Natural gas development in Western Canada’s Montney and Duvernay formations is set to increase by double-digits in 2024 for Calgary’s Whitecap Resources Inc., as LNG opportunities begin to emerge. The independent, which reports in Canadian dollars (C$1.00/US75 cents), has set a preliminary 2024 capital expenditure (capex) budget that is 26% higher year/year. The high end…
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Whitecap Snaps Up Montney, Duvernay Assets in $1.5B Deal with ExxonMobil Affiliates
Calgary-based Whitecap Resources Inc. has clinched a 1,020-square-mile northern Alberta spread of Montney and Duvernay assets held by ExxonMobil companies in an all-cash deal valued at C$1.9 billion ($1.5 billion). The XTO Energy Canada assets, jointly owned by ExxonMobil Canada and its majority-owned affiliate Imperial Oil Ltd., produce about 140 MMcf/d of natural gas and…
Imperial, Whitecap Investors Reaping Rewards of Strong Natural Gas, Oil Prices
Buoyed by strong commodity prices, Canadian independents Imperial Oil Ltd. and Whitecap Resources Inc. reported robust earnings for the first quarter and are prioritizing returning capital to shareholders. Calgary-based Imperial, 70% owned by ExxonMobil, said its 1Q2022 financials marked the best quarterly results in more than 30 years. Imperial, which reports in Canadian dollars (C$1/US…
Whitecap Slips into Black on Better Prices, Boosts Carbon Reduction Targets
Whitecap Resources Inc. scored a financial comeback in the first six months of this year while also taking steps to further reduce greenhouse gas (GHG) emissions. Following a series of acquisitions of smaller companies, Whitecap oil production grew to 72,475 b/d in first-half 2021 from 55,349 b/d a year earlier. Natural gas rose to 140.9MMcf/…
Whitecap Expands Montney Shale Footprint with Kicking Horse Acquisition
Whitecap Resources Inc. increased its liquids-rich Montney Shale natural gas assets with a C$300 million ($240 million) takeover of private equity-backed Kicking Horse Oil & Gas Ltd.The acquisition includes ownership interests averaging 65% in 92 square miles of Montney production and future drilling targets in the Grande Prairie area of northwest Alberta. “We are excited…