|Bid||16.05 x 0|
|Ask||16.05 x 0|
|Day's Range||15.70 - 16.02|
|52 Week Range||13.33 - 22.99|
|Beta (3Y Monthly)||1.68|
|PE Ratio (TTM)||8.55|
|Earnings Date||Feb 26, 2019|
|Forward Dividend & Yield||0.50 (3.26%)|
|1y Target Est||18.20|
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It had forecast a 2019 capital plan of C$500 million in October. Rival producer Husky Energy Inc. abandoned a C$2.75 billion offer for MEG last week, citing its failure to win enough shareholder support and the deterioration in Canada’s oil-sands industry, where a lack of pipeline space has hammered prices and prompted Alberta officials to mandate production cuts. “For an initial re-engagement with the Street coming out of the hostile takeover process with Husky, we believe this strikes the right chord,” Chris Cox, an analyst at Raymond James Ltd., said in a note.
Canadian oil sands producer MEG Energy Corp said on Tuesday it would halve its capital spending to a maximum of C$275 million this year amid a global supply glut. MEG, which fought off a hostile bid last ...
Canadian oil sands producer MEG Energy Corp said on Tuesday it expects to spend up to C$275 million this year, after fighting off a hostile bid last week from bigger rival Husky Energy Inc . MEG expects ...
Canadian oil producer MEG Energy Corp's (MEG.TO) CEO invited his Husky Energy Inc (HSE.TO) counterpart this month to negotiate a friendly takeover of MEG, but Husky did not follow up, MEG's vice president of investor relations John Rogers said on Friday. Husky abandoned its hostile bid for MEG on Thursday, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce a crude glut. MEG produced an estimated 88,000 barrels of oil per day in 2018, according to GMP First Energy, equal to about 40 percent of Husky's production.
Moody's Investors Service ("Moody's") says that Husky Energy Inc.'s (Husky, Baa2 stable) announcement that its unsolicited offer to acquire a majority of MEG Energy Corp.'s (MEG, B3 stable) shares did not gather sufficient support to move forward is credit positive. The outright termination of the takeover bid is credit positive for Husky because the acquisition of MEG would have been leveraging in nature while reducing Husky's integration and increasing its exposure to heavy oil differentials. Husky will instead maintain its already strong financial position, characterized by robust metrics, significant integration and organic production growth.
Husky Energy Inc said on Thursday it will not extend its hostile bid for MEG Energy after failing to get sufficient support from the rival oil producer's board and shareholders. Husky had argued the bid offered a premium to MEG's share price, giving investors exposure to Husky's stronger balance sheet and included the prospect of C$200 million per year in synergies.
Husky Energy abandons its hostile bid to acquire MEG Energy Corp after failing to win support from shareholders and the board of the rival oil-sands producer.
Husky Energy Inc expects to secure over 50 percent support from MEG Energy shareholders for Husky's C$3.3 billion ($2.5 billion) unsolicited offer to take over the rival oil producer by Wednesday's deadline, people familiar with the situation told Reuters. The deal reflects Husky's strategy to double down on heavy oil production, even as clogged pipelines drove down Canadian prices last year.
The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** TransCanada Corp is planning to ...
Canadian oil and gas producer Husky Energy Inc said on Tuesday it will conduct a strategic review and is considering a sale of its non-core downstream assets. The company said the assets would include its Canadian retail and commercial fuels business and its Prince George Refinery. The move comes as Husky intends to focus on its core assets in Atlantic Canada and the Asia Pacific region.
NEW YORK, NY / ACCESSWIRE / January 4, 2019 / The Market Edge strives to provide investors with free daily equity research reports analyzing major market events. Take a few minutes to register with us ...
Canadian oil and gas producer Husky Energy Inc on Thursday cut its 2019 capital expenditure program by about 8 percent, or C$300 million, citing Alberta's mandatory curbs on output and lower oil prices. The company now expects 2019 capital expenditure of C$3.4 billion ($2.52 billion), lower than the C$3.7 billion it forecast at its Investor Day in May 2018. Husky forecast average annual 2019 production to be about 300,000 barrels of oil equivalent per day (boepd).
Canadian oil and gas producer Husky Energy Inc on Thursday said it cut its 2019 capital expenditure program by C$300 million to C$3.4 billion, citing mandatory curbs on output in Alberta and lower oil ...
China's CNOOC Ltd indicated a renewed commitment to oil and gas exploration on Tuesday as its chairman said it would raise spending to a record while signing strategic exploration agreements with nine ...
Canadian oil and gas producer Husky Energy Inc said on Tuesday it has received regulatory approvals to buy rival MEG Energy Corp, but MEG has yet to agree on the deal. In October, Husky made an unsolicited ...
A hole in a valve was the source of an April explosion at a Husky Energy refinery in northwestern Wisconsin that injured 36 people and required the evacuation of a large part of the city of Superior, according to findings of the U.S. Chemical Safety and Hazard Investigation Board presented Wednesday. According to the update that was shared at a town hall meeting in Superior, erosion created a hole in the slide valve, allowing air to mix with hydrocarbons. The board says in both cases, an explosive mix of air and hydrocarbons formed inside a fluid catalytic cracking unit because of ineffective safeguards.
An "ineffective" safeguard failed to prevent an explosive mixing of air and fuel at a Husky Energy refinery in Superior, Wisconsin, leading to a blast and fire in the plant's gasoline-producing unit in April, a U.S. industrial safety group said on Wednesday. Air seeped through a hole in a valve within a fluidic catalytic cracking unit (FCCU), the U.S. Chemical Safety Board (CSB) said, causing an April 26 explosion that led to a massive fire and a 24-hour-long evacuation of residents living within miles of the plant. Husky, according to the CSB, had only considered a failure of the valve when locked open, not a failure when it was closed, according to an updated report the board presented of its months-long investigation at a meeting Wednesday in Superior.
Canadian oil and gas producer Husky Energy Inc said on Monday Alberta's mandatory production cuts will possibly have "serious negative investment, economic and trade consequences." "The ...
Canadian oil prices surged to a four-month high on Monday, a day after Alberta said it would mandate temporary production cuts that some producers had requested after pipeline bottlenecks forced their oil to be sold at severe discounts. Alberta Premier Rachel Notley said Sunday the government will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until excess crude in storage is reduced. Canada is one of the world's largest oil producers, supplying more than 4 million barrels a day, but its heavy crude oil traded in October at a discount of more than $52 a barrel to U.S. oil due to transportation constraints that made it unprofitable to sell.
By Julie Gordon (Reuters) - Alberta Premier Rachel Notley said on Sunday that the Western Canadian province would mandate temporary oil output cuts to deal with a pipeline bottleneck that has led to a ...