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UPSTREAM and also for driving strong operating and “This partnership is a milestone for the
safety performance. With enhanced scale Woodfibre LNG project,” said Ratnesh Bedi,
Chord Energy announces and a low cost of supply, Chord Energy is president of Pacific Energy,” “and it further
accelerates Canada’s ability to be a meaningful
well positioned to deliver strong value to our
updated return of capital shareholders while operating in a sustainable player in the global energy transition with the
production of the world’s lowest carbon LNG.”
manner and remains a compelling investment
plan, including increasing opportunity.” American energy company with substantial
“Enbridge is an accomplished North
CHORD ENERGY, August 03, 2022
base dividend by 114%, natural gas operations in B.C. and Woodfibre
LNG is pleased that the companies have
issues an updated outlook DOWNSTREAM entered into this investment agreement,” said
Christine Kennedy, President of Woodfibre
and reports second-quarter Pacific Energy and Enbridge LNG. “We believe this agreement speaks
to the credentials of the project, from our
2022 earnings announce partnership in world-leading Indigenous partnerships to the
incredible environmental due diligence, and
Chord Energy today announced its updated Woodfibre LNG the ambition of Woodfibre LNG to produce
return of capital plan, provided an updated the lowest-emissions LNG in the world.”
outlook for the business and reported Pacific Energy and Enbridge today announced PACIFIC ENERGY AND ENBRIDGE, July 29,
financial and operating results for the an agreement to jointly invest in the 2022
quarter ending June 30, 2022. The company construction and operation of the Woodfibre
completed the merger of equals transaction LNG project.
between Oasis Petroleum and Whiting Woodfibre LNG is a 2.1mn-tonne-per-year SERVICES
Petroleum on July 1, 2022 and began trading liquefied natural gas (LNG) export facility
under the ticker “CHRD” on July 5, 2022. with 250,000 cubic metres of floating storage Stampede Drilling
“The second quarter was marked by strong capacity being built near Squamish, BC. The
operating performance and culminated in project is underpinned by two long-term announces acquisition
the establishment of Chord Energy,” said offtake agreements with BP Gas Marketing
Danny Brown, Chord Energy’s president Limited for 15 years representing 70% of of drilling rigs and
and chief executive officer. “Additionally, the capacity, with additional commitments
we are announcing a new return of capital in development for up to 90%. Woodfibre related assets and
programme which includes an approximate LNG announced in April that it had issued
114% increase to the base dividend and a notice to proceed to global engineering a CAD22,500,160-
$300mn share repurchase program. Given our and construction company McDermott
high-quality assets with low breakeven pricing International and that the project is expected 25,000,000mn equity
and very strong financial position, Chord to be in service in 2027.
Energy is able to return significant amounts Woodfibre LNG will use electric motor financing
of capital to shareholders. The new return of drives powered by renewable hydroelectric
capital program is highly competitive and power, making this one of the lowest-emission Stampede Drilling is pleased to announce
represents our commitment to operating LNG export facilities in the world. The project it has entered into a purchase and sale
efficiently, maximizing returns and valuing is the only one in Canada with a non-treaty agreement to acquire six drilling rigs and
the return of capital to shareholders.” Indigenous-issued environmental assessment related assets from a private company for
“Chord Energy is making significant certificate, the first project approved under the total cash consideration of approximately
progress on integration and remains Government of Canada’s “Five Principles” for CAD21.5mn. The purchase price will be
excited about its future. I’d like to thank environmental assessment, and has received funded by proceeds from a concurrent short
our employees for their hard work and all major federal, provincial and First Nations form prospectus offering of common shares
dedication through the closing of the merger approvals. at a price of $0.32 per offered share for
minimum gross proceeds of CAD22.5mn and
maximum gross proceeds of CAD25mn. The
acquisition and the offering are expected to
close on August 23, 2022, or such other date
as may be agreed upon between the parties as
described herein.
“The acquisition will add six high quality
drilling rigs that are well suited to work in
several of the most active oil and gas plays
in western Canada, furthering our goal to
provide the safest and most efficient drilling
services provider in Canada” stated Lyle
Whitmarsh, president and chief executive
officer of Stampede.
STAMPEDE DRILLING, August 03, 2022

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