Connect with us

Headlines

U.S. oil company to sell oilsands assets and leave Canada

Editor

Published

on

[ad_1]

Another foreign company is exiting the Alberta oilsands.

Devon Energy has hired advisors to help sell off the company’s oilsands assets as the company plans to leave Canada by the end of the year.

The Oklahoma City-based company has three oilsands facilities and some heavy oil operations in the Lloydminster area. It’s Canadian operations produced about 131 million barrels of oil equivalent per day, which represents about 24 per cent of the company’s total production.

Devon’s first oilsands facility opened in 2007.

Drew Ross, with Scotia Waterhouse said the move isn’t surprising considering the company’s stock was underperforming and its Canadian business was struggling because of the discounted price of heavy oil in Alberta in 2018 compared to prices south of the border.

“One of the criticism the company was getting from its shareholders was its exposure to Canadian oilsands and in particular, the wide differential that made the business problematic from a cashflow perspective,” said Ross.

“They’ve tried to pivot to the Permian and other liquids-rich plays in the U.S. I think it has been slower than the market anticipated.”

Ross expects the company will have several prospective buyers to choose from.

“Those are great assets. They’ve been highly-coveted for a long period of time by existing players in the basin,” he said.

Other foreign companies that have reduced their exposure to the oilsands in recent years include Norway’s Statoil, Arkansas-based Murphy Oil, France’s Total SA and Houston-based ConocoPhillips.

“Devon is taking aggressive, meaningful and decisive steps to improve our operational and corporate cost structure,” said Jeff Ritenour, Devon’s chief financial officer in a release. “The combination of selling higher-cost assets and bringing online new lower cost production, along with our commitment to at least $780 million in annual cost-reductions.”

In research notes, CIBC analyst Jon Morrison says the Canadian assets would likely fetch between $3.5 billion and $5 billion if sold, while Eight Capital analyst Phil Skolnick estimates they could sell for between $7 billion and $9 billion. 

Jackfish is south of Fort McMurray near similar operations owned by Calgary-based rivals Cenovus Energy Inc. and MEG Energy Corp.

[ad_2]

Source link

قالب وردپرس

Headlines

‘Too soon to celebrate’ Ottawa’s low case count, says Etches

Editor

Published

on

By

Ottawa Public Health (OPH) logged just 11 new cases of COVID-19 on Tuesday, the lowest daily total since Sept. 1.

Because of the lag between testing and reporting, the low number could simply reflect low turnout at the city’s testing sites on weekends — all month, new case counts have been lower on Tuesdays and Wednesdays. 

During a virtual news conference Tuesday, the city’s medical officer of health Dr. Vera Etches said she doesn’t read too much into a single day’s report.

“I don’t think we can make too much of 11. Actually, it could be a lot higher tomorrow — I would expect that, on average,” she said. “It’s too soon to celebrate.”

Provincewide, public health officials reported 1, 249 new cases Tuesday.

OPH also declared 62 cases resolved Tuesday, lowering the number of known active cases in the city to 462. Two more people have died, both in care homes currently experiencing outbreaks, raising the city’s COVID-19 death toll to 361. 

Continue Reading

Headlines

Santa Claus isn’t coming to Ottawa’s major malls this year

Editor

Published

on

By

Santa Claus may still be coming to town this Christmas, but he won’t be dropping by any of Ottawa’s major malls, thanks to the COVID-19 pandemic.

On Friday, Cadillac Fairview said Santa won’t be making an appearance at any of its 19 malls across Canada, including Rideau Centre in downtown Ottawa. On Tuesday, Bayshore and St. Laurent shopping centres confirmed they, too, are scrapping the annual tradition.

“Due to the evolution of the situation in regards to COVID-19, we have made the difficult decision to cancel our Santa Program and Gift Wrap Program this year,” Bayshore spokesperson Sara Macdonald wrote in an email to CBC.

Macdonald said parent company Ivanhoé Cambridge cancelled all holiday activities “due to the rising number of COVID-19 cases across the country.”

Macdonald said families that had already booked an appointment to visit Santa will receive an email with more information.  

Virtual visits with Santa

Rideau Centre said based on customer research and discussions with public health officials, its North Pole is going online this year.

“Children will be able to have a private chat with Santa,” said Craig Flannagan, vice-president of marketing for Cadillac Fairview. “You’ll also be able to join a 15-minute storytime with Santa over Facebook Live.” 

At Place d’Orléans Shopping Centre, visitors are invited to take a “selfie with Santa” — actually, a life-size cutout of Santa Pierre, the man who’s been playing Santa at the east end mall for years.

“We understand that this is not ideal, but in lieu of this tradition we will be doing what we can to maintain and encourage holiday cheer,” according to a statement on the mall’s Facebook page.

Continue Reading

Headlines

Ottawa Bylaw breaks up two large parties in Ottawa over the weekend

Editor

Published

on

By

OTTAWA — Ottawa Bylaw is investigating social gatherings of more than 10 people in private homes across Ottawa last weekend.

Mayor Jim Watson tells Newstalk 580 CFRA that Ottawa Bylaw broke-up two house parties over the weekend, with 20 to 25 people at each party.

“That’s the kind of stupidity that angers me, that’s where the bulk of the transmissions are taking place, if we exclude the tragedy of the long-term care homes; it’s these house parties with unrelated people,” said Watson on Newstalk 580 CFRA’s Ottawa at Work with Leslie Roberts.

“The message doesn’t seem to be getting through, particularly to some young people who think they’re invincible.”

In a statement to CTV News Ottawa, Bylaw and Regulatory Services Director Roger Chapman says, “There are still ongoing investigations from this past weekend that could result in charges.”

Chapman says recent investigations led to two charges being issued for social gatherings of more than 10 people in a private residence in contravention of the Reopening Ontario Act.

“In one case, up to 30 individuals were observed attending a house party in Ward 18 on Oct. 24,” said Chapman.

“The second charge was issued following a house party in Ward 16 on Oct. 31, where up to 16 individuals were observed to be in attendance.”

The fine is $880 for hosting an illegal gathering.

Alta Vista is Ward 18, while Ward 16 is River Ward.

Ottawa Bylaw has issued 24 charges for illegal gatherings since the start of the pandemic.

Continue Reading

Chat

Trending