On October 31, 2007, Penn West Energy Trust announced it was offering a combination of
shares, cash and the assumption of debt to Canetic Resources Trust in a merger creating (at
the time) the largest energy trust in Canada. Canetic shareholders received 0.515 shares of
Penn West for each Canetic unit and a $0.09-per-share one-time dividend as part of the deal.
Months before the collapse of Lehman Brothers and the financial crisis began in earnest, Shell
Canada Ltd. was eager to acquire producing and non-producing assets in the Duvernay and
other tight oil plays. It offered Duvernay Oil Corp. shareholders $83 per share, a 42 per cent
premium on the share price, to acquire the company.
At a time when American downstream companies were particularly eager to receive oil sands
bitumen, Houston’s Marathon Oil Corp. spent $6.5 billion to acquire Western Oil Sands Inc. in a
deal announced July 31, 2007. Marathon said production from Western would feed its refineries
and Western shareholders accepted Marathon’s offer of a combination of cash, Marathon
shares and the assumption of the company’s $700-million debt.
Encana joint-ventured with ConocoPhillips and inked an agreement on October 6, 2006 that
said both companies would collectively invest $10.7 billion in a combination of oil sands projects
in northeastern Alberta and downstream facilities at Roxana, Illinois, and Borger, Texas. As a
result, the company that became Cenovus Energy Inc. didn’t suffer the same price discounts as
other oil sands producers did when Canadian heavy blends were trading at a steep discount to
the West Texas Intermediate benchmark between 2012 and 2013.
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