FP500 2015 Top Calgary-Based Companies Ranked by Revenue
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Canada Research STEP Energy Services Ltd
Canada Research Published by Raymond James Ltd. STEP Energy Services Ltd. June 25, 2018 | 5:41 am EDT STEP-TSX Company Report - Initiation of Coverage Andrew Bradford CFA | 403.509.0503 | [email protected] Michael Shaw CFA (Associate) | 403.509.0534 | [email protected] Strong Buy 1 Oil & Gas Energy Services | Pressure Pumpers C$24.00 target price Serving Top-tier Economic Performance: S.T.E.P. Current Price ( Jun-19-18 ) C$10.36 Total Return to Target 132% Recommendation 52-Week Range C$15.93 - C$7.77 Suitability High Risk/Growth By almost every objective measure, STEP quantifiably screens as a top-tier operator in each basin in which it operates. In addition, it also screens as an extraordinarily Market Data value-priced investment, both on an absolute basis and relative to its Canadian and Market Capitalization (mln) C$682 US-based peer groups. Accordingly, we are very comfortable in recommending STEP Current Net Debt (mln) C$226 Energy Services to energy investors with a Strong Buy rating. Our target price is Enterprise Value (mil.) C$908 $24.00. Shares Outstanding (mln, f.d.) 79.3 10 Day Avg Daily Volume (000s) 106 Analysis Dividend/Yield C$0.00/0.0% One of STEP’s key differentiating features is its best-in-class margin generation and Key Financial Metrics unit economics. This is true of both its Canadian and US fracturing businesses as 2017A 2018E 2019E well as its coiled tubing service line. EV/EBITDA A second differentiating feature is the fit of STEP’s coiled tubing business within its 4.6x 3.7x 3.1x broader service offering in Canada. -
Canadian M&A Perspectives
Canadian M&A Perspectives Ryder Scott Canada – Annual Reserves Conference May 10, 2016 TECHNICAL PIONEER AND Scotia Waterous GLOBAL LEADER IN OIL AND GAS M&A AUSTRALIA BAHAMAS BRAZIL CANADA CHILE CHINA COLOMBIA DUBAI FRANCE HONG KONG INDIA IRELANDJAPAN KOREA MALAYSIAMEXICO PERU SINGAPORE TAIWAN THAILAND UNITED KINGDOM UNITED STATES Scotia Waterous Scotia Waterous is the leading technically-focused upstream investment banking and M&A advisory firm, with global offices in Houston, London, Calgary and Hong Kong • Unrivalled market intelligence from conducting ~50 M&A mandates per year globally London Calgary Houston Hong Kong Scotiabank Oil & Gas Offices 1 Canadian M&A Perspectives – Where are all the deals?? 1. Setting the Scene – Macro Environment 2. Canadian M&A Market Update 3. Outlook – 2016 and Beyond Appendix I. M&A&D Activity II. Comparable Valuation Analysis 2 Setting the Scene – Macro Environment Section 1 The Canadian Energy Environment Today “Loonie surges to nine-month high as commodity prices add on gains” April 20, 2016 “Oil jumps despite glut, hits 2016 peaks on weak dollar” April 28, 2016 “Forget Justin Trudeau, it’s oil that’s driving this loonie rally” April 28, 2016 “Premier Rachel Notley talks carbon tax” March 3, 2016 “How Hillary Clinton’s tone has shifted on fracking” April 14, 2016 “TransCanada Fights Keystone Denial With $15 Billion Appeal” January 6, 2016 “Oil and gas sector says investment will drop by $50B” April 7, 2016 “Alberta sets out details for new oil and gas royalty framework” April 21, 2016 4 Significant -
Impacts and Mitigations of in Situ Bitumen Production from Alberta Oil Sands
Impacts and Mitigations of In Situ Bitumen Production from Alberta Oil Sands Neil Edmunds, P.Eng. V.P. Enhanced Oil Recovery Laricina Energy Ltd. Calgary, Alberta Submission to the XXIst World Energy Congress Montréal 2010 - 1 - Introduction: In Situ is the Future of Oil Sands The currently recognized recoverable resource in Alberta’s oil sands is 174 billion barrels, second largest in the world. Of this, about 150 billion bbls, or 85%, is too deep to mine and must be recovered by in situ methods, i.e. from drill holes. This estimate does not include any contributions from the Grosmont carbonate platform, or other reservoirs that are now at the early stages of development. Considering these additions, together with foreseeable technological advances, the ultimate resource potential is probably some 50% higher, perhaps 315 billion bbls. Commercial in situ bitumen recovery was made possible in the 1980's and '90s by the development in Alberta, of the Steam Assisted Gravity Drainage (SAGD) process. SAGD employs surface facilities very similar to steamflooding technology developed in California in the ’50’s and 60’s, but differs significantly in terms of the well count, geometry and reservoir flow. Conventional steamflooding employs vertical wells and is based on the idea of pushing the oil from one well to another. SAGD uses closely spaced pairs of horizontal wells, and effectively creates a melt cavity in the reservoir, from which mobilized bitumen can be collected at the bottom well. Figure 1. Schematic of a SAGD Well Pair (courtesy Cenovus) Economically and environmentally, SAGD is a major advance compared to California-style steam processes: it uses about 30% less steam (hence water and emissions) for the same oil recovery; it recovers more of the oil in place; and its surface impact is modest. -
