Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2013farm in farm out agreement▲ GoodMajor
The company completed a farm-out of Block 11B/12B offshore South Africa to Total E&P South Africa BV, which gets a 50% working interest and becomes operator. In return the company received an undisclosed upfront cash payment, recovery of 50% of past costs, and a carry on the first exploration well up to US$150 million gross cost; that well is targeted for 2014. More payments are due if exploration succeeds and the block is developed. This is a new partnership for the company's offshore Africa portfolio.
The board declared a quarterly dividend of C$0.125 per share, payable October 1, 2013 to holders of record on September 13, 2013. This is unchanged from the previous quarter. The filing has no other substance.
The company agreed to acquire Barrick Energy Inc., a Barrick Gold subsidiary, after BEI sells certain assets, for about $173 million cash plus a gross overriding royalty on certain lands at Nipisi. The assets are light oil properties in Alberta producing about 4,200 bbl/d of light crude and NGLs and 4.4 million cubic feet per day of gas, plus about 92,160 net acres of unproved land at Nipisi. Closing is targeted for July 31, 2013 and funding will come from operating cash flow and bank facilities.
The board declared a quarterly dividend of C$0.125 per share, payable July 1, 2013 to holders of record on June 14, 2013. This is unchanged from the March 2013 declaration. The filing has no other substance.
The company renewed its share buyback for April 9, 2013 to April 8, 2014, allowing purchase for cancellation of up to 54,635,116 shares (5% of the 1,092,702,318 outstanding at March 31, 2013) at market price. Under the bid ending April 8, 2013 it bought 11,886,200 shares in total at a weighted average of C$29.10, far more than the 3,488,300 bought under the prior bid. The outstanding share count is slightly lower than a year earlier (1,100,548,930), consistent with these purchases (inference). Actual purchases are at the company's discretion.
The board raised the quarterly dividend to C$0.125 per share, payable April 1, 2013, up from C$0.105 in the prior quarter. A second release in the same filing moved the record date from March 15, 2013 to March 18, 2013.
The board declared a quarterly dividend of C$0.105 per share, payable January 1, 2013 to holders of record on December 14, 2012. This is unchanged from the previous quarter. The filing has no other substance.
3 Oct 2012regulatory community update● NeutralMajor
The company signed a long-term gas processing agreement with Williams Energy Canada, which will invest about $500-600 million to extract and market natural gas liquids and olefins from the Horizon upgrader's offgas, giving the company methane back as fuel. The offgas capture is targeted to cut emissions by about 200,000 tonnes per year of CO2 and 2,000 tonnes of sulphur after Horizon's targeted expansion to about 250,000 bbl/d. Separately, planned Horizon maintenance moved from late Q3 into October, starting October 11, 2012 and targeted to take twelve days with production curtailed; 2012 Horizon guidance of 90,000-98,000 bbl/d is unchanged. This is a new environmental thread and continues the Horizon expansion plans.
The board declared a quarterly dividend of C$0.105 per share, payable October 1, 2012 to holders of record on September 14, 2012. This is unchanged from the previous quarter. The filing has no other substance.
The board declared a quarterly dividend of C$0.105 per share, payable July 1, 2012 to holders of record on June 15, 2012. This is unchanged from the March 2012 declaration. The filing has no other substance.
The company renewed its share buyback for April 9, 2012 to April 8, 2013, allowing purchase for cancellation of up to 55,027,447 shares (5% of the 1,100,548,930 outstanding at March 31, 2012) at market price. The limit is double the 2.5% cap of the previous bid. Under the bid ending April 5, 2012 it bought and cancelled 3,488,300 shares at a weighted average of C$36.22. The filing says excess 2012 cash flow over budgeted spending may be used for buybacks or to strengthen the balance sheet; actual purchases are at the company's discretion.
The board raised the quarterly dividend to C$0.105 per share, payable April 1, 2012 to holders of record on March 19, 2012. The filing calls this a 17% increase from the prior quarter (the C$0.09 declared in late 2011) and the twelfth consecutive yearly increase.
The board declared a quarterly dividend of C$0.09 per share, payable January 1, 2012 to holders of record on December 16, 2011. This is unchanged from the previous quarter. The filing has no other substance.
The board declared a quarterly dividend of C$0.09 per share, payable October 1, 2011 to holders of record on September 16, 2011. This is unchanged from the previous quarter. The filing has no other substance.
The board declared a quarterly dividend of C$0.09 per share, payable July 1, 2011 to holders of record on June 17, 2011. This is unchanged from the March 2011 declaration. The filing has no other substance.
The company renewed its share buyback for April 6, 2011 to April 5, 2012, allowing purchase for cancellation of up to 27,406,131 shares (2.5% of the 1,096,245,257 outstanding at March 25, 2011) at market price. Under the bid ending April 5, 2011 it bought and cancelled 2,000,000 shares at a weighted average of C$33.76. The outstanding share count is about double the 543,278,782 reported a year earlier, consistent with the 2010 two-for-one split (inference). The number actually bought is at its discretion.
