Corporation;

+ Royal Dutch Shell plc halted construction at its 80,000 bbls/d Carmon Creek in-situ project

+ Scotiabank is increasing its commitment to Roynat Capital; re-establishing Roynat Capital Executive Office in Calgary, increasing staff and mandate

+ Tidewater Midstream and Infrastructure Ltd. agreed to acquire a gas processing plant and related pipelines for $17 million

+ Tidewater Midstream and Infrastructure Ltd. agreed to acquire a retail propane business for $5.2 million

+ TransCanada Corporation got final regulatory approval for its $5 billion natural gas pipeline to connect NE BC gas fields to Prince Rupert for LNG export

+ TransCanada Corporation asked U.S. State Department to ‘pause’ its process of Keystone XL review while Nebraska re-routing works its way through regulatory process – which should delay the whole process a year or more; in light of U.S. elections next year, a provocative tactic … tic toc …

+ University of Calgary is facing allegations that undue influence by Enbridge in connection with its funding of the Enbridge Centre for Corporate Sustainability has impacted academic freedom at U of C … tic toc …

+ U.S. Congress and White House reached a budget and debt ceiling deal; political peace for now, financial market peace too, but lots of skepticism about the wisdom of it all; provision in that budget calls for selling off part of the Strategic Petroleum Reserve 2018-2025 to raise cash 




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Brookfield Infrastructure is on the market to raise $500 million in debt

+ Milestones Apartments REIT closed $143.9 million equity financing

+ Orca Exploration Group Inc. closed US$60 million debt financing

+ Petroamerica Oil Corp. is on the market to raise US$20 million in secured debt

+ PetroMaroc Corporation plc is on the market to raise $1.0 million in debt

+ Petromin Resources Ltd. is on the market to raise $300,000 in common share & warrants issue

+ Superior Plus Corp. closed $138 million equity financing

+ Synodon Inc. is on the market to raise $2.0 million in a common share & warrants issues

+ Temple Hotels Inc. closed $40 million rights offering

+ Tidewater Midstream and Infrastructure Ltd. secured $70 million credit facility

+ Traverse Energy Ltd. closed $700,800 equity financing




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ a carbon-capture facility in Saskatchewan is coming back online, officials saying it will be fully operational -- even if it's not operating full time. SaskPower have had to replace many components at the $1.5-billion facility at the Boundary Dam power plant south of Estevan. The goal is to reduce carbon-dioxide emissions by one million tonnes annually. The facility has removed 400,000 tonnes so far this year.




INTERESTING REAL ESTATE NEWS, other places


+ Brookfield Property Partners LP and Qatar Investment Authority formed a JV; plan is to develop US$8.6 billion in West Manhattan, mixed use project; office buildings, hotel, apartments and retail. First tower, 67 storys will open in 2019 with Skaden Arps law firm as its anchor tenant

+ OMERS (Ontario Municipal Employees Retirement System) and Temasek are buying a central London office asset. OMERS’ real estate arm, Oxford Properties, and the Singaporean government’s Temasek are paying $838 million for the Blue Fin Building; fully leased 497,000-square-foot asset

+ Parkit Enterprise Inc.’s JV acquired Fly Away Airport Parking in Nashville; 1,140 stall facility on 8.5 acres was acquired for US$8.0 million

+ Starwood Hotels & Resorts Worldwide is in play; three Chinese firms competing to win the day; expected deal size is US$12 billion. Hyatt are also reported to be in the hung for the 1,200 property portfolio … tic toc …




 this week in REITS 


+ American Hotel Income Properties REIT LP agreed to acquire 70-room rail crew lodging property in Fort Scott, Kansdas for US$3,315,000

+ Artis REIT agreed to acquire Canadian Pacific Plaza in Minneapolis, a 393m884 sq. ft, Class A office property

+ Lanesborough REIT closed its $70.25 million acquisition of Colony Square in Winnipeg

+ Northern Property REIT completed its acquisitions of properties from True North Apartment REIT and Starlight Investments Ltd.; and, changed its name to Northview Apartment REIT

+ Slate Retail REIT agreed to acquire Little River Pavillion shopping centre in Little River, South Carolina for US$10.1 million

+ Temple Hotels Inc. closed $40 million rights offering




 KUDOS 

+ to Dr. Margaret Churcher, named Alberta’s Family Physician of the Year for 2015




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