Canada's Tourmaline to expand in Montney with C$1.1 billion deal for Black Swan [Reuters]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: Reuters
the oil and gas producer looks to expand in the Montney region, one of North America's top shale plays. Canada's Montney has seen a wave of consolidation as small companies, struggling to weather the impact of coronavirus, sell their holdings in what just a few years ago was a booming patch. The region, which straddles Alberta and British Columbia, is expected to produce 1.4 million barrels of oil equivalent per day (boepd) this year, according to consultancy Wood Mackenzie, making it the fourth-largest shale play in North America. Tourmaline said the deal represents a key part of its ongoing North Montney consolidation strategy and the company sees the area as a key sub-basin for supplying Canadian liquefied natural gas. The deal value consists of 26 million Tourmaline shares and a net debt of up to $350 million, including deal costs. Tourmaline will acquire an expected average production capacity of over 50,000 boepd when the deal closes, likely in the second half of July.
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