Official (Alberta) Oil Discussion Thread

[Fuzz]

I can almost feel my property taxes ramping up with that news...

[OMG!WTF!]

The head office is staying here for now. But I would imagine they will move at some point.

[Ducay]

Ya, to be clear, this is a move of the "legal parent" so it is no longer a Canadian company, but a US one (that happens to have it main office in Calgary and is listed on TSX).

Effectively impacts its regulatory requirements, and as the press release says, opens them up to additional investors. Most investment funds/pensions have strict rules on the amount of exposure to FPI (foreign private issuer) and/or foreign energy investments they can hold. By becoming a US energy company, they likely can be bought and held in greater volumes by large institutional investors in the US, even though the day to day at the company is unchanged.

So to all the engineers, etc, here, I wouldn't worry. As time passes, if their US ops keep growing, definitely possible the actual HQ activities could move down south.

[Northendzone]

^ given the current climate of the industry here in Canada versus the US it seems to be easy to see where this train is headed.

We seem to be the only oil producing country that seems determine to kill the industry to pander to a small vocal group.

The US money backing Tides/LEadnow must be happy today

[stampsx2]

Originally Posted by Fuzz

I can almost feel my property taxes ramping up with that news...

Downtown Calgary used to contribute 25% of all property taxes collected in the city. If it’s not them contributing then it’ll either be small business or residential property taxes that will have to fill the void.

[DiracSpike]

Originally Posted by Iggy City

That war room ain't working so well.

Too bad we don’t have Notley still to shrug her shoulders at pipelines being cancelled, initiate a royalty review for no reason, and raise corporate tax on the only companies foolhardy enough to stick around and try to make a go of it in the most dysfunctional oil basin on the face of the planet. A major company basically as old as the railroad that just ten years ago was the highest valued company on the TSX ahead of the banks and was building a massive skyscraper to fill just bailed on this basket case country. But at least we’ll still have you here to make sarcastic comments and vote for stupid parties. Get a ####ing clue you goof.

[Makarov]

Originally Posted by Northendzone

i suppose it is unsurprisng news that encana is moving. Who is next TC Energy? Enbridge?

We will soon all be working at Starbucks or cutting hair.

The business climate in this country is brutal

From the Calgary Herald article:

Separately, the company said net income for the third quarter rose to US$149 million, or 11 US cents per share, from US$39 million, or 4 US cents, a year earlier. Operating profit rose to US$195 million from US$163 million.

[OMG!WTF!]

Originally Posted by Makarov

From the Calgary Herald article:

Hmm. Must be why they're down 9% on earnings today. The great business environment.

[you&me]

Originally Posted by Makarov

From the Calgary Herald article:

I know you're pointing out that because they seem "big", but those numbers are f-ing brutal for a company the size of Encana.

[stone hands]

I get it now, the tax breaks were to help with moving costs

[White Out 403]

Originally Posted by DiracSpike

Too bad we don’t have Notley still to shrug her shoulders at pipelines being cancelled, initiate a royalty review for no reason, and raise corporate tax on the only companies foolhardy enough to stick around and try to make a go of it in the most dysfunctional oil basin on the face of the planet. A major company basically as old as the railroad that just ten years ago was the highest valued company on the TSX ahead of the banks and was building a massive skyscraper to fill just bailed on this basket case country. But at least we’ll still have you here to make sarcastic comments and vote for stupid parties. Get a ####ing clue you goof.

I wonder if you logged in to this page under a private tab and read this back to yourself if you could identify the irony here. Oh well.

[Leeman4Gilmour]

https://business.financialpost.com/c...kota-oil-spill

Not helpful

[username]

A combination of both the liberal and NDP polices over the last four years have destroyed investment in Alberta. The election results last week was the nail in the coffin.

It's bad now, how bad will it get when there's an actual recession and global energy prices collapse???

[burn_this_city]

There's something wrong with the anchor design on that line. At least that was cited as a reason when it leaked in 2017.

[White Out 403]

Originally Posted by username

A combination of both the liberal and NDP polices over the last four years have destroyed investment in Alberta. The election results last week was the nail in the coffin.

It's bad now, how bad will it get when there's an actual recession and global energy prices collapse???

So, that's what happened to Alberta? The NDP? Things were fine before that, right? And things are going to improve now that the NDP are gone?

You can't possibly be that naive right? This really sounds like commentary you'd find on the rebel media.

[Hot_Flatus]

Originally Posted by DiracSpike

Too bad we don’t have Notley still to shrug her shoulders at pipelines being cancelled, initiate a royalty review for no reason, and raise corporate tax on the only companies foolhardy enough to stick around and try to make a go of it in the most dysfunctional oil basin on the face of the planet. A major company basically as old as the railroad that just ten years ago was the highest valued company on the TSX ahead of the banks and was building a massive skyscraper to fill just bailed on this basket case country. But at least we’ll still have you here to make sarcastic comments and vote for stupid parties. Get a ####ing clue you goof.

What clue are you insinuating he get's exactly? If these foolhardy tax breaks and archaic war room tactics aren't working it must be because of the NDP? If anything it shows that Kenny is nothing but a stooge that is in way over his head as Alberta crumbles further into oblivion on the back of a rudderless ship using tactics that aren't moving the needle at all.

[username]

Originally Posted by White Out 403

So, that's what happened to Alberta? The NDP? Things were fine before that, right? And things are going to improve now that the NDP are gone?

You can't possibly be that naive right? This really sounds like commentary you'd find on the rebel media.

LOL ok, you're right, the NDP policies of increased taxes, royalty reviews, lacking support of pipelines were welcomed in 2014 when oil prices crashed.

Get a clue.

[Looch City]

Originally Posted by DiracSpike

Too bad we don’t have Notley still to shrug her shoulders at pipelines being cancelled, initiate a royalty review for no reason, and raise corporate tax on the only companies foolhardy enough to stick around and try to make a go of it in the most dysfunctional oil basin on the face of the planet. A major company basically as old as the railroad that just ten years ago was the highest valued company on the TSX ahead of the banks and was building a massive skyscraper to fill just bailed on this basket case country. But at least we’ll still have you here to make sarcastic comments and vote for stupid parties. Get a ####ing clue you goof.

Sorry, let me rephrase my post:

Thanks again Notley.

[White Out 403]

I love how conservatives try and pretend like a REVIEW was frightening investors and driving away business. It's such bad faith logic, I almost wonder if they even believe themselves.

[Hot_Flatus]

Originally Posted by you&me

I know you're pointing out that because they seem "big", but those numbers are f-ing brutal for a company the size of Encana.

Being on track for nearly $1B Canadian in net income for a year is far from "effing brutal". There are not many companies in the country outside of the big banks turning above those numbers and those companies are in a league of their own.

We should all raise a glass and be glad fat boy subsidized yet another highly profitable company that is leaving or will ultimately lay off hundreds shortly.