21°c A few clouds
10°c Sunny
Winnipeg Free Press - PRINT EDITION
Global energy assets facing sell-off: survey
CALGARY -- Ernst & Young foresees a lot of "for sale" signs being posted on energy assets around the world -- and Canada's oilpatch is no exception.
The global advisory firm found 37 per cent of oil and gas respondents it surveyed globally are either in the process of selling assets or plan to do so over the next two years.
Barry Munro, who heads up Ernst & Young's Canadian oil and gas group, said Canadian oilpatch companies face their own unique set of challenges that have made capital costlier and harder to come by.
Those headwinds include difficulty in getting crude oil to market amid pipeline bottlenecks, stubbornly low natural gas prices, rising costs and regulatory delays.
Shedding non-core properties is one way for companies to raise enough capital to survive, and is often a more attractive option than raising equity and diluting stock prices or loading on debt.
Though the survey's results weren't broken up by country, Munro said he has a good idea what kinds of conversations are happening around boardroom tables in downtown Calgary.
"I think that virtually every energy company is thinking about whether they should be buyers or sellers of either specifics assets or the whole company," Munro said.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition February 11, 2013 B6
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for today)
Biden says Jewish leaders in Hollywood, social media drove changing attitudes on gay marriage
8:49 PM 0WASHINGTON - Vice-President Joe Biden is praising Jewish leaders for helping change American attitudes about gay marriage and other issues.
Biden ...
Poll
Most Popular Business
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Creative industries can fuel a city's economic engine
- Manitoba Movers
- A look at how the struggling French economy compares to Germany's and Britain's
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- Bridging the gap
- Ex-Ford Motors executives charged in tortures of union workers during Argentina's dictatorship
- North American markets climb on gold, energy gains and positive Fed speeches
- Apple CEO Cook testifies before Senate panel after report says it avoids billions in taxes
- A closer look at the 3 new game consoles from Microsoft, Nintendo and Sony
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Holiday pump jump debated
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- Driving downtown development
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Creative industries can fuel a city's economic engine
- Transcona transformation
- Bridging the gap
- Apple uses companies outside US to avoid paying billions in taxes, Senate inquiry finds
- Chinese court sentences entrepreneur to death in latest crackdown on underground banking
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Raising the rent is a good sign
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Border-fee idea doesn't fly
- Ex-'Pegger seeks to grow local businesses
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- Bridging the gap
- Creative industries can fuel a city's economic engine
- There are lots of I's in 'team'
- Tougher food-safety rules in the works: Agriculture Minister Gerry Ritz
- Boreal Forest conservation negotiations end in failure after three years
- Portage, Winnipeg law firms join forces
- Late deal in workplace sex-harassment case
- Experts urge buyers to take precautions when buying used cars and trucks
- Ex-'Pegger seeks to grow local businesses
- Diversification spurs Exchange Income's growth
- Bridging the gap
- Driving downtown development
- Late deal in workplace sex-harassment case
- Transcona transformation
- More than a new boss
- There are lots of I's in 'team'
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Winnipeg Boeing plant set to expand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.