FACILITYCalgary

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

FACILITYCalgary May 6/25

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SHAKERS AND MOVERS 
moving, retired, resigned, died or left the company

+ David Murray to Pres. @ Hydro-Quebec Distribution

+ Diarmuid Cummins to CEO @ Algeco Scotsman

+ Francis Tam, CFO @ Pure Industrial REIT, left the company

+ George Schindler to Pres. & CEO @ CGI Group Inc.

+ Linda Mantia to Sr. VP & COO @ Manulife Financial Corporation

+ Mark Erceg, Exec. VP & CFO @ Canadian Pacific, stepped down

+ Michael Roach, Pres. & CEO @ CGI Group Inc., retiring

+ Nadeem Velani to Interim VP & CFO @ Canadian Pacific

+ Paul Bourque to Pres. & CEO @ The Investment Funds Institute of Canada

+ Paul Rooney, COO @ Manulife Financial Corporation, leaving the company

+ Phil Wazonek, Pres. & COO @ Zaio Corporation, ‘relieved of his duties’


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




 QUOTES

+ When I knew nothing, I thought I could do anything. – Robert Duvall

+ I have a simple philosophy: fill what’s empty, empty what’s full and scratch where it itches. – Alice Roosevelt Longworth




 KUDOS 

+ The 3rd annual The Beat Goes On Gala in support of the Libin Cardiovascular Institute of Alberta raised $800,000 - bringing the three year total to $2.75-million for cardiovascular care and research in southern Alberta




BOARDROOM changes, purges, appointments etc.

+ Bill Ackman, Director @ Canadian Pacific Railway Limited, resigned

+ D’Arcy Levesque to Western Canada Chair @ Hill+Knowlton Strategies

+ James Currie, Director @ NexGen Energy Ltd. resigned

+ Jill Denham to Director @ Canadian Pacific Railway Limited

+ Patrick Lavelle, Trusteee & Chairman @ OneREIT, retired

+ Paul Haggis to Trustee @ Pure Industrial REIT

+ Richard Senechal to Director @ Mortgage Company of Canada Inc.

+ Stephen Harper to Consultant @ Dentons

+ William Flatt to Director @ Canadian Pacific Railway Limited


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




 SHAREHOLDER MEETINGS

+ Sept. 15; Empire Company Limited, Annual General Meeting, New Glasgow, NS

+ Sept. 26; Theatre Calgary Society, Annual General Meeting, Calgary

+ Sept. 27; Calgary Philharmonic Society, Annual General Meeting, Calgary

+ Sept. 30; Lightstream Resource Ltd., Special Meetings of Shareholders and Noteholders, Calgary

+ Nov. 15; Alberta Oilsands Inc., Annual Meeting of Shareholders, Calgary

+ Dec. 7; Jasper Mining Corporation, Annual General Meeting, Calgary


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



  GLOSSARY + TERMS 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ E & P – exploration and production

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ G&A – general and administrative

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ P3 – Public Private Partnership

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

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – Calgary International Airport




 CHARITY GOLF TOURNAMENTS 

+ Sept. 13; The Kindness Open, Silver Tip Resort, Canmore; info/register/sponsor

+ Sept. 13; 7th Annual Gordon Hoffman Charity Golf Classic, Priddis Greens Golf & Country Club, Priddis; info/register


[send information on charity golf tournaments to:  kolke@facilitycalgary.com ]



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FACILITYCalgary
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this  site is refreshed with a new issue every Tuesday morning


updated September 13, 2016




 TODAY'S HEADLINES


NEWS | Agrium merger | ConocoPhillips layoffs | Energy East delay | Imperial selling Norman Wells assets | Normie Kwong memorial  + Allan Nielsen interview | upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financing$ + charity golf tournaments 




CONVERSATIONS

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 Allan Nielsen

Last week's conversation with Gitane De Silva, Alberta's Senior Representative to the United States of America

