10-31-2019, 07:31 PM
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#4341
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Franchise Player
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Quote:
Originally Posted by IliketoPuck
The y/y increase is nice, but as mentioned, it is just a snap shot in time. Context is important.
Plus, that article is an opinion piece by the CEO of invest in Canada, a government funded initiative to recruit investment. By default it has to be a rainbows and sunshine piece that makes everyone feel good. So the goalposts get moved. No big deal, but again, context.
Ultimately, today, one of Canada's largest, and most historic, energy companies decided it was easier to re-domicile to the U.S. in order to gain access to capital markets there, because they can't access them here.
How much clearer a signal is needed? I mean, really. This is exactly what we've been talking about for years with respect to the impact of government policies on capital investment. Here it is. Right now. Today.
Encana:
Created from the merger of PanCanadian Energy Company and Alberta Energy Company in April 2002. Now to be re-domiciled in the U.S. (because they can actually get capital there), under a new name (that doesn't have any Canadian connotations, deliberately).
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One opinion I heard is they are looking for easy investment from passive funds because at $5 a share they’re not exactly taking the world by storm
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10-31-2019, 10:23 PM
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#4342
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First Line Centre
Join Date: Feb 2013
Location: BELTLINE
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Quote:
Originally Posted by Slava
Haha, that would be the icing on the cake. Warren somehow becomes president and actually bans fracking. I have a hard time seeing that path coming, but it would sure be a shot in the arm for Calgary and Canadian energy.
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She’d never ban fracking, and even if she could get something that clearly weakens the country economically and strategically like that through Congress Texas and others would just ignore. Texas has a coastline so they can tell the rest of the country to go #### themselves which is something Alberta unfortunately cannot do, lucky pricks. More likely she’d come to power, protect an area that was never going to get drilled anyway, and instakill KXL and line 3 to up her envrio credentials while making sure not to do any overt harm to American companies (ie the Obama special). To this point only Canadians are stupid enough to kill off our resource sector to make ourselves poorer and dependent on foreign countries for a valuable commodity. Despite how much I’d like to see it happen the American division of powers between executive and legislative makes it highly unlikely they’d join us as the second even if they elect a radical ideologue like Warren.
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10-31-2019, 10:32 PM
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#4343
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Franchise Player
Join Date: Jun 2004
Location: SW Ontario
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Quote:
Originally Posted by DiracSpike
She’d never ban fracking, and even if she could get something that clearly weakens the country economically and strategically like that through Congress Texas and others would just ignore. Texas has a coastline so they can tell the rest of the country to go #### themselves which is something Alberta unfortunately cannot do, lucky pricks. More likely she’d come to power, protect an area that was never going to get drilled anyway, and instakill KXL and line 3 to up her envrio credentials while making sure not to do any overt harm to American companies (ie the Obama special). To this point only Canadians are stupid enough to kill off our resource sector to make ourselves poorer and dependent on foreign countries for a valuable commodity. Despite how much I’d like to see it happen the American division of powers between executive and legislative makes it highly unlikely they’d join us as the second even if they elect a radical ideologue like Warren.
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She is saying she will do it as an executive order - https://twitter.com/ewarren/status/1170070887887986690
Now can she do that - I don't know.
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10-31-2019, 10:33 PM
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#4344
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Franchise Player
Join Date: Jun 2004
Location: SW Ontario
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11-01-2019, 08:04 AM
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#4345
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tromboner
Join Date: Mar 2006
Location: where the lattes are
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Quote:
Originally Posted by Roughneck
Whatever the take, can't we all find some common ground that Ovintiv is just an awful, awful name?
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EnUS
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11-01-2019, 08:11 AM
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#4346
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Franchise Player
Join Date: Mar 2007
Location: Calgary
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Pengrowth ceased to exist today. Shareholders get $0.05/share after the company defaulted and was bought by creditors.
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11-01-2019, 09:16 AM
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#4347
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Franchise Player
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Quote:
Originally Posted by burn_this_city
Pengrowth ceased to exist today. Shareholders get $0.05/share after the company defaulted and was bought by creditors.
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Was announced this morning that Cona Resources is picking them up.
