CPPIB expands bet on Colorado fracking by joining new venture [Globe and Mail, The (Toronto, Canada)]
Bonanza Creek Energy, Inc. (BCEI)
Last bonanza creek energy, inc. earnings: 2/27 04:05 pm
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Source: Globe and Mail, The
The CPPIB will sell its Crestone Peak Resources venture to a new company, Civitas Resources Inc., which will be the product of two publicly traded Denver companies – Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. – with extensive Colorado drilling and fracking operations. The CPPIB will receive shares currently worth roughly US$1-billion and own about 26 per cent of the new company. The CPPIB has committed around US$1-billion to Crestone since 2015, making it just a tiny part of the Canadian pension plan's $497.2-billion in assets. But it may be the holding in the CPPIB's portfolio that brings the debate over energy investing and climate change into sharp relief: Crestone, engaged in hydraulic fracking in communities on the edge of the Denver metro area, has run into significant citizen opposition and environmental criticism. Cynthia Williams, a professor at York University's Osgoode Hall Law School, has argued the CPPIB should make investments consistent with the Canadi
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