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



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 sponsors of this week's issue:

e-mail Lance Laliberte - Sales at PREMIERE OFFICE MOVERS
 
OFFICE MOVERS



CONTACT DAWSCO
 
COFFEE SERVICES



e-mail to Sharon Martens
 
INTERIOR DESIGN



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



CONTACT PIVOTAL
 
PROJECT MANAGEMENT







PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 



 SAVE THE DATE / upcoming events

+ Sept. 15; Merit Contractors Association – 30th Anniversary Gala, Edmonton; info/tickets

+ Sept. 20-22; BOMEX/BOMA Canada's National Conference & Exhibition, Regina; info/register

+ Sept. 22-25; 2016 Calgary Home + Design Show, BMO Centre, Stampede Park, Calgary info/register

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

+ Oct. 9-13; 23rd World Energy Congress, Istanbul, Turkey; info/register

+ Oct. 13; EY Prairies Entrepreneur Of The Year Gala, Calgary; register/tickets

+ Oct. 17-19; QUEST2016 Conference and Trade Show, Westin Hotel, Calgary; info/register

+ Nov. 1-2; PetroChem Canada 2016, Shaw Conference Centre, Edmonton; info/register

+ Nov. 9-10; BUILDEX Calgary, BMO Centre, Stampede Park, Calgary; info/register/sponsor

+ Nov. 14-15; Platts 20th Annual Mexican Energy Conference, Mexico City; info/register

+ Nov. 29 - Dec. 1;  Real Estate Forum & Global Property Market, Metro Toronto Convention Centre; info/register

2017

+ Mar. 22-24/2017; Economic Developers Alberta Annual Conference 'Embracing Change; Creating Opportunity', Banff Centre, Banff; info/registration

+ Apr. 4-7/2017; Japan Gastech Conference & Exhibition, Tokyo; info/register/save the date

+ June 13 - 15/2017; Global Petroleum Show, Stampede Park, Calgary; info/save the date

+ Sept. 12-13/2017; Oil Sands Trade Show & Conference, Suncor Community Leisure Centre, Fort McMurray; info/registration

+ Oct. 16-24/2017; World Design Summit, ‘UNESCO City of Design’, Montreal


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



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NEWS SUMMARY 
 Sept. 6 ~ 13  


+ Agrium Inc. and Potash Corporation of Saskatchewan Inc. agreed to a merger of equals; combined entity will have 20,000 employees – operating name ‘to be determined’; combined market value is US$27.5 billion. Registered head office will be in Saskatoon, corporate office in Calgary

+ Bank of Canada, warning of risks to growth, announced it will maintain rates – overnight target rate remains ½ of 1%

+ Canyon Services Group Inc. increased its 2016 CapEx Budget by $16.5 million to $28 million

+ Ceiba Energy Services Inc. engaged advisors to conduct a strategic review process

+ ConocoPhillips Canada reported to be laying-off 250-300 staff this week, the majority of them at Calgary headquarters

+ Crescent Point Energy Corp. increased its 2016 CapEx Budget by $150 million to $1.1 billion

+ current energy prices – live link to current Bloomberg energy prices; some WTI price volatility due to GOM storms. Saudi, China and Russia representatives say they’ve agreed to cooperation to tackle the global oil glut to buoy prices – and then subsequently OPEC is talking about increases in production – it seems to my OPEC’s vacillations continue to be hurting their own members as well as everyone else …

+ Energy East Pipeline hearings are adjourned indefinitely; NEB’s hearing panel stepped down. Hearings will resume when new panel members are selected … tic toc

+ EOG Resources Inc. agreed to acquire Yates Petroleum for US$2.5 billion

+ Imperial Oil Limited announced it will be selling off its Norman Wells assets

+ Irving Oil closed its acquisition of the Whitegate refinery near Cork, Ireland

+ Johnson Controls completed its merger with and takeover of Tyco

+ Lone Pine Resources Canada Ltd. and Arsenal Energy Inc. got security holder approval for their combination transaction; completed their combination to form Prairie Provident Resources Inc.

