Canadian Natural Resources Limited Announces the Acquisition of Substantially All of the Assets of Devon Canada Corporation
CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces it has entered into an agreement, subject to regulatory approval, to acquire substantially all of the assets of Devon Canada Corporation (“Devon”), for a cash purchase price of C$3.775 billion (subject to closing adjustments), with an effective date of January 1, 2019 and a targeted closing date of June 27, 2019.
Devon’s high quality land and production are located in Western Canada and are within Canadian Natural’s core areas. The asset base consists of 100% operated long life low decline thermal in situ production as well as 95% operated conventional primary heavy crude oil production, both adjacent to existing Canadian Natural assets.
The current production and reserves, before royalties, from the working interests to be acquired by Canadian Natural are as follows:
|Crude Oil Before Royalties||Production Capability||Total Proved Reserves
(MMbbl of crude oil)(1)
|Total Proved plus Probable Reserves (MMbbl of crude oil)(1)|
|Thermal in situ||108,200 bbl/d||701||801|
|(1) Canadian Natural internal estimates.|
Additionally, the assets acquired include 1.5 million acres of land, of which 1.0 million acres are undeveloped, providing significant upside value and opportunities.
Commenting on the acquisition, Canadian Natural’s President Tim McKay stated “These high quality assets complement our existing asset base and provide further balance to our production profile, while not increasing the need for incremental market access out of western Canada, as it is already existing production. The assets provide us the opportunity to add value through synergies, including facility consolidation and operating and marketing efficiency opportunities, with targeted benefits of C$135 million on an annualized basis. Through economies of scale, as well as complementary research and development efforts, we target to leverage technology advancements across the combined portfolio to drive continuous improvement, cost reductions and production optimization.”
Canadian Natural’s Executive Vice-Chairman Steve Laut continued “This acquisition is a great fit for Canadian Natural resulting in a win for both parties and provides further balance to our diverse portfolio. Canadian Natural will now have thermal in situ productive capacity of approximately 320,000 bbl/d, with targeted 2019 exit production of approximately 250,000 bbl/d. This productive capacity provides Canadian Natural with significant opportunities to grow production volumes at very attractive economics, through leveraging the significant existing infrastructure at each of Jackfish, Kirby South, Kirby North and Primrose.
At exit 2019, our targeted production balance will improve to 250,000 bbl/d of thermal in situ production, 450,000 bbl/d of oil sands mining and upgrading production, 150,000 bbl/d of conventional light crude oil and NGLs production, 120,000 bbl/d of heavy crude oil production and 220,000 BOE/d of natural gas production. The ongoing opportunity to leverage technology, innovation and drive synergies is further enhanced through the economies of scale gained. We welcome to Canadian Natural approximately 735 new employees from Devon, comprised of both field and head office personnel, and look forward to capturing their ideas and energy, and creating successes as we have done in the past with Devon employees who have joined us.”
As part of the transaction, the Company has negotiated a new C$3.25 billion committed term facility, which is available upon closing and is estimated to fully fund the net purchase price, after operations closing adjustments from the effective date. The committed acquisition facility was provided by TD Securities as sole underwriter and bookrunner and TD Securities acted as Financial Advisor to the Company on the transaction.
Based on current strip pricing, the Company will continue to generate significant free cash flow (defined as adjusted funds flow less budgeted capital and dividends) in 2019 and beyond and purchase shares under its normal course issuer bid throughout 2019 in accordance with its defined free cash flow allocation policy. Balance sheet metrics, based upon current strip pricing, are targeted to exit 2019 with debt to book capitalization of approximately 37% and debt to adjusted EBITDA at approximately 1.6x.
The transaction is subject to normal closing conditions and regulatory approvals.
Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
A conference call will be held at 6:30 a.m. Mountain Time, 8:30 a.m. Eastern Time on Wednesday, May 29, 2019.
The North American conference call number is 1-866-521-4909 and the outside North American conference call number is 001-647-427-2311. Please call in 10 minutes prior to the call starting time.
An archive of the broadcast will be available until 6:00 p.m. Mountain Time, Wednesday, June 12, 2019. To access the rebroadcast in North America, dial 1-800-585-8367. Those outside of North America, dial 001-416-621-4642. The conference archive ID number is 1378594.