The board raised the quarterly dividend to C$0.09 per share, a 20% increase from the prior quarter, payable April 1, 2011 to holders of record on March 18, 2011. The company says this is its eleventh consecutive yearly increase.
3 Mar 2011regulatory community update● NeutralMajor
The company signed a partnership agreement with North West Upgrading Inc. to move forward with detailed engineering for a bitumen refinery near Redwater, Alberta. The partnership also agreed to process bitumen supplied by the Government of Alberta under its royalty-in-kind program. Phase 1 would process 50,000 bbl/d if the project is sanctioned after detailed engineering, and the company has agreed to supply 12,500 bbl/d of bitumen. This is a new thread; no sanction has been given yet and no cost is stated.
The board declared a quarterly dividend of C$0.075 per share (post-split), payable October 1, 2010 to holders of record on September 17, 2010. This is the same post-split amount as the previous quarter's declaration. The filing has no other substance.
Shareholders approved a two-for-one share split at the May 6, 2010 meeting, to be issued on or about May 28, 2010 to holders of record on May 21, 2010. The board declared a dividend of C$0.15 per pre-split share, equal to C$0.075 after the split, payable July 1, 2010 to holders of record on June 11, 2010. Each share becomes two, so the per-share dividend halves while the pre-split C$0.105 figure is not directly comparable. The previous quarterly dividend of C$0.105 appears from the earlier filings; the C$0.15 pre-split figure would be an increase from it (inference).
1 Apr 2010security holder rights change▲ GoodMajor
The company renewed its share buyback for April 6, 2010 to April 5, 2011, allowing purchase for cancellation of up to 13,581,970 shares (2.5% of the 543,278,782 outstanding at March 17, 2010) at market price. Whether any shares are bought is at the company's discretion. The filing also carries Horizon synthetic crude output: 72,716 bbl/d in January 2010 and 84,217 bbl/d in February, with March forecast at 100,000-105,000 bbl/d. The company still targets reliable production of 110,000 bbl/d by mid-2010, so Horizon is now producing after the start-up described in 2008.
The board declared a quarterly dividend of C$0.105 per share, payable January 1, 2010 to holders of record on December 11, 2009. This is the same amount as the August 2009 dividend. The filing has no other substance.
The board declared a quarterly dividend of C$0.105 per share, payable October 1, 2009 to holders of record on September 11, 2009. This is up from the C$0.10 declared in June 2008 (inferred from the context, not stated in this filing). The filing has no other substance.
The board declared a quarterly dividend (the amount is cut off in the text provided; the exhibit is dated August 7, 2008). The same filing carries the Q2 2008 Horizon update: staged start-up has begun, with first bitumen crude targeted for early September and first light sweet synthetic crude in the sales pipeline targeted for Q4 2008. The total Horizon cost estimate rises about 8% (about $525 million) to about $9.27 billion, about 36% above the original 2004 $6.8 billion estimate and up from $8.74 billion. This continues the cost-overrun thread from 2007 (5-12% over), with costs now well above that range. The company cites schedule slippage in the upgrading/hydrotreating plants and says Units 41 and 43 are delayed beyond Q3. It plans to start at about 60% of design rate until the distillate hydrotreater is commissioned.
The board declared a quarterly dividend of C$0.10 per share, payable July 1, 2008 to holders of record on June 13, 2008. This is up from the C$0.085 declared in May 2007. The filing contains no other substance.
The board declared a quarterly dividend of C$0.085 per share, payable July 1, 2007 to holders of record on June 15, 2007. The Horizon update in the same filing says the project is 66% complete, with spending at 69% against a 68% plan. The cost forecast is now 5% to 12% over the original $6.8 billion estimate, which continues the construction thread from the 2005 sanction but shows costs rising above the original figure. It also reports the death of two contract workers the previous week, with an investigation underway.
The board declared a quarterly dividend of C$0.1125 per share, up from C$0.10 (a 12.5% increase), payable April 1, 2005 to holders of record on March 18, 2005. The filing also carries 2004 results: record annual earnings of $1.4 billion and cash flow of $3.8 billion, and the board's February 9, 2005 sanction of the Horizon Oil Sands Project, which resolves the 2004 open question of whether Horizon would be approved. With sanction, 3.3 billion barrels of proved and probable bitumen mining reserves were booked, and debt to book capitalization was 34%.
The company renewed its share buyback (Normal Course Issuer Bid) for January 24, 2005 to January 23, 2006, allowing purchase for cancellation of up to 13,409,006 shares, 5% of the 268,180,123 outstanding at January 12, 2005, at market price. Under the previous bid in place since January 2004 it had bought 873,400 shares at an average of $37.98; the company says excess 2005 cash flow may be used for buybacks, but the number actually bought is at its discretion.
The board declared a quarterly cash dividend of C$0.10 per share, payable October 1, 2004 to holders of record on September 17, 2004. The same filing carries the Q2 2004 results release, which reports record quarterly production (517 mboe/d before royalties) and cash flow ($930 million), and says the board is expected to decide on approving the Horizon Oil Sands Project later in 2004. It also says a North Sea acquisition (about 16,000 boe/d) is expected to close in Q3 and that debt to book capitalization was 35% at quarter end.
