Some energy companies put assets up for sale, only to eventually take them off the block
CALGARY – Closing deals in Canada’s oil and gas exploration and production sector has become “a grind” given the combination of over-leveraged buyers, anemic capital markets and pipeline uncertainty, according to industry executives.
Closing a transaction in the oil and gas sector has become “a grind,” challenging and tough, said Alan Tambosso, president of Sayer Energy Advisors, a Calgary-based deal broker currently marketing several smaller oil and gas producing properties. . “It’s certainly not a guarantee that if you do decide to market some assets that they’re going to sell,” said Cheryl Sandercock, managing director, energy, investment and corporate banking at BMO Capital Markets.
“We’re at historically low levels of financing,” Tambosso said, adding that his advisory firm is seeing a low level of activity as a result. Investment bankers and M&A advisers noted closing deals has been tough as sellers’ price expectations don’t match buyers’ willingness to pay. On Monday, Calgary’s city-owned utility Enmax Inc. announced a $1.8-billion deal to buy Halifax-based Emera Inc.’s regulated transmission line and utility business in Maine. On the same day, Brookfield Renewable Partners said it would invest $750 million in Calgary-based TransAlta Corp.’s hydro-electric assets and also increase its ownership of the utility company to 9 per cent.“I don’t think we’ve seen fewer attempts at making deals.
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