Whitecap Resources, Inc.Grey Market
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  • Wed, Jun. 8, 12:49 PM
    • Penn West Petroleum (PWE +9.9%) has received at least four bids from companies for its Viking light oil assets which could fetch more than C$500M ($395M), Reuters reports.
    • Bidders include Raging River Exploration (OTC:RRENF), Crescent Point Energy (NYSE:CPG), Whitecap Resources (OTC:SPGYF) and Teine Energy, according to the report; all four bidders have a presence in the Viking area of Saskatchewan, a light oil region that is attractive to energy producers because of its low costs to recover crude and competitive production costs.
    • PWE's Viking assets, which produce nearly 20K boe/day, are important to the company, and its willingness to sell them highlights the company's financial pressure over its large debt burden.
    | Wed, Jun. 8, 12:49 PM | 62 Comments
  • Tue, May 10, 5:44 PM
    • Husky Energy (OTCPK:HUSKF) agrees to sell some assets in southwest Saskatchewan for C$595M to Whitecap Resources (OTC:SPGYF) in the company's third asset sale since April 25 (I, II).
    • Husky says the sale is part of the transition in its western Canada business from a legacy basin to one with fewer, more material resource plays, and that the planned sale of several other assets in western Canada remains on track.
    • Now read Don't get bitten by Husky Energy
    | Tue, May 10, 5:44 PM | 2 Comments
  • Thu, Apr. 14, 5:47 PM
    • Husky Energy (OTCPK:HUSKF) has received interest from several parties, including Raging River Exploration (OTC:RRENF) and Whitecap Resources (OTC:SPGYF), for parts of a package of western Canadian oil and natural gas assets it is selling, Bloomberg reports.
    • The properties up for sale span from northern British Columbia to southeast Saskatchewan, and amount to ~59,530 boe/day of production; the combined value of the properties is estimated by Morgan Stanley to be worth up to C$2.1B (US$1.6B).
    • Husky also is trying to sell a stake in some of its pipelines and storage terminals in Alberta and a package of royalty lands in western Canada.
    • Now read Don't get bitten by Husky Energy
    | Thu, Apr. 14, 5:47 PM
  • Thu, Feb. 11, 6:21 PM
    • Hedges that shielded Canadian oil producers such as Crescent Point Energy (NYSE:CPG) and Whitecap Resources (OTC:SPGYF) from the full pain of $30/bbl oil are winding down this year and next, which may prompt companies to accelerate output and cost cuts, including dividends.
    • CIBC says 19 small-to-mid-sized producers have an average of 19% of their crude hedged at ~$58/bbl this year, and only 3% at about the same price in 2017.
    • CPG tells Bloomberg it is “well protected” with hedges in 2016 and with costs cut by 30% last year, and the “longer we stay in $30-$35 environment, the more this cost structure will come down.”
    • Selling oil at a lower price may prompt CPG to cut its dividend, FirstEnergy Capital's Cody Kwong says, which he thinks would be received by the market as "a positive note."
    • Northern Blizzard Resources (OTC:NBZZF) and Pengrowth Energy (NYSE:PGH) are the two most-hedged producers this year among the companies covered by CIBC data; for PGH, the hedges are “a big, big lifeline,” says Veritas analyst Nima Billou. “They will definitely be able to ride out 2016 because of these hedges.”
    • The industry as whole may have a harder time: “Those hedges come off in 2017, and with oil prices continuing to fall, they could be in a difficult positions,” says a National Bank Financial analyst.
    | Thu, Feb. 11, 6:21 PM | 3 Comments
  • Mar. 20, 2015, 11:50 AM
    • Whitecap Resources (OTC:SPGYF) agrees to acquire privately-held light oil producer Beaumont Energy in a deal worth C$587.5M (US$466M) in stock and cash.
    • Beaumont has operations primarily in the Kerrobert area of west central Saskatchewan, located nearby Whitecap’s existing operations.
    • Whitecap says the deal will add 3,700 bbbl/day of production, lifting overall output by 10% to 39.7K, and expects to improve cash flow by 15% to $473M.
    | Mar. 20, 2015, 11:50 AM
  • Aug. 21, 2014, 12:03 PM
    • Whitecap Resources (OTC:SPGYF +6.9%) agrees to acquire a controlling stake in a Niska light sweet oil pool in Alberta for ~C$267M, which it says will add 2,500 boe/day of production.
    • The purchase includes strategic facilities consisting of two oil batteries, water disposal infrastructure and pipelines which Whitecap says will be important for future low-cost production growth.
    • The company also plans to sell ~600 boe/day of non-core production for C$57M, and announces a 12% dividend hike to a monthly C$0.07/share.
    | Aug. 21, 2014, 12:03 PM
  • Mar. 17, 2014, 10:17 AM
    • Imperial Oil (IMO +0.9%) agrees to sell certain oil and gas assets in western Canada to Whitecap Resources (SPGYF) for ~C$855M ($771M).
    • IMO, majority owned by Exxon Mobil (XOM), says the assets produced ~15K boe/day in 2013, with production split evenly between oil and gas; the amount is ~5% of IMO's total average daily output.
    • The sale comes as IMO focuses on its C$13B Kearl oil sands project in Alberta, which began operations last year and a C$7B expansion is underway; Kearl is expected to produce up to 345K bbl/day at full capacity by 2020.
    | Mar. 17, 2014, 10:17 AM