Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.
E&Ps are turning north toward Canadian shale plays as Lower 48 M&A opportunities shrink, and Chevron aims to monetize its footprint in Alberta’s Duvernay play.
As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms looking to capitalize on the region.
The dust has settled on acquisitions, and the leading players have publicized five-year plans that demonstrate a commitment to increasing production from Canada’s premier shale plays.
Several Canadian E&Ps are adding scale and undrilled inventory in prolific resource plays in Alberta, while in the Permian Basin, Ring Energy finalized an acquisition in the Central Basin Platform.
Crescent Point is extending its premium drilling inventory in the Alberta, Canada, Montney Shale with a roughly US$1.86 billion (CA$2.55 billion) acquisition of Hammerhead Energy.
The largely untapped potential of Canadian shale is a draw for investors.
Ovintiv President and CEO Brendan McCracken has beefed up the E&P’s portfolio with a major acquisition in the Permian and added exposure to the lucrative Canadian LNG market.
Ovintiv President and CEO Brendan McCracken has beefed up the E&P’s portfolio with a major acquisition in the Permian and added exposure to the lucrative Canadian LNG market.
The cost of supply for North American shale producers is expected to continue rising, according to a recent analysis by Enverus Intelligence Research.