Athabasca Oil Corp. has closed a previously announced transaction with Cenovus Energy Inc. to create Duvernay Energy Corp., a pure-play Kaybob Duvernay E&P.
Duvernay Energy is a privately held subsidiary of Athabasca. Athabasca and Cenovus contributed assets to the new company—combining Athabasca's Duvernay assets and Cenovus' Kaybob Duvernay assets. Athabasca owns a 70% equity interest in Duvernay Energy, with Cenovus owning the remaining equity interest.
Duvernay Energy averages about 2,000 boe/d (75% liquids). The company’s 2024 production guidance is an average 3,000 boe/d (75% liquids). Development plans are underway to ratchet up production in 2025 to an estimated 6,000 boe/d.
The new company’s 2024 capital program aims to drill 7.1 net wells for about $82 million.
The company has exposure to approximately 46,000 acres of 100% working interest-operated lands that are largely contiguous with existing assets in the area.
The transaction closed on Feb. 6 with an effective date of Jan. 1, 2024.
Recommended Reading
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.