Following the acquisition of Seven Generations by ARC Resources, the combined company will become the biggest operator in western Canada’s premier Montney shale play.
Earlier this month, Kimmeridge had urged Ovintiv to focus on capital allocation, management compensation issues and establishing environmental strategy.
Investors say the pipeline is more valuable now.
Analysts wonder if the timing portends trouble for infrastructure projects by the oil and gas industry with the new administration.
President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office, and perhaps as soon as his first day, according to a source familiar with his thinking.
Revisions make it easier for projects to move forward but could be reversed by the incoming Biden administration.
Here’s a snapshot of recent energy deals including the closing of the sale of bankrupt Permian Basin producer Lilis Energy to Ameredev plus a $430 million all-stock combination of Canadian producers.
New agreement would reserve 90% of the system’s capacity for long-term contracts.
Under the deal announced on Dec. 8, shareholders of TORC Oil & Gas will receive 0.57 Whitecap Resources shares in exchange for each TORC share, representing a discount of about 4.3% to the last closing price of TORC shares.