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The Daley Note 10/26/2020

The Daley Note 10/26/2020

  • Cenovus-Husky Deal: E&P Merger Mania Moves North – Cenovus Energy (CVE) announced a deal to purchase Husky Energy (HSE.TO) to create the third-largest Canadian oil producer as the wave of E&P consolidation moves north to Canada. CNQ, COP, CVE, CXO, HSE.TO, PBA, PE, PXD, SU, VSN.TO.
  • Hurricane Season Rolls on with Zeta – The 2020 hurricane season continues to loom over the offshore industry as Tropical Storm Zeta gains strength over western Caribbean waters. BP, BHP, CVX, OXY, RDS, ENB.
  • Riding out the Storms – We expect Williams (WMB) to report a slight Q-o-Q uptick in 3Q2020 earnings from its Gulf of Mexico assets despite significant storm disruptions in the quarter. WMB.
  • Key North American energy indicators and midstream equity prices.
  • Key North American Natural Gas Prices, Crude Oil Prices, and Natural Gas Liquids prices by location.
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