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RECEIVES FINAL PAYMENT FROM BRION (PETROCHINA)
29 Aug 16
Athabasca announced that it has received the final payment ($139 mm) from Brion Energy Corporation (PetroChina) for consideration of the sale of ATH's remaining 40% stake in Dover in 2014, thus bringing to a conclusion the relationship between Athabasca and PetroChina that began with the announcement of the $1.9 billion oilsands JV transaction in late 2009.
2Q16 Results, Increased Montney Spending
11 Aug 16
Recent transactions (Murphy JV, bitumen royalty sale, term loan repayment) improve ATH’s liquidity ahead of a $550 mm debt maturity next year, with possible partial repayment YE16e. Hangingstone appears on track to near nameplate capacity by year-end. The 2H16e budget increased $60 mm to drill 12 new Placid Montney wells. Our estimates have been updated in lieu of new Light Oil division guidance for 2016e and beyond. Upgrading to Outperform. The shares are being discounted due to uncertainty over debt refinancing, Hangingstone ramp up, and Light Oil deliverability. Delivering against these expectations will be key for ATH’s stock.
2Q16 RESULTS, UPDATED GUIDANCE
27 Jul 16
Market Impact: Neutral. Quarterly disclosures were highlighted by an additional $60 mm added to Light Oil capex for 2016e, while perhaps unsurprisingly, production guidance was lowered due to disruptions at Hangingstone from wildfires, but ATH continues to expect nameplate capacity to be hit by year end. 2Q16 production (11.1 mboe/d) was slightly ahead of our expectations and CFPS slightly below (-$0.07/share diluted).
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