Gibson Energy lands blockbuster deal with $1.5B purchase of Texas export terminal Column by ChrisVarcoe
The deal is the largest in the company’s history — it changed its name to Gibson Energy in 2002, and later went public in 2011 — eclipsing the 2013 acquisition of OMNI Energy Services Corp. for US$445 million.Article content
The U.S. lifted its prohibition on crude oil exports in 2015. Last year, the country exported a record 3.6 million barrels of oil per day, a 22 per cent increase from a year earlier, according to the U.S. Energy Information Administration. He noted independent forecasts indicate oil production from the Permian will climb by another one million bpd or more by 2027.This advertisement has not loaded yet, but your article continues below.“We’re excited for what’s going on in Canada, too, with coming online and helping support that. But we’re also really moving our Edmonton terminal to more of an energy transition terminal and chasing additional opportunities around renewable fuels.
The new acquisition will be financed, in part through a $350-million bought deal equity offering. On Tuesday, Gibson announced it will issue $900 million of unsecured medium-term notes, as well asThis advertisement has not loaded yet, but your article continues below.“We think the transaction modestly improves their business risk profile,” DBRS Morningstar vice-president Ravikanth Rai said Wednesday.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Varcoe: Oil and gas production tumbles in a net-zero future, Canada Energy Regulator report showsA new report by the Canada Energy Regulator shows oil and gas production in the country falling sharply in a net\u002Dzero future.
Read more »
Baytex Energy closes Ranger acquisition, significantly increases Texas presence - BNN BloombergBaytex Energy Corp. says it has closed its $2.9-billion acquisition of U.S. oil company Ranger Oil Corp.
Read more »
Varcoe: How the 2013 flood prepared Calgary businesses for the coming stormsVarcoe: The 2013 floods in southern Alberta forced businesses to suddenly shut down, but helped prepare resilient owners for future turmoil.
Read more »
Varcoe: Oilpatch labour crunch is the immediate jobs issue, say industry leadersCanada has a looming labour problem in the oilpatch, although it’s not the issue Ottawa has in mind with its new Sustainable Jobs Act.
Read more »
Varcoe: Oil and gas production tumbles in net-zero future, CER report showsA new report by the Canada Energy Regulator examines the future of a net\u002Dzero world on the country\u0027s electricity, oil and gas sectors.
Read more »
Varcoe: How the 2013 flood prepared Calgary businesses for the coming stormsVarcoe: The 2013 floods in southern Alberta forced businesses to suddenly shut down, but helped prepare resilient owners for future turmoil.
Read more »