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Whitecap Resources: More Upside On Acquisition-Driven Growth
- Whitecap Resources has embarked on a highly successful acquisition-driven growth strategy.
- The company's FY14 acquisitions set the stage for strong production growth in FY14 and FY15 with more acquisition catalyst likely.
- Even after a 40.5% upside in FY14, Whitecap Resources is trading at a discount compared to peers based on EV/EBITDA (2015) and EV/2P valuation, providing upside potential.
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Thu, Aug. 21, 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.
Mon, Mar. 17, 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.
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