Alberta Site Rehabilitation Program Period 5 Eligible Licensees and Allocation Eligibility Amounts
Alberta Site Rehabilitation Program Period 5 Eligible Licensees and Allocation Eligibility Amounts Please see the Supplemental Guidelines as well as the Main Guidelines for the Program for full details Period 5 Licensee Name Allocation Amount 2155192 Alberta Ltd. $15,845.09 2214896 Alberta Ltd. $121,809.11 611890 Alberta Inc. $35,651.45 840586 Alberta Ltd. $13,864.45 ACCEL Canada Holdings Limited $960,608.45 Conifer Energy Inc. $464,459.14 Acquisition Oil Corp. $302,046.99 Advantage Oil & Gas Ltd. $460,497.87 Aeneid Exploration Inc. $54,467.49 Aeraden Energy Corp. $113,886.57 AlphaBow Energy Ltd. $3,704,779.60 Altima Resources Ltd. $1,980.64 Amicus Petroleum Inc. $123,789.75 Anegada Oil Corp. $123,789.75 APL Oil & Gas (1998) Ltd. $8,912.86 Apogee Petroleum Inc. $331,756.53 ARC Resources Ltd. $2,664,945.71 Artis Exploration Ltd. $89,128.62 Ascensun Oil and Gas Ltd. $124,780.07 Aspenleaf Energy Limited $278,279.35 ATCO Energy Solutions Ltd. $68,331.94 Athabasca Oil Corporation $550,616.80 Avalon Energy Ltd. $35,651.45 Avila Exploration & Development Canada Ltd $21,787.00 Axiom Oil and Gas Inc. $219,850.59 Baccalieu Energy Inc. $249,560.13 Barnwell of Canada, Limited $110,915.62 Barrel Oil Corp. $196,083.36 #Classification: Public Page 1 of 10 Alberta Site Rehabilitation Program Period 5 Eligible Licensees and Allocation Eligibility Amounts Please see the Supplemental Guidelines as well as the Main Guidelines for the Program for full details Period 5 Licensee Name Allocation Amount Battle River Energy Ltd. -
Significant Energy Assets on the Market (SEAM) Database on IHS
Significant Energy Assets on the Market (SEAM) Database on IHS Connect IHS Energy has launched a new database tool that actively tracks all known energy assets on the market and independently values them in a transparent manner utilizing more than 40,000 comparable transactions from IHS’s M&A database dating back to 1988. Assets on the Market database features include: • Searchable and exportable database covering all global and regional • Source documents including offering memos, prospectuses, and locations and all resource segments, detailing valuations and full press releases. operational data including reserves, production and acreage. • Full opportunity set currently totals approximately $250 billion • Contact information for sellers and advisors. Canada $25 B+ Europe $30 B+ Sellers Key Assets for Sale (or JV) Sellers Key Assets for Sale (or JV) Apache Corp. 1 million acres in Provost region of east-central Alberta Antrim Energy Skellig Block in Porcupine Basin Athabasca Oil Corp. 350,000 net prospective acres in Duvernay BNK Petroleum Joint venture partner sought for Polish shale gas play Canadian Oil Sands Rejects Suncor offer; reviewing strategic alternatives BP 16% stake in Culzean gas field in UK North Sea Centrica plc Offering 6,346 boe/d (86% gas) ConocoPhillips 24% stake in UK’s Clair oil field. Considering sale of Norwegian Cequence Energy Montney-focused E&P undergoing strategic review North Sea fields ConocoPhillips Western Canada gas properties Endeavour Int’l. Bankrupt; to sell Alba and Rochelle fields in the UK North -
2010 Annual Report
2010 Annual Report MISSION Our mission is to facilitate innovation, collaborative research and technology development, demonstration and deployment for a responsible Canadian hydrocarbon energy industry. VISION Our vision is to help Canada become a global hydrocarbon energy technology leader. Contact Us For further information please contact: PTAC Petroleum Technology Alliance Canada Suite 400, Chevron Plaza, 500 Fifth Avenue SW, Calgary, Alberta, Canada T2P 3L5 MAIN: 403-218-7700 FAX: 403-920-0054 EMAIL: [email protected] WEB SITE: www.ptac.org PERSONNEL SOHEIL ASGARPOUR BRENDA BELLAND SUSIE DWYER LORIE FREI MARC GODIN President Manager, Knowledge Centre Innovation and Technology R&D Initiatives Assistant and Technical Advisor (403) 218-7701 (403) 218-7712 Development Web Site (403) 870-5402 [email protected] [email protected] Coordinator Administrator marc.godin@portfi re.com (403) 218-7708 (403) 218-7707 [email protected] [email protected] ARLENE MERLING TRUDY HIGH BOBBI SINGH LAURA SMITH TANNIS SUCH Director, Operations Administrative and Registration Accountant Controller Manager, Environmental (403) 218-7702 Coordinator (403) 218-7723 (403) 218-7701 