RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Deal done june 21st !On February 27th, the day before the Ranger announcement, BTE closed at $5.83. Yesterday BTE closed at $4.62. That is a drop of 20%, not 50%.
WCS is down 5% since the announcement and AECO natural gas dropped to $2.00. Throw in some production shut ins due to raging wildfires across Alberta and a 20% drop in BTE is not as bad as it looks.
It might take a couple of quarters before the cost savings and other benefits of the merger start showing up on the books. The reduction in risk by spreading BTE out over two separate geographical regions is already a good thing. There will not be any wildfires shutting in production on the Gulf Coast.