Opportunity knocks for Canadian consolidation
Recent M&A deals and recovering oil prices showcase the potential for further activity in 2021
Intermediate Canadian oil and gas producers ARC Resources and Seven Generations Energy agreed in mid-February to a merger of equals, continuing the wave of consolidation that has swept the North American oil patch over the past year. The pro forma company, to operate under the ARC banner, aims to become a powerhouse producer in the Montney shale gas formation. Most of the acreage held by Seven Generations is on the Alberta side of the basin, while ARC’s assets are predominantly in northeastern British Columbia. The key drivers motivating M&A are WTI rebounding above $50/bl since the autumn, and the need for producers to gain size and scale, while slashing costs and improving access to c
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