The conference call will also be webcast live with user defined slides and can be accessed on the home page of our website at www.cnrl.com. Presentation slides will be available on Canadian Natural’s website in PDF format shortly before the live conference call webcast.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Refer to our website for complete forward-looking statements www.cnrl.com
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
Camunda Announces Extensive Speaker Lineup for CamundaCon 201924.6.2019 09:00:00 CEST | Pressemelding
Early Bird Tickets for the annual Camunda Community event available until June 30 BERLIN, June 24, 2019 (GLOBE NEWSWIRE) -- Camunda, an open source software company reinventing workflow automation, today announced the speaker lineup for its annual user conference – CamundaCon – featuring presenters from LinkedIn, Roche and AXA, among others. Demand for the tech-focused event is significantly outpacing last year and discounted Early Bird tickets are available only until June 30. CamundaCon, an event created for software developers, enterprise architects and IT executives who want to learn about workflow and decision automation, takes place September 12-13 in the heart of Berlin. It brings together workflow automation and BPMN experts, the global Camunda community and the Camunda engineering team to share best practices, discuss the product roadmap and get inspiration from fellow Camunda users. New this year to the annual conference is a developer-focussed track, with dedicated tutorials
ERYTECH Announces Opening of Operations at its New Princeton, NJ GMP Manufacturing Facility24.6.2019 07:30:00 CEST | Pressemelding
Inauguration event held last week to officially open 30,000 sq. ft GMP manufacturing facility constructed in Princeton, NJ to produce lead product candidate eryaspase in the United States PRINCETON, N.J. and CAMBRIDGE, Mass. and LYON, France, June 24, 2019 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext: ERYP - Nasdaq: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating drug substances inside red blood cells, announced today the opening of its new Princeton, NJ GMP manufacturing facility. The facility will support production capacity needs for eryaspase, the Company’s lead product candidate for patients in the United States. Eryaspase is in Phase 3 clinical development for the treatment of second-line pancreatic cancer. The Phase 3 clinical trial, which is referred to as the Trybeca-1 trial is expected to enroll approximately 500 patients with second-line metastatic pancreatic cancer at approximately 120 clinical sites in Europe and the Unite
Minerva Neurosciences to Host Live Conference Call and Webcast With Key Opinion Leaders to Discuss Successful Insomnia Trial With Seltorexant23.6.2019 23:30:00 CEST | Pressemelding
Call scheduled for 8:30 a.m. Eastern Time on June 24 to review results of successful Phase 2b trial showing achievement of primary and secondary endpoints with potential first-in-class specific orexin-2 receptor antagonist for the treatment of insomnia Key Opinion Leaders, Dr. Thomas Roth and Dr. David Kupfer, to be joined by Dr. Remy Luthringer, Executive Chairman and CEO of Minerva WALTHAM, Mass., June 23, 2019 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, will host a live conference call and webcast tomorrow, June 24, 2019 to discuss the results of its successful Phase 2b clinical trial of seltorexant (MIN-202) in patients with insomnia disorder (see dial-in information below). The Company plans to issue a press release detailing top-line results prior to the call. Conference Call Information: Minerva Neurosciences will hold a conferen
GE Board of Directors Authorizes Regular Quarterly Dividend21.6.2019 19:35:00 CEST | Pressemelding
BOSTON, June 21, 2019 (GLOBE NEWSWIRE) -- The Board of Directors of GE (NYSE: GE) today declared a $0.01 per share dividend on the outstanding common stock of the Company. The dividend is payable July 25, 2019 to shareowners of record at the close of business on July 1, 2019. The ex-dividend date is June 28, 2019. About GE GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com GE's Investor Relations website at www.ge.com/investor and our corporate blog at www.ge.com/reports and @GE_Reports on Twitter, as well as GE's Fac
Wildflower Featured in NetworkNewsWire Publication Summarizing Amazing Profits Found in Cannabis21.6.2019 14:30:00 CEST | Pressemelding
NEW YORK, June 21, 2019 (GLOBE NEWSWIRE) -- via NetworkWire — Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) today announces its placement in an editorial published by NetworkNewsWire ("NNW"), a multifaceted financial news and publishing company for private and public entities. To view the full publication, titled “Searching for the Next Super Nova,” visit: http://nnw.fm/P7LFo. Quarter-over-quarter sales growth is one of the indicators used to target explosive upside potential. Similar growth patterns were exhibited by many of the cannabis behemoths prior to parabolic price increases. In what may be an equally telling indicator, Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) revenues have now increased 11 consecutive quarters, quarter on quarter, ever since the company started selling its hemp-based CBD products. Founded in 2012 as a private company, Wildflower Brands went public in 2014 and has been on a tear ever since. Wildflower is an integrated health-and-wellness company crea
Fortuna Reports Results of Annual General Meeting21.6.2019 11:00:00 CEST | Pressemelding
VANCOUVER, British Columbia, June 21, 2019 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) hereby announces the voting results at the Company’s annual general meeting held on June 20, 2019. A total of 106,646,841 common shares were represented at the meeting, being 66.58% of the Company’s issued and outstanding shares as at the record date. Shareholders voted in favour of all matters brought before the meeting including the appointment of auditors, and the election of management’s nominees as directors. Detailed results of the votes on the election of directors are as follows: Director Votes For Votes Withheld Jorge Ganoza Durant Simon Ridgway Mario Szotlender David Farrell David Laing Alfredo Sillau Kylie Dickson 68,615,628 (98.9%) 39,765,591 (57.3%) 67,659,125 (97.5%) 66,958,952 (96.5%) 68,280,736 (98.4%) 68,434,565 (98.7%) 68,393,226 (98.6%) 755,610 (1.1%) 29,605,647 (42.7%) 1,712,113 (2.5%) 2,412,286 (3.5%) 1,090,502 (1.6%) 936,673 (1.3%) 978,012 (1.4%) About F