There is a buffer between the lots and the lake that contains a continuous path that can be accessed from each individual lot. A $10.2 million settlement was reached in August 2013. The Board of Directors of each of Cenovus and Husky have unanimously approved the arrangement agreement and support the transaction. The combined company will be led by a proven management team reflecting the strengths of both organizations, with a track record of strong safety performance, operational excellence and cost and capital discipline, along with downstream and midstream expertise. In his report, Skolnick presents scenarios where Canadian Natural Resources Ltd. (CNQ) or Imperial Oil Ltd. buy MEG, while also outlining the numbers involved if Canadian Natural combines with Imperial or Suncor Energy Inc., and if Suncor was to merge with Imperial. Analysts said the Pelican Lake price of about $50,000 per daily barrel of production matched their expectations. Cenovus has been in the doghouse with investors since March 29 when it announced the acquisition of oilsands and conventional assets from Houston-based ConocoPhillips, along with a plan to raise $3 billion by issuing new shares and the marketing of its Pelican Lake and southern Alberta Suffield operations. The company also has conventional crude oil, natural gas and natural gas liquids assets in Alberta and British Columbia as well as 50% ownership in two U.S. refineries. Readers are cautioned that the foregoing lists of factors are not exhaustive. The small clearing amid the jack pines feels like a world away, but it’s not far to the tar sands in Alberta: as the raven flies, it’s less than 150 kilometres from Fort McMurray. The owners of any Unit shall observe the following rules and regulations and the term âownerâ shall include the owner of any Unit or any other person(s) occupying such unit with the ownerâs approval: 1.
Cenovus selling Pelican Lake operations to Canadian Natural for $975M, Waterton Lakes backcountry closed due to nearby wildfire, 'It is a real danger': Farmer says dry conditions have sparked fear of fire in southern Alberta, CBC's Journalistic Standards and Practices. These synergies are the product of a rigorous and disciplined evaluation process conducted by Cenovus and Husky over the past months to identify the specific efficiencies that can be gained through this transaction. The Calgary-based land services firm acquires surface rights, leases and permits on behalf of corporate clients in the extractive, energy and infrastructure sectors. In a note, analyst Travis Wood of National Bank Financial estimated Cenovus could raise $2.8 billion from the three other packages. Neither the Buffalo River Dene Nation (BRDN) nor the two neighbouring communities, St. George’s Hill and Michel Village, were consulted or even notified about the new permits. The combined company is expected to generate an incremental $1.2 billion of annual free funds flow, comprised of $600 million in annual corporate and operating synergies and $600 million in annual capital allocation synergies, achievable independent of commodity prices. Along with the combined entity’s lower free funds flow breakeven threshold, the combined company will offer an accelerated deleveraging capability relative to either company on a standalone basis.
Readers should carefully consider the risk factors discussed in each of Cenovus's and Husky's management's discussion and analysis and annual information form for the year ended December 31, 2019 and management's discussion and analysis for the three and six months ended June 30, 2020. "(Cenovus) gets credit for getting the first of four targeted deals across the line," said Menno Hulshof of TD Securities in a report, adding the announcement is "a step in the right direction in restoring market confidence.". A unit or parts of a unit shall not be used as a means of public access to Axe Lake. Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as Cenovus’s legal advisors. Alex Pourbaix will serve as Chief Executive Officer of the combined company, Jeff Hart will serve as Chief Financial Officer, Jon McKenzie will serve as the Chief Operating Officer and Keith MacPhail will serve as independent Board Chair. This resulted in a premium for Husky shareholders based on the current share prices. Netback is a non-GAAP measure commonly used in the oil and gas industry to assist in measuring operating performance on a per-unit basis. Adjusted EBITDA is a non-GAAP measure defined as net earnings before finance costs, interest income, income tax expense, depreciation, depletion and amortization, exploration & evaluation write-down, goodwill impairments, asset impairments and reversals, unrealized gains (losses) on risk management, foreign exchange gains (losses), revaluation gain, re-measurement of contingent payment, gains (losses) on divestiture of assets, and other income (loss), net, calculated on a trailing 12-month basis.
Several wells were drilled in the 1970s, but the technologies to exploit the bitumen that lies 185 metres underground had not yet been developed. Husky, meanwhile, gained as much as 44 cents or 13.9 per cent to $3.61. This measure is used for consistency with other oil and gas companies and does not reflect the actual life of the reserves.
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