Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, CEO Steve Williams said April 27.
The deal, announced in March, effectively doubled the size of Cenovus Energy, but wiped out about a fifth of its market value, with some investors complaining that the price was too high.
The Calgary, Alberta-based company has lost nearly one-fifth of its value since the deal with ConocoPhillips was announced in late March, Reuters reported.
Kinder Morgan said April 24 its Canadian unit filed a prospectus for an IPO of restricted voting shares, to help finance its C$7.4 billion (US$5.48 billion) Trans Mountain expansion project.
A Canadian court upheld a decision to grant lenders priority over environmental clean-up costs in oil-and-gas bankruptcies, raising chances more disused wells from defunct companies could become a government responsibility.
Cenovus Energy said it may sell parts of the Deep Basin natural gas assets it recently bought from Houston-based ConocoPhillips, Royal Bank of Canada analysts wrote in a research note.
SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.
The amended time line was a result of discussions between the government and stakeholders and will be incorporated into the proposed regulations expected to be announced at the end of April, CBC News reported.
BP is considering the sale of its stakes in three Canadian oil sands projects, people familiar with the matter told Reuters this week, as part of its strategy of retreating from noncore businesses.
The acquisition includes ConocoPhillips' 50% interest in the FCCL Partnership, the companies' jointly owned oil sands venture operated by Cenovus, and most of ConocoPhillips' Deep Basin assets in Alberta and British Columbia.