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11-01-2019, 10:11 AM
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#4348
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Norm!
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How many people are left working at Pengrowth?
__________________
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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11-01-2019, 10:57 AM
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#4349
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Franchise Player
Join Date: Sep 2009
Location: Calgary
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Out of all the corporate offices I've been in, Pengrowth was certainly one of the most extravagant.
Sad to see another company bite the dust, but for them, capital structure was always the devil they couldn't overcome.
__________________
Pylon on the Edmonton Oilers:
"I am actually more excited for the Oilers game tomorrow than the Flames game. I am praying for multiple jersey tosses. The Oilers are my new favourite team for all the wrong reasons. I hate them so much I love them."
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11-01-2019, 05:05 PM
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#4350
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Scoring Winger
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Quote:
Originally Posted by burn_this_city
Pengrowth ceased to exist today. Shareholders get $0.05/share after the company defaulted and was bought by creditors.
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Of note. CEO and president Pete sametz is the same guy that drove connacher into the ground. 2 multi million dollar companies in a decade, not bad.
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11-02-2019, 06:13 PM
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#4351
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Scoring Winger
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Quote:
Originally Posted by gasman
Of note. CEO and president Pete sametz is the same guy that drove connacher into the ground. 2 multi million dollar companies in a decade, not bad.
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Riiiight. I forgot it was Pete who built both these operations.
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11-02-2019, 06:30 PM
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#4352
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Franchise Player
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Quote:
Originally Posted by CaptainCrunch
How many people are left working at Pengrowth?
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I think Calgary is 40ish
Plus the staff at Lindbergh as it’s still operating.
They are a cash flow positive asset so it’s really just needs a financier taking on the debt. Lindbergh will produce oil for someone. It’s resivoir is quite interesting and can produce some surprisingly low SORs (Steam Oil Ratio).
So overall you might see some job consolidation with the acquisition but it’s not as bad as a full shuttering of the asset.
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11-02-2019, 06:32 PM
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#4353
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Franchise Player
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Quote:
Originally Posted by gasman
Of note. CEO and president Pete sametz is the same guy that drove connacher into the ground. 2 multi million dollar companies in a decade, not bad.
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Same aggressive growth and worry about the debt later philosophy for both Connecher and Pengrowth. That philosophy worked out well for MEG Energy, not so much for the rest of them.
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11-02-2019, 08:05 PM
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#4354
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Powerplay Quarterback
Join Date: Jan 2006
Location: saddledome
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It was Derek Evans at PGF that was the man behind the debt. He's now at MEG. Pete was the debt guy at Connacher and inherited the PGF debt when he came in.
__________________
Your CalgaryPuck FFL Div A 2008, 2009 & 2010 Champion.
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11-03-2019, 09:32 AM
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#4355
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Scoring Winger
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Dick was the debt guy Connacher.
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11-03-2019, 08:39 PM
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#4356
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Powerplay Quarterback
Join Date: Jan 2006
Location: saddledome
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Yup, slipped my mind. Pete was COO, not the E.
__________________
Your CalgaryPuck FFL Div A 2008, 2009 & 2010 Champion.
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11-05-2019, 08:59 AM
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#4358
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Franchise Player
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That was a pretty significant sized operation in Red Deer. The service companies are getting creamed, we hear little about it however. The drilling forecast for 2020 is even lower than 2019 and 2019 was a really bad year.
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11-05-2019, 09:20 AM
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#4359
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Norm!
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Quote:
Originally Posted by Lubicon
That was a pretty significant sized operation in Red Deer. The service companies are getting creamed, we hear little about it however. The drilling forecast for 2020 is even lower than 2019 and 2019 was a really bad year.
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Isn't there a forecasted drop of like 20% this year?
__________________
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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11-05-2019, 10:01 AM
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#4360
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Franchise Player
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Quote:
Originally Posted by CaptainCrunch
Isn't there a forecasted drop of like 20% this year?
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Forecast has been revised downward by another 5% from the last forecast, I'm not sure how the numbers will compare to actuals in 2019.
https://www.cbc.ca/news/canada/calga...psac-1.5342985
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