People | Service & Supply | Finance & Investing | Oilfield Services | Fundraising | Capital Markets
Tidewater Adds to Board Following Latest Stock Offering
Print
|
Tidewater Midstream and Infrastructure Ltd. has closed its previously announced bought deal financing. A total of 57,500,000 common shares have been issued at a price $1.40 per share for gross proceeds of $80,500,000, which included the exercise in full of the over-allotment option granted to the underwriters.
The syndicate of underwriters was co-led by CIBC World Markets Inc., Macquarie Capital Markets Canada Ltd., and National Bank Financial Inc., and included Beacon Securities Limited, Acumen Capital Finance Partners Limited, FirstEnergy Capital Corp., GMP Securities L.P., Cormark Securities Inc., Paradigm Capital Inc., AltaCorp Capital Inc., Canaccord Genuity Corp., and Desjardins Securities Inc.
The net proceeds from the Offering will be used to reduce indebtedness that was partially incurred to fund the acquisition of certain AltaGas Ltd. infrastructure assets, which closed on February 29, 2016, to evaluate various projects and for general corporate purposes. All of the projects the Corporation is evaluating are in the early stages of evaluation. Such projects include potential capital investments (including pipelines, NGL terminals and truck racks and fractionation facilities), acquisitions and consolidation opportunities.
Pursuant to the Acquisition, AltaGas has proposed and nominated David R. Wright to the board of directors of Tidewater.
Mr. Wright is the former Executive Vice President, Strategy and Corporate Development at AltaGas and has over 30 years of experience in energy, power, infrastructure, utility and legal businesses, as well as in a broad range of governance and community service roles. It is anticipated that Mr. Wright will join the Board on March 23, 2016. Upon the addition of Mr. Wright, the Board will be comprised of Joel MacLeod, Doug Fraser, Stephen Holyoake, Trevor Wong-Chor and David Wright.
Tidewater is pleased to announce that its Board has declared a dividend for the first quarter 2016 of $0.01 per common share payable on or about April 29, 2016 to shareholders of record on March 31, 2016. The ex-dividend date is March 29, 2016. This dividend is an eligible dividend for the purpose of the Income Tax Act(Canada).
More People News
ExxonMobil Brings On New VP / Treasurer
ExxonMobil reported that Jim Chapman has been appointed vice president, Tax and Treasurer, effective November 28, 2022. Chapman replaces Jaime Spellings, who has elected to retire after 31…
Coterra Names Jordan CEO; Dinges Takes Chairman Role
Coterra Energy Inc. reported that the Company's Board of Directors appointed Thomas E. Jorden, its President and Chief Executive Officer, as Chairman of the Board effective January 1,…
Evolution Petroleum Taps New President & CEO
Evolution Petroleum announced that the Board of Directors has selected Kelly Loyd as President and Chief Executive Officer. Mr. Loyd had been serving as Interim CEO since June…
Magnolia Oil & Gas CEO Chazen Steps Down; Cites Health Reasons
Magnolia Oil & Gas Corp. announced that Christopher Stavros, the Company's current Executive Vice President and Chief Financial Officer, has been named President and Chief Executive Officer, and…
Devon Chairman Hager to Retire; Barbara Baumann Named to Top Spot
Devon Energy Corp. reported that the company's board of directors expects to appoint Barbara Baumann as chair of the board, succeeding Dave Hager, who has notified the board…
North America News
Western Canada Upstream M&A: Q1 2026 Transaction Report
Western Canadian M&A activity in Q1 2026 was characterized by a 87% decrease in total deal value compared to Q1 2025, totaling $0.8 billion C$. However, transaction volume…
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It
A handful of recent transactions and capital raises point to a subtle pattern in North American upstream—one that is easy to miss because each event, on its own,…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
Whitecap Details 2026 Duvernay & Montney Program
Whitecap Resources reported strong third quarter 2025 operating and financial results, marking its first full quarter following the strategic combination with Veren that closed on May 12, 2025.…
ARC Resources: Lower 2026 Capex, Higher Volumes
ARC Resources used its third quarter update to reinforce a familiar message to Canadian E&P executives: disciplined capital, structurally better market access, and a growing shareholder return program…
United States News
Baytex 2026 Development Plans
Baytex’s 2026 development plan reflects a post–Eagle Ford sale capital program and a sharpened focus on its core Canadian assets. The Company approved 2026 exploration and development expenditures…
Tourmaline: 2026 Capital Program Locked In at $2.9B
Tourmaline’s 2026 exploration and production (EP) program is set at $2.9 billion and targets average production of 690,000–710,000 boepd, with the company maintaining the multi-year EP Plan released…
Advantage Plans $300–$330MM 2026 Capital Program
Advantage’s 2026 development plan centers on Glacier-focused drilling and key midstream work. The company plans total capital spending of $300 million to $330 million and expects production to…
Paramount Targets 42% Higher 2026 Capex, More Duvernay Wells
Paramount Resources is stepping up investment in 2026 as it advances the Willesden Green Duvernay (Central Alberta Region) buildout and launches major infrastructure at Sinclair (Montney). The company…
Birchcliff Targets Higher 2026 Output on Larger Capital Budget
Birchcliff’s updated 2025 plan targets higher production within a tightened capital range, supported by faster cycle times and lower costs. The company increased 2025 annual average production guidance…