Tourmaline Oil to expand in Montney region with $1.1-billion deal for Black Swan [Globe and Mail, The (Toronto, Canada)]
ConocoPhillips (COP)
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Source: Globe and Mail, The
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. The company, which also raised its dividend by 1 Canadian cent per share, expects the Black Swan assets to generate free cash flow of $150-million to 200 million in 2022 and beyond. The Canadian energy sector has seen a flurry of deals with companies expecting to benefit from the rebound in oil prices as global fuel demand picks up. ARC Resources Ltd increase in April bought Seven Generations Energy Ltd for $2.7-billion to cre
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COP
Earnings
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Sec Filings
- 4/17/24 - Form PX14A6G
- 4/17/24 - Form 4
- 4/2/24 - Form 4
- COP's page on the SEC website