After volatile prices slowed oilpatch M&A in 2022, new year starts with $525M deal yyc yycbiz Column by ChrisVarcoe:
Advertisement 5The total value of deal-making in the upstream Canadian oil and gas industry reached about $15.6 billion last year, with roughly two-thirds flowing from corporate transactions, according to data from Sayer Energy Advisors.
“One of the reasons why was the volatility in commodity prices . . . When you have the volatility, it’s hard for buyers and sellers to come together.” If commodity prices hold near current levels, Pavic expects the level of Canadian oilpatch acquisitions and mergers in 2023 will likely be similar to last year.REUTERS/Todd Korol/File Photo
Westbrick CEO Ken McCagherty said Tuesday there have been some inquiries in the company, but “I haven’t received an offer that I’m prepared to sell at.”“If somebody is willing to buy the quality that we’ve been able to put together, great. If they aren’t, we’re quite happy . . . We’re not in a rush to do anything that doesn’t make any sense,” he added.
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