While the value of the Koch-Cavaliar deal was not disclosed, prices of undeveloped land in the oilsands have fallen dramatically from their peak 10 years ago when foreign companies and domestic producers were buying up blocks in the play at inflated prices, said Eight Capital analyst Phil Skolnick.
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices. An unknown error has occurred. Koch, one of the world’s largest private companies owned by American billionaires and Republican donors Charles and David Koch, has also abandoned the licences it did not sell in the transaction with Paramount and has been allowing its leases in the play to expire.
The friendly deal would see CNRL transfer 81 per cent of its royalty volume to PrairieSky, consisting of the equivalent of 6,700 barrels per day of oil and natural gas production, and about 21,850 square kilometres of royalty land -- nearly four times the size of Prince Edward Island. ", The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances. Keyword searches may also use the operators Lawrence Land Holdings, LLC has 2 total employees across all of its locations and generates $108,153 in sales (USD). However, the company confirmed it had sold down its upstream oilsands holdings and surrendered expired leases in the play. Some of Koch’s vast land holdings have been in more remote, deeper and more technically challenging parts of the oilsands region called the carbonates, but it’s unclear which leases were sold and which expired. “The majority of Koch Oil Sands licences have been transferred to Paramount Resources Ltd. All of the remaining licences for well sites have been abandoned, which means that they have been permanently sealed and taken out of service,” Alberta Energy Regulator spokesperson Shawn Roth said in an email. Sign up for our weekly email newsletter delving into climate science and life on a changing planet. Koch’s departure from the oilsands continues a trend of exits by foreign companies from the play, following multi-billion-dollar divestments by Shell Canada Ltd., ConocoPhillips Co., Devon Energy Corp., Marathon Oil Corp., Statoil SA, Total SA and others since 2017 to sell off producing and non-producing assets in the heavy oil formation, as a lack of new export pipelines made developing the area more difficult and lucrative plays like the Permian basin in Texas wooed investors away from Canada. The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances. Download the CTV News app now. Tracking every case of COVID-19 in Canada, Ontario player wins Saturday's $14.2 million Lotto 649 jackpot, Markets concerns about contested U.S. election fading with Biden lead in polls, Pattie Lovett-Reid: A few things to consider if you're thinking of retiring amid pandemic, Early figures for new aid and EI provide glimpse of how post-CERB supports to be used, Pandemic exposes need for basic income program, expert says, Liberals make plea for seniors to file taxes as thousands at risk of losing benefits. CALGARY -- Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices.
The deal significantly adds to PrairieSky's land holdings in the Viking light oil play in Saskatchewan and the Deep Basin natural gas prospects in Alberta and British Columbia, bringing the company's total land holdings to about 59,500 sq. Desjardins Capital Markets analyst Justin Bouchard said in a note that while the sale will help CNRL insulate its balance sheet, it is "by no means a game-changer.". The government of Alberta lists one section of land as 640 acres, meaning Cavalier could hold close to 1.3 million acres of land in the oilsands — six times larger than the footprint of Calgary. Canadian Natural Resources Ltd., at the company's annual meeting in Calgary, Thursday, May 3, 2012. “There’s some land in, what I would call our fourth growth project in the Duncan area, these are lands that we’re dropping. (THE CANADIAN PRESS/Jeff McIntosh).
Under the deal, PrairieSky would pay $680 million in cash and about 44.4 million of its common shares, priced at $25.20 each, for the royalty portfolio. CNRL’s recent deal to buy Total’s unused Joslyn oilsands lease to expand its own Horizon oilsands mine was an example of how land adjacent to existing projects is valuable, he said.
1 being least likely, and 10 being most likely.
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2012 THIRD QUARTER RESULTS . …, Publication date: He’s now president and CEO of Paramount and executive chairman of Cavalier. PrairieSky buying most of CNRL royalty assets--CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices. Canada's Most Trusted News. The Post could not confirm whether the Koch leases Paramount acquired were in close proximity to other oilsands projects. Production was up to 16,026 oil-equivalent barrels per day -- primarily from natural gas -- compared with 15,448 a year earlier. China retaliates against news media in latest feud with U.S. Muslims call for French goods boycott to protest caricatures, U.S. stocks tumble toward worst day in a month amid virus woes, Cenovus shares plummet on news of its $3.8-billion deal to buy oilsands rival, LIVE as they happen: COVID-19 updates from across Canada, Imam scares off break-in suspect at Montreal-area mosque, Pence campaigning despite COVID outbreak in his inner circle, Anand says Conservative COVID-19 motion could endanger Canada's ability to procure vaccines, PPE, COVID-19 immunity may be related to the severity of one's symptoms, study finds, 'Ticking time bomb': Abandoned seafarers stranded without water, food, or money, PM says budget update won't have fiscal anchor, suggests one coming after crisis over, Ontario hits highest seven-day average of COVID-19 cases since pandemic began, Armenia, Azerbaijan accuse each other of truce violations, Looking back at 10 stunning moments from Trump's presidency, Here's why a U.S. president can only serve for two terms.
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