Research [email protected] (403) 218-7711 [email protected] [email protected] Initiatives [email protected] (403) 218-7703 [email protected] PETROLEUM TECHNOLOGY ALLIANCE CANADA 2010 ANNUAL REPORT 3 Message from the Board A New Decade – A New Direction 2010 proved to be a turning point for PTAC as we redeined our role and PTAC Technology Areas set new strategies in motion. Over the past year PTAC has achieved goals in diverse areas of our organization: improving our inances, rebalancing our MANAGE ENVIRONMENTAL IMPACTS project portfolios to address a broad spectrum of needs, leveraging support • Emission Reduction / Eco-eficiency for ield implementations, and building a measurably more effective and • Energy Eficiency eficient organization. -
Advantage Energy Income Fund
BAYTEX ENERGY TRUST RENEWAL ANNUAL INFORMATION FORM 2003 May 10, 2004 TABLE OF CONTENTS Page GLOSSARY OF TERMS...................................................................................................................................................................1 ABBREVIATIONS ............................................................................................................................................................................5 CONVERSION...................................................................................................................................................................................5 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS .....................................................................................6 BAYTEX ENERGY TRUST .............................................................................................................................................................7 GENERAL DEVELOPMENT OF THE BUSINESS.........................................................................................................................8 DESCRIPTION OF THE BUSINESS AND OPERATIONS.............................................................................................................9 ADDITIONAL INFORMATION RESPECTING BAYTEX ENERGY TRUST............................................................................29 ADDITIONAL INFORMATION RESPECTING BAYTEX ENERGY LTD.................................................................................35 BAYTEX SHARE -
Consolidated Financial Statements and Auditor's Report
WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f REPSOL Group 2017 Consolidated financial statements Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol, S.A. and investees comprising the Repsol Group Balance sheet at December 31, 2017 and 2016 € Million ASSETS Note 12/31/2017 12/31/2016 Intangible assets: 10 4,584 5,109 a) Goodwill 2,764 3,115 b) Other intangible assets 1,820 1,994 Property, plant and equipment 11 24,600 27,297 Investment property 67 66 Investments accounted for using the equity method 12 9,268 10,176 Non-current financial assets 7 2,038 1,204 Deferred tax assets 23 4,057 4,746 Other non-current assets 7 472 323 NON-CURRENT ASSETS 45,086 48,921 Non-current -
MANAGEMENT's REPORT the Consolidated Financial Statements and Other Information Contained in the Annual Report Are the Responsib
MANAGEMENT'S REPORT The consolidated financial statements and other information contained in the annual report are the responsibility of the management of the Company. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards consistently applied, using management’s best estimates and judgments, where appropriate. Preparation of financial statements is an integral part of management’s broader responsibilities for the ongoing operations of the Company. Management maintains a system of internal accounting controls to ensure that properly approved transactions are accurately recorded on a timely basis and result in reliable financial statements. The Company’s external auditors are appointed by the shareholders. They independently perform the necessary tests of the Company’s accounting records and procedures to enable them to express an opinion as to the fairness of the consolidated financial statements, in conformity with International Financial Reporting Standards. The Audit Committee, which is comprised of independent directors, meets with management and the Company’s external auditors to review the consolidated financial statements and reports on them to the Board of Directors. The consolidated financial statements have been approved by the Board of Directors. "Signed" Robert H. Geddes President and Chief Operating Officer "Signed" Michael Gray Chief Financial Officer March 2, 2017 ENSIGN ENERGY SERVICES INC. | 2016 ANNUAL REPORT 1 March 2, 2017 Independent Auditor’s Report -
Asset Purchase Agreement
