CPPIB expands bet on Colorado fracking by joining new venture [Toronto Globe and Mail (Ontario, Canada)]
Bonanza Creek Energy, Inc. (BCEI)
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Source: Toronto Globe and Mail
CPPIB expands bet on Colorado fracking by joining new venture With energy prices hitting prepandemic highs, the Canada Pension Plan Investment Board is recommitting to its Colorado oil and gas operations by joining up with a new multibillion-dollar venture that promises to get even bigger. 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 hydrau
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