+ memorial service for Hon. Norman L. Kwong in Calgary this afternoon will be live streamed

+ rig counts: western Canada’s fleet of 759 rigs saw 139 active rigs this week, down from 144 the week before; last year/same week was 178; U.S. rig count up 11 this week to 508; last year/same week U.S. had 848 active rigs. Also, U.S. EIA published a report with a great map on U.S. drilling productivity

+ Rockdale Resources Corporation changed its name to Petrolia Energy Corporation

+ Saudi Aramco looking a buying Lyondell’s Houston refinery

+ Shell commenced production at its Stones off-shore GOM project

+ TELUS Health Solutions GP closed its $14.5 million acquisition of Nightingale Informatix Corporation

+ Washington state adopted new rules for pipeline and rail transportation of oil through the state

+ Wealth One Bank of Canada chartered as a Schedule I Bank, founded by Chinese Canadian investors with plans to focus on services to the Chinese Canadian community

+ Yoho Resources Inc. closed its going-private transaction; 1981064 Alberta Ltd. now holds 100%




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Caledonian Royalty Corporation closed $10 million equity financing

+ Crescent Point Energy Corp. is on the market to raise $650 million in equity

+ Enerflex Ltd. closed $115 million equity financing

+ Front Range Resources Ltd. is on the market to raise $22 million in equity

+ Inter Pipeline Ltd. is on the market to raise $350 million in sr. unsecured debt

+ Kontrol Energy Corp. closed $320,000 equity financing

+ Parkland Fuel Corporation closed $231,035,000 equity financing

+ Scotiabank is on the market to raise $300 million by a preferred share offering

+ Slate Office REIT closed $58 million equity financing

+ Suncor Energy Inc. is on the market to raise $1.0 billion in sr. unsecured debt

+ Toronto-Dominion Bank is on the market to raise $1.5 billion in sub. debt

+ U.S. Multi-Family (No. 5) Core Fund is on the market to raise US$200 million in equity

+ Veresen Inc. closed $650 million in credit facilities




 this week in REITS 


+ Apple REIT Ten completed its merger with Apple Hospitality REIT Inc., US$5.7 billion entity to continue its focus on flagged select-service hotels

+ Francis Tam, CFO @ Pure Industrial REIT, left the company

+ Milestone Apartments REIT agreed to acquire a 275-door project in Atlanta, GA for US$47 million

+ Patrick Lavelle, Trusteee & Chairman @ OneREIT, retired

+ Slate Office REIT closed $58 million equity financing 




 INFRASTRUCTURE / P3  


+ Federal, Provincial and Territorial Infrastructure Ministers met in Edmonton to discuss Phase 2 of the Trudeau government infrastructure plan; supposed to be $120 billion; click this link to see projects funded under Phase 1

+ Trudeau government allocated funds for post-secondary infrastructure in Alberta;  $78 million of U of C [which together with $82 million from the province will fund 8 projects totalling $160 million]

+ U of C: Mobility and Joint Health, the new $13.2 million facility dubbed ‘MoJo’ opened at the Cumming School of Medicine




INTERESTING REAL ESTATE NEWS, other places


+ Lakeview Hotel Investment Corp. closed the $2.9 million sale of Lakeview Inn & Suites – Edson East, in Edson, AB

+ Morguard Investments Limited are updating Scotia Place in Edmonton; $22 million renovation project starts next month …

+ Rogers Place (new home of the Edmonton Oilers) in Edmonton is finished, public tours and grand opening were a big shindig!




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ Lafarge Canada Inc. reduced the environmental footprint of its Exshaw plant; project began in 2013; capacity increases from 1.3 million metric tonnes per year (tpy) to 2.2 million metric tpy. Technology upgrades reducing sulphur dioxide emissions 60%, nitrogen emissions 40% - and zero water discharge through a $20 million investment in a new kiln #5

+ University of Calgary awarded $75 million research grant over 7 years– part of a $900 million federal government program: Global Research Initiative in Sustainable Low Carbon Unconventional Resources; 270 researchers and scholars at U of C involved in the project; University of Alberta also received a $75 million grant over 7 years




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this site last updated May 6, 2025