ASSET PURCHASE AGREEMENT DATED AS OF MARCH 1, 2016 BETWEEN QUICKSILVER RESOURCES CANADA INC., AS SELLER, AND CPC RESOURCES ULC, AS BUYER WSLEGAL\039944\00088\13233136v1 TABLE OF CONTENTS ARTICLE I DEFINITIONS 1.1 Definitions....................................................................................................................... 1 1.2 Other Definitions and Interpretive Matters ................................................................... 19 ARTICLE II PURCHASE AND SALE 2.1 Purchase and Sale ......................................................................................................... 20 2.2 Assumed Liabilities ...................................................................................................... 20 2.3 Excluded Liabilities ...................................................................................................... 21 2.4 Licence Transfers .......................................................................................................... 22 2.5 Specific Conveyances ................................................................................................... 22 2.6 Further Assurances........................................................................................................ 24 ARTICLE III PURCHASE PRICE 3.1 Purchase Price ............................................................................................................... 25 3.2 Deposit ......................................................................................................................... -
Case M.7519 — Repsol/Talisman Energy) Candidate Case for Simplified Procedure (Text with EEA Relevance) (2015/C 93/10)
20.3.2015 EN Official Journal of the European Union C 93/21 Prior notification of a concentration (Case M.7519 — Repsol/Talisman Energy) Candidate case for simplified procedure (Text with EEA relevance) (2015/C 93/10) 1. On 10 March 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which Repsol, S.A. (‘Repsol’, Spain) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over Talisman Energy Inc. (‘Talisman’, Canada), by way of purchase of shares. 2. The business activities of the undertakings concerned are: — Repsol is present in all activities relating to the oil and gas industry including exploration, development and production of crude oil and natural gas; refining and marketing activities of oil products, petrochemical products, liquefied petroleum gas (LPG) as well as marketing activities relating to natural gas and liquefied natural gas (LNG), — Talisman is active in the exploration, development, production, transportation, and marketing of crude oil, natural gas and natural gas liquids. Talisman’s activities are concentrated in North America, the North Sea, and Southeast Asia. It also has assets in Latin America, Africa, the Middle East, Australia/East Timor, and Papua New Guinea. 3. On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice. -
Ensign Energy Services Inc. 2010 Annual Report
2010 Annual Report ENSIGN DELIVERS THIS IS ENSIGN Ensign Energy Services Inc. is an industry leader in the delivery of oilfield services in Canada, the United States and internationally. We are one of the world’s leading land-based drillers and well servicing providers for crude oil, natural gas and geothermal wells and are highly skilled in directional drilling. Since Ensign’s inception in 1987, we have accumulated an extensive equipment fleet characterized by flexibility and mobility for meeting the challenging demands of the crude oil and natural gas industry. We have also contributed to advancements in drilling and well servicing through the innovative use of technology, and have an established reputation for the highest safety standards and environmental stewardship. With headquarters in Calgary, Alberta, Ensign’s shares are listed on the Toronto Stock Exchange under the trading symbol ESI. On the Cover Ensign’s customers gain many advantages through our proprietary Automated Drill Rigs (ADR™) technology, including speed, flexibility, scalability, versatility and safety. Demand for the ADR™ is allowing us to expand our presence in North America’s fastest growing and most significant oil and shale gas resource plays, as well as int ernationally. 1 Ensign Delivers 28 Management’s Discussion and Analysis 68 Additional Information 2 Financial Strength 50 Operating Divisions Summary 69 Share Trading Summary 4 Anywhere in the World 52 Corporate Governance 70 10 Year Financial Information 6 Leading Technology and Expertise 53 Management’s Report 72 Operating Management 8 Operating Highlights 54 Auditors’ Report 75 Corporate and Field Offices 10 Letter to Shareholders 55 Consolidated Financial Statements 78 Directors 16 Operations Review 59 Notes to the Consolidated IBC Corporate Information 23 Building a Sustainable Company Financial Statements ENSIGN ENERGY SERVICES INC.